MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

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                               DWS BALANCED VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group







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TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Balanced VIP
 12      Other Policies and Risks
 12      The Investment Advisor
 13      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
15      Buying and Selling Shares
18      How the Portfolio Calculates Share Price
18      Distributions
18      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                         
  15.14      14.81       -2.63      -6.09      -15.17     18.10       6.64      4.30     10.24      4.84
  1998       1999       2000       2001        2002       2003       2004      2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.82%, Q4 1998              WORST QUARTER: -9.91%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.52%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         4.84           8.71           4.53
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                0.36%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.16
TOTAL ANNUAL OPERATING EXPENSES                 0.52


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $53           $167           $291           $653



DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006          2005         2004         2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.46     $   22.75      $  22.37     $  21.32    $  18.66
- -------------------------------------------------   --------     ---------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .74        .69d             .59          .47         .37
_________________________________________________   ________     _________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .42          1.60           .34          .93        2.90
- -------------------------------------------------   --------     ---------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.16          2.29           .93         1.40        3.27
- -------------------------------------------------   --------     ---------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .81)       (  .58)       (  .55)      (  .35)     (  .61)
_________________________________________________   ________     _________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.81     $   24.46      $  22.75     $  22.37    $  21.32
- -------------------------------------------------   --------     ---------      --------     --------    --------
Total Return (%)                                     4.84b        10.24b,d       4.30b           6.64       18.10
_________________________________________________   ________     _________      ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   528           600           653          622         667
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .52           .55           .55          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .51           .51           .53          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of net investment income (%)                      3.00       2.99d            2.66         2.18        1.88
_________________________________________________   ________     _________      ________     ________    ________
Portfolio turnover rate (%)                           190c             108        121c         131c        102c
- -------------------------------------------------   --------     ---------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.52%                4.48%            $ 10,448.00           $  53.16
   2             10.25%                 0.52%                9.16%            $ 10,916.07           $  55.55
   3             15.76%                 0.52%               14.05%            $ 11,405.11           $  58.04
   4             21.55%                 0.52%               19.16%            $ 11,916.06           $  60.64
   5             27.63%                 0.52%               24.50%            $ 12,449.90           $  63.35
   6             34.01%                 0.52%               30.08%            $ 13,007.65           $  66.19
   7             40.71%                 0.52%               35.90%            $ 13,590.40           $  69.15
   8             47.75%                 0.52%               41.99%            $ 14,199.25           $  72.25
   9             55.13%                 0.52%               48.35%            $ 14,835.37           $  75.49
  10             62.89%                 0.52%               55.00%            $ 15,500.00           $  78.87
TOTAL                                                                                               $ 652.69



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BALANCED
                                                              VIP   11


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


12   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME           FEE PAID
                    
DWS Balanced VIP            0.45%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.370% of the portfolio's average daily net assets up to $250
million, 0.345% of the next $750 million and 0.310% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS BALANCED VIP
The subadvisor for DWS Balanced VIP is Deutsche Asset Management International
GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main, Germany. DeAMi
renders investment advisory and management services to the portfolio. DeAMi is
an investment advisor registered with the Securities and Exchange Commission
and currently manages over $60 billion in assets, which is primarily comprised
of institutional accounts and investment companies. DeAMi is a subsidiary of
Deutsche Bank AG. DIMA compensates DeAMi out of the management fee it receives
from the portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   13


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


18   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   19



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-BAL



                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                               DWS BLUE CHIP VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



    
3      DWS Blue Chip VIP
9      Other Policies and Risks
9      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BLUE CHIP VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital and income.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in common
stocks of large US companies that are similar in size to the companies in the
S&P 500 Index (as of February 29, 2008, the S&P 500 Index had a median market
capitalization of $10.8 billion) and that the portfolio managers consider to be
"blue chip" companies. Blue chip companies are large, well-known companies that
typically have an established earnings and dividends history, easy access to
credit, solid positions in their industry and strong management.

The portfolio managers look for "blue chip" companies whose stock price is
attractive relative to potential growth. The managers use quantitative stock
techniques and fundamental equity analysis to evaluate each company's stock
price relative to the company's earnings, operating trends, market outlook and
other measures of performance potential.

The portfolio managers will normally sell a stock when the managers believe its
fundamental factors have changed, other investments offer better opportunities
or in the case of adjusting the portfolio's emphasis on or within a given
industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US common stocks, it could invest up to
20% of its net assets in foreign securities. The portfolio may also invest in
other types of equity securities such as preferred stocks or convertible
securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BLUE CHIP
                                                               VIP   3


well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors with long-term goals who are interested in a core stock investment
 may be interested in this portfolio.

4   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                            
  13.84      25.24       -7.84      -15.81      -22.11     27.25      16.04      10.06      15.65      3.50
  1998       1999       2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 18.26%, Q4 1998               WORST QUARTER: -17.43%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -10.84%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           3.50          14.23           5.30
Russell 1000 Index            5.77          13.43           6.20


RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BLUE CHIP
                                                               VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.54%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES                 0.71


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $73           $227           $395           $883


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income and
     derivative securities at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2003.
   o BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Strategies: New York.
   o Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o Joined the portfolio in 2006.
   o BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Quantitative Equity: New York.
   o Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o Joined the portfolio in 2006.
   o BA, University of Connecticut.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BLUE CHIP VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.17     $  14.88    $ 13.65     $ 11.84     $  9.37
- -------------------------------------------  --------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income a                           .17       .17b         .14         .13         .08
___________________________________________  ________     ________    _______     _______     _______
 Net realized and unrealized gain (loss)          .36         2.07      1.22        1.76        2.45
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                 .53         2.24      1.36        1.89        2.53
- -------------------------------------------  --------     --------    -------     -------     -------
Less distributions from:
 Net investment income                         (  .18)      (  .14)   (  .13)     (  .08)     (  .06)
___________________________________________  ________     ________    _______     _______     _______
 Net realized gains                            ( 1.87)      (  .81)        -           -           -
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                           ( 2.05)      (  .95)   (  .13)     (  .08)     (  .06)
- -------------------------------------------  --------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD               $  14.65     $  16.17    $ 14.88     $ 13.65     $ 11.84
- -------------------------------------------  --------     --------    -------     -------     -------
Total Return (%)                                 3.50      15.65b      10.06       16.04       27.25
___________________________________________  ________     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            242          314       294         283         242
___________________________________________  ________     ________    _______     _______     _______
Ratio of expenses (%)                             .71          .71       .70         .70         .71
___________________________________________  ________     ________    _______     _______     _______
Ratio of net investment income (%)               1.13       1.12b       1.00        1.08         .82
___________________________________________  ________     ________    _______     _______     _______
Portfolio turnover rate (%)                       275          226       288         249         182
- -------------------------------------------  --------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.003 per
    share and an increase in the ratio of net investment income of 0.02%.
    Excluding this non-recurring income, total return would have been 0.02%
    lower.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BLUE CHIP
                                                               VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BLUE CHIP VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.71%                4.29%            $ 10,429.00           $  72.52
   2             10.25%                 0.71%                8.76%            $ 10,876.40           $  75.63
   3             15.76%                 0.71%               13.43%            $ 11,343.00           $  78.88
   4             21.55%                 0.71%               18.30%            $ 11,829.62           $  82.26
   5             27.63%                 0.71%               23.37%            $ 12,337.11           $  85.79
   6             34.01%                 0.71%               28.66%            $ 12,866.37           $  89.47
   7             40.71%                 0.71%               34.18%            $ 13,418.34           $  93.31
   8             47.75%                 0.71%               39.94%            $ 13,993.98           $  97.31
   9             55.13%                 0.71%               45.94%            $ 14,594.32           $ 101.49
  10             62.89%                 0.71%               52.20%            $ 15,220.42           $ 105.84
TOTAL                                                                                               $ 882.50



8   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME           FEE PAID
                     
DWS Blue Chip VIP          0.64%


Effective May 1, 2008, DWS Blue Chip VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.550% of the portfolio's average daily net assets up to
    $250 million, 0.520% of the next $750 million, 0.500% of the next $1.5
    billion, 0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion,
    0.430% of the next $2.5 billion, 0.410% of the next $2.5 billion and
    0.390% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-BC


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                           DWS CORE FIXED INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Core Fixed Income VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS CORE FIXED INCOME
                                                         VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.93      -2.06      9.90      5.71      8.01      5.13      4.53      2.25      4.26     4.17
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.14%, Q3 2002               WORST QUARTER: -2.36%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.01%


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS CORE FIXED INCOME
                                                         VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class A                     4.17           4.06           4.93
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.70% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage and interest
    expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



6   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS CORE FIXED INCOME
                                                         VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATE
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  11.86     $ 11.81    $  12.07    $  12.16   $ 11.98
- -------------------------------------------  --------     -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                           .56         .53         .47         .50      .45
___________________________________________  ________     _______    ________    ________   _______
 Net realized and unrealized gain (loss)       (  .08)     (  .05)     (  .21)        .05      .14
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL FROM INVESTMENT OPERATIONS                 .48         .48         .26         .55      .59
- -------------------------------------------  --------     -------    --------    --------   -------
Less distributions from:
 Net investment income                         (  .52)     (  .43)     (  .41)     (  .43)  (  .41)
___________________________________________  ________     _______    ________    ________   _______
 Net realized gains                                 -      (  .00)*    (  .11)     (  .21)       -
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                           (  .52)     (  .43)     (  .52)     (  .64)  (  .41)
- -------------------------------------------  --------     -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD               $  11.82     $ 11.86    $  11.81    $  12.07   $ 12.16
- -------------------------------------------  --------     -------    --------    --------   -------
Total Return (%)                                 4.17        4.26        2.25        4.53     5.13
___________________________________________  ________     _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            186         277         252         210      201
___________________________________________  ________     _______    ________    ________   _______
Ratio of expenses (%)                             .66         .68         .67         .66      .66
___________________________________________  ________     _______    ________    ________   _______
Ratio of net investment income (%)               4.78        4.56        3.96        4.18     3.75
___________________________________________  ________     _______    ________    ________   _______
Portfolio turnover rate (%)b                      197         183         164         185      229
- -------------------------------------------  --------     -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005

8   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



DWS VARIABLE SERIES II - CLASS A SHARES                  DWS CORE FIXED INCOME
                                                         VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                   FEE PAID
                             
DWS Core Fixed Income VIP          0.59%


Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
    the Investment Management Agreement, calculated daily and paid monthly, at
    the annual rate of 0.500% of the portfolio's average daily net assets up
    to $250 million, 0.470% of the next $750 million, 0.450% of the next $1.5
    billion, 0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion,
    0.380% of the next $2.5 billion, 0.360% of the next $2.5 billion and
    0.340% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS CORE FIXED INCOME VIP
Pursuant to an investment subadvisory agreement between the Advisor and
Aberdeen Asset Management Inc. ("AAMI"), an investment adviser registered under
the Investment Advisers Act of 1940, as amended, AAMI acts as subadvisor. As
the subadvisor, AAMI, under the supervision of the Board and the Advisor, makes
investment decisions, buys and sells securities and conducts the research that
leads to these purchase and sale decisions. AAMI provides a full range of
international investment advisory services to institutional and retail clients.


AAMI is a direct, wholly owned subsidiary of Aberdeen Asset Management PLC, the
parent company of an asset management group formed in 1983. AAMI is located at
1735 Market Street, Philadelphia, PA 19103.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-CFI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                          DWS DAVIS VENTURE VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Davis Venture Value VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS DAVIS VENTURE VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

The portfolio invests primarily in common stock of US companies with market
capitalizations of at least $5 billion.

The portfolio managers select common stocks of well-managed companies with
durable business models that can be purchased at attractive valuations relative
to their intrinsic value. The portfolio managers look for companies with
sustainable growth rates selling at modest price-earnings multiples that the
portfolio managers hope will expand as other investors recognize the company's
true worth. The portfolio managers believe that by combining a sustainable
growth rate with a gradually expanding multiple, these rates may compound and
can generate returns that could exceed average returns earned by investing in
large capitalization domestic stocks.

The portfolio managers consider selling a company if they believe the stock's
market price exceeds their estimates of intrinsic value, or if the ratio of the
risks and rewards of continuing to own the company is no longer attractive.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio may also invest in foreign companies and US companies with
smaller market capitalizations.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   3


INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors with long-term goals who want a core stock investment may be
 interested in this portfolio.

4   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                          
  -15.79      29.84      11.83       9.64     14.84      4.46
   2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 17.04%, Q2 2003              WORST QUARTER: -12.70%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -8.95%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        SINCE INCEPTION1
                                                    
Portfolio - Class A               4.46           13.81               6.56
Russell 1000 Value Index          -0.17          14.63               7.29


1   Since 5/1/01. Index comparison begins 4/30/01.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                      CLASS A
                                     
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
___________________________________________________________________
Management Fee 1                                       0.86%
Distribution/Service (12b-1) Fee                None
Other Expenses 2                                  0.16
TOTAL ANNUAL OPERATING EXPENSES                  1.02
Less Expense Waiver/Reimbursement                0.13
NET ANNUAL OPERATING EXPENSES3                   0.89


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2009, the Advisor has contractually agreed to waive all
    or a portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.89% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest.


Based on the costs above (including one year of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $91           $312           $551         $1,236


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Davis Selected Advisers, L.P. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The portfolio managers are Christopher C. Davis and Kenneth Charles Feinberg,
who have each managed the portfolio since inception. Mr. Davis is Chairman of
Davis Selected Advisers, L.P. and manages several funds advised by the firm.
Mr. Davis began his investment career and joined the subadvisor in 1988. Mr.
Feinberg also manages several funds advised by Davis Selected Advisers, L.P. He
began his investment career in 1987 and joined the subadvisor in 1994 as a
research analyst.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS DAVIS VENTURE VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.25     $  12.49      $  11.48    $  10.31    $  7.99
- -------------------------------------------------   --------     --------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                           .15          .10           .09         .08        .06
_________________________________________________   ________     ________      ________    ________    _______
 Net realized and unrealized gain (loss)                 .47         1.74          1.01        1.14       2.31
- -------------------------------------------------   --------     --------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .62         1.84          1.10        1.22       2.37
- -------------------------------------------------   --------     --------      --------    --------    -------
Less distributions from:
 Net investment income                                (  .10)      (  .08)       (  .09)     (  .05)    (  .05)
_________________________________________________   ________     ________      ________    ________    _______
 Net realized gains                                   (  .18)           -             -           -          -
- -------------------------------------------------   --------     --------      --------    --------    -------
 TOTAL DISTRIBUTIONS                                  (  .28)      (  .08)       (  .09)     (  .05)    (  .05)
- -------------------------------------------------   --------     --------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  14.59     $  14.25      $  12.49    $  11.48    $ 10.31
- -------------------------------------------------   --------     --------      --------    --------    -------
Total Return (%)                                     4.46b        14.84b        9.64b         11.83      29.84
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   307          346           309         268        220
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)         1.02         1.02          1.02        1.05       1.01
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .88          .85           .96        1.05       1.01
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (%)                      1.01          .77           .78         .74        .62
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                                9           16             8           3          7
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DAVIS VENTURE VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.89%                4.11%            $ 10,411.00           $    90.83
   2             10.25%                 1.02%                8.25%            $ 10,825.36           $   108.31
   3             15.76%                 1.02%               12.56%            $ 11,256.21           $   112.62
   4             21.55%                 1.02%               17.04%            $ 11,704.20           $   117.10
   5             27.63%                 1.02%               21.70%            $ 12,170.03           $   121.76
   6             34.01%                 1.02%               26.54%            $ 12,654.40           $   126.60
   7             40.71%                 1.02%               31.58%            $ 13,158.04           $   131.64
   8             47.75%                 1.02%               36.82%            $ 13,681.73           $   136.88
   9             55.13%                 1.02%               42.26%            $ 14,226.27           $   142.33
  10             62.89%                 1.02%               47.92%            $ 14,792.47           $   148.00
TOTAL                                                                                               $ 1,236.07



8   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                      FEE PAID
                               
DWS Davis Venture Value VIP            0.79%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Davis Venture Value VIP pays the Advisor a fee,
under the Investment Management Agreement, calculated daily and paid monthly,
at the annual rate of 0.865% of the portfolio's average daily net assets up to
$250 million, 0.840% of the next $250 million, 0.815% of the next $500 million,
0.790% of the next $1.5 billion and 0.765% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DAVIS VENTURE VALUE VIP
Davis Selected Advisers, L.P., 2949 E. Elvira Road, Suite 101, Tucson, Arizona
85706, is the subadvisor to DWS Davis Venture Value VIP. Davis Selected
Advisers, L.P. began serving as investment advisor to Davis New York Venture
Fund in 1969 and currently serves as investment advisor to all of the Davis
Funds, and acts as advisor or subadvisor for a number of other institutional
accounts including mutual funds and private accounts. DIMA pays a fee to Davis
Selected Advisers, L.P. for acting as subadvisor.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-DVV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                       DWS DREMAN HIGH RETURN EQUITY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Dreman High Return Equity VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS DREMAN HIGH RETURN EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities. The portfolio focuses on stocks of large US companies
that are similar in size to the companies in the S&P 500 Index (as of February
29, 2008, the S&P 500 Index had a median market capitalization of $10.8
billion) and that the portfolio managers believe are undervalued. The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. Although the portfolio can invest in
stocks of any economic sector, at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. In
addition, the portfolio may invest in initial public offerings.

The portfolio managers begin by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The managers then compare a
company's stock price to its book value, cash flow and yield, and analyze
individual companies to identify those that are financially sound and appear to
have strong potential for long-term growth and income.

The managers assemble the portfolio from among the most attractive stocks,
drawing on analysis of economic outlooks for various sectors and industries.

The managers normally will sell a stock when it reaches a target price, its
fundamental factors have changed or when other investments offer better
opportunities.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of net assets in US dollar-denominated
American Depository Receipts and in securities of foreign companies traded
principally in securities markets outside the US.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).
Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may also use
derivatives in circumstances where the portfolio believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.


4   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


This portfolio may serve investors with long-term goals who are interested in a
large-cap value portfolio that may focus on certain sectors of the economy.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                  
  -11.16      30.52       1.69      -18.03     32.04      13.95       7.92     18.74      -1.86
   1999       2000       2001       2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 20.80%, Q2 2003               WORST QUARTER: -17.32%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -10.31%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                           1 YEAR         5 YEARS        SINCE INCEPTION*
                                                               
Portfolio - Class A                          -1.86          13.60               6.76
Standard & Poor's (S&P) 500 Index            5.49           12.83               4.59


*   Since 5/4/98. Index comparison begins 4/30/98.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.64%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.14
TOTAL ANNUAL OPERATING EXPENSES3                0.78


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.78%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $80           $249           $433           $966



6   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio team in 1998.
   o Founder, Dreman Value Management, L.L.C.

F. James Hutchinson
President and Portfolio Manager.
   o Managing Director of Dreman Value Management, L.L.C.
   o Joined Dreman Value Management, L.L.C. in 2000.
   o Began investment career in 1986.
   o Joined the portfolio team in 2002.
   o Prior to joining Dreman Value Management, L.L.C., 30 years of experience
     in finance and trust/investment management with The Bank of New York.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
   Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
   RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio team in 2006.
   o MS, Texas Tech University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS DREMAN HIGH RETURN EQUITY VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004       2003
                                                                             
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  15.02    $  13.41   $ 12.65     $ 11.29     $  8.76
- -------------------------------------------  --------    --------   -------     -------     -------
Income (loss) from investment operations:
 Net investment income (loss)a                    .29         .27      .24         .23         .20
___________________________________________  ________    ________   _______     _______     _______
 Net realized and unrealized gain (loss)       (  .56)       2.21      .75        1.32        2.53
- -------------------------------------------  --------    --------   -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS              (  .27)       2.48      .99        1.55        2.73
- -------------------------------------------  --------    --------   -------     -------     -------
Less distributions from:
 Net investment income                         (  .22)     (  .28)  (  .23)     (  .19)     (  .20)
___________________________________________  ________    ________   _______     _______     _______
 Net realized gains                            (  .13)     (  .59)       -           -           -
- -------------------------------------------  --------    --------   -------     -------     -------
 TOTAL DISTRIBUTIONS                           (  .35)     (  .87)  (  .23)     (  .19)     (  .20)
- -------------------------------------------  --------    --------   -------     -------     -------
NET ASSET VALUE, END OF PERIOD               $  14.40    $  15.02   $ 13.41     $ 12.65     $ 11.29
- -------------------------------------------  --------    --------   -------     -------     -------
Total Return (%)                               ( 1.86)      18.74     7.92       13.95       32.04
___________________________________________  ________    ________   _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            792         992      785         747         672
___________________________________________  ________    ________   _______     _______     _______
Ratio of expenses (%)                             .78         .77      .78         .78         .79
___________________________________________  ________    ________   _______     _______     _______
Ratio of net investment income (%)               1.94        1.87     1.84        1.96        2.14
___________________________________________  ________    ________   _______     _______     _______
Portfolio turnover rate (%)                        27          20       10           9          18
- -------------------------------------------  --------    --------   -------     -------     -------


a   Based on average shares outstanding during the period.

8   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN HIGH RETURN EQUITY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.78%                4.22%            $ 10,422.00           $  79.65
   2             10.25%                 0.78%                8.62%            $ 10,861.81           $  83.01
   3             15.76%                 0.78%               13.20%            $ 11,320.18           $  86.51
   4             21.55%                 0.78%               17.98%            $ 11,797.89           $  90.16
   5             27.63%                 0.78%               22.96%            $ 12,295.76           $  93.97
   6             34.01%                 0.78%               28.15%            $ 12,814.64           $  97.93
   7             40.71%                 0.78%               33.55%            $ 13,355.42           $ 102.06
   8             47.75%                 0.78%               39.19%            $ 13,919.02           $ 106.37
   9             55.13%                 0.78%               45.06%            $ 14,506.40           $ 110.86
  10             62.89%                 0.78%               51.19%            $ 15,118.57           $ 115.54
TOTAL                                                                                               $ 966.06



DWS VARIABLE SERIES II - CLASS A SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                           FEE PAID
                                     
DWS Dreman High Return Equity VIP          0.73%


Effective May 1, 2008, DWS Dreman High Return Equity VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.665% of the portfolio's average daily net
    assets up to $250 million, 0.635% of the next $750 million, 0.615% of the
    next $1.5 billion, 0.595% of the next $2.5 billion, 0.565% of the next
    $2.5 billion, 0.555% of the next $2.5 billion, 0.545% of the next $2.5
    billion and 0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DREMAN HIGH RETURN EQUITY VIP
The subadvisor for DWS Dreman High Return Equity VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making the
portfolio's investment decisions and buying and selling securities for the
portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-DHRE


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                      DWS DREMAN SMALL MID CAP VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Dreman Small Mid Cap Value VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


4   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  -11.25       2.80      4.05     17.63       -11.43     42.15      26.03      10.25      25.06      3.06
   1998       1999      2000      2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.84%, Q2 2003              WORST QUARTER: -22.47%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.91%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class A               3.06           20.55           9.68
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

DWS VARIABLE SERIES II - CLASS A SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   5


RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.64%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.14
TOTAL ANNUAL OPERATING EXPENSES                 0.78


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $80           $249           $433           $966



6   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.93    $  19.98    $  20.05   $ 16.06      $  11.66
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .18         .15         .19      .17            .19
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.69        1.67     3.98           4.55
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .72        4.84        1.86     4.15           4.74
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .23)     (  .18)     (  .15)  (  .16)        (  .15)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.53)     ( 1.89)     ( 1.93)  (  .16)        (  .34)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.12    $  22.93    $  19.98   $ 20.05      $  16.06
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 3.06       25.06       10.25    26.03          42.15
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            468         562         493      467            354
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                             .78         .79         .79      .79            .80
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .85         .71         .96      .96           1.46
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

8   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.78%                4.22%            $ 10,422.00           $  79.65
   2             10.25%                 0.78%                8.62%            $ 10,861.81           $  83.01
   3             15.76%                 0.78%               13.20%            $ 11,320.18           $  86.51
   4             21.55%                 0.78%               17.98%            $ 11,797.89           $  90.16
   5             27.63%                 0.78%               22.96%            $ 12,295.76           $  93.97
   6             34.01%                 0.78%               28.15%            $ 12,814.64           $  97.93
   7             40.71%                 0.78%               33.55%            $ 13,355.42           $ 102.06
   8             47.75%                 0.78%               39.19%            $ 13,919.02           $ 106.37
   9             55.13%                 0.78%               45.06%            $ 14,506.40           $ 110.86
  10             62.89%                 0.78%               51.19%            $ 15,118.57           $ 115.54
TOTAL                                                                                               $ 966.06



DWS VARIABLE SERIES II - CLASS A SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                            FEE PAID
                                      
DWS Dreman Small Mid Cap Value VIP          0.74%


Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.650% of the portfolio's average daily net
    assets up to $250 million, 0.620% of the next $750 million, 0.600% of the
    next $1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next
    $2.5 billion, 0.540% of the next $2.5 billion, 0.530% of the next $2.5
    billion and 0.520% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DREMAN SMALL MID CAP VALUE VIP
The subadvisor for DWS Dreman Small Mid Cap Value VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making the
portfolio's investment decisions and buying and selling securities for the
portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-DSCV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                            DWS GLOBAL THEMATIC VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Global Thematic VIP
 11      Other Policies and Risks
 11      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
14      Buying and Selling Shares
17      How the Portfolio Calculates Share Price
17      Distributions
17      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS GLOBAL THEMATIC VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equities of companies throughout the world that the portfolio manager
considers to be "blue chip" companies. Blue chip companies are large, well
known companies that typically have an established earnings and dividends
history, easy access to credit, solid positions in their industries and strong
management.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The manager looks for individual companies with a history
of above-average growth, strong competitive positioning, attractive prices
relative to potential growth, sound financial strength and effective
management, among other factors.

GROWTH ORIENTATION. The manager generally looks for companies that the manager
believes have above-average potential for sustainable growth of revenue or
earnings and whose market value appears reasonable in light of their business
prospects.

ANALYSIS OF GLOBAL THEMES. The manager considers global economic outlooks,
seeking to identify industries and companies that are likely to benefit from
social, political and economic changes.

The manager may favor different types of securities from different industries
and companies at different times, while still maintaining variety in terms of
the types of securities, issuers and countries represented.

The manager will normally sell a stock when the manager believes its price is
unlikely to go much higher, its fundamentals have deteriorated, other
investments offer better opportunities or in the course of adjusting the fund's
exposure to a given country.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% policy.



OTHER INVESTMENTS

While most of the portfolio's equities are common stocks, some may be other
types of equities, such as convertible stocks or preferred stocks. The
portfolio may also invest up to 5% of total assets in junk bonds, (i.e., grade
BB/Ba and below). Compared to investment grade bonds, junk bonds may pay higher
yields and have higher volatility and risk of default.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities). The
portfolio may use derivatives in circumstances where the managers believe they
offer an economical means of gaining exposure to a particular asset class or to
keep cash on hand to meet shareholder redemptions or other needs while
maintaining exposure to the market. In particular, the portfolio may use
futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. An important factor with the portfolio is how the stock
markets perform - in this case US and foreign stock markets. When US and
foreign stock prices fall, you should expect the value of your investment to
fall as well. Compared to large company stocks, small company stocks tend to be
more volatile, in part because these companies tend to be less established and
the valuation of their stocks often depends on future expectations. Because a
stock represents ownership in its issuer, stock prices can be hurt by poor
management, shrinking product demand and other business risks. These risk
factors may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.


4   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

If you are interested in large-cap stocks and want to look beyond US markets,
this portfolio may be appropriate for you.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   5


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                    
  26.70       -3.36      -15.48      -15.77     29.13      14.76      22.94      30.14      6.29
  1999       2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.36%, Q4 1999              WORST QUARTER: -16.04%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -8.74%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        SINCE INCEPTION*
                                               
Portfolio - Class A           6.29          20.31               8.25
MSCI World Index              9.04          16.96               5.67


*   Since 5/5/98. Index comparison begins 4/30/98.

Total returns would have been lower if operating expenses hadn't been reduced.

MSCI WORLD INDEX is an unmanaged capitalization-weighted measure of stock
markets around the world, including North America, Europe, Australia and Asia.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                      CLASS A
                                     
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
___________________________________________________________________
Management Fee 1                                       0.92%
Distribution/Service (12b-1) Fee                None
Other Expenses 2                                  0.40
Underlying Portfolio Expenses3                   0.01
TOTAL ANNUAL OPERATING EXPENSES                  1.33
Less Expense Waiver/Reimbursement                0.27
NET ANNUAL OPERATING EXPENSES4                   1.06


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   In addition to the expenses that the portfolio bears directly, the
    portfolio's shareholders indirectly bear the expenses of the underlying
    portfolios in which the portfolio invests. The portfolio's estimated
    indirect expense from investing in the underlying portfolios, based on its
    expected allocations to the underlying portfolios, is as shown in the
    table.

4   Through April 30, 2009, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 1.05%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage, interest, and indirect expenses of underlying
    DWS portfolios.


Based on the costs above (including one year of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares          $108           $395           $703         $1,578



DWS VARIABLE SERIES II - CLASS A SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   7


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Oliver Kratz
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2003.
   o Head of global portfolio selection team for Alpha Emerging Markets
     Equity: New York.
   o Prior to that, two years of experience at Merrill Lynch, Brown Brothers
     Harriman and McKinsey & Co.; authored Frontier Emerging Markets Securities
     Price Behavior and Valuation; Kluwers Academic Publishers, 1999.
   o BA, Tufts University and Karlova University; MALD and Ph.D, The Fletcher
     School, administered jointly by Harvard University and Tufts University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


8   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GLOBAL THEMATIC VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004       2003
                                                                                     
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  17.39     $  14.44    $ 11.78     $ 10.39     $  8.08
- -------------------------------------------------  --------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income (loss)a                          .14       .15c         .12         .04         .09
_________________________________________________  ________     ________    _______     _______     _______
 Net realized and unrealized gain (loss)                .88         4.02      2.58        1.48        2.25
- -------------------------------------------------  --------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                      1.02         4.17      2.70        1.52        2.34
- -------------------------------------------------  --------     --------    -------     -------     -------
Less distributions from:
 Net investment income                               (  .11)      (  .09)   (  .04)     (  .13)     (  .03)
_________________________________________________  ________     ________    _______     _______     _______
 Net realized gains                                  ( 2.64)      ( 1.13)        -           -           -
- -------------------------------------------------  --------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                                 ( 2.75)      ( 1.22)   (  .04)     (  .13)     (  .03)
- -------------------------------------------------  --------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  15.66     $  17.39    $ 14.44     $ 11.78     $ 10.39
- -------------------------------------------------  --------     --------    -------     -------     -------
Total Return (%)b                                      6.29      30.14c      22.94       14.76       29.13
_________________________________________________  ________     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                  151          143        85          63          55
_________________________________________________  ________     ________    _______     _______     _______
Ratio of expenses before expense reductions (%)        1.44         1.38      1.41        1.44        1.48
_________________________________________________  ________     ________    _______     _______     _______
Ratio of expenses after expense reductions (%)         1.11         1.04      1.28        1.43        1.17
_________________________________________________  ________     ________    _______     _______     _______
Ratio of net investment income (%)                      .82       .92c         .98         .38        1.02
_________________________________________________  ________     ________    _______     _______     _______
Portfolio turnover rate (%)                             191          136        95          81          65
- -------------------------------------------------  --------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.004 per
    share and an increase in the ratio of net investment income of 0.03%.
    Excluding this non-recurring income, total return would have been 0.02%
    lower.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   9


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GLOBAL THEMATIC VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.06%                3.94%            $ 10,394.00          $   108.09
   2             10.25%                 1.33%                7.75%            $ 10,775.46          $   140.78
   3             15.76%                 1.33%               11.71%            $ 11,170.92          $   145.94
   4             21.55%                 1.33%               15.81%            $ 11,580.89          $   151.30
   5             27.63%                 1.33%               20.06%            $ 12,005.91          $   156.85
   6             34.01%                 1.33%               24.47%            $ 12,446.53          $   162.61
   7             40.71%                 1.33%               29.03%            $ 12,903.32          $   168.58
   8             47.75%                 1.33%               33.77%            $ 13,376.87          $   174.76
   9             55.13%                 1.33%               38.68%            $ 13,867.80          $   181.18
  10             62.89%                 1.33%               43.77%            $ 14,376.75          $   187.83
TOTAL                                                                                              $ 1,577.92



10   DWS GLOBAL THEMATIC VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                   OTHER POLICIES AND
                                                          RISKS   11


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                  FEE PAID
                           
DWS Global Thematic VIP            0.67%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Global Thematic VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.915% of the portfolio's average daily net assets up to $250
million, 0.865% of the next $500 million, 0.815% of the next $750 million,
0.765% of the next $1.5 billion and 0.715% over $3 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


12   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


18   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-GT


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                    DWS GOVERNMENT & AGENCY SECURITIES VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Government & Agency Securities VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


4   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.03      0.68     10.93       7.48      8.05      2.26      3.75      2.57      4.16     5.95
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.13%, Q3 2001              WORST QUARTER: -0.98%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class A                  5.95           3.73           5.25
Lehman Brothers GNMA Index           6.98           4.39           5.85


Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.45%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.21
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.64% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



6   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  12.28   $ 12.26      $  12.55    $  12.54    $  12.84
- -------------------------------------------------   --------   -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .58      .55            .51         .44         .31
_________________________________________________   ________   _______      ________    ________    ________
 Net realized and unrealized gain (loss)                 .12   (  .06)        (  .20)        .03      (  .04)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .70      .49            .31         .47         .27
- -------------------------------------------------   --------   -------      --------    --------    --------
Less distributions from:
 Net investment income                                (  .60)  (  .47)        (  .50)     (  .35)     (  .35)
_________________________________________________   ________   _______      ________    ________    ________
 Net realized gains                                        -        -         (  .10)     (  .11)     (  .22)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .60)  (  .47)        (  .60)     (  .46)     (  .57)
- -------------------------------------------------   --------   -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  12.38   $ 12.28      $  12.26    $  12.55    $  12.54
- -------------------------------------------------   --------   -------      --------    --------    --------
Total Return (%)                                     5.95b       4.16           2.57        3.75        2.26
_________________________________________________   ________   _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   199      211            243         280         347
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses before expense reductions (%)          .66      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses after expense reductions (%)           .63      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of net investment income (loss) (%)               4.77     4.56           4.17        3.59        2.50
_________________________________________________   ________   _______      ________    ________    ________
Portfolio turnover rate (%)c                             465      241            191         226         511
- -------------------------------------------------   --------   -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.


8   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                       CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Government & Agency Securities VIP            0.53%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-GAS


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                              DWS HIGH INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS High Income VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS HIGH INCOME
                                                             VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

4   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS HIGH INCOME
                                                             VIP   5


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.45      2.15      -8.68      2.63      -0.30     24.62      12.42       3.89     10.47      0.96
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.59%, Q2 2003               WORST QUARTER: -6.66%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class A                      0.96          10.17           4.63
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.69


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $70           $221           $384           $859


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS HIGH INCOME
                                                             VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.23         $  8.78         $  8.43         $  7.40
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .63             .62             .68             .67             .67
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .19           ( .38)            .31            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .09             .81             .30             .98            1.70
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .66)          ( .66)          ( .85)          ( .63)          ( .67)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.23         $  8.78         $  8.43
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .96           10.47            3.89           12.42           24.62
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                248             322             344             393             413
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                 .69             .71             .70             .66             .67
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.84            7.73            8.27            8.11            8.62
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

8   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.69%                4.31%            $ 10,431.00           $  70.49
   2             10.25%                 0.69%                8.81%            $ 10,880.58           $  73.52
   3             15.76%                 0.69%               13.50%            $ 11,349.53           $  76.69
   4             21.55%                 0.69%               18.39%            $ 11,838.69           $  80.00
   5             27.63%                 0.69%               23.49%            $ 12,348.94           $  83.45
   6             34.01%                 0.69%               28.81%            $ 12,881.18           $  87.04
   7             40.71%                 0.69%               34.36%            $ 13,436.36           $  90.80
   8             47.75%                 0.69%               40.15%            $ 14,015.47           $  94.71
   9             55.13%                 0.69%               46.20%            $ 14,619.53           $  98.79
  10             62.89%                 0.69%               52.50%            $ 15,249.64           $ 103.05
TOTAL                                                                                               $ 858.54



DWS VARIABLE SERIES II - CLASS A SHARES                      DWS HIGH INCOME
                                                             VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME             FEE PAID
                       
DWS High Income VIP          0.59%


Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.500% of the portfolio's average daily net assets up to
    $250 million, 0.470% of the next $750 million, 0.450% of the next $1.5
    billion, 0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion,
    0.380% of the next $2.5 billion, 0.360% of the next $2.5 billion and
    0.340% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-HI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                      DWS INTERNATIONAL SELECT EQUITY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS International Select Equity VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS INTERNATIONAL SELECT EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in equity
securities and other securities with equity characteristics.

Although the portfolio can invest in companies of any size and from any
country, it invests mainly in common stocks of established companies located in
countries with, or tied economically to, developed economies (other than the
United States).

At least 50% of the portfolio's assets will be invested in securities that are
represented in the MSCI EAFE (Reg. TM) Index. The MSCI EAFE (Reg. TM) Index
tracks stocks in Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United
Kingdom.

The portfolio's equity investments are mainly common stocks, but may also
include preferred stocks and other securities with equity characteristics, such
as convertible securities and warrants.

The portfolio may also invest up to 20% of its assets in cash equivalents, US
investment-grade fixed-income securities and US stocks and other equities.

The portfolio may invest a portion of its assets in companies located in
countries with emerging markets. These countries are generally located in Latin
America, the Middle East, Eastern Europe, Asia and Africa. Typically, the
portfolio will not hold more than 35% of its net assets in securities of
emerging markets issuers.

The portfolio managers seek to identify a focused list of approximately 35 to
50 companies that offer, in the manager's opinion, the greatest upside
potential based typically on a 12-18 month investment horizon. The portfolio
managers use a bottom-up approach, emphasizing individual stock selection, with
any active allocation among countries, regions or industries as a residual of
this strategy.

The portfolio managers' process begins with a broad universe of equity
securities of issuers primarily, but not exclusively, located in the countries
that make up the MSCI EAFE (Reg. TM) Index.

As of February 29, 2008, the MSCI EAFE (Reg. TM) Index had a median market
capitalization of approximately $5.8 billion. Under normal market conditions,
the portfolio invests in securities of issuers with a minimum market
capitalization of $500 million.

The portfolio managers screen for companies seeking to identify those with high
or improving, and sustainable, returns on capital and long-term prospects for
growth. The portfolio managers focus on companies with real cash flow on
investment rather than published earnings. The team utilizes information
gleaned from a variety of sources and perspectives, including broad trends such
as lifestyle, demographic and technological changes, industry cycles and
regulatory changes, quantitative screening and individual company analysis.

Based on this fundamental research, the portfolio managers set a target price
objective (the portfolio managers' opinion of the intrinsic value of the
security) for each security and ranks the securities based on these target
price objectives. The portfolio managers apply a disciplined approach to risk
management and portfolio construction. Stocks are sold when they meet their
target price objectives, a better investment opportunity has been identified or
there has been a negative change in the outlook for the company, country or
industry. In implementing this strategy, the portfolio may experience a high
portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   3


OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio managers may use derivatives in circumstances where the portfolio
management believes they offer an economical means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions
or other needs while maintaining exposure to the market. In particular, the
portfolio may use futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. As with most stock funds, an important factor with this
portfolio is how stock markets perform - in this case, foreign markets. When
foreign stock prices fall, you should expect the value of your investment to
fall as well. Because a stock represents ownership in its issuer, stock prices
can be hurt by poor management, shrinking product demand and other business
risks. These may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

4   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who are seeking high capital
appreciation and are willing to accept the risks of investing in the stocks of
foreign companies.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   5


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2002, the portfolio was named Scudder International Research
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                             
  10.02      45.71       -20.49      -24.43      -13.48     29.83      18.25      14.51      25.56      16.71
  1998       1999        2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 31.03%, Q4 1999              WORST QUARTER: -17.32%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -8.90%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                               1 YEAR         5 YEARS        10 YEARS
                                                   
Portfolio - Class A              16.71          20.84           7.94
MSCI EAFE + EMF Index            16.31          24.17           9.86
MSCI EAFE Index                  11.17          21.59           8.66


MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) EUROPE, AUSTRALASIA, FAR EAST
(EAFE) AND EMERGING MARKETS FREE INDEX is an unmanaged index generally accepted
as a benchmark for performance of major overseas markets, plus emerging
markets.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.28
TOTAL ANNUAL OPERATING EXPENSES                 0.93


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual portfolios. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $95           $296           $515         $1,143


THE PORTFOLIO MANAGER

The following people handle the day-to-day management of the portfolio:

Matthias Knerr, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 1995 and the portfolio in 2004.
   o Portfolio manager for EAFE Equities and Global Equities.
   o BS, Pennsylvania State University.

Chris LaJaunie, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2006 as an analyst for International
     Equity and International Select Equity strategies: New York.
   o Prior to that, nine years of experience as portfolio manager for Morgan
     Stanley Capital Management, JP Morgan Securities and Scudder Kemper
     Investments.
   o Joined the portfolio in 2008.
   o BA, MA from Louisiana State University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.31     $  13.25     $  11.91    $  10.18    $  7.96
- -------------------------------------------  --------     --------     --------    --------    -------
Income (loss) from investment operations:
 Net investment income a                           .25       .24b            .20         .17        .10
___________________________________________  ________     ________     ________    ________    _______
 Net realized and unrealized gain (loss)         2.24         3.11         1.48        1.67       2.23
- -------------------------------------------  --------     --------     --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                2.49         3.35         1.68        1.84       2.33
- -------------------------------------------  --------     --------     --------    --------    -------
Less distributions from:
 Net investment income                         (  .46)      (  .29)      (  .34)     (  .11)    (  .11)
___________________________________________  ________     ________     ________    ________    _______
 Net realized gains                            ( 1.58)           -            -           -          -
___________________________________________  ________     ________     ________    ________    _______
 TOTAL DISTRIBUTIONS                           ( 2.04)      (  .29)      (  .34)     (  .11)    (  .11)
- -------------------------------------------  --------     --------     --------    --------    -------
NET ASSET VALUE, END OF PERIOD               $  16.76     $  16.31     $  13.25    $  11.91    $ 10.18
- -------------------------------------------  --------     --------     --------    --------    -------
Total Return (%)                                16.71        25.56        14.51       18.25      29.83
___________________________________________  ________     ________     ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            236          223          196         184        147
___________________________________________  ________     ________     ________    ________    _______
Ratio of expenses (%)                             .93          .88          .87         .89        .94
___________________________________________  ________     ________     ________    ________    _______
Ratio of net investment income (%)               1.53       1.65b          1.59        1.58       1.17
___________________________________________  ________     ________     ________    ________    _______
Portfolio turnover rate (%)                       117          122           93          88        139
- -------------------------------------------  --------     --------     --------    --------    -------


a   Based on average shares outstanding during the period.

b   Net investment income per share and the ratio of net investment income
    without non-recurring dividend income amounting to $0.20 per share and
    1.39% of average daily net assets, respectively.


8   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                       CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.93%                4.07%            $ 10,407.00           $    94.89
   2             10.25%                 0.93%                8.31%            $ 10,830.56           $    98.75
   3             15.76%                 0.93%               12.71%            $ 11,271.37           $   102.77
   4             21.55%                 0.93%               17.30%            $ 11,730.11           $   106.96
   5             27.63%                 0.93%               22.08%            $ 12,207.53           $   111.31
   6             34.01%                 0.93%               27.04%            $ 12,704.38           $   115.84
   7             40.71%                 0.93%               32.21%            $ 13,221.44           $   120.56
   8             47.75%                 0.93%               37.60%            $ 13,759.56           $   125.46
   9             55.13%                 0.93%               43.20%            $ 14,319.57           $   130.57
  10             62.89%                 0.93%               49.02%            $ 14,902.38           $   135.88
TOTAL                                                                                               $ 1,142.99



DWS VARIABLE SERIES II - CLASS A SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                             FEE PAID
                                       
DWS International Select Equity VIP          0.75%


Effective May 1, 2008, DWS International Select Equity VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.650% of the portfolio's average daily net
    assets up to $1.5 billion, 0.635% of the next $1.75 billion, 0.620% of the
    next $1.75 billion and 0.605% over $5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-ISE


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                         DWS JANUS GROWTH & INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Janus Growth & Income VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS JANUS GROWTH & INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth and current income.

The portfolio applies a "bottom-up" approach in choosing investments. In other
words, it looks mostly for equity and income-producing securities that meet its
investment criteria one at a time. If the portfolio is unable to find such
investments, much of the portfolio's assets may be in cash or similar
investments.

The portfolio normally emphasizes investments in equity securities, which may
include initial public offerings. It may invest up to 75% of its total assets
in equity securities selected primarily for their growth potential and at least
25% of its total assets in securities the portfolio manager believes have
income potential.

The portfolio may invest substantially all of its assets in equity securities
if the portfolio manager believes that equity securities have the potential to
appreciate in value. The portfolio manager generally seeks to identify equity
securities of companies with earnings growth potential that may not be
recognized by the market at large. The portfolio manager makes this assessment
by looking at companies one at a time, regardless of size, country of
organization, place of principal business activity, or other similar selection
criteria.

The portfolio may invest without limit in foreign securities either indirectly
(e.g., depositary receipts) or directly in foreign markets. Foreign securities
are generally selected on a stock-by-stock basis without regard to any defined
allocation among countries or geographic regions. However, certain factors such
as expected levels of inflation, government policies influencing business
conditions, currency exchange rates, and prospects for economic growth among
countries or geographic regions may warrant greater consideration in selecting
foreign securities.

The portfolio shifts assets between the growth and income components of its
holdings based on the portfolio manager's analysis of relevant market,
financial and economic conditions. If the portfolio manager believes that
growth securities may provide better returns than the yields then available or
expected on income-producing securities, the portfolio will place a greater
emphasis on the growth component of its holdings.

The growth component of the portfolio is expected to consist primarily of
common stocks, but may also include warrants, preferred stocks or convertible
securities selected primarily for their growth potential.

The income component of the portfolio will consist of securities that the
portfolio manager believes have income potential. Such securities may include
equity securities, convertible securities and all types of debt securities,
including indexed/structured securities such as equity-linked structured notes.
Equity securities may be included in the income component of the portfolio if
they currently pay dividends or if the portfolio manager believes they have the
potential for either increasing their dividends or commencing dividends, if
none are currently paid.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio may invest in debt securities, high-yield/high-risk bonds (less
than 35% of the portfolio's total assets) and securities purchased on a
when-issued, delayed delivery or forward commitment basis. Compared to
investment-grade bonds, high yield bonds may pay higher yields and have higher
volatility and risk of default.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

EQUITY-LINKED STRUCTURED NOTES. Equity-linked structured notes may be more
volatile or less liquid than other types of debt securities, may have no
guaranteed return of capital and may exhibit price behavior that does not
correlate with other debt securities.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


4   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o debt securities may be subject to interest rate risk and credit risk.

o growth stocks may be out of favor for certain periods.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                           
  -9.18       -12.28      -20.22     24.37      11.51      12.11       8.43      6.59
  2000        2001        2002       2003       2004       2005       2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.40%, Q4 2004              WORST QUARTER: -15.87%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -9.56%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        SINCE INCEPTION*
                                                     
Portfolio - Class A                 6.59          12.44              3.39
Russell 1000 Growth Index          11.81          12.11              -1.05


*   Since 10/29/99. Index comparison begins 10/31/99.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.67%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.23
TOTAL ANNUAL OPERATING EXPENSES                 0.90


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $92           $287           $498         $1,108


THE PORTFOLIO MANAGER

The portfolio's subadvisor is Janus Capital Management LLC ("Janus"). The
portfolio manager is Marc Pinto. He has managed the portfolio since November
2007. Mr. Pinto is also a portfolio manager of other Janus accounts. Mr. Pinto
joined Janus in 1994 as an analyst and has acted as portfolio manager of other
Janus-advised mutual funds since 2005. Mr. Pinto holds a Bachelor's degree in
History from Yale University and a Master's degree in Business Administration
from Harvard University. He holds the Chartered Financial Analyst designation.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS JANUS GROWTH & INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                             2007             2006            2005            2004            2003
                                                                                                    
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------------             -
NET ASSET VALUE, BEGINNING OF PERIOD              $  11.91         $  11.05         $  9.88        $ 8.86           $  7.18
- -------------------------------------------       --------         --------         -------        ------           -------
Income (loss) from investment operations:
 Net investment income a                                .12              .07             .05          .03                .03
___________________________________________       ________         ________         _______        ______           _______
 Net realized and unrealized gain (loss)               .66              .86            1.14          .99               1.71
- -------------------------------------------       --------         --------         -------        ------           -------
 TOTAL FROM INVESTMENT OPERATIONS                      .78              .93            1.19         1.02               1.74
- -------------------------------------------       --------         --------         -------        ------           -------
Less distributions from:
 Net investment income                              (  .07)          (  .07)         (  .02)           -              ( .06)
___________________________________________       ________         ________         _______        ______           _______
NET ASSET VALUE, END OF PERIOD                    $  12.62         $  11.91         $ 11.05        $ 9.88           $  8.86
- -------------------------------------------       --------         --------         -------        ------           -------
Total Return (%)                                      6.59             8.43           12.11        11.51              24.37
___________________________________________       ________         ________         _______        ______           _______
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENT      A
- -------------------------------------------      -
Net assets, end of period ($ millions)                 169              193             195          187                189
___________________________________________       ________         ________         _______        ______           _______
Ratio of expenses (%)                                  .90              .85             .92         1.06               1.07
___________________________________________       ________         ________         _______        ______           _______
Ratio of net investment income (loss) (%)              .93              .68             .45          .34                .40
___________________________________________       ________         ________         _______        ______           _______
Portfolio turnover rate (%)                             73               44              32           52                 46
- -------------------------------------------       --------         --------         -------        ------           -------


a   Based on average shares outstanding during the period.

DWS VARIABLE SERIES II - CLASS A SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS JANUS GROWTH & INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.90%                4.10%            $ 10,410.00           $    91.85
   2             10.25%                 0.90%                8.37%            $ 10,836.81           $    95.61
   3             15.76%                 0.90%               12.81%            $ 11,281.12           $    99.53
   4             21.55%                 0.90%               17.44%            $ 11,743.65           $   103.61
   5             27.63%                 0.90%               22.25%            $ 12,225.13           $   107.86
   6             34.01%                 0.90%               27.26%            $ 12,726.37           $   112.28
   7             40.71%                 0.90%               32.48%            $ 13,248.15           $   116.89
   8             47.75%                 0.90%               37.91%            $ 13,791.32           $   121.68
   9             55.13%                 0.90%               43.57%            $ 14,356.76           $   126.67
  10             62.89%                 0.90%               49.45%            $ 14,945.39           $   131.86
TOTAL                                                                                               $ 1,107.84



8   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                       FEE PAID
                                 
DWS Janus Growth & Income VIP          0.75%


Effective May 1, 2008, DWS Janus Growth & Income VIP pays the Advisor a fee,
    under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.665% of the portfolio's average daily net
    assets up to $250 million, 0.640% of the next $750 million, 0.615% of the
    next $1.5 billion and 0.590% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS JANUS GROWTH & INCOME VIP
Janus Capital Management LLC ("Janus Capital"), 151 Detroit Street, Denver,
Colorado, is the subadvisor to DWS Janus Growth & Income VIP. Janus Capital
(together with its predecessors) has served as an investment adviser to since
1969 and currently serves as investment adviser or sub-adviser, to Seperately
Managed Accounts, Mutual Funds, as well as Comingled Pools or Private funds and
Wrap Fee Accounts. Janus Capital is a direct subsidiary of Janus Capital Group,
Inc. ("JCGI"), a publicly traded company with principal operations in financial
asset management businesses. JCGI owns approximately 95% of Janus Capital, with
the remaining 5% held by Janus Management Holdings Corporation. DIMA pays a fee
to Janus Capital for acting as subadvisor.

Although none of the legal proceedings described below currently involve your
portfolio, these matters affect Janus Capital, your portfolio's subadvisor. The
information that follows has been provided to the portfolio by Janus Capital as
of January 2008.

In the fall of 2003, the Securities and Exchange Commission ("SEC"), the Office
of the New York State Attorney General ("NYAG"), the Colorado Attorney General
("COAG"), and the Colorado Division of Securities ("CDS") announced that they
were investigating alleged frequent trading practices in the mutual fund
industry. On August 18, 2004, Janus Capital announced that it had reached final
settlements with the SEC, the NYAG, the COAG, and the CDS related to such
regulators' investigations into Janus Capital's frequent trading arrangements.

A number of civil lawsuits were brought against Janus Capital and certain of
its affiliates, the Janus funds, and related entities and individuals based on
allegations similar to those announced by the above regulators and were filed
in several state and federal jurisdictions. Such lawsuits alleged a variety of
theories for recovery including, but not limited to, the federal securities
laws, other federal statutes (including ERISA), and various common law
doctrines. The Judicial Panel on Multidistrict Litigation transferred these
actions to the U.S. District Court for the District of Maryland (the "Court")
for coordinated proceedings. On September 29, 2004, five consolidated amended
complaints were filed with the Court that generally include: (i) claims by a
putative class of investors in certain Janus funds asserting claims on behalf
of the investor class (Marini, et al. v. Janus Investment Fund, et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00497); (ii) derivative
claims by investors in certain Janus funds ostensibly on behalf of such funds
(Steinberg et al. v. Janus Capital Management, LLC et al., U.S. District Court,
District of Maryland, Case No. 04-CV-00518); (iii) claims on behalf of
participants in the Janus 401(k) plan (Wangberger v. Janus Capital Group Inc.,
401(k) Advisory Committee, et al., U.S. District Court, District of Maryland,
Case No. JFM-05-2711); (iv) claims brought on behalf of shareholders of Janus
Capital Group Inc. ("JCGI") on a derivative basis against the Board of
Directors of JCGI (Chasen v. Whiston, et al., U.S. District Court, District of
Maryland, Case No. 04-MD-00855); and (v) claims by a


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


putative class of shareholders of JCGI asserting claims on behalf of the
shareholders (Wiggins, et al. v. Janus Capital Group, Inc., et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00818). Each of the five
complaints initially named JCGI and/or Janus Capital as a defendant. In
addition, the following were also named as defendants in one or more of the
actions: Janus Investment Fund ("JIF"), Janus Aspen Series ("JAS"), Janus
Adviser Series ("JAD"), Janus Distributors LLC, Enhanced Investment
Technologies, LLC ("INTECH"), Bay Isle Financial LLC ("Bay Isle"), Perkins,
Wolf, McDonnell and Company, LLC ("Perkins"), the Advisory Committee of the
Janus 401(k) plan, and the current or former directors of JCGI.

On August 25, 2005, the Court entered orders dismissing most of the claims
asserted against Janus Capital and its affiliates by fund investors in the
Marini and Steinberg cases (actions (i) and (ii) above) except certain claims
under Section 10(b) of the Securities Exchange Act of 1934 and under Section
36(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). On
August 15, 2006, the Wangberger complaint in the 401(k) plan class action
(action (iii) above) was dismissed by the district court with prejudice. The
plaintiff appealed that dismissal decision to the United States Court of
Appeals for the Fourth Circuit. The appeal is still pending and argument in the
matter was held in December 2007. The Court also dismissed the Chasen lawsuit
(action (iv) above) against JCGI's Board of Directors without leave to amend.
Finally, a Motion to Dismiss the Wiggins suit (action (v) above) was granted
and the matter was dismissed in May 2007. However, in June 2007, Plaintiffs
appealed that dismissal to the United States Court of Appeals for the Fourth
Circuit. That appeal is currently pending.

In addition to the lawsuits described above, the Auditor of the State of West
Virginia ("Auditor"), in his capacity as securities commissioner, has initiated
administrative proceedings against many of the defendants in the market timing
cases (including JCGI and Janus Capital) and, as a part of its relief, is
seeking disgorgement and other monetary relief based on similar market timing
allegations (In the Matter of Janus Capital Group Inc. et al., Before the
Securities Commissioner, State of West Virginia, Summary Order No. 05-1320).
The respondents in these proceedings collectively sought a Writ of Prohibition
in state court, which was denied. Their subsequent Petition for Appeal was also
denied. Consequently, in September 2006, JCGI and Janus Capital filed their
answer to the Auditor's summary order instituting proceedings and requested a
hearing. A status conference was held on June 28, 2007, during which the
parties were ordered to submit their proposed scheduling order. To date, no
scheduling order has been entered in the case. In addition to the pending
Motion to Discharge Order to Show Cause, JCGI and Janus Capital, as well as
other similarly situated defendants, continue to challenge the statutory
authority of the Auditor to bring such an action.

Additional lawsuits may be filed against certain of the Janus funds, Janus
Capital, and related parties in the future. Janus Capital does not currently
believe that these pending actions will materially affect its ability to
continue providing services it has agreed to provide to the Janus funds.

DWS VARIABLE SERIES II - CLASS A SHARES                     PORTFOLIO
                                                            SUBADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-JGI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                            DWS LARGE CAP VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Large Cap Value VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS LARGE CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities of large US companies that are similar in size to the
companies in the Russell 1000 (Reg. TM) Value Index (as of February 29, 2008,
the Russell 1000 (Reg. TM) Value Index had a median market capitalization of
$4.8 billion) and that the portfolio managers believe are undervalued. These
are typically companies that have been sound historically but are temporarily
out of favor. The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Although the
portfolio can invest in stocks of any economic sector (which is comprised of
two or more industries), at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

The portfolio manager begins by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The portfolio manager then
compares a company's stock price to its book value, cash flow and yield, and
analyze individual companies to identify those that are financially sound and
appear to have strong potential for long-term growth.

The portfolio manager assembles the portfolio from among the most attractive
stocks, drawing on analysis of economic outlooks for various sectors and
industries.

Portfolio management will normally sell a stock when it believes the stock's
price is unlikely to go higher, its fundamental factors have changed, other
investments offer better opportunities or in the course of adjusting the
portfolio's emphasis on a given industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of total assets in foreign securities. The
portfolio is permitted, but not required, to use various types of derivatives
(contracts whose value is based on, for example, indices, currencies or
securities). Derivatives may be used for hedging and for risk management or for
non-hedging purposes to seek to enhance potential gains. The portfolio may use
derivatives in circumstances where portfolio management believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS LARGE CAP VALUE
                                                          VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors seeking to diversify a growth-oriented portfolio or add a core
holding to a value-oriented portfolio may want to consider this portfolio.


4   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  19.26       -10.21     16.13       1.87      -14.98     32.60      10.07       1.97     15.41      13.15
  1998        1999       2000       2001       2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.86%, Q2 2003              WORST QUARTER: -19.06%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -7.02%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR         5 YEARS        10 YEARS
                                                      
Portfolio - Class A                13.15           14.21           7.66
Russell 1000 Value Index            -0.17          14.63           7.68


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS LARGE CAP VALUE
                                                          VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.18
TOTAL ANNUAL OPERATING EXPENSES                 0.83


1   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007.

2   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007. Includes a 0.10% administrative services fee paid to the
    Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $85           $265           $460         $1,025


THE PORTFOLIO MANAGER

Deutsche Asset Management International GmbH, Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany, is the subadvisor for the portfolio.

The following person handles the day-to-day management of the portfolio:

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and served as executive assistant to
     board member.
   o US and Global Fund Management: Frankfurt.
   o Joined the portfolio in 2007.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS LARGE CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                               2007           2006         2005         2004        2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $   17.96      $  15.81      $  15.79    $  14.57    $  11.24
- -------------------------------------------------   ---------      --------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                            .26        .29c             .26         .27         .24
_________________________________________________   _________      ________      ________    ________    ________
 Net realized and unrealized gain (loss)                 1.98          2.12           .04        1.18        3.33
- -------------------------------------------------   ---------      --------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        2.24          2.41           .30        1.45        3.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Less distributions from:
 Net investment income                                 (  .32)       (  .26)       (  .28)     (  .23)     (  .24)
_________________________________________________   _________      ________      ________    ________    ________
 Net realized gains                                    (  .67)            -             -           -           -
_________________________________________________   _________      ________      ________    ________    ________
 TOTAL DISTRIBUTIONS                                   (  .99)       (  .26)       (  .28)     (  .23)     (  .24)
- -------------------------------------------------   ---------      --------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $   19.21      $  17.96      $  15.81    $  15.79    $  14.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Total Return (%)                                     13.15b,d       15.41c        1.97b         10.07       32.60
_________________________________________________   _________      ________      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    229           275           268         274         263
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses before expense reductions (%)           .83           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses after expense reductions (%)            .82           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of net investment income (loss) (%)                1.43        1.73c           1.64        1.84        1.94
_________________________________________________   _________      ________      ________    ________    ________
Portfolio turnover rate (%)                               103            76            64          40          58
- -------------------------------------------------   ---------      --------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.04%.
    Excluding this non-recurring income, total return would have been 0.04%
    lower.

d   Includes a reimbursement from the Advisor for $92,456 for losses on certain
    operation errors during the period. Excluding this reimbursement, total
    return would have been 0.04%lower.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS LARGE CAP VALUE
                                                          VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS LARGE CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.83%                4.17%            $ 10,417.00           $    84.73
   2             10.25%                 0.83%                8.51%            $ 10,851.39           $    88.26
   3             15.76%                 0.83%               13.04%            $ 11,303.89           $    91.94
   4             21.55%                 0.83%               17.75%            $ 11,775.26           $    95.78
   5             27.63%                 0.83%               22.66%            $ 12,266.29           $    99.77
   6             34.01%                 0.83%               27.78%            $ 12,777.80           $   103.93
   7             40.71%                 0.83%               33.11%            $ 13,310.63           $   108.27
   8             47.75%                 0.83%               38.66%            $ 13,865.68           $   112.78
   9             55.13%                 0.83%               44.44%            $ 14,443.88           $   117.48
  10             62.89%                 0.83%               50.46%            $ 15,046.19           $   122.38
TOTAL                                                                                               $ 1,025.32



8   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                 FEE PAID
                           
DWS Large Cap Value VIP          0.68%


A discussion regarding the basis for the Board renewal of the portfolio's
    investment management agreement  and subadvisory agreement is contained in
    the shareholder reports for the annual period ended December 31, 2007 (see
    "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS LARGE CAP VALUE VIP
The subadvisor for DWS Large Cap Value VIP is Deutsche Asset Management
International GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main,
Germany. DeAMi renders investment advisory and management services to the
portfolio. DeAMi is an investment advisor registered with the Securities and
Exchange Commission and currently manages over $60 billion in assets, which is
primarily comprised of institutional accounts and investment companies. DeAMi
is a subsidiary of Deutsche Bank AG. DIMA compensates DeAMi out of the
management fee it receives from the portfolio.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-LCV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                            DWS MID CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Mid Cap Growth VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS MID CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, determined
at the time of purchase, in companies with market capitalizations within the
market capitalization range of the Russell Midcap(TM) Growth Index (as of
February 29, 2008, the Russell Midcap (Reg. TM) Growth Index had a median
market capitalization of $4.05 billion) or securities with equity
characteristics that provide exposure to those companies. The portfolio's
equity investments are mainly common stocks, but may also include other types
of equity securities such as preferred stocks or convertible securities.

The portfolio invests primarily in equity securities of medium-sized
growth-oriented US companies. Portfolio management focuses on individual
security selection rather than industry selection. Portfolio management uses an
active process which combines financial analysis with company visits to
evaluate management and strategies.

Company research lies at the heart of the investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on undervalued stocks with fast growing earnings
  and superior near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of medium sized stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

The portfolio may also invest up to 20% of its assets in stocks and other
securities of companies based outside the US.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board could change the
portfolio's investment objective without seeking shareholder approval. However,
the Board will provide shareholders with at least 60 days' notice prior to
making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MID CAP GROWTH
                                                          VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market investments or other short-term
bonds that offer comparable safety. In addition, as a temporary defensive
position, the portfolio may invest up to 100% of assets in the common stock of
larger companies or in fixed-income securities. This could prevent losses, but,
while engaged in a temporary defensive position, the portfolio may not achieve
its investment objective. However, the portfolio manager may choose not to use
these strategies for various reasons, even in very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for investors with long-term goals who can tolerate
capital fluctuation in pursuit of long-term capital growth.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to October 28, 2005, the portfolio was named Scudder Aggressive Growth
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                           
  -4.96       -21.76      -30.66     33.99       4.02     15.04      10.95      8.36
  2000        2001        2002       2003       2004      2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 23.43%, Q4 2001               WORST QUARTER: -25.94%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -12.42%


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MID CAP GROWTH
                                                          VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        SINCE INCEPTION*
                                                             
Portfolio - Class A                         8.36          14.03               3.88
Russell Midcap Growth Index                11.43          17.90               5.80
Russell 3000 Growth Index                  11.40          12.42               0.14
Standard & Poor's (S&P) 500 Index           5.49          12.83               2.76


*   Since 5/1/99. Index comparisons begin 4/30/99.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL MIDCAP (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index of medium and medium/small companies in the Russell 1000 (Reg. TM) Index
chosen for their growth orientation. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

RUSSELL 3000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index containing the growth stocks in the Russell 3000 (Reg. TM) Index.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                      CLASS A
                                     
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
___________________________________________________________________
Management Fee 1                                       0.67%
Distribution/Service (12b-1) Fee                None
Other Expenses 2                                  0.28
TOTAL ANNUAL OPERATING EXPENSES                  0.95
Less Expense Waiver/Reimbursement                0.01
NET ANNUAL OPERATING EXPENSES3                   0.94


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2009, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.94%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including one year of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $96           $302           $525         $1,165


6   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MID CAP GROWTH
                                                          VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to October 28, 2005, the portfolio was named Scudder Aggressive Growth
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.



DWS MID CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005       2004       2003
                                                                                   
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  12.56      $ 11.32     $  9.84    $  9.46    $  7.06
- -------------------------------------------------  --------      -------     -------    -------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                       (  .05)      (  .06)c    (  .05)     ( .01)     ( .05)
_________________________________________________  ________      _______     _______    _______    _______
 Net realized and unrealized gain (loss)               1.10         1.30        1.53        .39       2.45
- -------------------------------------------------  --------      -------     -------    -------    -------
 TOTAL FROM INVESTMENT OPERATIONS                      1.05         1.24        1.48        .38       2.40
- -------------------------------------------------  --------      -------     -------    -------    -------
NET ASSET VALUE, END OF PERIOD                     $  13.61      $ 12.56     $ 11.32    $  9.84    $  9.46
- -------------------------------------------------  --------      -------     -------    -------    -------
Total Return (%)b                                      8.36      10.95c        15.04       4.02      33.99
_________________________________________________  ________      _______     _______    _______    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   51           53          57         53         56
_________________________________________________  ________      _______     _______    _______    _______
Ratio of expenses before expense reductions (%)        1.05         1.03        1.01       1.02        .98
_________________________________________________  ________      _______     _______    _______    _______
Ratio of expenses after expense reductions (%)          .90          .93         .95        .95        .95
_________________________________________________  ________      _______     _______    _______    _______
Ratio of net investment income (loss) (%)            (  .38)      (  .51)c    (  .45)     ( .11)     ( .57)
_________________________________________________  ________      _______     _______    _______    _______
Portfolio turnover rate (%)                              68           46         104        103         91
- -------------------------------------------------  --------      -------     -------    -------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.003 per
    share and an increase in the ratio of net investment income of 0.03%.
    Excluding this non-recurring income, total return would have been 0.03%
    lower.


8   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                       CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MID CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.94%                4.06%            $ 10,406.00           $    95.91
   2             10.25%                 0.95%                8.27%            $ 10,827.44           $   100.86
   3             15.76%                 0.95%               12.66%            $ 11,265.95           $   104.94
   4             21.55%                 0.95%               17.22%            $ 11,722.23           $   109.19
   5             27.63%                 0.95%               21.97%            $ 12,196.98           $   113.62
   6             34.01%                 0.95%               26.91%            $ 12,690.95           $   118.22
   7             40.71%                 0.95%               32.05%            $ 13,204.94           $   123.01
   8             47.75%                 0.95%               37.40%            $ 13,739.74           $   127.99
   9             55.13%                 0.95%               42.96%            $ 14,296.20           $   133.17
  10             62.89%                 0.95%               48.75%            $ 14,875.19           $   138.56
TOTAL                                                                                               $ 1,165.47



DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MID CAP GROWTH
                                                          VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                FEE PAID
                          
DWS Mid Cap Growth VIP          0.61%


Effective May 1, 2008, DWS Mid Cap Growth VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.665% of the portfolio's average daily net assets up to
    $250 million, 0.635% of the next $750 million, 0.615% of the next $1.5
    billion, 0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion,
    0.555% of the next $2.5 billion, 0.545% of the next $2.5 billion and
    0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-MCG


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                             DWS MONEY MARKET VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



    
3      DWS Money Market VIP
9      Other Policies and Risks
9      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

DWS VARIABLE SERIES II - CLASS A SHARES                    DWS MONEY MARKET
                                                           VIP   3


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


4   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its net
assets in the obligations of banks and other financial institutions, it may be
vulnerable to setbacks in that industry. Banks and other financial institutions
are highly dependent on short-term interest rates and can be adversely affected
by downturns in the US and foreign economies or changes in banking regulations.


PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                 
   5.15      4.84      6.10      3.75      1.35      0.72      0.91      2.80      4.65     5.00
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.56%, Q3 2000              WORST QUARTER: 0.14%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.88%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           5.00           2.80           3.51


7-day yield as of December 31, 2007: 4.58%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                    DWS MONEY MARKET
                                                           VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                       CLASS A
                                      
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
____________________________________________________________________
Management Fee 1                                        0.29%
Distribution/Service (12b-1) Fee                 None
Other Expenses 2                                   0.17
TOTAL ANNUAL OPERATING EXPENSES                   0.46
Less Expense Waiver/Reimbursements                0.02
NET ANNUAL OPERATING EXPENSES3                    0.44


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.44%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including two years of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $45           $143           $253           $575


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


6   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .049         .046        .028        .009        .007
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .049         .046        .028        .009        .007
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .049)      ( .046)     ( .028)     ( .009)     ( .007)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     5.00a        4.65a         2.80         .91         .72
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   355          294         235         241         326
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .46          .52         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .45          .51         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.88         4.58        2.77         .88         .73
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                    DWS MONEY MARKET
                                                           VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.44%                4.56%            $ 10,456.00           $  45.00
   2             10.25%                 0.44%                9.33%            $ 10,932.79           $  47.06
   3             15.76%                 0.46%               14.29%            $ 11,429.14           $  51.43
   4             21.55%                 0.46%               19.48%            $ 11,948.03           $  53.77
   5             27.63%                 0.46%               24.90%            $ 12,490.47           $  56.21
   6             34.01%                 0.46%               30.58%            $ 13,057.53           $  58.76
   7             40.71%                 0.46%               36.50%            $ 13,650.35           $  61.43
   8             47.75%                 0.46%               42.70%            $ 14,270.07           $  64.22
   9             55.13%                 0.46%               49.18%            $ 14,917.93           $  67.13
  10             62.89%                 0.46%               55.95%            $ 15,595.21           $  70.18
TOTAL                                                                                               $ 575.19



8   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME               FEE PAID
                        
DWS Money Market VIP            0.38%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). The portfolio has
adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of the portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in the
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of the portfolio or of any particular share
class of the portfolio. You should review your financial advisor's compensation
disclosure and/or talk to your financial advisor to obtain more information on
how this compensation may have influenced your financial advisor's
recommendation of the portfolio. Additional information regarding these revenue
sharing payments is included in the portfolio's Statement of Additional
Information, which is available to you on request at no charge (see the back
cover of this prospectus for more information on how to request a copy of the
Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. The portfolio may make additional
distributions if necessary.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-MM


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                           DWS SMALL CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Small Cap Growth VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   3


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.37      34.56       -10.71      -28.91      -33.36     32.94      11.02       7.07      5.27     6.20
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.96%, Q4 1999               WORST QUARTER: -31.72%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.12%


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class A                 6.20          12.06           1.76
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.55%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.75


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $77           $240           $417           $930



6   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.19      $ 13.48      $  12.59    $  11.34    $  8.53
- -------------------------------------------------   --------      -------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .01)      (  .04)d      (  .06)     (  .05)    (  .04)
_________________________________________________   ________      _______      ________    ________    _______
 Net realized and unrealized gain (loss)                 .89          .75           .95        1.30       2.85
- -------------------------------------------------   --------      -------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .88          .71           .89        1.25       2.81
- -------------------------------------------------   --------      -------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  15.07      $ 14.19      $  13.48    $  12.59    $ 11.34
- -------------------------------------------------   --------      -------      --------    --------    -------
Total Return (%)                                     6.20b       5.27b,d        7.07c         11.02      32.94
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   174          208           243         210        210
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)          .75          .73           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .72          .72           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (loss) (%)             (  .09)      (  .32)d      (  .47)     (  .47)    (  .41)
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                               67           73            94         117        123
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This had
    no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


8   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                       CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.75%                4.25%            $ 10,425.00           $  76.59
   2             10.25%                 0.75%                8.68%            $ 10,868.06           $  79.85
   3             15.76%                 0.75%               13.30%            $ 11,329.96           $  83.24
   4             21.55%                 0.75%               18.11%            $ 11,811.48           $  86.78
   5             27.63%                 0.75%               23.13%            $ 12,313.47           $  90.47
   6             34.01%                 0.75%               28.37%            $ 12,836.79           $  94.31
   7             40.71%                 0.75%               33.82%            $ 13,382.35           $  98.32
   8             47.75%                 0.75%               39.51%            $ 13,951.10           $ 102.50
   9             55.13%                 0.75%               45.44%            $ 14,544.02           $ 106.86
  10             62.89%                 0.75%               51.62%            $ 15,162.14           $ 111.40
TOTAL                                                                                               $ 930.32



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                   FEE PAID
                            
DWS Small Cap Growth VIP            0.62%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-SCG


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                           DWS STRATEGIC INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Strategic Income VIP
 11      Other Policies and Risks
 11      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
14      Buying and Selling Shares
17      How the Portfolio Calculates Share Price
17      Distributions
17      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS STRATEGIC INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks a high current return.

The portfolio invests mainly in bonds issued by US and foreign corporations and
governments. The credit quality of the portfolio's investments may vary; the
portfolio may invest up to 100% of total assets in either investment-grade
bonds (i.e., grade BBB/Baa or above) or in junk bonds, which are those below
the fourth highest credit rating category (i.e., below grade BBB/Baa). Compared
to investment-grade bonds, junk bonds may pay higher yields and have higher
volatility and higher risk of default on payments of interest or principal. The
portfolio may invest up to 50% of total assets in foreign bonds. The portfolio
may also invest in emerging markets securities and dividend-paying common
stocks.

In deciding which types of securities to buy and sell, the portfolio managers
typically weigh a number of factors against each other, from economic outlooks
and possible interest rate movements to changes in supply and demand within the
bond market. In choosing individual bonds, the managers consider how they are
structured and use independent analysis of issuers' creditworthiness.

The managers may adjust the duration (a measure of sensitivity to interest
rates) of the portfolio, depending on their outlook for interest rates.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond and currency markets. The iGAP
strategy is implemented through the use of derivatives, which are contracts or
other instruments whose value is based on, for example, indices, currencies or
securities. The iGAP strategy primarily uses exchange-traded futures contracts
on global bonds and currencies indexes and over-the-counter forward currency
contracts, and is expected to have a low correlation to the portfolio's other
securities holdings. Because the iGAP strategy relies primarily on futures,
forward currency contracts and other derivative instruments, the aggregate
notional market exposure obtained from such investments within the iGAP
strategy may range up to 100% of the net assets of the portfolio (assuming the
maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.

OTHER INVESTMENTS. The portfolio may invest in affiliated mutual funds. The
portfolio may invest up to 5% of net assets in shares of DWS Floating Rate Plus
Fund, which invests primarily in adjustable rate loans that have a senior right
to payment ("Senior Loans"). By investing in DWS Floating Rate Plus Fund, the
portfolio may achieve greater diversification within the Senior Loan asset
class (through indirect exposure to more Senior Loan securities of varying
sizes and risks) than it could gain buying Senior Loan securities directly.

In addition to derivatives utilized within the iGAP strategy, the portfolio
managers may, but are not required to, also use various types of derivatives.
Derivatives may be used for hedging and for risk management or for non-hedging
purposes to enhance potential gains. The portfolio may use derivatives in
circumstances where portfolio managers believe they offer a more efficient or
economical means of gaining exposure to a particular asset class or market or
to maintain a high level of liquidity to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
managers may use futures, options, forward currency transactions and swaps.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS STRATEGIC INCOME
                                                          VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed-income securities will decrease in value
when nominal interest rates rise and increase in value when nominal interest
rates decline. A nominal interest rate can be described as the sum of a real
interest rate and an expected inflation rate. Inflation-indexed bonds decline
in value when real interest rates rise. In certain interest rate environments,
such as when real interest rates are rising faster than nominal interest rates,
inflation-indexed bonds may experience greater losses than other fixed-income
securities with similar durations. The longer the effective maturity of the
portfolio's securities, the more sensitive the portfolio will be to interest
rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall
in value for every year of duration.)

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

4   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for investors who are interested in a bond portfolio
that emphasizes different types of bonds depending on market and economic
outlooks.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS STRATEGIC INCOME
                                                          VIP   5


The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2000, the portfolio was named Kemper Global Income Portfolio
and operated with a different goal and investment strategy. Performance would
have been different if the portfolio's current policies were in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                    
  10.98       -5.85      2.57      5.23     11.30       7.85      8.60      2.38      8.98      5.43
  1998       1999       2000      2001      2002       2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 6.35%, Q3 1998              WORST QUARTER: -3.33%, Q2 1999
2008 TOTAL RETURN AS OF MARCH 31: 0.64%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         5.43           6.62           5.63
Citigroup World Government Bond
Index                                      10.95           6.81           6.31
JP Morgan Emerging Markets Bond
Index Plus                                  6.45          13.63          10.36
Merrill Lynch High Yield Master
Cash Pay Only Index                         2.17          10.57           5.80
Lehman Brothers US Treasury Index           9.01           4.10           5.91


Total returns would have been lower if operating expenses hadn't been reduced.

CITIGROUP WORLD GOVERNMENT BOND INDEX is an unmanaged index that consists of
worldwide fixed-rate government bonds with remaining maturities greater than
one year.

J.P. MORGAN EMERGING MARKETS BOND INDEX PLUS (EMBI+) is an unmanaged index that
tracks total returns for emerging market debt instruments that trade outside
the country of issue.

MERRILL LYNCH HIGH YIELD MASTER CASH PAY ONLY INDEX is an unmanaged index which
tracks the performance of below investment grade US dollar-denominated
corporate bonds publicly issued in the US domestic market.

LEHMAN BROTHERS US TREASURY INDEX is an unmanaged index reflecting the
performance of all public obligations and does not focus on one particular
segment of the Treasury market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                                         CLASS A
                                                        
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
______________________________________________________________________________________
Management Fee 1     , 2                                                  0.55%
Distribution/Service (12b-1) Fee                                   None
Other Expenses3                                                     0.29
Acquired Funds (Underlying Funds) Fees and Expenses4                0.05
TOTAL ANNUAL OPERATING EXPENSES5                                    0.89


1   To the extent the portfolio invests in other mutual funds advised by the
    Advisor and its affiliates ("affiliated mutual funds"), the Advisor has
    agreed to waive its management fee by an amount equal to the amount of
    management fees borne by the portfolio as a shareholder of such other
    affiliated mutual funds. In the case of an investment in DWS Floating Rate
    Plus Fund, the Advisor has also agreed to apply a management fee credit to
    the portfolio equal to the difference between DWS Floating Rate Plus
    Fund's management fee and the portfolio's management fee, if positive, as
    applied to the amount of assets invested by the portfolio in DWS Floating
    Rate Plus Fund.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   In addition to the Total Annual Operating Expenses which the portfolio
    bears directly, the portfolio's shareholders indirectly bear the expenses
    of the underlying funds in which the portfolio invests. The portfolio's
    estimated indirect expenses from investing in the underlying funds, based
    on its expected allocations and underlying funds, is as shown in the
    table. An underlying fund's expense ratio reflects contractual expense
    limitations and/or reimbursements where applicable.

5   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.83% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage, interest, and
    indirect expenses of underlying DWS funds. Although there can be no
    assurance that the current waiver/expense reimbursement arrangement will
    be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $91           $284           $493         $1,096



DWS VARIABLE SERIES II - CLASS A SHARES                   DWS STRATEGIC INCOME
                                                          VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio for
their investment strategy, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2007.
   o BS, The Wharton School, University of Pennsylvania.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Quantitative Strategies: New York.
   o Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o Joined the portfolio in 2007.
   o BA and MBA, University of Miami.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


8   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS STRATEGIC INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  11.80    $  11.50    $  12.25    $  11.82    $  11.10
- -------------------------------------------------   --------    --------    --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .63         .62         .65         .58         .41
_________________________________________________   ________    ________    ________    ________    ________
 Net realized and unrealized gain (loss)              (  .01)        .36      (  .39)        .39         .47
- -------------------------------------------------   --------    --------    --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .62         .98         .26         .97         .88
- -------------------------------------------------   --------    --------    --------    --------    --------
Less distributions from:
 Net investment income                                (  .72)     (  .57)     (  .98)          -      (  .15)
_________________________________________________   ________    ________    ________    ________    ________
 Net realized gains                                        -      (  .11)     (  .03)     (  .54)     (  .01)
- -------------------------------------------------   --------    --------    --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .72)     (  .68)     ( 1.01)     (  .54)     (  .16)
- -------------------------------------------------   --------    --------    --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  11.70    $  11.80    $  11.50    $  12.25    $  11.82
- -------------------------------------------------   --------    --------    --------    --------    --------
Total Return (%)                                     5.43b          8.98        2.38        8.60        7.85
_________________________________________________   ________    ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   100          86          71          62          62
_________________________________________________   ________    ________    ________    ________    ________
Ratio of expenses before expense reductions (%)          .84         .85         .88         .84         .83
_________________________________________________   ________    ________    ________    ________    ________
Ratio of expenses after expense reductions (%)           .83         .85         .88         .84         .83
_________________________________________________   ________    ________    ________    ________    ________
Ratio of net investment income (%)                      5.50        5.47        5.61        4.99        3.60
_________________________________________________   ________    ________    ________    ________    ________
Portfolio turnover rate (%)                              147         143         120         210         160
- -------------------------------------------------   --------    --------    --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS STRATEGIC INCOME
                                                          VIP   9


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS STRATEGIC INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.89%                4.11%            $ 10,411.00           $    90.83
   2             10.25%                 0.89%                8.39%            $ 10,838.89           $    94.56
   3             15.76%                 0.89%               12.84%            $ 11,284.37           $    98.45
   4             21.55%                 0.89%               17.48%            $ 11,748.16           $   102.49
   5             27.63%                 0.89%               22.31%            $ 12,231.01           $   106.71
   6             34.01%                 0.89%               27.34%            $ 12,733.70           $   111.09
   7             40.71%                 0.89%               32.57%            $ 13,257.06           $   115.66
   8             47.75%                 0.89%               38.02%            $ 13,801.92           $   120.41
   9             55.13%                 0.89%               43.69%            $ 14,369.18           $   125.36
  10             62.89%                 0.89%               49.60%            $ 14,959.75           $   130.51
TOTAL                                                                                               $ 1,096.08



10   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                   OTHER POLICIES AND
                                                          RISKS   11


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                  FEE PAID
                            
DWS Strategic Income VIP          0.65%


Effective May 1, 2008, DWS Strategic Income VIP pays the Advisor a fee, under
    the Investment Management Agreement, calculated daily and paid monthly, at
    the annual rate of 0.550% of the portfolio's average daily net assets up
    to $250 million, 0.520% of the next $750 million, 0.500% of the next $1.5
    billion, 0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion,
    0.430% of the next $2.5 billion, 0.410% of the next $2.5 billion and
    0.390% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


12   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


18   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-SI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                              DWS TECHNOLOGY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group







- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Technology VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS TECHNOLOGY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks of
companies in the technology sector. For purposes of the portfolio's 80%
investment policy, companies in the technology sector must commit at least half
of their assets to the technology sector or derive at least half of their
revenues or net income from that sector. Examples of industries within the
technology sector are semiconductors, software, telecom equipment,
computer/hardware, IT services, the Internet and health technology. The
portfolio may invest in companies of any size. In addition, the portfolio may
invest in initial public offerings. While the portfolio invests mainly in US
stocks, it could invest up to 35% of net assets in foreign securities.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The portfolio manager looks for individual companies with a
history of above-average growth, strong competitive positioning, attractive
prices relative to potential growth, innovative products and services, sound
financial strength and effective management, among other factors.

GROWTH ORIENTATION. The portfolio manager generally looks for companies that
the portfolio manager believes has above-average potential for sustainable
growth of revenue or earnings and whose market value appears reasonable in
light of their business prospects.

TOP-DOWN ANALYSIS. The portfolio manager considers the economic outlooks for
various industries within the technology sector and looks for those industries
that may benefit from changes in the overall business environment.

In addition, the portfolio manager uses the support of a quantitative analytic
group and its tools to attempt to actively manage the forecasted volatility
risk of the portfolio as a whole as compared to funds with a similar investment
objective, as well as appropriate benchmarks and peer groups. The portfolio
manager may favor securities from various industries and companies within the
technology sector at different times.

The portfolio manager will normally sell a stock when the portfolio manager
believes its price is unlikely to go higher, its fundamental factors have
changed, other investments offer better opportunities or in adjusting emphasis
on a given technology industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures and options, including sales of covered put and call options.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These factors may affect single companies as well as
groups of companies. In addition, movements in financial markets may adversely
affect a stock's price, regardless of how well the company performs. The market
as a whole may not favor the types of investments the portfolio makes, which
could affect the portfolio's ability to sell them at an attractive price.

CONCENTRATION RISK. The portfolio concentrates its investments in the group of
industries constituting the technology sector. As a result, factors affecting
this sector, such as market price movements, market saturation and rapid
product obsolescence will have a significant impact on the portfolio's
performance. Additionally, many technology companies are smaller companies that
may have limited business lines and limited financial resources, making them
highly vulnerable to business and economic risks.

NON-DIVERSIFICATION RISK. The portfolio is classified as non-diversified under
the Investment Company Act of 1940, as amended. This means that the portfolio
may invest in securities of relatively few issuers. Thus, the performance of
one or a small number of portfolio holdings can affect overall performance more
than if the portfolio invested in a larger number of issuers.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

4   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

This portfolio is designed for investors who can accept above-average risks and
are interested in exposure to a sector that offers attractive long-term growth
potential.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   5


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                          
  -21.57       -32.39      -35.52     46.84       1.92      3.74      0.75     14.30
   2000        2001        2002       2003       2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 28.57%, Q4 2001               WORST QUARTER: -33.64%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -16.99%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class A                    14.30          12.29              0.94
Russell 1000 Growth Index              11.81          12.11              -0.17
S&P Goldman Sachs Technology
Index                                  16.94          15.58              -1.16


*   Since 5/1/99. Index comparisons begin 4/30/99.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

S&P GOLDMAN SACHS TECHNOLOGY INDEX is an unmanaged capitalization-weighted
index based on a universe of technology-related stocks.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.67%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.24
TOTAL ANNUAL OPERATING EXPENSES                 0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $93           $290           $504         $1,120


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Kelly P. Davis
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2003 after eight years of experience
     with semiconductors as an associate analyst in Equities Research with
     Credit Suisse First Boston, team leader in applications engineering at
     Advanced Micro Devices, and in technical roles at Interactive Silicon,
     Motorola, Inc. and Tellabs Operations, Inc.
   o Joined the portfolio in 2005.
   o BS, Purdue University; MBA, University of California, Berkeley.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TECHNOLOGY VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007             2006             2005            2004            2003
                                                                                                    
SELECTED PER SHARE DATA
- -------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  9.37           $ 9.30          $  9.01         $  8.84        $ 6.02
- -------------------------------------------       -------           ------          -------         -------        ------
Income (loss) from investment operations:
 Net investment income (loss)a                     (  .02)           ( .01)b          ( .03)            .04        ( .04)
___________________________________________       _______           ______          _______         _______        ______
 Net realized and unrealized gain (loss)             1.36              .08              .36             .13         2.86
- -------------------------------------------       -------           ------          -------         -------        ------
 TOTAL FROM INVESTMENT OPERATIONS                    1.34              .07              .33             .17         2.82
- -------------------------------------------       -------           ------          -------         -------        ------
Less distributions from:
 Net investment income                                  -                -            ( .04)              -            -
___________________________________________       _______           ______          _______         _______        ______
NET ASSET VALUE, END OF PERIOD                    $ 10.71           $ 9.37          $  9.30         $  9.01        $ 8.84
- -------------------------------------------       -------           ------          -------         -------        ------
Total Return (%)                                    14.30           .75b               3.74            1.92        46.84
___________________________________________       _______           ______          _______         _______        ______
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENT      A
- -------------------------------------------      -
Net assets, end of period ($ millions)                153              165              199             230          257
___________________________________________       _______           ______          _______         _______        ______
Ratio of expenses (%)                                 .91              .89              .86             .83          .86
___________________________________________       _______           ______          _______         _______        ______
Ratio of net investment income (loss) (%)          (  .15)           ( .12)b          ( .36)            .43        ( .50)
___________________________________________       _______           ______          _______         _______        ______
Portfolio turnover rate (%)                            91               49              135             112           66
- -------------------------------------------       -------           ------          -------         -------        ------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.017 per
    share and an increase in the ratio of net investment income of 0.18%.
    Excluding this non-recurring income, total return would have been 0.19%
    lower.


8   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                       CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TECHNOLOGY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME            FEE PAID
                      
DWS Technology VIP          0.75%


Effective May 1, 2008, DWS Technology VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.665% of the portfolio's average daily net assets up to
    $250 million, 0.635% of the next $750 million, 0.615% of the next $1.5
    billion, 0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion,
    0.555% of the next $2.5 billion, 0.545% of the next $2.5 billion and
    0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-TEC


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS A

- --------------------------------------------------------------------------------

                         DWS TURNER MID CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS



      
  3      DWS Turner Mid Cap Growth VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes



HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS TURNER MID CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

The portfolio pursues its objective by investing in common stocks and other
equity securities of US companies with medium market capitalizations that the
portfolio managers believe have strong earnings growth potential. The portfolio
will invest in securities of companies that are diversified across economic
sectors, and will attempt to maintain sector concentrations that approximate
those of the Russell Midcap (Reg. TM) Growth Index (as of February 29, 2008,
the Russell Midcap (Reg. TM) Growth Index had a median market capitalization of
$4.05 billion). The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Portfolio
exposure is generally limited to 5% in any single issuer, subject to exceptions
for the most heavily weighted securities in the Index.

Under normal circumstances, at least 80% of the portfolio's net assets, plus
the amount of any borrowings for investment purposes, will be invested in
stocks of mid-cap companies, which are defined for this purpose as companies
with market capitalizations at the time of purchase in the range of market
capitalizations of those companies included in the Index. The portfolio
managers generally look for medium market capitalization companies with strong
histories of earnings growth that are likely to continue to grow their
earnings. The portfolio's investments in common stocks may include initial
public offerings. A stock becomes a sell candidate if there is deterioration in
the company's earnings growth potential. Moreover, positions will be trimmed to
adhere to capitalization or capacity constraints, to maintain sector neutrality
or to adjust stock position size relative to the Index.

In focusing on companies with strong earnings growth potential, the portfolio
managers engage in a relatively high level of trading activity so as to respond
to changes in earnings forecasts and economic developments.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of


DWS VARIABLE SERIES II - CLASS A SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   3


companies. In addition, movements in financial markets may adversely affect a
stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.


4   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                          
  -32.20      48.49      11.04      11.76       6.52     25.75
   2002       2003       2004       2005       2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 19.37%, Q2 2003               WORST QUARTER: -19.06%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -13.25%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class A                    25.75          19.81               6.01
Russell Midcap Growth Index            11.43          17.90               6.38


*   Since 5/1/01. Index comparison begins 4/30/01.

RUSSELL MIDCAP (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index of medium and medium/small companies in the Russell 1000 (Reg. TM) Index
chosen for their growth orientation. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.72%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.19
TOTAL ANNUAL OPERATING EXPENSES3                0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.94% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage and interest.
    Although there can be no assurance that the current waiver/expense
    reimbursement arrangement will be maintained beyond September 30, 2008,
    the Advisor has committed to review the continuance of waiver/expense
    reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $93           $290           $504         $1,120


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Turner Investment Partners, Inc. ("Turner"). The
portfolio is managed by a team of investment professionals who collaborate to
develop and implement the portfolio's investment strategy. The lead manager on
the team has authority over all aspects of the portfolio's investment
portfolio, including but not limited to, purchases and sales of individual
securities, portfolio construction techniques, portfolio risk assessment and
the management of daily cash flows in accordance with portfolio holdings.

The portfolio managers are Christopher K. McHugh (Lead Manager), Tara Hedlund
and Jason Schrotberger. Mr. McHugh has managed the portfolio since its
inception; Ms. Hedlund and Mr. Schrotberger joined the portfolio in 2006. Mr.
McHugh began his investment career in 1986 and joined the subadvisor when it
was founded in 1990. Mr. McHugh is a principal at Turner. Ms. Hedlund joined
Turner in 2000, has 13 years of investment industry experience and also serves
as a security analyst covering the technology and telecommunications sectors.
Ms. Hedlund is a principal at Turner. Mr. Schrotberger joined Turner in 2001,
has 14 years of investment industry experience and also serves as a security
analyst covering the consumer sector. Mr. Schrotberger is a principal at
Turner.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TURNER MID CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                             2007             2006            2005            2004            2003
                                                                                                    
SELECTED PER SHARE DATA
- -------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  10.92         $  11.02        $  9.86         $ 8.88          $ 5.98
- -------------------------------------------       --------         --------        -------         ------          ------
Income (loss) from investment operations:
 Net investment income (loss)a                      (  .04)          (  .01)       (  .05)         ( .07)          ( .06)
___________________________________________       ________         ________        _______         ______          ______
 Net realized and unrealized gain (loss)              2.64              .77          1.21           1.05            2.96
- -------------------------------------------       --------         --------        -------         ------          ------
 TOTAL FROM INVESTMENT OPERATIONS                     2.60              .76          1.16            .98            2.90
- -------------------------------------------       --------         --------        -------         ------          ------
Less distributions from:
 Net realized gains                                 (  .97)          (  .86)            -              -               -
___________________________________________       ________         ________        _______         ______          ______
NET ASSET VALUE, END OF PERIOD                    $  12.55         $  10.92        $ 11.02         $ 9.86          $ 8.88
- -------------------------------------------       --------         --------        -------         ------          ------
Total Return (%)                                     25.75             6.52         11.76          11.04           48.49
___________________________________________       ________         ________        _______         ______          ______
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENT      A
- -------------------------------------------      -
Net assets, end of period ($ millions)                 129              117           122            118             110
___________________________________________       ________         ________        _______         ______          ______
Ratio of expenses (%)                                  .95              .97          1.11           1.19            1.18
___________________________________________       ________         ________        _______         ______          ______
Ratio of net investment income (loss) (%)           (  .36)          (  .06)       (  .56)         ( .82)          ( .90)
___________________________________________       ________         ________        _______         ______          ______
Portfolio turnover rate (%)                            133              148           151            174             155
- -------------------------------------------       --------         --------        -------         ------          ------


a   Based on average shares outstanding during the period.

DWS VARIABLE SERIES II - CLASS A SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TURNER MID CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



8   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                       FEE PAID
                                 
DWS Turner Mid Cap Growth VIP          0.80%


Effective May 1, 2008, DWS Turner Mid Cap Growth VIP pays the Advisor a fee,
    under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.715% of the portfolio's average daily net
    assets up to $250 million, 0.700% of the next $250 million, 0.685% of the
    next $500 million and 0.670% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS TURNER MID CAP GROWTH VIP
Turner Investment Partners, Inc., 1205 Westlakes Drive Suite 100, Berwyn,
Pennsylvania, 19312 is the subadvisor to DWS Turner Mid Cap Growth VIP. As of
December 31, 2007, Turner Investment Partners, Inc. had approximately $29
billion in assets under management. DIMA pays a fee to Turner Investment
Partners, Inc. for acting as subadvisor.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of the portfolio.
The portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS A SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-TMCG


                                  MAY 1, 2008




                                   PROSPECTUS


                             DWS VARIABLE SERIES II
                                    CLASS A

- --------------------------------------------------------------------------------

DWS BALANCED VIP

DWS BLUE CHIP VIP


DWS CORE FIXED INCOME VIP


DWS DREMAN SMALL MID CAP VALUE VIP


DWS GOVERNMENT & AGENCY SECURITIES VIP


DWS HIGH INCOME VIP

DWS INTERNATIONAL SELECT EQUITY VIP


DWS LARGE CAP VALUE VIP


DWS MONEY MARKET VIP


DWS SMALL CAP GROWTH VIP


DWS STRATEGIC INCOME VIP



This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW EACH PORTFOLIO WORKS




        
  3        DWS Balanced VIP
 12        DWS Blue Chip VIP
 18        DWS Core Fixed Income VIP
 25        DWS Dreman Small Mid Cap
           Value VIP
 32        DWS Government & Agency
           Securities VIP
 39        DWS High Income VIP
 46        DWS International Select Equity
           VIP




        
 53        DWS Large Cap Value VIP
 59        DWS Money Market VIP
 65        DWS Small Cap Growth VIP
 72        DWS Strategic Income VIP
 80        Other Policies and Risks
 80        The Investment Advisor
 82        Portfolio Subadvisors





YOUR INVESTMENT IN THE PORTFOLIOS


       
84        Buying and Selling Shares
87        How each Portfolio Calculates
          Share Price
88        Distributions
88        Taxes



HOW EACH PORTFOLIO WORKS

Each portfolio is designed to serve as an investment option for certain
variable annuity contracts, variable life insurance policies and tax-qualified
plans. Your investment in a portfolio is made in conjunction with one of these
contracts or policies. Each portfolio has its own investment objective and
strategy.

Remember that each portfolio is not a bank deposit. Each portfolio is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                         
  15.14      14.81       -2.63      -6.09      -15.17     18.10       6.64      4.30     10.24      4.84
  1998       1999       2000       2001        2002       2003       2004      2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.82%, Q4 1998              WORST QUARTER: -9.91%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.52%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         4.84           8.71           4.53
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.36%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.16
TOTAL ANNUAL OPERATING EXPENSES                 0.52


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $53           $167           $291           $653



DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006          2005         2004         2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.46     $   22.75      $  22.37     $  21.32    $  18.66
- -------------------------------------------------   --------     ---------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .74        .69d             .59          .47         .37
_________________________________________________   ________     _________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .42          1.60           .34          .93        2.90
- -------------------------------------------------   --------     ---------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.16          2.29           .93         1.40        3.27
- -------------------------------------------------   --------     ---------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .81)       (  .58)       (  .55)      (  .35)     (  .61)
_________________________________________________   ________     _________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.81     $   24.46      $  22.75     $  22.37    $  21.32
- -------------------------------------------------   --------     ---------      --------     --------    --------
Total Return (%)                                     4.84b        10.24b,d       4.30b           6.64       18.10
_________________________________________________   ________     _________      ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   528           600           653          622         667
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .52           .55           .55          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .51           .51           .53          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of net investment income (%)                      3.00       2.99d            2.66         2.18        1.88
_________________________________________________   ________     _________      ________     ________    ________
Portfolio turnover rate (%)                           190c             108        121c         131c        102c
- -------------------------------------------------   --------     ---------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.52%                4.48%            $ 10,448.00           $  53.16
   2             10.25%                 0.52%                9.16%            $ 10,916.07           $  55.55
   3             15.76%                 0.52%               14.05%            $ 11,405.11           $  58.04
   4             21.55%                 0.52%               19.16%            $ 11,916.06           $  60.64
   5             27.63%                 0.52%               24.50%            $ 12,449.90           $  63.35
   6             34.01%                 0.52%               30.08%            $ 13,007.65           $  66.19
   7             40.71%                 0.52%               35.90%            $ 13,590.40           $  69.15
   8             47.75%                 0.52%               41.99%            $ 14,199.25           $  72.25
   9             55.13%                 0.52%               48.35%            $ 14,835.37           $  75.49
  10             62.89%                 0.52%               55.00%            $ 15,500.00           $  78.87
TOTAL                                                                                               $ 652.69



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BALANCED
                                                              VIP   11


DWS BLUE CHIP VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital and income.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in common
stocks of large US companies that are similar in size to the companies in the
S&P 500 Index (as of February 29, 2008, the S&P 500 Index had a median market
capitalization of $10.8 billion) and that the portfolio managers consider to be
"blue chip" companies. Blue chip companies are large, well-known companies that
typically have an established earnings and dividends history, easy access to
credit, solid positions in their industry and strong management.

The portfolio managers look for "blue chip" companies whose stock price is
attractive relative to potential growth. The managers use quantitative stock
techniques and fundamental equity analysis to evaluate each company's stock
price relative to the company's earnings, operating trends, market outlook and
other measures of performance potential.

The portfolio managers will normally sell a stock when the managers believe its
fundamental factors have changed, other investments offer better opportunities
or in the case of adjusting the portfolio's emphasis on or within a given
industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US common stocks, it could invest up to
20% of its net assets in foreign securities. The portfolio may also invest in
other types of equity securities such as preferred stocks or convertible
securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as


12   DWS BLUE CHIP VIP                               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors with long-term goals who are interested in a core stock investment
 may be interested in this portfolio.

DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BLUE CHIP
                                                              VIP   13


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                            
  13.84      25.24       -7.84      -15.81      -22.11     27.25      16.04      10.06      15.65      3.50
  1998       1999       2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 18.26%, Q4 1998               WORST QUARTER: -17.43%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -10.84%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           3.50          14.23           5.30
Russell 1000 Index            5.77          13.43           6.20


RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


14   DWS BLUE CHIP VIP                               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.54%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES                 0.71


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $73           $227           $395           $883


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income and
     derivative securities at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2003.
   o BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Strategies: New York.
   o Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o Joined the portfolio in 2006.
   o BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Quantitative Equity: New York.
   o Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o Joined the portfolio in 2006.
   o BA, University of Connecticut.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BLUE CHIP
                                                              VIP   15


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BLUE CHIP VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.17     $  14.88    $ 13.65     $ 11.84     $  9.37
- -------------------------------------------  --------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income a                           .17       .17b         .14         .13         .08
___________________________________________  ________     ________    _______     _______     _______
 Net realized and unrealized gain (loss)          .36         2.07      1.22        1.76        2.45
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                 .53         2.24      1.36        1.89        2.53
- -------------------------------------------  --------     --------    -------     -------     -------
Less distributions from:
 Net investment income                         (  .18)      (  .14)   (  .13)     (  .08)     (  .06)
___________________________________________  ________     ________    _______     _______     _______
 Net realized gains                            ( 1.87)      (  .81)        -           -           -
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                           ( 2.05)      (  .95)   (  .13)     (  .08)     (  .06)
- -------------------------------------------  --------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD               $  14.65     $  16.17    $ 14.88     $ 13.65     $ 11.84
- -------------------------------------------  --------     --------    -------     -------     -------
Total Return (%)                                 3.50      15.65b      10.06       16.04       27.25
___________________________________________  ________     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            242          314       294         283         242
___________________________________________  ________     ________    _______     _______     _______
Ratio of expenses (%)                             .71          .71       .70         .70         .71
___________________________________________  ________     ________    _______     _______     _______
Ratio of net investment income (%)               1.13       1.12b       1.00        1.08         .82
___________________________________________  ________     ________    _______     _______     _______
Portfolio turnover rate (%)                       275          226       288         249         182
- -------------------------------------------  --------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.003 per
    share and an increase in the ratio of net investment income of 0.02%.
    Excluding this non-recurring income, total return would have been 0.02%
    lower.


16   DWS BLUE CHIP VIP                               DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BLUE CHIP VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.71%                4.29%            $ 10,429.00           $  72.52
   2             10.25%                 0.71%                8.76%            $ 10,876.40           $  75.63
   3             15.76%                 0.71%               13.43%            $ 11,343.00           $  78.88
   4             21.55%                 0.71%               18.30%            $ 11,829.62           $  82.26
   5             27.63%                 0.71%               23.37%            $ 12,337.11           $  85.79
   6             34.01%                 0.71%               28.66%            $ 12,866.37           $  89.47
   7             40.71%                 0.71%               34.18%            $ 13,418.34           $  93.31
   8             47.75%                 0.71%               39.94%            $ 13,993.98           $  97.31
   9             55.13%                 0.71%               45.94%            $ 14,594.32           $ 101.49
  10             62.89%                 0.71%               52.20%            $ 15,220.42           $ 105.84
TOTAL                                                                                               $ 882.50



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BLUE CHIP
                                                              VIP   17


DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


18   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   19


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.93      -2.06      9.90      5.71      8.01      5.13      4.53      2.25      4.26     4.17
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.14%, Q3 2002               WORST QUARTER: -2.36%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.01%


20   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class A                     4.17           4.06           4.93
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.70% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage and interest
    expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   21


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


22   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATE
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  11.86     $ 11.81    $  12.07    $  12.16   $ 11.98
- -------------------------------------------  --------     -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                           .56         .53         .47         .50      .45
___________________________________________  ________     _______    ________    ________   _______
 Net realized and unrealized gain (loss)       (  .08)     (  .05)     (  .21)        .05      .14
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL FROM INVESTMENT OPERATIONS                 .48         .48         .26         .55      .59
- -------------------------------------------  --------     -------    --------    --------   -------
Less distributions from:
 Net investment income                         (  .52)     (  .43)     (  .41)     (  .43)  (  .41)
___________________________________________  ________     _______    ________    ________   _______
 Net realized gains                                 -      (  .00)*    (  .11)     (  .21)       -
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                           (  .52)     (  .43)     (  .52)     (  .64)  (  .41)
- -------------------------------------------  --------     -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD               $  11.82     $ 11.86    $  11.81    $  12.07   $ 12.16
- -------------------------------------------  --------     -------    --------    --------   -------
Total Return (%)                                 4.17        4.26        2.25        4.53     5.13
___________________________________________  ________     _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            186         277         252         210      201
___________________________________________  ________     _______    ________    ________   _______
Ratio of expenses (%)                             .66         .68         .67         .66      .66
___________________________________________  ________     _______    ________    ________   _______
Ratio of net investment income (%)               4.78        4.56        3.96        4.18     3.75
___________________________________________  ________     _______    ________    ________   _______
Portfolio turnover rate (%)b                      197         183         164         185      229
- -------------------------------------------  --------     -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005

DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   23


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



24   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   25


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


26   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  -11.25       2.80      4.05     17.63       -11.43     42.15      26.03      10.25      25.06      3.06
   1998       1999      2000      2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.84%, Q2 2003              WORST QUARTER: -22.47%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.91%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class A               3.06           20.55           9.68
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   27


RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.64%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.14
TOTAL ANNUAL OPERATING EXPENSES                 0.78


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $80           $249           $433           $966



28   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   29


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.93    $  19.98    $  20.05   $ 16.06      $  11.66
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .18         .15         .19      .17            .19
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.69        1.67     3.98           4.55
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .72        4.84        1.86     4.15           4.74
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .23)     (  .18)     (  .15)  (  .16)        (  .15)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.53)     ( 1.89)     ( 1.93)  (  .16)        (  .34)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.12    $  22.93    $  19.98   $ 20.05      $  16.06
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 3.06       25.06       10.25    26.03          42.15
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            468         562         493      467            354
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                             .78         .79         .79      .79            .80
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .85         .71         .96      .96           1.46
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

30   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.78%                4.22%            $ 10,422.00           $  79.65
   2             10.25%                 0.78%                8.62%            $ 10,861.81           $  83.01
   3             15.76%                 0.78%               13.20%            $ 11,320.18           $  86.51
   4             21.55%                 0.78%               17.98%            $ 11,797.89           $  90.16
   5             27.63%                 0.78%               22.96%            $ 12,295.76           $  93.97
   6             34.01%                 0.78%               28.15%            $ 12,814.64           $  97.93
   7             40.71%                 0.78%               33.55%            $ 13,355.42           $ 102.06
   8             47.75%                 0.78%               39.19%            $ 13,919.02           $ 106.37
   9             55.13%                 0.78%               45.06%            $ 14,506.40           $ 110.86
  10             62.89%                 0.78%               51.19%            $ 15,118.57           $ 115.54
TOTAL                                                                                               $ 966.06



DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   31


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


32   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   33


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.03      0.68     10.93       7.48      8.05      2.26      3.75      2.57      4.16     5.95
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.13%, Q3 2001              WORST QUARTER: -0.98%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class A                  5.95           3.73           5.25
Lehman Brothers GNMA Index           6.98           4.39           5.85


Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


34   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.45%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.21
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.64% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   35


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


36   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  12.28   $ 12.26      $  12.55    $  12.54    $  12.84
- -------------------------------------------------   --------   -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .58      .55            .51         .44         .31
_________________________________________________   ________   _______      ________    ________    ________
 Net realized and unrealized gain (loss)                 .12   (  .06)        (  .20)        .03      (  .04)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .70      .49            .31         .47         .27
- -------------------------------------------------   --------   -------      --------    --------    --------
Less distributions from:
 Net investment income                                (  .60)  (  .47)        (  .50)     (  .35)     (  .35)
_________________________________________________   ________   _______      ________    ________    ________
 Net realized gains                                        -        -         (  .10)     (  .11)     (  .22)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .60)  (  .47)        (  .60)     (  .46)     (  .57)
- -------------------------------------------------   --------   -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  12.38   $ 12.28      $  12.26    $  12.55    $  12.54
- -------------------------------------------------   --------   -------      --------    --------    --------
Total Return (%)                                     5.95b       4.16           2.57        3.75        2.26
_________________________________________________   ________   _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   199      211            243         280         347
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses before expense reductions (%)          .66      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses after expense reductions (%)           .63      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of net investment income (loss) (%)               4.77     4.56           4.17        3.59        2.50
_________________________________________________   ________   _______      ________    ________    ________
Portfolio turnover rate (%)c                             465      241            191         226         511
- -------------------------------------------------   --------   -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   37


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



38   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   39


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

40   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   41


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.45      2.15      -8.68      2.63      -0.30     24.62      12.42       3.89     10.47      0.96
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.59%, Q2 2003               WORST QUARTER: -6.66%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class A                      0.96          10.17           4.63
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


42   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.69


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $70           $221           $384           $859


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   43


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.23         $  8.78         $  8.43         $  7.40
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .63             .62             .68             .67             .67
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .19           ( .38)            .31            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .09             .81             .30             .98            1.70
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .66)          ( .66)          ( .85)          ( .63)          ( .67)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.23         $  8.78         $  8.43
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .96           10.47            3.89           12.42           24.62
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                248             322             344             393             413
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                 .69             .71             .70             .66             .67
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.84            7.73            8.27            8.11            8.62
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

44   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.69%                4.31%            $ 10,431.00           $  70.49
   2             10.25%                 0.69%                8.81%            $ 10,880.58           $  73.52
   3             15.76%                 0.69%               13.50%            $ 11,349.53           $  76.69
   4             21.55%                 0.69%               18.39%            $ 11,838.69           $  80.00
   5             27.63%                 0.69%               23.49%            $ 12,348.94           $  83.45
   6             34.01%                 0.69%               28.81%            $ 12,881.18           $  87.04
   7             40.71%                 0.69%               34.36%            $ 13,436.36           $  90.80
   8             47.75%                 0.69%               40.15%            $ 14,015.47           $  94.71
   9             55.13%                 0.69%               46.20%            $ 14,619.53           $  98.79
  10             62.89%                 0.69%               52.50%            $ 15,249.64           $ 103.05
TOTAL                                                                                               $ 858.54



DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   45


DWS INTERNATIONAL SELECT EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in equity
securities and other securities with equity characteristics.

Although the portfolio can invest in companies of any size and from any
country, it invests mainly in common stocks of established companies located in
countries with, or tied economically to, developed economies (other than the
United States).

At least 50% of the portfolio's assets will be invested in securities that are
represented in the MSCI EAFE (Reg. TM) Index. The MSCI EAFE (Reg. TM) Index
tracks stocks in Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United
Kingdom.

The portfolio's equity investments are mainly common stocks, but may also
include preferred stocks and other securities with equity characteristics, such
as convertible securities and warrants.

The portfolio may also invest up to 20% of its assets in cash equivalents, US
investment-grade fixed-income securities and US stocks and other equities.

The portfolio may invest a portion of its assets in companies located in
countries with emerging markets. These countries are generally located in Latin
America, the Middle East, Eastern Europe, Asia and Africa. Typically, the
portfolio will not hold more than 35% of its net assets in securities of
emerging markets issuers.

The portfolio managers seek to identify a focused list of approximately 35 to
50 companies that offer, in the manager's opinion, the greatest upside
potential based typically on a 12-18 month investment horizon. The portfolio
managers use a bottom-up approach, emphasizing individual stock selection, with
any active allocation among countries, regions or industries as a residual of
this strategy.

The portfolio managers' process begins with a broad universe of equity
securities of issuers primarily, but not exclusively, located in the countries
that make up the MSCI EAFE (Reg. TM) Index.

As of February 29, 2008, the MSCI EAFE (Reg. TM) Index had a median market
capitalization of approximately $5.8 billion. Under normal market conditions,
the portfolio invests in securities of issuers with a minimum market
capitalization of $500 million.

The portfolio managers screen for companies seeking to identify those with high
or improving, and sustainable, returns on capital and long-term prospects for
growth. The portfolio managers focus on companies with real cash flow on
investment rather than published earnings. The team utilizes information
gleaned from a variety of sources and perspectives, including broad trends such
as lifestyle, demographic and technological changes, industry cycles and
regulatory changes, quantitative screening and individual company analysis.

Based on this fundamental research, the portfolio managers set a target price
objective (the portfolio managers' opinion of the intrinsic value of the
security) for each security and ranks the securities based on these target
price objectives. The portfolio managers apply a disciplined approach to risk
management and portfolio construction. Stocks are sold when they meet their
target price objectives, a better investment opportunity has been identified or
there has been a negative change in the outlook for the company, country or
industry. In implementing this strategy, the portfolio may experience a high
portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.


46   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio managers may use derivatives in circumstances where the portfolio
management believes they offer an economical means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions
or other needs while maintaining exposure to the market. In particular, the
portfolio may use futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. As with most stock funds, an important factor with this
portfolio is how stock markets perform - in this case, foreign markets. When
foreign stock prices fall, you should expect the value of your investment to
fall as well. Because a stock represents ownership in its issuer, stock prices
can be hurt by poor management, shrinking product demand and other business
risks. These may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   47


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who are seeking high capital
appreciation and are willing to accept the risks of investing in the stocks of
foreign companies.


48   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2002, the portfolio was named Scudder International Research
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                             
  10.02      45.71       -20.49      -24.43      -13.48     29.83      18.25      14.51      25.56      16.71
  1998       1999        2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 31.03%, Q4 1999              WORST QUARTER: -17.32%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -8.90%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                               1 YEAR         5 YEARS        10 YEARS
                                                   
Portfolio - Class A              16.71          20.84           7.94
MSCI EAFE + EMF Index            16.31          24.17           9.86
MSCI EAFE Index                  11.17          21.59           8.66


MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) EUROPE, AUSTRALASIA, FAR EAST
(EAFE) AND EMERGING MARKETS FREE INDEX is an unmanaged index generally accepted
as a benchmark for performance of major overseas markets, plus emerging
markets.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   49


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.28
TOTAL ANNUAL OPERATING EXPENSES                 0.93


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual portfolios. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $95           $296           $515         $1,143


THE PORTFOLIO MANAGER

The following people handle the day-to-day management of the portfolio:

Matthias Knerr, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 1995 and the portfolio in 2004.
   o Portfolio manager for EAFE Equities and Global Equities.
   o BS, Pennsylvania State University.

Chris LaJaunie, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2006 as an analyst for International
     Equity and International Select Equity strategies: New York.
   o Prior to that, nine years of experience as portfolio manager for Morgan
     Stanley Capital Management, JP Morgan Securities and Scudder Kemper
     Investments.
   o Joined the portfolio in 2008.
   o BA, MA from Louisiana State University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


50   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.31     $  13.25     $  11.91    $  10.18    $  7.96
- -------------------------------------------  --------     --------     --------    --------    -------
Income (loss) from investment operations:
 Net investment income a                           .25       .24b            .20         .17        .10
___________________________________________  ________     ________     ________    ________    _______
 Net realized and unrealized gain (loss)         2.24         3.11         1.48        1.67       2.23
- -------------------------------------------  --------     --------     --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                2.49         3.35         1.68        1.84       2.33
- -------------------------------------------  --------     --------     --------    --------    -------
Less distributions from:
 Net investment income                         (  .46)      (  .29)      (  .34)     (  .11)    (  .11)
___________________________________________  ________     ________     ________    ________    _______
 Net realized gains                            ( 1.58)           -            -           -          -
___________________________________________  ________     ________     ________    ________    _______
 TOTAL DISTRIBUTIONS                           ( 2.04)      (  .29)      (  .34)     (  .11)    (  .11)
- -------------------------------------------  --------     --------     --------    --------    -------
NET ASSET VALUE, END OF PERIOD               $  16.76     $  16.31     $  13.25    $  11.91    $ 10.18
- -------------------------------------------  --------     --------     --------    --------    -------
Total Return (%)                                16.71        25.56        14.51       18.25      29.83
___________________________________________  ________     ________     ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            236          223          196         184        147
___________________________________________  ________     ________     ________    ________    _______
Ratio of expenses (%)                             .93          .88          .87         .89        .94
___________________________________________  ________     ________     ________    ________    _______
Ratio of net investment income (%)               1.53       1.65b          1.59        1.58       1.17
___________________________________________  ________     ________     ________    ________    _______
Portfolio turnover rate (%)                       117          122           93          88        139
- -------------------------------------------  --------     --------     --------    --------    -------


a   Based on average shares outstanding during the period.

b   Net investment income per share and the ratio of net investment income
    without non-recurring dividend income amounting to $0.20 per share and
    1.39% of average daily net assets, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   51


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.93%                4.07%            $ 10,407.00           $    94.89
   2             10.25%                 0.93%                8.31%            $ 10,830.56           $    98.75
   3             15.76%                 0.93%               12.71%            $ 11,271.37           $   102.77
   4             21.55%                 0.93%               17.30%            $ 11,730.11           $   106.96
   5             27.63%                 0.93%               22.08%            $ 12,207.53           $   111.31
   6             34.01%                 0.93%               27.04%            $ 12,704.38           $   115.84
   7             40.71%                 0.93%               32.21%            $ 13,221.44           $   120.56
   8             47.75%                 0.93%               37.60%            $ 13,759.56           $   125.46
   9             55.13%                 0.93%               43.20%            $ 14,319.57           $   130.57
  10             62.89%                 0.93%               49.02%            $ 14,902.38           $   135.88
TOTAL                                                                                               $ 1,142.99



52   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS LARGE CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities of large US companies that are similar in size to the
companies in the Russell 1000 (Reg. TM) Value Index (as of February 29, 2008,
the Russell 1000 (Reg. TM) Value Index had a median market capitalization of
$4.8 billion) and that the portfolio managers believe are undervalued. These
are typically companies that have been sound historically but are temporarily
out of favor. The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Although the
portfolio can invest in stocks of any economic sector (which is comprised of
two or more industries), at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

The portfolio manager begins by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The portfolio manager then
compares a company's stock price to its book value, cash flow and yield, and
analyze individual companies to identify those that are financially sound and
appear to have strong potential for long-term growth.

The portfolio manager assembles the portfolio from among the most attractive
stocks, drawing on analysis of economic outlooks for various sectors and
industries.

Portfolio management will normally sell a stock when it believes the stock's
price is unlikely to go higher, its fundamental factors have changed, other
investments offer better opportunities or in the course of adjusting the
portfolio's emphasis on a given industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of total assets in foreign securities. The
portfolio is permitted, but not required, to use various types of derivatives
(contracts whose value is based on, for example, indices, currencies or
securities). Derivatives may be used for hedging and for risk management or for
non-hedging purposes to seek to enhance potential gains. The portfolio may use
derivatives in circumstances where portfolio management believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   53


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors seeking to diversify a growth-oriented portfolio or add a core
holding to a value-oriented portfolio may want to consider this portfolio.


54   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  19.26       -10.21     16.13       1.87      -14.98     32.60      10.07       1.97     15.41      13.15
  1998        1999       2000       2001       2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.86%, Q2 2003              WORST QUARTER: -19.06%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -7.02%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR         5 YEARS        10 YEARS
                                                      
Portfolio - Class A                13.15           14.21           7.66
Russell 1000 Value Index            -0.17          14.63           7.68


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   55


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.18
TOTAL ANNUAL OPERATING EXPENSES                 0.83


1   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007.

2   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007. Includes a 0.10% administrative services fee paid to the
    Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $85           $265           $460         $1,025


THE PORTFOLIO MANAGER

Deutsche Asset Management International GmbH, Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany, is the subadvisor for the portfolio.

The following person handles the day-to-day management of the portfolio:

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and served as executive assistant to
     board member.
   o US and Global Fund Management: Frankfurt.
   o Joined the portfolio in 2007.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


56   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS LARGE CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                               2007           2006         2005         2004        2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $   17.96      $  15.81      $  15.79    $  14.57    $  11.24
- -------------------------------------------------   ---------      --------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                            .26        .29c             .26         .27         .24
_________________________________________________   _________      ________      ________    ________    ________
 Net realized and unrealized gain (loss)                 1.98          2.12           .04        1.18        3.33
- -------------------------------------------------   ---------      --------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        2.24          2.41           .30        1.45        3.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Less distributions from:
 Net investment income                                 (  .32)       (  .26)       (  .28)     (  .23)     (  .24)
_________________________________________________   _________      ________      ________    ________    ________
 Net realized gains                                    (  .67)            -             -           -           -
_________________________________________________   _________      ________      ________    ________    ________
 TOTAL DISTRIBUTIONS                                   (  .99)       (  .26)       (  .28)     (  .23)     (  .24)
- -------------------------------------------------   ---------      --------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $   19.21      $  17.96      $  15.81    $  15.79    $  14.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Total Return (%)                                     13.15b,d       15.41c        1.97b         10.07       32.60
_________________________________________________   _________      ________      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    229           275           268         274         263
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses before expense reductions (%)           .83           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses after expense reductions (%)            .82           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of net investment income (loss) (%)                1.43        1.73c           1.64        1.84        1.94
_________________________________________________   _________      ________      ________    ________    ________
Portfolio turnover rate (%)                               103            76            64          40          58
- -------------------------------------------------   ---------      --------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.04%.
    Excluding this non-recurring income, total return would have been 0.04%
    lower.

d   Includes a reimbursement from the Advisor for $92,456 for losses on certain
    operation errors during the period. Excluding this reimbursement, total
    return would have been 0.04%lower.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   57


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS LARGE CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.83%                4.17%            $ 10,417.00           $    84.73
   2             10.25%                 0.83%                8.51%            $ 10,851.39           $    88.26
   3             15.76%                 0.83%               13.04%            $ 11,303.89           $    91.94
   4             21.55%                 0.83%               17.75%            $ 11,775.26           $    95.78
   5             27.63%                 0.83%               22.66%            $ 12,266.29           $    99.77
   6             34.01%                 0.83%               27.78%            $ 12,777.80           $   103.93
   7             40.71%                 0.83%               33.11%            $ 13,310.63           $   108.27
   8             47.75%                 0.83%               38.66%            $ 13,865.68           $   112.78
   9             55.13%                 0.83%               44.44%            $ 14,443.88           $   117.48
  10             62.89%                 0.83%               50.46%            $ 15,046.19           $   122.38
TOTAL                                                                                               $ 1,025.32



58   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   59


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


60   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its
total assets in the obligations of banks and other financial institutions, it
may be vulnerable to setbacks in that industry. Banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.

PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                 
   5.15      4.84      6.10      3.75      1.35      0.72      0.91      2.80      4.65     5.00
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.56%, Q3 2000              WORST QUARTER: 0.14%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.88%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           5.00           2.80           3.51


7-day yield as of December 31, 2007: 4.58%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   61


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                       CLASS A
                                      
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
____________________________________________________________________
Management Fee 1                                        0.29%
Distribution/Service (12b-1) Fee                 None
Other Expenses 2                                   0.17
TOTAL ANNUAL OPERATING EXPENSES                   0.46
Less Expense Waiver/Reimbursements                0.02
NET ANNUAL OPERATING EXPENSES3                    0.44


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.44%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including two years of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $45           $143           $253           $575


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


62   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .049         .046        .028        .009        .007
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .049         .046        .028        .009        .007
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .049)      ( .046)     ( .028)     ( .009)     ( .007)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     5.00a        4.65a         2.80         .91         .72
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   355          294         235         241         326
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .46          .52         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .45          .51         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.88         4.58        2.77         .88         .73
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   63


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.44%                4.56%            $ 10,456.00           $  45.00
   2             10.25%                 0.44%                9.33%            $ 10,932.79           $  47.06
   3             15.76%                 0.46%               14.29%            $ 11,429.14           $  51.43
   4             21.55%                 0.46%               19.48%            $ 11,948.03           $  53.77
   5             27.63%                 0.46%               24.90%            $ 12,490.47           $  56.21
   6             34.01%                 0.46%               30.58%            $ 13,057.53           $  58.76
   7             40.71%                 0.46%               36.50%            $ 13,650.35           $  61.43
   8             47.75%                 0.46%               42.70%            $ 14,270.07           $  64.22
   9             55.13%                 0.46%               49.18%            $ 14,917.93           $  67.13
  10             62.89%                 0.46%               55.95%            $ 15,595.21           $  70.18
TOTAL                                                                                               $ 575.19



64   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   65


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


66   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.37      34.56       -10.71      -28.91      -33.36     32.94      11.02       7.07      5.27     6.20
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.96%, Q4 1999               WORST QUARTER: -31.72%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.12%


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   67


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class A                 6.20          12.06           1.76
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.55%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.75


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $77           $240           $417           $930



68   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   69


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.19      $ 13.48      $  12.59    $  11.34    $  8.53
- -------------------------------------------------   --------      -------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .01)      (  .04)d      (  .06)     (  .05)    (  .04)
_________________________________________________   ________      _______      ________    ________    _______
 Net realized and unrealized gain (loss)                 .89          .75           .95        1.30       2.85
- -------------------------------------------------   --------      -------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .88          .71           .89        1.25       2.81
- -------------------------------------------------   --------      -------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  15.07      $ 14.19      $  13.48    $  12.59    $ 11.34
- -------------------------------------------------   --------      -------      --------    --------    -------
Total Return (%)                                     6.20b       5.27b,d        7.07c         11.02      32.94
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   174          208           243         210        210
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)          .75          .73           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .72          .72           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (loss) (%)             (  .09)      (  .32)d      (  .47)     (  .47)    (  .41)
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                               67           73            94         117        123
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This had
    no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


70   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.75%                4.25%            $ 10,425.00           $  76.59
   2             10.25%                 0.75%                8.68%            $ 10,868.06           $  79.85
   3             15.76%                 0.75%               13.30%            $ 11,329.96           $  83.24
   4             21.55%                 0.75%               18.11%            $ 11,811.48           $  86.78
   5             27.63%                 0.75%               23.13%            $ 12,313.47           $  90.47
   6             34.01%                 0.75%               28.37%            $ 12,836.79           $  94.31
   7             40.71%                 0.75%               33.82%            $ 13,382.35           $  98.32
   8             47.75%                 0.75%               39.51%            $ 13,951.10           $ 102.50
   9             55.13%                 0.75%               45.44%            $ 14,544.02           $ 106.86
  10             62.89%                 0.75%               51.62%            $ 15,162.14           $ 111.40
TOTAL                                                                                               $ 930.32



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   71


DWS STRATEGIC INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks a high current return.

The portfolio invests mainly in bonds issued by US and foreign corporations and
governments. The credit quality of the portfolio's investments may vary; the
portfolio may invest up to 100% of total assets in either investment-grade
bonds (i.e., grade BBB/Baa or above) or in junk bonds, which are those below
the fourth highest credit rating category (i.e., below grade BBB/Baa). Compared
to investment-grade bonds, junk bonds may pay higher yields and have higher
volatility and higher risk of default on payments of interest or principal. The
portfolio may invest up to 50% of total assets in foreign bonds. The portfolio
may also invest in emerging markets securities and dividend-paying common
stocks.

In deciding which types of securities to buy and sell, the portfolio managers
typically weigh a number of factors against each other, from economic outlooks
and possible interest rate movements to changes in supply and demand within the
bond market. In choosing individual bonds, the managers consider how they are
structured and use independent analysis of issuers' creditworthiness.

The managers may adjust the duration (a measure of sensitivity to interest
rates) of the portfolio, depending on their outlook for interest rates.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond and currency markets. The iGAP
strategy is implemented through the use of derivatives, which are contracts or
other instruments whose value is based on, for example, indices, currencies or
securities. The iGAP strategy primarily uses exchange-traded futures contracts
on global bonds and currencies indexes and over-the-counter forward currency
contracts, and is expected to have a low correlation to the portfolio's other
securities holdings. Because the iGAP strategy relies primarily on futures,
forward currency contracts and other derivative instruments, the aggregate
notional market exposure obtained from such investments within the iGAP
strategy may range up to 100% of the net assets of the portfolio (assuming the
maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.

OTHER INVESTMENTS. The portfolio may invest in affiliated mutual funds. The
portfolio may invest up to 5% of net assets in shares of DWS Floating Rate Plus
Fund, which invests primarily in adjustable rate loans that have a senior right
to payment ("Senior Loans"). By investing in DWS Floating Rate Plus Fund, the
portfolio may achieve greater diversification within the Senior Loan asset
class (through indirect exposure to more Senior Loan securities of varying
sizes and risks) than it could gain buying Senior Loan securities directly.

In addition to derivatives utilized within the iGAP strategy, the portfolio
managers may, but are not required to, also use various types of derivatives.
Derivatives may be used for hedging and for risk management or for non-hedging
purposes to enhance potential gains. The portfolio may use derivatives in
circumstances where portfolio managers believe they offer a more efficient or
economical means of gaining exposure to a particular asset class or market or
to maintain a high level of liquidity to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
managers may use futures, options, forward currency transactions and swaps.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.


72   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed-income securities will decrease in value
when nominal interest rates rise and increase in value when nominal interest
rates decline. A nominal interest rate can be described as the sum of a real
interest rate and an expected inflation rate. Inflation-indexed bonds decline
in value when real interest rates rise. In certain interest rate environments,
such as when real interest rates are rising faster than nominal interest rates,
inflation-indexed bonds may experience greater losses than other fixed-income
securities with similar durations. The longer the effective maturity of the
portfolio's securities, the more sensitive the portfolio will be to interest
rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall
in value for every year of duration.)

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

DWS VARIABLE SERIES II - CLASS A SHARES                  DWS STRATEGIC INCOME
                                                         VIP   73


o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for investors who are interested in a bond portfolio
that emphasizes different types of bonds depending on market and economic
outlooks.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.


74   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2000, the portfolio was named Kemper Global Income Portfolio
and operated with a different goal and investment strategy. Performance would
have been different if the portfolio's current policies were in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                    
  10.98       -5.85      2.57      5.23     11.30       7.85      8.60      2.38      8.98      5.43
  1998       1999       2000      2001      2002       2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 6.35%, Q3 1998              WORST QUARTER: -3.33%, Q2 1999
2008 TOTAL RETURN AS OF MARCH 31: 0.64%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         5.43           6.62           5.63
Citigroup World Government Bond
Index                                      10.95           6.81           6.31
JP Morgan Emerging Markets Bond
Index Plus                                  6.45          13.63          10.36
Merrill Lynch High Yield Master
Cash Pay Only Index                         2.17          10.57           5.80
Lehman Brothers US Treasury Index           9.01           4.10           5.91


Total returns would have been lower if operating expenses hadn't been reduced.

CITIGROUP WORLD GOVERNMENT BOND INDEX is an unmanaged index that consists of
worldwide fixed-rate government bonds with remaining maturities greater than
one year.

J.P. MORGAN EMERGING MARKETS BOND INDEX PLUS (EMBI+) is an unmanaged index that
tracks total returns for emerging market debt instruments that trade outside
the country of issue.

MERRILL LYNCH HIGH YIELD MASTER CASH PAY ONLY INDEX is an unmanaged index which
tracks the performance of below investment grade US dollar-denominated
corporate bonds publicly issued in the US domestic market.

LEHMAN BROTHERS US TREASURY INDEX is an unmanaged index reflecting the
performance of all public obligations and does not focus on one particular
segment of the Treasury market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS STRATEGIC INCOME
                                                         VIP   75


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                                         CLASS A
                                                        
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
______________________________________________________________________________________
Management Fee 1     , 2                                                  0.55%
Distribution/Service (12b-1) Fee                                   None
Other Expenses3                                                     0.29
Acquired Funds (Underlying Funds) Fees and Expenses4                0.05
TOTAL ANNUAL OPERATING EXPENSES5                                    0.89


1   To the extent the portfolio invests in other mutual funds advised by the
    Advisor and its affiliates ("affiliated mutual funds"), the Advisor has
    agreed to waive its management fee by an amount equal to the amount of
    management fees borne by the portfolio as a shareholder of such other
    affiliated mutual funds. In the case of an investment in DWS Floating Rate
    Plus Fund, the Advisor has also agreed to apply a management fee credit to
    the portfolio equal to the difference between DWS Floating Rate Plus
    Fund's management fee and the portfolio's management fee, if positive, as
    applied to the amount of assets invested by the portfolio in DWS Floating
    Rate Plus Fund.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   In addition to the Total Annual Operating Expenses which the portfolio
    bears directly, the portfolio's shareholders indirectly bear the expenses
    of the underlying funds in which the portfolio invests. The portfolio's
    estimated indirect expenses from investing in the underlying funds, based
    on its expected allocations and underlying funds, is as shown in the
    table. An underlying fund's expense ratio reflects contractual expense
    limitations and/or reimbursements where applicable.

5   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.83% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage, interest, and
    indirect expenses of underlying DWS funds. Although there can be no
    assurance that the current waiver/expense reimbursement arrangement will
    be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $91           $284           $493         $1,096



76   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio for
their investment strategy, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2007.
   o BS, The Wharton School, University of Pennsylvania.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Quantitative Strategies: New York.
   o Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o Joined the portfolio in 2007.
   o BA and MBA, University of Miami.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS STRATEGIC INCOME
                                                         VIP   77


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS STRATEGIC INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  11.80    $  11.50    $  12.25    $  11.82    $  11.10
- -------------------------------------------------   --------    --------    --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .63         .62         .65         .58         .41
_________________________________________________   ________    ________    ________    ________    ________
 Net realized and unrealized gain (loss)              (  .01)        .36      (  .39)        .39         .47
- -------------------------------------------------   --------    --------    --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .62         .98         .26         .97         .88
- -------------------------------------------------   --------    --------    --------    --------    --------
Less distributions from:
 Net investment income                                (  .72)     (  .57)     (  .98)          -      (  .15)
_________________________________________________   ________    ________    ________    ________    ________
 Net realized gains                                        -      (  .11)     (  .03)     (  .54)     (  .01)
- -------------------------------------------------   --------    --------    --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .72)     (  .68)     ( 1.01)     (  .54)     (  .16)
- -------------------------------------------------   --------    --------    --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  11.70    $  11.80    $  11.50    $  12.25    $  11.82
- -------------------------------------------------   --------    --------    --------    --------    --------
Total Return (%)                                     5.43b          8.98        2.38        8.60        7.85
_________________________________________________   ________    ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   100          86          71          62          62
_________________________________________________   ________    ________    ________    ________    ________
Ratio of expenses before expense reductions (%)          .84         .85         .88         .84         .83
_________________________________________________   ________    ________    ________    ________    ________
Ratio of expenses after expense reductions (%)           .83         .85         .88         .84         .83
_________________________________________________   ________    ________    ________    ________    ________
Ratio of net investment income (%)                      5.50        5.47        5.61        4.99        3.60
_________________________________________________   ________    ________    ________    ________    ________
Portfolio turnover rate (%)                              147         143         120         210         160
- -------------------------------------------------   --------    --------    --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

78   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS STRATEGIC INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.89%                4.11%            $ 10,411.00           $    90.83
   2             10.25%                 0.89%                8.39%            $ 10,838.89           $    94.56
   3             15.76%                 0.89%               12.84%            $ 11,284.37           $    98.45
   4             21.55%                 0.89%               17.48%            $ 11,748.16           $   102.49
   5             27.63%                 0.89%               22.31%            $ 12,231.01           $   106.71
   6             34.01%                 0.89%               27.34%            $ 12,733.70           $   111.09
   7             40.71%                 0.89%               32.57%            $ 13,257.06           $   115.66
   8             47.75%                 0.89%               38.02%            $ 13,801.92           $   120.41
   9             55.13%                 0.89%               43.69%            $ 14,369.18           $   125.36
  10             62.89%                 0.89%               49.60%            $ 14,959.75           $   130.51
TOTAL                                                                                               $ 1,096.08



DWS VARIABLE SERIES II - CLASS A SHARES                  DWS STRATEGIC INCOME
                                                         VIP   79


OTHER POLICIES AND RISKS

While the previous pages describe the main points of each portfolio's strategy
and risks, there are a few other issues to know about:

o Each portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, a
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in a
  portfolio's best interest. For DWS Money Market VIP, such determination will
  be made pursuant to procedures adopted by the Board.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in
each portfolio.

If you want more information on each portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that a portfolio will achieve its
objective.

A complete list of each portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which a
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. Each portfolio's Statement of
Additional Information includes a description of a portfolio's policies and
procedures with respect to the disclosure of a portfolio's portfolio holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for each portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for each portfolio and conducts research that leads to these
purchase and sale decisions. The Advisor provides a full range of global
investment advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


80   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from each portfolio. Below are the
management rates paid by each portfolio for the most recent fiscal year, as a
percentage of each portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Balanced VIP                                  0.45%*
DWS Blue Chip VIP                                0.64  %
DWS Core Fixed Income VIP                        0.59  %
DWS Dreman Small Mid Cap Value VIP               0.74  %
DWS Government & Agency Securities VIP            0.53%*
DWS High Income VIP                              0.59  %
DWS International Select Equity VIP              0.75  %
DWS Large Cap Value VIP                          0.68  %
DWS Money Market VIP                              0.38%*
DWS Small Cap Growth VIP                          0.62%*
DWS Strategic Income VIP                         0.65  %


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.370% of the portfolio's average daily net assets up to $250
million, 0.345% of the next $750 million and 0.310% over $1 billion.

Effective May 1, 2008, DWS Blue Chip VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.520% of the next $750 million, 0.500% of the next $1.5 billion,
0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion, 0.430% of the
next $2.5 billion, 0.410% of the next $2.5 billion and 0.390% over $12.5
billion.

Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $250 million, 0.620% of the next $750 million, 0.600% of the next
$1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next $2.5 billion,
0.540% of the next $2.5 billion, 0.530% of the next $2.5 billion and 0.520%
over $12.5 billion.

Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS International Select Equity VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $1.5 billion, 0.635% of the next $1.75 billion, 0.620% of the next
$1.75 billion and 0.605% over $5 billion.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   81


Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

Effective May 1, 2008, DWS Strategic Income VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.520% of the next $750 million, 0.500% of the next $1.5 billion,
0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion, 0.430% of the
next $2.5 billion, 0.410% of the next $2.5 billion and 0.390% over $12.5
billion.

A discussion regarding the basis for the Board renewal of each portfolio's
investment management agreement  and, as applicable, subadvisory agreement, is
contained in the shareholder reports for the annual period ended December 31,
2007 (see "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between each
portfolio and Deutsche Investment Management Americas Inc., each portfolio pays
the Advisor for providing most of each portfolio's administrative services.



PORTFOLIO SUBADVISORS


SUBADVISOR FOR DWS BALANCED VIP AND DWS LARGE CAP VALUE VIP
The subadvisor for DWS Balanced VIP and DWS Large Cap Value VIP is Deutsche
Asset Management International GmbH ("DeAMi"), Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany. DeAMi renders investment advisory and management
services to the portfolio. DeAMi is an investment advisor registered with the
Securities and Exchange Commission and currently manages over $60 billion in
assets, which is primarily comprised of institutional accounts and investment
companies. DeAMi is a subsidiary of Deutsche Bank AG. DIMA compensates DeAMi
out of the management fee it receives from the portfolio.



SUBADVISOR FOR DWS CORE FIXED INCOME VIP

Pursuant to an investment subadvisory agreement between the Advisor and
Aberdeen Asset Management Inc. ("AAMI"), an investment adviser registered under
the Investment Advisers Act of 1940, as amended, AAMI acts as subadvisor. As
the subadvisor, AAMI, under the supervision of the Board and the Advisor, makes
investment decisions, buys and sells securities and conducts the research that
leads to these purchase and sale decisions. AAMI provides a full range of
international investment advisory services to institutional and retail clients.


AAMI is a direct, wholly owned subsidiary of Aberdeen Asset Management PLC, the
parent company of an asset management group formed in 1983. AAMI is located at
1735 Market Street, Philadelphia, PA 19103.



SUBADVISOR FOR DWS DREMAN SMALL MID CAP VALUE VIP

The subadvisor for DWS Dreman Small Mid Cap Value VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making each
portfolio's investment decisions and buying and selling securities for each
portfolio.


82   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIOS

The information in this section may affect anyone who selects one or more
portfolios as an investment option in a variable annuity contract or variable
life insurance policy that offers one or more portfolios. These contracts and
policies are described in separate prospectuses issued by participating
insurance companies. Each portfolio assumes no responsibility for such
prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of each portfolio.
Each portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include each
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer each portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. Each portfolio
does not sell shares directly to the public. Each portfolio sells shares only
to separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to a portfolio by the insurance companies in accordance
with your contract. Please see the contract prospectus that accompanies this
prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike a portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of a portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than a portfolio and have different expense ratios than the
portfolios. As a result, the performance of a portfolio and a Retail Fund will
differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from a portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of that portfolio.

Each portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, a
portfolio will ask for its name, address and other information that will allow
a portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, a portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help a portfolio verify the
insurance company's identity.

Each portfolio will not complete the purchase of any shares for an account
until all information has been provided and the application has been submitted
in "good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   83


Each portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

Each PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. Each portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

Each portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day each portfolio is
  open for business.

o Unless otherwise instructed, each portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o Each portfolio does not issue share certificates.

o Each portfolio reserves the right to reject purchases of shares for any
  reason.

o Each portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o Each portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o Each portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of each portfolio, they are deemed to be
  in each portfolio's best interest or when each portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o Each portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o Each portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; each portfolio
  generally won't make a redemption in kind unless your requests over a 90-day
  period total more than $250,000 or 1% of the value of each portfolio's net
  assets, whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

84   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to each portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). Each portfolio
has adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, each portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. Each portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. Each portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. Each portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of each
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to each
portfolio, such as, but not limited to, systematic transactions, required
minimum retirement distributions, transactions initiated by each portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, each portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of each portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than each
portfolio's policies, may permit certain transactions not permitted by each
portfolio's policies, or prohibit transactions not subject to each portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of each portfolio that provide a substantially similar level of
protection for each portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that each portfolio invests some portion of its
assets in foreign securities, each portfolio has adopted certain fair valuation
practices intended to protect each portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by each portfolio. (See "How each Portfolio Calculates
Share Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   85


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of each portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in each
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

Each portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to each portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of each portfolio,
any record keeping/
sub-transfer agency/networking fees payable by each portfolio (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing a portfolio with "shelf space" or access to a
third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of each portfolio attributable to the
financial advisor, the particular portfolio or portfolio type or other measures
as agreed to by the Advisor, the Distributor and/or their affiliates and the
financial advisors or any combination thereof. The amount of these revenue
sharing payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of each portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of each portfolio


86   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of each portfolio or of any particular share
class of each portfolio. You should review your financial advisor's
compensation disclosure and/or talk to your financial advisor to obtain more
information on how this compensation may have influenced your financial
advisor's recommendation of each portfolio. Additional information regarding
these revenue sharing payments is included in each portfolio's Statement of
Additional Information, which is available to you on request at no charge (see
the back cover of this prospectus for more information on how to request a copy
of the Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for each
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for each portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW EACH PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, each portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for each portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   87


DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. All other portfolios intend to declare
and distribute dividends from their net investment income and capital gains, if
any, annually. Each portfolio may make additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

Each portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. Each portfolio intends to
comply with these requirements. If a portfolio or separate account does not
meet such requirements or otherwise fails to qualify as a regulated investment
company for any taxable year, income allocable to the contracts associated with
the separate account will be taxable currently to the holders of such contracts
and income from prior periods with respect to such contracts also could be
taxable, most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

Each portfolio's investments in certain debt obligations may cause each
portfolio to recognize taxable income in excess of the cash generated by such
obligation. Thus, each portfolio could be required at times to liquidate other
investments in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


88   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from each portfolio's management
team about recent market conditions and the effects of each portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything each portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about each
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. Each portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-Passpt


                                  MAY 1, 2008




                                   PROSPECTUS


                             DWS VARIABLE SERIES II
                                    CLASS A

- --------------------------------------------------------------------------------

DWS BALANCED VIP

DWS CORE FIXED INCOME VIP


DWS DREMAN SMALL MID CAP VALUE VIP


DWS GOVERNMENT & AGENCY SECURITIES VIP


DWS HIGH INCOME VIP

DWS INTERNATIONAL SELECT EQUITY VIP


DWS LARGE CAP VALUE VIP


DWS MONEY MARKET VIP


DWS SMALL CAP GROWTH VIP


DWS TECHNOLOGY VIP



This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW EACH PORTFOLIO WORKS




        
  3        DWS Balanced VIP
 12        DWS Core Fixed Income VIP
 19        DWS Dreman Small Mid Cap
           Value VIP
 26        DWS Government & Agency
           Securities VIP
 33        DWS High Income VIP
 40        DWS International Select Equity
           VIP




        
 47        DWS Large Cap Value VIP
 53        DWS Money Market VIP
 59        DWS Small Cap Growth VIP
 66        DWS Technology VIP
 73        Other Policies and Risks
 73        The Investment Advisor
 75        Portfolio Subadvisors





YOUR INVESTMENT IN THE PORTFOLIOS


       
77        Buying and Selling Shares
80        How each Portfolio Calculates
          Share Price
81        Distributions
81        Taxes



HOW EACH PORTFOLIO WORKS

Each portfolio is designed to serve as an investment option for certain
variable annuity contracts, variable life insurance policies and tax-qualified
plans. Your investment in a portfolio is made in conjunction with one of these
contracts or policies. Each portfolio has its own investment objective and
strategy.

Remember that each portfolio is not a bank deposit. Each portfolio is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                         
  15.14      14.81       -2.63      -6.09      -15.17     18.10       6.64      4.30     10.24      4.84
  1998       1999       2000       2001        2002       2003       2004      2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.82%, Q4 1998              WORST QUARTER: -9.91%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.52%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         4.84           8.71           4.53
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.36%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.16
TOTAL ANNUAL OPERATING EXPENSES                 0.52


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $53           $167           $291           $653



DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006          2005         2004         2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.46     $   22.75      $  22.37     $  21.32    $  18.66
- -------------------------------------------------   --------     ---------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .74        .69d             .59          .47         .37
_________________________________________________   ________     _________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .42          1.60           .34          .93        2.90
- -------------------------------------------------   --------     ---------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.16          2.29           .93         1.40        3.27
- -------------------------------------------------   --------     ---------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .81)       (  .58)       (  .55)      (  .35)     (  .61)
_________________________________________________   ________     _________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.81     $   24.46      $  22.75     $  22.37    $  21.32
- -------------------------------------------------   --------     ---------      --------     --------    --------
Total Return (%)                                     4.84b        10.24b,d       4.30b           6.64       18.10
_________________________________________________   ________     _________      ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   528           600           653          622         667
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .52           .55           .55          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .51           .51           .53          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of net investment income (%)                      3.00       2.99d            2.66         2.18        1.88
_________________________________________________   ________     _________      ________     ________    ________
Portfolio turnover rate (%)                           190c             108        121c         131c        102c
- -------------------------------------------------   --------     ---------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.52%                4.48%            $ 10,448.00           $  53.16
   2             10.25%                 0.52%                9.16%            $ 10,916.07           $  55.55
   3             15.76%                 0.52%               14.05%            $ 11,405.11           $  58.04
   4             21.55%                 0.52%               19.16%            $ 11,916.06           $  60.64
   5             27.63%                 0.52%               24.50%            $ 12,449.90           $  63.35
   6             34.01%                 0.52%               30.08%            $ 13,007.65           $  66.19
   7             40.71%                 0.52%               35.90%            $ 13,590.40           $  69.15
   8             47.75%                 0.52%               41.99%            $ 14,199.25           $  72.25
   9             55.13%                 0.52%               48.35%            $ 14,835.37           $  75.49
  10             62.89%                 0.52%               55.00%            $ 15,500.00           $  78.87
TOTAL                                                                                               $ 652.69



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BALANCED
                                                              VIP   11


DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


12   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   13


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.93      -2.06      9.90      5.71      8.01      5.13      4.53      2.25      4.26     4.17
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.14%, Q3 2002               WORST QUARTER: -2.36%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.01%


14   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class A                     4.17           4.06           4.93
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.70% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage and interest
    expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   15


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


16   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATE
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  11.86     $ 11.81    $  12.07    $  12.16   $ 11.98
- -------------------------------------------  --------     -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                           .56         .53         .47         .50      .45
___________________________________________  ________     _______    ________    ________   _______
 Net realized and unrealized gain (loss)       (  .08)     (  .05)     (  .21)        .05      .14
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL FROM INVESTMENT OPERATIONS                 .48         .48         .26         .55      .59
- -------------------------------------------  --------     -------    --------    --------   -------
Less distributions from:
 Net investment income                         (  .52)     (  .43)     (  .41)     (  .43)  (  .41)
___________________________________________  ________     _______    ________    ________   _______
 Net realized gains                                 -      (  .00)*    (  .11)     (  .21)       -
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                           (  .52)     (  .43)     (  .52)     (  .64)  (  .41)
- -------------------------------------------  --------     -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD               $  11.82     $ 11.86    $  11.81    $  12.07   $ 12.16
- -------------------------------------------  --------     -------    --------    --------   -------
Total Return (%)                                 4.17        4.26        2.25        4.53     5.13
___________________________________________  ________     _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            186         277         252         210      201
___________________________________________  ________     _______    ________    ________   _______
Ratio of expenses (%)                             .66         .68         .67         .66      .66
___________________________________________  ________     _______    ________    ________   _______
Ratio of net investment income (%)               4.78        4.56        3.96        4.18     3.75
___________________________________________  ________     _______    ________    ________   _______
Portfolio turnover rate (%)b                      197         183         164         185      229
- -------------------------------------------  --------     -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005

DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   17


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



18   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   19


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


20   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  -11.25       2.80      4.05     17.63       -11.43     42.15      26.03      10.25      25.06      3.06
   1998       1999      2000      2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.84%, Q2 2003              WORST QUARTER: -22.47%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.91%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class A               3.06           20.55           9.68
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   21


RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.64%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.14
TOTAL ANNUAL OPERATING EXPENSES                 0.78


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $80           $249           $433           $966



22   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   23


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.93    $  19.98    $  20.05   $ 16.06      $  11.66
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .18         .15         .19      .17            .19
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.69        1.67     3.98           4.55
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .72        4.84        1.86     4.15           4.74
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .23)     (  .18)     (  .15)  (  .16)        (  .15)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.53)     ( 1.89)     ( 1.93)  (  .16)        (  .34)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.12    $  22.93    $  19.98   $ 20.05      $  16.06
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 3.06       25.06       10.25    26.03          42.15
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            468         562         493      467            354
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                             .78         .79         .79      .79            .80
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .85         .71         .96      .96           1.46
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

24   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.78%                4.22%            $ 10,422.00           $  79.65
   2             10.25%                 0.78%                8.62%            $ 10,861.81           $  83.01
   3             15.76%                 0.78%               13.20%            $ 11,320.18           $  86.51
   4             21.55%                 0.78%               17.98%            $ 11,797.89           $  90.16
   5             27.63%                 0.78%               22.96%            $ 12,295.76           $  93.97
   6             34.01%                 0.78%               28.15%            $ 12,814.64           $  97.93
   7             40.71%                 0.78%               33.55%            $ 13,355.42           $ 102.06
   8             47.75%                 0.78%               39.19%            $ 13,919.02           $ 106.37
   9             55.13%                 0.78%               45.06%            $ 14,506.40           $ 110.86
  10             62.89%                 0.78%               51.19%            $ 15,118.57           $ 115.54
TOTAL                                                                                               $ 966.06



DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   25


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


26   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   27


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.03      0.68     10.93       7.48      8.05      2.26      3.75      2.57      4.16     5.95
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.13%, Q3 2001              WORST QUARTER: -0.98%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class A                  5.95           3.73           5.25
Lehman Brothers GNMA Index           6.98           4.39           5.85


Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


28   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.45%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.21
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.64% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   29


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


30   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  12.28   $ 12.26      $  12.55    $  12.54    $  12.84
- -------------------------------------------------   --------   -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .58      .55            .51         .44         .31
_________________________________________________   ________   _______      ________    ________    ________
 Net realized and unrealized gain (loss)                 .12   (  .06)        (  .20)        .03      (  .04)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .70      .49            .31         .47         .27
- -------------------------------------------------   --------   -------      --------    --------    --------
Less distributions from:
 Net investment income                                (  .60)  (  .47)        (  .50)     (  .35)     (  .35)
_________________________________________________   ________   _______      ________    ________    ________
 Net realized gains                                        -        -         (  .10)     (  .11)     (  .22)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .60)  (  .47)        (  .60)     (  .46)     (  .57)
- -------------------------------------------------   --------   -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  12.38   $ 12.28      $  12.26    $  12.55    $  12.54
- -------------------------------------------------   --------   -------      --------    --------    --------
Total Return (%)                                     5.95b       4.16           2.57        3.75        2.26
_________________________________________________   ________   _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   199      211            243         280         347
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses before expense reductions (%)          .66      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses after expense reductions (%)           .63      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of net investment income (loss) (%)               4.77     4.56           4.17        3.59        2.50
_________________________________________________   ________   _______      ________    ________    ________
Portfolio turnover rate (%)c                             465      241            191         226         511
- -------------------------------------------------   --------   -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   31


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



32   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   33


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

34   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   35


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.45      2.15      -8.68      2.63      -0.30     24.62      12.42       3.89     10.47      0.96
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.59%, Q2 2003               WORST QUARTER: -6.66%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class A                      0.96          10.17           4.63
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


36   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.69


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $70           $221           $384           $859


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   37


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.23         $  8.78         $  8.43         $  7.40
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .63             .62             .68             .67             .67
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .19           ( .38)            .31            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .09             .81             .30             .98            1.70
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .66)          ( .66)          ( .85)          ( .63)          ( .67)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.23         $  8.78         $  8.43
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .96           10.47            3.89           12.42           24.62
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                248             322             344             393             413
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                 .69             .71             .70             .66             .67
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.84            7.73            8.27            8.11            8.62
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

38   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.69%                4.31%            $ 10,431.00           $  70.49
   2             10.25%                 0.69%                8.81%            $ 10,880.58           $  73.52
   3             15.76%                 0.69%               13.50%            $ 11,349.53           $  76.69
   4             21.55%                 0.69%               18.39%            $ 11,838.69           $  80.00
   5             27.63%                 0.69%               23.49%            $ 12,348.94           $  83.45
   6             34.01%                 0.69%               28.81%            $ 12,881.18           $  87.04
   7             40.71%                 0.69%               34.36%            $ 13,436.36           $  90.80
   8             47.75%                 0.69%               40.15%            $ 14,015.47           $  94.71
   9             55.13%                 0.69%               46.20%            $ 14,619.53           $  98.79
  10             62.89%                 0.69%               52.50%            $ 15,249.64           $ 103.05
TOTAL                                                                                               $ 858.54



DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   39


DWS INTERNATIONAL SELECT EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in equity
securities and other securities with equity characteristics.

Although the portfolio can invest in companies of any size and from any
country, it invests mainly in common stocks of established companies located in
countries with, or tied economically to, developed economies (other than the
United States).

At least 50% of the portfolio's assets will be invested in securities that are
represented in the MSCI EAFE (Reg. TM) Index. The MSCI EAFE (Reg. TM) Index
tracks stocks in Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United
Kingdom.

The portfolio's equity investments are mainly common stocks, but may also
include preferred stocks and other securities with equity characteristics, such
as convertible securities and warrants.

The portfolio may also invest up to 20% of its assets in cash equivalents, US
investment-grade fixed-income securities and US stocks and other equities.

The portfolio may invest a portion of its assets in companies located in
countries with emerging markets. These countries are generally located in Latin
America, the Middle East, Eastern Europe, Asia and Africa. Typically, the
portfolio will not hold more than 35% of its net assets in securities of
emerging markets issuers.

The portfolio managers seek to identify a focused list of approximately 35 to
50 companies that offer, in the manager's opinion, the greatest upside
potential based typically on a 12-18 month investment horizon. The portfolio
managers use a bottom-up approach, emphasizing individual stock selection, with
any active allocation among countries, regions or industries as a residual of
this strategy.

The portfolio managers' process begins with a broad universe of equity
securities of issuers primarily, but not exclusively, located in the countries
that make up the MSCI EAFE (Reg. TM) Index.

As of February 29, 2008, the MSCI EAFE (Reg. TM) Index had a median market
capitalization of approximately $5.8 billion. Under normal market conditions,
the portfolio invests in securities of issuers with a minimum market
capitalization of $500 million.

The portfolio managers screen for companies seeking to identify those with high
or improving, and sustainable, returns on capital and long-term prospects for
growth. The portfolio managers focus on companies with real cash flow on
investment rather than published earnings. The team utilizes information
gleaned from a variety of sources and perspectives, including broad trends such
as lifestyle, demographic and technological changes, industry cycles and
regulatory changes, quantitative screening and individual company analysis.

Based on this fundamental research, the portfolio managers set a target price
objective (the portfolio managers' opinion of the intrinsic value of the
security) for each security and ranks the securities based on these target
price objectives. The portfolio managers apply a disciplined approach to risk
management and portfolio construction. Stocks are sold when they meet their
target price objectives, a better investment opportunity has been identified or
there has been a negative change in the outlook for the company, country or
industry. In implementing this strategy, the portfolio may experience a high
portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.


40   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio managers may use derivatives in circumstances where the portfolio
management believes they offer an economical means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions
or other needs while maintaining exposure to the market. In particular, the
portfolio may use futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. As with most stock funds, an important factor with this
portfolio is how stock markets perform - in this case, foreign markets. When
foreign stock prices fall, you should expect the value of your investment to
fall as well. Because a stock represents ownership in its issuer, stock prices
can be hurt by poor management, shrinking product demand and other business
risks. These may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   41


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who are seeking high capital
appreciation and are willing to accept the risks of investing in the stocks of
foreign companies.


42   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2002, the portfolio was named Scudder International Research
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                             
  10.02      45.71       -20.49      -24.43      -13.48     29.83      18.25      14.51      25.56      16.71
  1998       1999        2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 31.03%, Q4 1999              WORST QUARTER: -17.32%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -8.90%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                               1 YEAR         5 YEARS        10 YEARS
                                                   
Portfolio - Class A              16.71          20.84           7.94
MSCI EAFE + EMF Index            16.31          24.17           9.86
MSCI EAFE Index                  11.17          21.59           8.66


MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) EUROPE, AUSTRALASIA, FAR EAST
(EAFE) AND EMERGING MARKETS FREE INDEX is an unmanaged index generally accepted
as a benchmark for performance of major overseas markets, plus emerging
markets.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   43


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.28
TOTAL ANNUAL OPERATING EXPENSES                 0.93


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual portfolios. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $95           $296           $515         $1,143


THE PORTFOLIO MANAGER

The following people handle the day-to-day management of the portfolio:

Matthias Knerr, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 1995 and the portfolio in 2004.
   o Portfolio manager for EAFE Equities and Global Equities.
   o BS, Pennsylvania State University.

Chris LaJaunie, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2006 as an analyst for International
     Equity and International Select Equity strategies: New York.
   o Prior to that, nine years of experience as portfolio manager for Morgan
     Stanley Capital Management, JP Morgan Securities and Scudder Kemper
     Investments.
   o Joined the portfolio in 2008.
   o BA, MA from Louisiana State University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


44   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.31     $  13.25     $  11.91    $  10.18    $  7.96
- -------------------------------------------  --------     --------     --------    --------    -------
Income (loss) from investment operations:
 Net investment income a                           .25       .24b            .20         .17        .10
___________________________________________  ________     ________     ________    ________    _______
 Net realized and unrealized gain (loss)         2.24         3.11         1.48        1.67       2.23
- -------------------------------------------  --------     --------     --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                2.49         3.35         1.68        1.84       2.33
- -------------------------------------------  --------     --------     --------    --------    -------
Less distributions from:
 Net investment income                         (  .46)      (  .29)      (  .34)     (  .11)    (  .11)
___________________________________________  ________     ________     ________    ________    _______
 Net realized gains                            ( 1.58)           -            -           -          -
___________________________________________  ________     ________     ________    ________    _______
 TOTAL DISTRIBUTIONS                           ( 2.04)      (  .29)      (  .34)     (  .11)    (  .11)
- -------------------------------------------  --------     --------     --------    --------    -------
NET ASSET VALUE, END OF PERIOD               $  16.76     $  16.31     $  13.25    $  11.91    $ 10.18
- -------------------------------------------  --------     --------     --------    --------    -------
Total Return (%)                                16.71        25.56        14.51       18.25      29.83
___________________________________________  ________     ________     ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            236          223          196         184        147
___________________________________________  ________     ________     ________    ________    _______
Ratio of expenses (%)                             .93          .88          .87         .89        .94
___________________________________________  ________     ________     ________    ________    _______
Ratio of net investment income (%)               1.53       1.65b          1.59        1.58       1.17
___________________________________________  ________     ________     ________    ________    _______
Portfolio turnover rate (%)                       117          122           93          88        139
- -------------------------------------------  --------     --------     --------    --------    -------


a   Based on average shares outstanding during the period.

b   Net investment income per share and the ratio of net investment income
    without non-recurring dividend income amounting to $0.20 per share and
    1.39% of average daily net assets, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   45


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.93%                4.07%            $ 10,407.00           $    94.89
   2             10.25%                 0.93%                8.31%            $ 10,830.56           $    98.75
   3             15.76%                 0.93%               12.71%            $ 11,271.37           $   102.77
   4             21.55%                 0.93%               17.30%            $ 11,730.11           $   106.96
   5             27.63%                 0.93%               22.08%            $ 12,207.53           $   111.31
   6             34.01%                 0.93%               27.04%            $ 12,704.38           $   115.84
   7             40.71%                 0.93%               32.21%            $ 13,221.44           $   120.56
   8             47.75%                 0.93%               37.60%            $ 13,759.56           $   125.46
   9             55.13%                 0.93%               43.20%            $ 14,319.57           $   130.57
  10             62.89%                 0.93%               49.02%            $ 14,902.38           $   135.88
TOTAL                                                                                               $ 1,142.99



46   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS LARGE CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities of large US companies that are similar in size to the
companies in the Russell 1000 (Reg. TM) Value Index (as of February 29, 2008,
the Russell 1000 (Reg. TM) Value Index had a median market capitalization of
$4.8 billion) and that the portfolio managers believe are undervalued. These
are typically companies that have been sound historically but are temporarily
out of favor. The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Although the
portfolio can invest in stocks of any economic sector (which is comprised of
two or more industries), at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

The portfolio manager begins by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The portfolio manager then
compares a company's stock price to its book value, cash flow and yield, and
analyze individual companies to identify those that are financially sound and
appear to have strong potential for long-term growth.

The portfolio manager assembles the portfolio from among the most attractive
stocks, drawing on analysis of economic outlooks for various sectors and
industries.

Portfolio management will normally sell a stock when it believes the stock's
price is unlikely to go higher, its fundamental factors have changed, other
investments offer better opportunities or in the course of adjusting the
portfolio's emphasis on a given industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of total assets in foreign securities. The
portfolio is permitted, but not required, to use various types of derivatives
(contracts whose value is based on, for example, indices, currencies or
securities). Derivatives may be used for hedging and for risk management or for
non-hedging purposes to seek to enhance potential gains. The portfolio may use
derivatives in circumstances where portfolio management believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   47


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors seeking to diversify a growth-oriented portfolio or add a core
holding to a value-oriented portfolio may want to consider this portfolio.


48   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  19.26       -10.21     16.13       1.87      -14.98     32.60      10.07       1.97     15.41      13.15
  1998        1999       2000       2001       2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.86%, Q2 2003              WORST QUARTER: -19.06%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -7.02%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR         5 YEARS        10 YEARS
                                                      
Portfolio - Class A                13.15           14.21           7.66
Russell 1000 Value Index            -0.17          14.63           7.68


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   49


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.18
TOTAL ANNUAL OPERATING EXPENSES                 0.83


1   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007.

2   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007. Includes a 0.10% administrative services fee paid to the
    Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $85           $265           $460         $1,025


THE PORTFOLIO MANAGER

Deutsche Asset Management International GmbH, Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany, is the subadvisor for the portfolio.

The following person handles the day-to-day management of the portfolio:

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and served as executive assistant to
     board member.
   o US and Global Fund Management: Frankfurt.
   o Joined the portfolio in 2007.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


50   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS LARGE CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                               2007           2006         2005         2004        2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $   17.96      $  15.81      $  15.79    $  14.57    $  11.24
- -------------------------------------------------   ---------      --------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                            .26        .29c             .26         .27         .24
_________________________________________________   _________      ________      ________    ________    ________
 Net realized and unrealized gain (loss)                 1.98          2.12           .04        1.18        3.33
- -------------------------------------------------   ---------      --------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        2.24          2.41           .30        1.45        3.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Less distributions from:
 Net investment income                                 (  .32)       (  .26)       (  .28)     (  .23)     (  .24)
_________________________________________________   _________      ________      ________    ________    ________
 Net realized gains                                    (  .67)            -             -           -           -
_________________________________________________   _________      ________      ________    ________    ________
 TOTAL DISTRIBUTIONS                                   (  .99)       (  .26)       (  .28)     (  .23)     (  .24)
- -------------------------------------------------   ---------      --------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $   19.21      $  17.96      $  15.81    $  15.79    $  14.57
- -------------------------------------------------   ---------      --------      --------    --------    --------
Total Return (%)                                     13.15b,d       15.41c        1.97b         10.07       32.60
_________________________________________________   _________      ________      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    229           275           268         274         263
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses before expense reductions (%)           .83           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses after expense reductions (%)            .82           .83           .80         .80         .80
_________________________________________________   _________      ________      ________    ________    ________
Ratio of net investment income (loss) (%)                1.43        1.73c           1.64        1.84        1.94
_________________________________________________   _________      ________      ________    ________    ________
Portfolio turnover rate (%)                               103            76            64          40          58
- -------------------------------------------------   ---------      --------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.04%.
    Excluding this non-recurring income, total return would have been 0.04%
    lower.

d   Includes a reimbursement from the Advisor for $92,456 for losses on certain
    operation errors during the period. Excluding this reimbursement, total
    return would have been 0.04%lower.


DWS VARIABLE SERIES II - CLASS A SHARES                  DWS LARGE CAP VALUE
                                                         VIP   51


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS LARGE CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.83%                4.17%            $ 10,417.00           $    84.73
   2             10.25%                 0.83%                8.51%            $ 10,851.39           $    88.26
   3             15.76%                 0.83%               13.04%            $ 11,303.89           $    91.94
   4             21.55%                 0.83%               17.75%            $ 11,775.26           $    95.78
   5             27.63%                 0.83%               22.66%            $ 12,266.29           $    99.77
   6             34.01%                 0.83%               27.78%            $ 12,777.80           $   103.93
   7             40.71%                 0.83%               33.11%            $ 13,310.63           $   108.27
   8             47.75%                 0.83%               38.66%            $ 13,865.68           $   112.78
   9             55.13%                 0.83%               44.44%            $ 14,443.88           $   117.48
  10             62.89%                 0.83%               50.46%            $ 15,046.19           $   122.38
TOTAL                                                                                               $ 1,025.32



52   DWS LARGE CAP VALUE VIP                         DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   53


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


54   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its
total assets in the obligations of banks and other financial institutions, it
may be vulnerable to setbacks in that industry. Banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.

PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                 
   5.15      4.84      6.10      3.75      1.35      0.72      0.91      2.80      4.65     5.00
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.56%, Q3 2000              WORST QUARTER: 0.14%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.88%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           5.00           2.80           3.51


7-day yield as of December 31, 2007: 4.58%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   55


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                       CLASS A
                                      
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
____________________________________________________________________
Management Fee 1                                        0.29%
Distribution/Service (12b-1) Fee                 None
Other Expenses 2                                   0.17
TOTAL ANNUAL OPERATING EXPENSES                   0.46
Less Expense Waiver/Reimbursements                0.02
NET ANNUAL OPERATING EXPENSES3                    0.44


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.44%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including two years of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $45           $143           $253           $575


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


56   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .049         .046        .028        .009        .007
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .049         .046        .028        .009        .007
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .049)      ( .046)     ( .028)     ( .009)     ( .007)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     5.00a        4.65a         2.80         .91         .72
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   355          294         235         241         326
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .46          .52         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .45          .51         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.88         4.58        2.77         .88         .73
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   57


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.44%                4.56%            $ 10,456.00           $  45.00
   2             10.25%                 0.44%                9.33%            $ 10,932.79           $  47.06
   3             15.76%                 0.46%               14.29%            $ 11,429.14           $  51.43
   4             21.55%                 0.46%               19.48%            $ 11,948.03           $  53.77
   5             27.63%                 0.46%               24.90%            $ 12,490.47           $  56.21
   6             34.01%                 0.46%               30.58%            $ 13,057.53           $  58.76
   7             40.71%                 0.46%               36.50%            $ 13,650.35           $  61.43
   8             47.75%                 0.46%               42.70%            $ 14,270.07           $  64.22
   9             55.13%                 0.46%               49.18%            $ 14,917.93           $  67.13
  10             62.89%                 0.46%               55.95%            $ 15,595.21           $  70.18
TOTAL                                                                                               $ 575.19



58   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   59


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


60   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.37      34.56       -10.71      -28.91      -33.36     32.94      11.02       7.07      5.27     6.20
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.96%, Q4 1999               WORST QUARTER: -31.72%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.12%


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   61


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class A                 6.20          12.06           1.76
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.55%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.75


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $77           $240           $417           $930



62   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   63


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.19      $ 13.48      $  12.59    $  11.34    $  8.53
- -------------------------------------------------   --------      -------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .01)      (  .04)d      (  .06)     (  .05)    (  .04)
_________________________________________________   ________      _______      ________    ________    _______
 Net realized and unrealized gain (loss)                 .89          .75           .95        1.30       2.85
- -------------------------------------------------   --------      -------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .88          .71           .89        1.25       2.81
- -------------------------------------------------   --------      -------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  15.07      $ 14.19      $  13.48    $  12.59    $ 11.34
- -------------------------------------------------   --------      -------      --------    --------    -------
Total Return (%)                                     6.20b       5.27b,d        7.07c         11.02      32.94
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   174          208           243         210        210
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)          .75          .73           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .72          .72           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (loss) (%)             (  .09)      (  .32)d      (  .47)     (  .47)    (  .41)
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                               67           73            94         117        123
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This had
    no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


64   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.75%                4.25%            $ 10,425.00           $  76.59
   2             10.25%                 0.75%                8.68%            $ 10,868.06           $  79.85
   3             15.76%                 0.75%               13.30%            $ 11,329.96           $  83.24
   4             21.55%                 0.75%               18.11%            $ 11,811.48           $  86.78
   5             27.63%                 0.75%               23.13%            $ 12,313.47           $  90.47
   6             34.01%                 0.75%               28.37%            $ 12,836.79           $  94.31
   7             40.71%                 0.75%               33.82%            $ 13,382.35           $  98.32
   8             47.75%                 0.75%               39.51%            $ 13,951.10           $ 102.50
   9             55.13%                 0.75%               45.44%            $ 14,544.02           $ 106.86
  10             62.89%                 0.75%               51.62%            $ 15,162.14           $ 111.40
TOTAL                                                                                               $ 930.32



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   65


DWS TECHNOLOGY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks of
companies in the technology sector. For purposes of the portfolio's 80%
investment policy, companies in the technology sector must commit at least half
of their assets to the technology sector or derive at least half of their
revenues or net income from that sector. Examples of industries within the
technology sector are semiconductors, software, telecom equipment,
computer/hardware, IT services, the Internet and health technology. The
portfolio may invest in companies of any size. In addition, the portfolio may
invest in initial public offerings. While the portfolio invests mainly in US
stocks, it could invest up to 35% of net assets in foreign securities.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The portfolio manager looks for individual companies with a
history of above-average growth, strong competitive positioning, attractive
prices relative to potential growth, innovative products and services, sound
financial strength and effective management, among other factors.

GROWTH ORIENTATION. The portfolio manager generally looks for companies that
the portfolio manager believes has above-average potential for sustainable
growth of revenue or earnings and whose market value appears reasonable in
light of their business prospects.

TOP-DOWN ANALYSIS. The portfolio manager considers the economic outlooks for
various industries within the technology sector and looks for those industries
that may benefit from changes in the overall business environment.

In addition, the portfolio manager uses the support of a quantitative analytic
group and its tools to attempt to actively manage the forecasted volatility
risk of the portfolio as a whole as compared to funds with a similar investment
objective, as well as appropriate benchmarks and peer groups. The portfolio
manager may favor securities from various industries and companies within the
technology sector at different times.

The portfolio manager will normally sell a stock when the portfolio manager
believes its price is unlikely to go higher, its fundamental factors have
changed, other investments offer better opportunities or in adjusting emphasis
on a given technology industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures and options, including sales of covered put and call options.


66   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These factors may affect single companies as well as
groups of companies. In addition, movements in financial markets may adversely
affect a stock's price, regardless of how well the company performs. The market
as a whole may not favor the types of investments the portfolio makes, which
could affect the portfolio's ability to sell them at an attractive price.

CONCENTRATION RISK. The portfolio concentrates its investments in the group of
industries constituting the technology sector. As a result, factors affecting
this sector, such as market price movements, market saturation and rapid
product obsolescence will have a significant impact on the portfolio's
performance. Additionally, many technology companies are smaller companies that
may have limited business lines and limited financial resources, making them
highly vulnerable to business and economic risks.

NON-DIVERSIFICATION RISK. The portfolio is classified as non-diversified under
the Investment Company Act of 1940, as amended. This means that the portfolio
may invest in securities of relatively few issuers. Thus, the performance of
one or a small number of portfolio holdings can affect overall performance more
than if the portfolio invested in a larger number of issuers.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   67


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

This portfolio is designed for investors who can accept above-average risks and
are interested in exposure to a sector that offers attractive long-term growth
potential.


68   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                          
  -21.57       -32.39      -35.52     46.84       1.92      3.74      0.75     14.30
   2000        2001        2002       2003       2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 28.57%, Q4 2001               WORST QUARTER: -33.64%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -16.99%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class A                    14.30          12.29              0.94
Russell 1000 Growth Index              11.81          12.11              -0.17
S&P Goldman Sachs Technology
Index                                  16.94          15.58              -1.16


*   Since 5/1/99. Index comparisons begin 4/30/99.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

S&P GOLDMAN SACHS TECHNOLOGY INDEX is an unmanaged capitalization-weighted
index based on a universe of technology-related stocks.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   69


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.67%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.24
TOTAL ANNUAL OPERATING EXPENSES                 0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $93           $290           $504         $1,120


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Kelly P. Davis
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2003 after eight years of experience
     with semiconductors as an associate analyst in Equities Research with
     Credit Suisse First Boston, team leader in applications engineering at
     Advanced Micro Devices, and in technical roles at Interactive Silicon,
     Motorola, Inc. and Tellabs Operations, Inc.
   o Joined the portfolio in 2005.
   o BS, Purdue University; MBA, University of California, Berkeley.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


70   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TECHNOLOGY VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007             2006             2005            2004            2003
                                                                                                    
SELECTED PER SHARE DATA
- -------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  9.37           $ 9.30          $  9.01         $  8.84        $ 6.02
- -------------------------------------------       -------           ------          -------         -------        ------
Income (loss) from investment operations:
 Net investment income (loss)a                     (  .02)           ( .01)b          ( .03)            .04        ( .04)
___________________________________________       _______           ______          _______         _______        ______
 Net realized and unrealized gain (loss)             1.36              .08              .36             .13         2.86
- -------------------------------------------       -------           ------          -------         -------        ------
 TOTAL FROM INVESTMENT OPERATIONS                    1.34              .07              .33             .17         2.82
- -------------------------------------------       -------           ------          -------         -------        ------
Less distributions from:
 Net investment income                                  -                -            ( .04)              -            -
___________________________________________       _______           ______          _______         _______        ______
NET ASSET VALUE, END OF PERIOD                    $ 10.71           $ 9.37          $  9.30         $  9.01        $ 8.84
- -------------------------------------------       -------           ------          -------         -------        ------
Total Return (%)                                    14.30           .75b               3.74            1.92        46.84
___________________________________________       _______           ______          _______         _______        ______
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENT      A
- -------------------------------------------      -
Net assets, end of period ($ millions)                153              165              199             230          257
___________________________________________       _______           ______          _______         _______        ______
Ratio of expenses (%)                                 .91              .89              .86             .83          .86
___________________________________________       _______           ______          _______         _______        ______
Ratio of net investment income (loss) (%)          (  .15)           ( .12)b          ( .36)            .43        ( .50)
___________________________________________       _______           ______          _______         _______        ______
Portfolio turnover rate (%)                            91               49              135             112           66
- -------------------------------------------       -------           ------          -------         -------        ------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.017 per
    share and an increase in the ratio of net investment income of 0.18%.
    Excluding this non-recurring income, total return would have been 0.19%
    lower.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   71


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TECHNOLOGY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



72   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of each portfolio's strategy
and risks, there are a few other issues to know about:

o Each portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, a
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in a
  portfolio's best interest. For DWS Money Market VIP, such determination will
  be made pursuant to procedures adopted by the Board.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in
each portfolio.

If you want more information on each portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that a portfolio will achieve its
objective.

A complete list of each portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which a
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. Each portfolio's Statement of
Additional Information includes a description of a portfolio's policies and
procedures with respect to the disclosure of a portfolio's portfolio holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for each portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor makes portfolio investment decisions, buys and sells securities
for each portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS A SHARES                   OTHER POLICIES AND
                                                          RISKS   73


The Advisor receives a management fee from each portfolio. Below are the
management rates paid by each portfolio for the most recent fiscal year, as a
percentage of each portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Balanced VIP                                  0.45%*
DWS Core Fixed Income VIP                        0.59  %
DWS Dreman Small Mid Cap Value VIP               0.74  %
DWS Government & Agency Securities VIP            0.53%*
DWS High Income VIP                              0.59  %
DWS International Select Equity VIP              0.75  %
DWS Large Cap Value VIP                          0.68  %
DWS Money Market VIP                              0.38%*
DWS Small Cap Growth VIP                          0.62%*
DWS Technology VIP                               0.75  %


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.370% of the portfolio's average daily net assets up to $250
million, 0.345% of the next $750 million and 0.310% over $1 billion.

Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $250 million, 0.620% of the next $750 million, 0.600% of the next
$1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next $2.5 billion,
0.540% of the next $2.5 billion, 0.530% of the next $2.5 billion and 0.520%
over $12.5 billion.

Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS International Select Equity VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $1.5 billion, 0.635% of the next $1.75 billion, 0.620% of the next
$1.75 billion and 0.605% over $5 billion.

Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.


74   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Effective May 1, 2008, DWS Technology VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.665% of the portfolio's average daily net assets up to $250
million, 0.635% of the next $750 million, 0.615% of the next $1.5 billion,
0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion, 0.555% of the
next $2.5 billion, 0.545% of the next $2.5 billion and 0.535% over $12.5
billion.

A discussion regarding the basis for the Board renewal of each portfolio's
investment management agreement  and, as applicable, subadvisory agreement, is
contained in the shareholder reports for the annual period ended December 31,
2007 (see "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between each
portfolio and Deutsche Investment Management Americas Inc., each portfolio pays
the Advisor for providing most of each portfolio's administrative services.



PORTFOLIO SUBADVISORS


SUBADVISOR FOR DWS BALANCED VIP AND DWS LARGE CAP VALUE VIP
The subadvisor for DWS Balanced VIP and DWS Large Cap Value VIP is Deutsche
Asset Management International GmbH ("DeAMi"), Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany. DeAMi renders investment advisory and management
services to the portfolio. DeAMi is an investment advisor registered with the
Securities and Exchange Commission and currently manages over $60 billion in
assets, which is primarily comprised of institutional accounts and investment
companies. DeAMi is a subsidiary of Deutsche Bank AG. DIMA compensates DeAMi
out of the management fee it receives from the portfolio.



SUBADVISOR FOR DWS CORE FIXED INCOME VIP

Pursuant to an investment subadvisory agreement between the Advisor and
Aberdeen Asset Management Inc. ("AAMI"), an investment adviser registered under
the Investment Advisers Act of 1940, as amended, AAMI acts as subadvisor. As
the subadvisor, AAMI, under the supervision of the Board and the Advisor, makes
investment decisions, buys and sells securities and conducts the research that
leads to these purchase and sale decisions. AAMI provides a full range of
international investment advisory services to institutional and retail clients.


AAMI is a direct, wholly owned subsidiary of Aberdeen Asset Management PLC, the
parent company of an asset management group formed in 1983. AAMI is located at
1735 Market Street, Philadelphia, PA 19103.



SUBADVISOR FOR DWS DREMAN SMALL MID CAP VALUE VIP

The subadvisor for DWS Dreman Small Mid Cap Value VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making each
portfolio's investment decisions and buying and selling securities for each
portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   75


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIOS

The information in this section may affect anyone who selects one or more
portfolios as an investment option in a variable annuity contract or variable
life insurance policy that offers one or more portfolios. These contracts and
policies are described in separate prospectuses issued by participating
insurance companies. Each portfolio assumes no responsibility for such
prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of each portfolio.
Each portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include each
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer each portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. Each portfolio
does not sell shares directly to the public. Each portfolio sells shares only
to separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to a portfolio by the insurance companies in accordance
with your contract. Please see the contract prospectus that accompanies this
prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike a portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of a portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than a portfolio and have different expense ratios than the
portfolios. As a result, the performance of a portfolio and a Retail Fund will
differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from a portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of that portfolio.

Each portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, a
portfolio will ask for its name, address and other information that will allow
a portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, a portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help a portfolio verify the
insurance company's identity.

Each portfolio will not complete the purchase of any shares for an account
until all information has been provided and the application has been submitted
in "good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


76   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Each portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

Each PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. Each portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

Each portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day each portfolio is
  open for business.

o Unless otherwise instructed, each portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o Each portfolio does not issue share certificates.

o Each portfolio reserves the right to reject purchases of shares for any
  reason.

o Each portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o Each portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o Each portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of each portfolio, they are deemed to be
  in each portfolio's best interest or when each portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o Each portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o Each portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; each portfolio
  generally won't make a redemption in kind unless your requests over a 90-day
  period total more than $250,000 or 1% of the value of each portfolio's net
  assets, whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   77


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to each portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). Each portfolio
has adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, each portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. Each portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. Each portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. Each portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of each
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to each
portfolio, such as, but not limited to, systematic transactions, required
minimum retirement distributions, transactions initiated by each portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, each portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of each portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than each
portfolio's policies, may permit certain transactions not permitted by each
portfolio's policies, or prohibit transactions not subject to each portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of each portfolio that provide a substantially similar level of
protection for each portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that each portfolio invests some portion of its
assets in foreign securities, each portfolio has adopted certain fair valuation
practices intended to protect each portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by each portfolio. (See "How each Portfolio Calculates
Share Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


78   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of each portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in each
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

Each portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to each portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of each portfolio,
any record keeping/
sub-transfer agency/networking fees payable by each portfolio (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing a portfolio with "shelf space" or access to a
third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of each portfolio attributable to the
financial advisor, the particular portfolio or portfolio type or other measures
as agreed to by the Advisor, the Distributor and/or their affiliates and the
financial advisors or any combination thereof. The amount of these revenue
sharing payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of each portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of each portfolio


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   79


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of each portfolio or of any particular share
class of each portfolio. You should review your financial advisor's
compensation disclosure and/or talk to your financial advisor to obtain more
information on how this compensation may have influenced your financial
advisor's recommendation of each portfolio. Additional information regarding
these revenue sharing payments is included in each portfolio's Statement of
Additional Information, which is available to you on request at no charge (see
the back cover of this prospectus for more information on how to request a copy
of the Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for each
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for each portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW EACH PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, each portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for each portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")


80   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. All other portfolios intend to declare
and distribute dividends from their net investment income and capital gains, if
any, annually. Each portfolio may make additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

Each portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. Each portfolio intends to
comply with these requirements. If a portfolio or separate account does not
meet such requirements or otherwise fails to qualify as a regulated investment
company for any taxable year, income allocable to the contracts associated with
the separate account will be taxable currently to the holders of such contracts
and income from prior periods with respect to such contracts also could be
taxable, most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

Each portfolio's investments in certain debt obligations may cause each
portfolio to recognize taxable income in excess of the cash generated by such
obligation. Thus, each portfolio could be required at times to liquidate other
investments in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   81



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from each portfolio's management
team about recent market conditions and the effects of each portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything each portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about each
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. Each portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-Adv3


                                  MAY 1, 2008




                                   PROSPECTUS


                             DWS VARIABLE SERIES II
                                    CLASS A

- --------------------------------------------------------------------------------

DWS BALANCED VIP

DWS CORE FIXED INCOME VIP


DWS DREMAN SMALL MID CAP VALUE VIP


DWS GOVERNMENT & AGENCY SECURITIES VIP

DWS HIGH INCOME VIP


DWS MONEY MARKET VIP


DWS SMALL CAP GROWTH VIP


DWS TECHNOLOGY VIP



This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW EACH PORTFOLIO WORKS




        
  3        DWS Balanced VIP
 12        DWS Core Fixed Income VIP
 19        DWS Dreman Small Mid Cap
           Value VIP
 26        DWS Government & Agency
           Securities VIP
 33        DWS High Income VIP
 40        DWS Money Market VIP




        
 46        DWS Small Cap Growth VIP
 53        DWS Technology VIP
 60        Other Policies and Risks
 60        The Investment Advisor
 63        Portfolio Subadvisors





YOUR INVESTMENT IN THE PORTFOLIOS


       
65        Buying and Selling Shares
68        How each Portfolio Calculates
          Share Price
69        Distributions
69        Taxes



HOW EACH PORTFOLIO WORKS

Each portfolio is designed to serve as an investment option for certain
variable annuity contracts, variable life insurance policies and tax-qualified
plans. Your investment in a portfolio is made in conjunction with one of these
contracts or policies. Each portfolio has its own investment objective and
strategy.

Remember that each portfolio is not a bank deposit. Each portfolio is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                         
  15.14      14.81       -2.63      -6.09      -15.17     18.10       6.64      4.30     10.24      4.84
  1998       1999       2000       2001        2002       2003       2004      2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.82%, Q4 1998              WORST QUARTER: -9.91%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.52%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         4.84           8.71           4.53
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.36%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.16
TOTAL ANNUAL OPERATING EXPENSES                 0.52


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $53           $167           $291           $653



DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006          2005         2004         2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.46     $   22.75      $  22.37     $  21.32    $  18.66
- -------------------------------------------------   --------     ---------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .74        .69d             .59          .47         .37
_________________________________________________   ________     _________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .42          1.60           .34          .93        2.90
- -------------------------------------------------   --------     ---------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.16          2.29           .93         1.40        3.27
- -------------------------------------------------   --------     ---------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .81)       (  .58)       (  .55)      (  .35)     (  .61)
_________________________________________________   ________     _________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.81     $   24.46      $  22.75     $  22.37    $  21.32
- -------------------------------------------------   --------     ---------      --------     --------    --------
Total Return (%)                                     4.84b        10.24b,d       4.30b           6.64       18.10
_________________________________________________   ________     _________      ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   528           600           653          622         667
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .52           .55           .55          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .51           .51           .53          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of net investment income (%)                      3.00       2.99d            2.66         2.18        1.88
_________________________________________________   ________     _________      ________     ________    ________
Portfolio turnover rate (%)                           190c             108        121c         131c        102c
- -------------------------------------------------   --------     ---------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.52%                4.48%            $ 10,448.00           $  53.16
   2             10.25%                 0.52%                9.16%            $ 10,916.07           $  55.55
   3             15.76%                 0.52%               14.05%            $ 11,405.11           $  58.04
   4             21.55%                 0.52%               19.16%            $ 11,916.06           $  60.64
   5             27.63%                 0.52%               24.50%            $ 12,449.90           $  63.35
   6             34.01%                 0.52%               30.08%            $ 13,007.65           $  66.19
   7             40.71%                 0.52%               35.90%            $ 13,590.40           $  69.15
   8             47.75%                 0.52%               41.99%            $ 14,199.25           $  72.25
   9             55.13%                 0.52%               48.35%            $ 14,835.37           $  75.49
  10             62.89%                 0.52%               55.00%            $ 15,500.00           $  78.87
TOTAL                                                                                               $ 652.69



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BALANCED
                                                              VIP   11


DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


12   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   13


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.93      -2.06      9.90      5.71      8.01      5.13      4.53      2.25      4.26     4.17
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.14%, Q3 2002               WORST QUARTER: -2.36%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.01%


14   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class A                     4.17           4.06           4.93
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.17
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.70% for Class A shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage and interest
    expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   15


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


16   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATE
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  11.86     $ 11.81    $  12.07    $  12.16   $ 11.98
- -------------------------------------------  --------     -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                           .56         .53         .47         .50      .45
___________________________________________  ________     _______    ________    ________   _______
 Net realized and unrealized gain (loss)       (  .08)     (  .05)     (  .21)        .05      .14
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL FROM INVESTMENT OPERATIONS                 .48         .48         .26         .55      .59
- -------------------------------------------  --------     -------    --------    --------   -------
Less distributions from:
 Net investment income                         (  .52)     (  .43)     (  .41)     (  .43)  (  .41)
___________________________________________  ________     _______    ________    ________   _______
 Net realized gains                                 -      (  .00)*    (  .11)     (  .21)       -
- -------------------------------------------  --------     -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                           (  .52)     (  .43)     (  .52)     (  .64)  (  .41)
- -------------------------------------------  --------     -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD               $  11.82     $ 11.86    $  11.81    $  12.07   $ 12.16
- -------------------------------------------  --------     -------    --------    --------   -------
Total Return (%)                                 4.17        4.26        2.25        4.53     5.13
___________________________________________  ________     _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            186         277         252         210      201
___________________________________________  ________     _______    ________    ________   _______
Ratio of expenses (%)                             .66         .68         .67         .66      .66
___________________________________________  ________     _______    ________    ________   _______
Ratio of net investment income (%)               4.78        4.56        3.96        4.18     3.75
___________________________________________  ________     _______    ________    ________   _______
Portfolio turnover rate (%)b                      197         183         164         185      229
- -------------------------------------------  --------     -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005

DWS VARIABLE SERIES II - CLASS A SHARES                 DWS CORE FIXED INCOME
                                                        VIP   17


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



18   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   19


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


20   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                          
  -11.25       2.80      4.05     17.63       -11.43     42.15      26.03      10.25      25.06      3.06
   1998       1999      2000      2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.84%, Q2 2003              WORST QUARTER: -22.47%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.91%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class A               3.06           20.55           9.68
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   21


RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.64%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.14
TOTAL ANNUAL OPERATING EXPENSES                 0.78


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $80           $249           $433           $966



22   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   23


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.93    $  19.98    $  20.05   $ 16.06      $  11.66
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .18         .15         .19      .17            .19
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.69        1.67     3.98           4.55
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .72        4.84        1.86     4.15           4.74
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .23)     (  .18)     (  .15)  (  .16)        (  .15)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.53)     ( 1.89)     ( 1.93)  (  .16)        (  .34)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.12    $  22.93    $  19.98   $ 20.05      $  16.06
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 3.06       25.06       10.25    26.03          42.15
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            468         562         493      467            354
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                             .78         .79         .79      .79            .80
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .85         .71         .96      .96           1.46
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

24   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.78%                4.22%            $ 10,422.00           $  79.65
   2             10.25%                 0.78%                8.62%            $ 10,861.81           $  83.01
   3             15.76%                 0.78%               13.20%            $ 11,320.18           $  86.51
   4             21.55%                 0.78%               17.98%            $ 11,797.89           $  90.16
   5             27.63%                 0.78%               22.96%            $ 12,295.76           $  93.97
   6             34.01%                 0.78%               28.15%            $ 12,814.64           $  97.93
   7             40.71%                 0.78%               33.55%            $ 13,355.42           $ 102.06
   8             47.75%                 0.78%               39.19%            $ 13,919.02           $ 106.37
   9             55.13%                 0.78%               45.06%            $ 14,506.40           $ 110.86
  10             62.89%                 0.78%               51.19%            $ 15,118.57           $ 115.54
TOTAL                                                                                               $ 966.06



DWS VARIABLE SERIES II - CLASS A SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   25


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


26   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   27


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.03      0.68     10.93       7.48      8.05      2.26      3.75      2.57      4.16     5.95
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.13%, Q3 2001              WORST QUARTER: -0.98%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class A                  5.95           3.73           5.25
Lehman Brothers GNMA Index           6.98           4.39           5.85


Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


28   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.45%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.21
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.64% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   29


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


30   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  12.28   $ 12.26      $  12.55    $  12.54    $  12.84
- -------------------------------------------------   --------   -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .58      .55            .51         .44         .31
_________________________________________________   ________   _______      ________    ________    ________
 Net realized and unrealized gain (loss)                 .12   (  .06)        (  .20)        .03      (  .04)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .70      .49            .31         .47         .27
- -------------------------------------------------   --------   -------      --------    --------    --------
Less distributions from:
 Net investment income                                (  .60)  (  .47)        (  .50)     (  .35)     (  .35)
_________________________________________________   ________   _______      ________    ________    ________
 Net realized gains                                        -        -         (  .10)     (  .11)     (  .22)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .60)  (  .47)        (  .60)     (  .46)     (  .57)
- -------------------------------------------------   --------   -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  12.38   $ 12.28      $  12.26    $  12.55    $  12.54
- -------------------------------------------------   --------   -------      --------    --------    --------
Total Return (%)                                     5.95b       4.16           2.57        3.75        2.26
_________________________________________________   ________   _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   199      211            243         280         347
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses before expense reductions (%)          .66      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses after expense reductions (%)           .63      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of net investment income (loss) (%)               4.77     4.56           4.17        3.59        2.50
_________________________________________________   ________   _______      ________    ________    ________
Portfolio turnover rate (%)c                             465      241            191         226         511
- -------------------------------------------------   --------   -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   31


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



32   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   33


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

34   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   35


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.45      2.15      -8.68      2.63      -0.30     24.62      12.42       3.89     10.47      0.96
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.59%, Q2 2003               WORST QUARTER: -6.66%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class A                      0.96          10.17           4.63
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


36   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.69


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $70           $221           $384           $859


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   37


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.23         $  8.78         $  8.43         $  7.40
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .63             .62             .68             .67             .67
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .19           ( .38)            .31            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .09             .81             .30             .98            1.70
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .66)          ( .66)          ( .85)          ( .63)          ( .67)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.23         $  8.78         $  8.43
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .96           10.47            3.89           12.42           24.62
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                248             322             344             393             413
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                 .69             .71             .70             .66             .67
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.84            7.73            8.27            8.11            8.62
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

38   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.69%                4.31%            $ 10,431.00           $  70.49
   2             10.25%                 0.69%                8.81%            $ 10,880.58           $  73.52
   3             15.76%                 0.69%               13.50%            $ 11,349.53           $  76.69
   4             21.55%                 0.69%               18.39%            $ 11,838.69           $  80.00
   5             27.63%                 0.69%               23.49%            $ 12,348.94           $  83.45
   6             34.01%                 0.69%               28.81%            $ 12,881.18           $  87.04
   7             40.71%                 0.69%               34.36%            $ 13,436.36           $  90.80
   8             47.75%                 0.69%               40.15%            $ 14,015.47           $  94.71
   9             55.13%                 0.69%               46.20%            $ 14,619.53           $  98.79
  10             62.89%                 0.69%               52.50%            $ 15,249.64           $ 103.05
TOTAL                                                                                               $ 858.54



DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   39


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

40   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   41


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its
total assets in the obligations of banks and other financial institutions, it
may be vulnerable to setbacks in that industry. Banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.

PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                 
   5.15      4.84      6.10      3.75      1.35      0.72      0.91      2.80      4.65     5.00
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.56%, Q3 2000              WORST QUARTER: 0.14%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.88%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           5.00           2.80           3.51


7-day yield as of December 31, 2007: 4.58%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


42   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                       CLASS A
                                      
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
____________________________________________________________________
Management Fee 1                                        0.29%
Distribution/Service (12b-1) Fee                 None
Other Expenses 2                                   0.17
TOTAL ANNUAL OPERATING EXPENSES                   0.46
Less Expense Waiver/Reimbursements                0.02
NET ANNUAL OPERATING EXPENSES3                    0.44


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.44%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including two years of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $45           $143           $253           $575


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   43


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .049         .046        .028        .009        .007
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .049         .046        .028        .009        .007
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .049)      ( .046)     ( .028)     ( .009)     ( .007)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     5.00a        4.65a         2.80         .91         .72
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   355          294         235         241         326
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .46          .52         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .45          .51         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.88         4.58        2.77         .88         .73
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

44   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.44%                4.56%            $ 10,456.00           $  45.00
   2             10.25%                 0.44%                9.33%            $ 10,932.79           $  47.06
   3             15.76%                 0.46%               14.29%            $ 11,429.14           $  51.43
   4             21.55%                 0.46%               19.48%            $ 11,948.03           $  53.77
   5             27.63%                 0.46%               24.90%            $ 12,490.47           $  56.21
   6             34.01%                 0.46%               30.58%            $ 13,057.53           $  58.76
   7             40.71%                 0.46%               36.50%            $ 13,650.35           $  61.43
   8             47.75%                 0.46%               42.70%            $ 14,270.07           $  64.22
   9             55.13%                 0.46%               49.18%            $ 14,917.93           $  67.13
  10             62.89%                 0.46%               55.95%            $ 15,595.21           $  70.18
TOTAL                                                                                               $ 575.19



DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   45


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


46   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   47


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.37      34.56       -10.71      -28.91      -33.36     32.94      11.02       7.07      5.27     6.20
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.96%, Q4 1999               WORST QUARTER: -31.72%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.12%


48   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class A                 6.20          12.06           1.76
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.55%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.75


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $77           $240           $417           $930



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   49


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


50   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.19      $ 13.48      $  12.59    $  11.34    $  8.53
- -------------------------------------------------   --------      -------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .01)      (  .04)d      (  .06)     (  .05)    (  .04)
_________________________________________________   ________      _______      ________    ________    _______
 Net realized and unrealized gain (loss)                 .89          .75           .95        1.30       2.85
- -------------------------------------------------   --------      -------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .88          .71           .89        1.25       2.81
- -------------------------------------------------   --------      -------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  15.07      $ 14.19      $  13.48    $  12.59    $ 11.34
- -------------------------------------------------   --------      -------      --------    --------    -------
Total Return (%)                                     6.20b       5.27b,d        7.07c         11.02      32.94
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   174          208           243         210        210
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)          .75          .73           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .72          .72           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (loss) (%)             (  .09)      (  .32)d      (  .47)     (  .47)    (  .41)
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                               67           73            94         117        123
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This had
    no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   51


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.75%                4.25%            $ 10,425.00           $  76.59
   2             10.25%                 0.75%                8.68%            $ 10,868.06           $  79.85
   3             15.76%                 0.75%               13.30%            $ 11,329.96           $  83.24
   4             21.55%                 0.75%               18.11%            $ 11,811.48           $  86.78
   5             27.63%                 0.75%               23.13%            $ 12,313.47           $  90.47
   6             34.01%                 0.75%               28.37%            $ 12,836.79           $  94.31
   7             40.71%                 0.75%               33.82%            $ 13,382.35           $  98.32
   8             47.75%                 0.75%               39.51%            $ 13,951.10           $ 102.50
   9             55.13%                 0.75%               45.44%            $ 14,544.02           $ 106.86
  10             62.89%                 0.75%               51.62%            $ 15,162.14           $ 111.40
TOTAL                                                                                               $ 930.32



52   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS TECHNOLOGY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks of
companies in the technology sector. For purposes of the portfolio's 80%
investment policy, companies in the technology sector must commit at least half
of their assets to the technology sector or derive at least half of their
revenues or net income from that sector. Examples of industries within the
technology sector are semiconductors, software, telecom equipment,
computer/hardware, IT services, the Internet and health technology. The
portfolio may invest in companies of any size. In addition, the portfolio may
invest in initial public offerings. While the portfolio invests mainly in US
stocks, it could invest up to 35% of net assets in foreign securities.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The portfolio manager looks for individual companies with a
history of above-average growth, strong competitive positioning, attractive
prices relative to potential growth, innovative products and services, sound
financial strength and effective management, among other factors.

GROWTH ORIENTATION. The portfolio manager generally looks for companies that
the portfolio manager believes has above-average potential for sustainable
growth of revenue or earnings and whose market value appears reasonable in
light of their business prospects.

TOP-DOWN ANALYSIS. The portfolio manager considers the economic outlooks for
various industries within the technology sector and looks for those industries
that may benefit from changes in the overall business environment.

In addition, the portfolio manager uses the support of a quantitative analytic
group and its tools to attempt to actively manage the forecasted volatility
risk of the portfolio as a whole as compared to funds with a similar investment
objective, as well as appropriate benchmarks and peer groups. The portfolio
manager may favor securities from various industries and companies within the
technology sector at different times.

The portfolio manager will normally sell a stock when the portfolio manager
believes its price is unlikely to go higher, its fundamental factors have
changed, other investments offer better opportunities or in adjusting emphasis
on a given technology industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures and options, including sales of covered put and call options.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   53


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These factors may affect single companies as well as
groups of companies. In addition, movements in financial markets may adversely
affect a stock's price, regardless of how well the company performs. The market
as a whole may not favor the types of investments the portfolio makes, which
could affect the portfolio's ability to sell them at an attractive price.

CONCENTRATION RISK. The portfolio concentrates its investments in the group of
industries constituting the technology sector. As a result, factors affecting
this sector, such as market price movements, market saturation and rapid
product obsolescence will have a significant impact on the portfolio's
performance. Additionally, many technology companies are smaller companies that
may have limited business lines and limited financial resources, making them
highly vulnerable to business and economic risks.

NON-DIVERSIFICATION RISK. The portfolio is classified as non-diversified under
the Investment Company Act of 1940, as amended. This means that the portfolio
may invest in securities of relatively few issuers. Thus, the performance of
one or a small number of portfolio holdings can affect overall performance more
than if the portfolio invested in a larger number of issuers.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

54   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

This portfolio is designed for investors who can accept above-average risks and
are interested in exposure to a sector that offers attractive long-term growth
potential.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   55


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                          
  -21.57       -32.39      -35.52     46.84       1.92      3.74      0.75     14.30
   2000        2001        2002       2003       2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 28.57%, Q4 2001               WORST QUARTER: -33.64%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -16.99%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class A                    14.30          12.29              0.94
Russell 1000 Growth Index              11.81          12.11              -0.17
S&P Goldman Sachs Technology
Index                                  16.94          15.58              -1.16


*   Since 5/1/99. Index comparisons begin 4/30/99.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

S&P GOLDMAN SACHS TECHNOLOGY INDEX is an unmanaged capitalization-weighted
index based on a universe of technology-related stocks.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


56   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.67%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.24
TOTAL ANNUAL OPERATING EXPENSES                 0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $93           $290           $504         $1,120


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Kelly P. Davis
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2003 after eight years of experience
     with semiconductors as an associate analyst in Equities Research with
     Credit Suisse First Boston, team leader in applications engineering at
     Advanced Micro Devices, and in technical roles at Interactive Silicon,
     Motorola, Inc. and Tellabs Operations, Inc.
   o Joined the portfolio in 2005.
   o BS, Purdue University; MBA, University of California, Berkeley.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   57


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TECHNOLOGY VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007             2006             2005            2004            2003
                                                                                                    
SELECTED PER SHARE DATA
- -------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  9.37           $ 9.30          $  9.01         $  8.84        $ 6.02
- -------------------------------------------       -------           ------          -------         -------        ------
Income (loss) from investment operations:
 Net investment income (loss)a                     (  .02)           ( .01)b          ( .03)            .04        ( .04)
___________________________________________       _______           ______          _______         _______        ______
 Net realized and unrealized gain (loss)             1.36              .08              .36             .13         2.86
- -------------------------------------------       -------           ------          -------         -------        ------
 TOTAL FROM INVESTMENT OPERATIONS                    1.34              .07              .33             .17         2.82
- -------------------------------------------       -------           ------          -------         -------        ------
Less distributions from:
 Net investment income                                  -                -            ( .04)              -            -
___________________________________________       _______           ______          _______         _______        ______
NET ASSET VALUE, END OF PERIOD                    $ 10.71           $ 9.37          $  9.30         $  9.01        $ 8.84
- -------------------------------------------       -------           ------          -------         -------        ------
Total Return (%)                                    14.30           .75b               3.74            1.92        46.84
___________________________________________       _______           ______          _______         _______        ______
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENT      A
- -------------------------------------------      -
Net assets, end of period ($ millions)                153              165              199             230          257
___________________________________________       _______           ______          _______         _______        ______
Ratio of expenses (%)                                 .91              .89              .86             .83          .86
___________________________________________       _______           ______          _______         _______        ______
Ratio of net investment income (loss) (%)          (  .15)           ( .12)b          ( .36)            .43        ( .50)
___________________________________________       _______           ______          _______         _______        ______
Portfolio turnover rate (%)                            91               49              135             112           66
- -------------------------------------------       -------           ------          -------         -------        ------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.017 per
    share and an increase in the ratio of net investment income of 0.18%.
    Excluding this non-recurring income, total return would have been 0.19%
    lower.


58   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TECHNOLOGY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



DWS VARIABLE SERIES II - CLASS A SHARES                      DWS TECHNOLOGY
                                                             VIP   59


OTHER POLICIES AND RISKS

While the previous pages describe the main points of each portfolio's strategy
and risks, there are a few other issues to know about:

o Each portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, a
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in a
  portfolio's best interest. For DWS Money Market VIP, such determination will
  be made pursuant to procedures adopted by the Board.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in
each portfolio.

If you want more information on each portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that a portfolio will achieve its
objective.

A complete list of each portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which a
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. Each portfolio's Statement of
Additional Information includes a description of a portfolio's policies and
procedures with respect to the disclosure of a portfolio's portfolio holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for each portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for each portfolio and conducts research that leads to these
purchase and sale decisions. The Advisor provides a full range of global
investment advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


60   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from each portfolio. Below are the
management rates paid by each portfolio for the most recent fiscal year, as a
percentage of each portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Balanced VIP                                  0.45%*
DWS Core Fixed Income VIP                        0.59  %
DWS Dreman Small Mid Cap Value VIP               0.74  %
DWS Government & Agency Securities VIP            0.53%*
DWS High Income VIP                              0.59  %
DWS Money Market VIP                              0.38%*
DWS Small Cap Growth VIP                          0.62%*
DWS Technology VIP                               0.75  %


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management
Agreement, calculated daily and paid monthly, at the annual rate of 0.370% of
the portfolio's average daily net assets up to $250 million, 0.345% of the next
$750 million and 0.310% over $1 billion.

Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $250 million, 0.620% of the next $750 million, 0.600% of the next
$1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next $2.5 billion,
0.540% of the next $2.5 billion, 0.530% of the next $2.5 billion and 0.520%
over $12.5 billion.

Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

Effective May 1, 2008, DWS Technology VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.665% of the portfolio's average daily net assets up to $250
million, 0.635% of the next $750 million, 0.615% of the next $1.5 billion,
0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion, 0.555% of the
next $2.5 billion, 0.545% of the next $2.5 billion and 0.535% over $12.5
billion.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   61


A discussion regarding the basis for the Board renewal of each portfolio's
investment management agreement  and, as applicable, subadvisory agreement, is
contained in the shareholder reports for the annual period ended December 31,
2007 (see "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between each
portfolio and Deutsche Investment Management Americas Inc., each portfolio pays
the Advisor for providing most of each portfolio's administrative services.


62   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PORTFOLIO SUBADVISORS


SUBADVISOR FOR DWS BALANCED VIP
The subadvisor for DWS Balanced VIP is Deutsche Asset Management International
GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main, Germany. DeAMi
renders investment advisory and management services to the portfolio. DeAMi is
an investment advisor registered with the Securities and Exchange Commission
and currently manages over $60 billion in assets, which is primarily comprised
of institutional accounts and investment companies. DeAMi is a subsidiary of
Deutsche Bank AG. DIMA compensates DeAMi out of the management fee it receives
from the portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                    PORTFOLIO
                                                           SUBADVISORS   63


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIOS

The information in this section may affect anyone who selects one or more
portfolios as an investment option in a variable annuity contract or variable
life insurance policy that offers one or more portfolios. These contracts and
policies are described in separate prospectuses issued by participating
insurance companies. Each portfolio assumes no responsibility for such
prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of each portfolio.
Each portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include each
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer each portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. Each portfolio
does not sell shares directly to the public. Each portfolio sells shares only
to separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to a portfolio by the insurance companies in accordance
with your contract. Please see the contract prospectus that accompanies this
prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike a portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of a portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than a portfolio and have different expense ratios than the
portfolios. As a result, the performance of a portfolio and a Retail Fund will
differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from a portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of that portfolio.

Each portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, a
portfolio will ask for its name, address and other information that will allow
a portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, a portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help a portfolio verify the
insurance company's identity.

Each portfolio will not complete the purchase of any shares for an account
until all information has been provided and the application has been submitted
in "good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


64   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


Each portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

Each PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. Each portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

Each portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day each portfolio is
  open for business.

o Unless otherwise instructed, each portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o Each portfolio does not issue share certificates.

o Each portfolio reserves the right to reject purchases of shares for any
  reason.

o Each portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o Each portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o Each portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of each portfolio, they are deemed to be
  in each portfolio's best interest or when each portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o Each portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o Each portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; each portfolio
  generally won't make a redemption in kind unless your requests over a 90-day
  period total more than $250,000 or 1% of the value of each portfolio's net
  assets, whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   65


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to each portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). Each portfolio
has adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, each portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. Each portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. Each portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. Each portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of each
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to each
portfolio, such as, but not limited to, systematic transactions, required
minimum retirement distributions, transactions initiated by each portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, each portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of each portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than each
portfolio's policies, may permit certain transactions not permitted by each
portfolio's policies, or prohibit transactions not subject to each portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of each portfolio that provide a substantially similar level of
protection for each portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that each portfolio invests some portion of its
assets in foreign securities, each portfolio has adopted certain fair valuation
practices intended to protect each portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by each portfolio. (See "How each Portfolio Calculates
Share Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


66   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of each portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in each
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

Each portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to each portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of each portfolio,
any record keeping/
sub-transfer agency/networking fees payable by each portfolio (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing a portfolio with "shelf space" or access to a
third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of each portfolio attributable to the
financial advisor, the particular portfolio or portfolio type or other measures
as agreed to by the Advisor, the Distributor and/or their affiliates and the
financial advisors or any combination thereof. The amount of these revenue
sharing payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of each portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of each portfolio


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   67


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of each portfolio or of any particular share
class of each portfolio. You should review your financial advisor's
compensation disclosure and/or talk to your financial advisor to obtain more
information on how this compensation may have influenced your financial
advisor's recommendation of each portfolio. Additional information regarding
these revenue sharing payments is included in each portfolio's Statement of
Additional Information, which is available to you on request at no charge (see
the back cover of this prospectus for more information on how to request a copy
of the Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for each
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for each portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW EACH PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, each portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for each portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")


68   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. All other portfolios intend to declare
and distribute dividends from their net investment income and capital gains, if
any, annually. Each portfolio may make additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

Each portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. Each portfolio intends to
comply with these requirements. If a portfolio or separate account does not
meet such requirements or otherwise fails to qualify as a regulated investment
company for any taxable year, income allocable to the contracts associated with
the separate account will be taxable currently to the holders of such contracts
and income from prior periods with respect to such contracts also could be
taxable, most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

Each portfolio's investments in certain debt obligations may cause each
portfolio to recognize taxable income in excess of the cash generated by such
obligation. Thus, each portfolio could be required at times to liquidate other
investments in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


DWS VARIABLE SERIES II - CLASS A SHARES
                                                             DISTRIBUTIONS   69



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from each portfolio's management
team about recent market conditions and the effects of each portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything each portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about each
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. Each portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-Pref


                                  MAY 1, 2008




                                   PROSPECTUS


                             DWS VARIABLE SERIES II
                                    CLASS A

- --------------------------------------------------------------------------------

DWS BALANCED VIP

DWS GOVERNMENT & AGENCY SECURITIES VIP


DWS HIGH INCOME VIP

DWS INTERNATIONAL SELECT EQUITY VIP


DWS MONEY MARKET VIP


DWS SMALL CAP GROWTH VIP



This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW EACH PORTFOLIO WORKS




        
  3        DWS Balanced VIP
 12        DWS Government & Agency
           Securities VIP
 19        DWS High Income VIP
 26        DWS International Select Equity
           VIP
 33        DWS Money Market VIP




        
 39        DWS Small Cap Growth VIP
 46        Other Policies and Risks
 46        The Investment Advisor
 48        Portfolio Subadvisor





YOUR INVESTMENT IN THE PORTFOLIOS


       
50        Buying and Selling Shares
53        How each Portfolio Calculates
          Share Price
54        Distributions
54        Taxes



HOW EACH PORTFOLIO WORKS

Each portfolio is designed to serve as an investment option for certain
variable annuity contracts, variable life insurance policies and tax-qualified
plans. Your investment in a portfolio is made in conjunction with one of these
contracts or policies. Each portfolio has its own investment objective and
strategy.

Remember that each portfolio is not a bank deposit. Each portfolio is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans.


DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A
[BAR GRAPHIC APPEARS HERE]





                                                                         
  15.14      14.81       -2.63      -6.09      -15.17     18.10       6.64      4.30     10.24      4.84
  1998       1999       2000       2001        2002       2003       2004      2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.82%, Q4 1998              WORST QUARTER: -9.91%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.52%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class A                         4.84           8.71           4.53
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.36%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.16
TOTAL ANNUAL OPERATING EXPENSES                 0.52


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $53           $167           $291           $653



DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006          2005         2004         2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.46     $   22.75      $  22.37     $  21.32    $  18.66
- -------------------------------------------------   --------     ---------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .74        .69d             .59          .47         .37
_________________________________________________   ________     _________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .42          1.60           .34          .93        2.90
- -------------------------------------------------   --------     ---------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.16          2.29           .93         1.40        3.27
- -------------------------------------------------   --------     ---------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .81)       (  .58)       (  .55)      (  .35)     (  .61)
_________________________________________________   ________     _________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.81     $   24.46      $  22.75     $  22.37    $  21.32
- -------------------------------------------------   --------     ---------      --------     --------    --------
Total Return (%)                                     4.84b        10.24b,d       4.30b           6.64       18.10
_________________________________________________   ________     _________      ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   528           600           653          622         667
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .52           .55           .55          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .51           .51           .53          .59         .59
_________________________________________________   ________     _________      ________     ________    ________
Ratio of net investment income (%)                      3.00       2.99d            2.66         2.18        1.88
_________________________________________________   ________     _________      ________     ________    ________
Portfolio turnover rate (%)                           190c             108        121c         131c        102c
- -------------------------------------------------   --------     ---------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.52%                4.48%            $ 10,448.00           $  53.16
   2             10.25%                 0.52%                9.16%            $ 10,916.07           $  55.55
   3             15.76%                 0.52%               14.05%            $ 11,405.11           $  58.04
   4             21.55%                 0.52%               19.16%            $ 11,916.06           $  60.64
   5             27.63%                 0.52%               24.50%            $ 12,449.90           $  63.35
   6             34.01%                 0.52%               30.08%            $ 13,007.65           $  66.19
   7             40.71%                 0.52%               35.90%            $ 13,590.40           $  69.15
   8             47.75%                 0.52%               41.99%            $ 14,199.25           $  72.25
   9             55.13%                 0.52%               48.35%            $ 14,835.37           $  75.49
  10             62.89%                 0.52%               55.00%            $ 15,500.00           $  78.87
TOTAL                                                                                               $ 652.69



DWS VARIABLE SERIES II - CLASS A SHARES                       DWS BALANCED
                                                              VIP   11


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


12   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   13


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.03      0.68     10.93       7.48      8.05      2.26      3.75      2.57      4.16     5.95
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.13%, Q3 2001              WORST QUARTER: -0.98%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class A                  5.95           3.73           5.25
Lehman Brothers GNMA Index           6.98           4.39           5.85


Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


14   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.45%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.21
TOTAL ANNUAL OPERATING EXPENSES3                0.66


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.64% for Class A shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $67           $211           $368           $822



DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   15


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


16   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006        2005        2004        2003
                                                                                    
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  12.28   $ 12.26      $  12.55    $  12.54    $  12.84
- -------------------------------------------------   --------   -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                                  .58      .55            .51         .44         .31
_________________________________________________   ________   _______      ________    ________    ________
 Net realized and unrealized gain (loss)                 .12   (  .06)        (  .20)        .03      (  .04)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        .70      .49            .31         .47         .27
- -------------------------------------------------   --------   -------      --------    --------    --------
Less distributions from:
 Net investment income                                (  .60)  (  .47)        (  .50)     (  .35)     (  .35)
_________________________________________________   ________   _______      ________    ________    ________
 Net realized gains                                        -        -         (  .10)     (  .11)     (  .22)
- -------------------------------------------------   --------   -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                                  (  .60)  (  .47)        (  .60)     (  .46)     (  .57)
- -------------------------------------------------   --------   -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $  12.38   $ 12.28      $  12.26    $  12.55    $  12.54
- -------------------------------------------------   --------   -------      --------    --------    --------
Total Return (%)                                     5.95b       4.16           2.57        3.75        2.26
_________________________________________________   ________   _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   199      211            243         280         347
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses before expense reductions (%)          .66      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of expenses after expense reductions (%)           .63      .67            .63         .61         .61
_________________________________________________   ________   _______      ________    ________    ________
Ratio of net investment income (loss) (%)               4.77     4.56           4.17        3.59        2.50
_________________________________________________   ________   _______      ________    ________    ________
Portfolio turnover rate (%)c                             465      241            191         226         511
- -------------------------------------------------   --------   -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   17


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.66%                4.34%            $ 10,434.00           $  67.43
   2             10.25%                 0.66%                8.87%            $ 10,886.84           $  70.36
   3             15.76%                 0.66%               13.59%            $ 11,359.32           $  73.41
   4             21.55%                 0.66%               18.52%            $ 11,852.32           $  76.60
   5             27.63%                 0.66%               23.67%            $ 12,366.71           $  79.92
   6             34.01%                 0.66%               29.03%            $ 12,903.42           $  83.39
   7             40.71%                 0.66%               34.63%            $ 13,463.43           $  87.01
   8             47.75%                 0.66%               40.48%            $ 14,047.75           $  90.79
   9             55.13%                 0.66%               46.57%            $ 14,657.42           $  94.73
  10             62.89%                 0.66%               52.94%            $ 15,293.55           $  98.84
TOTAL                                                                                               $ 822.48



18   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   19


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

20   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   21


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.45      2.15      -8.68      2.63      -0.30     24.62      12.42       3.89     10.47      0.96
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.59%, Q2 2003               WORST QUARTER: -6.66%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class A                      0.96          10.17           4.63
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


22   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.49%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.69


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $70           $221           $384           $859


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   23


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS A





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.23         $  8.78         $  8.43         $  7.40
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .63             .62             .68             .67             .67
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .19           ( .38)            .31            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .09             .81             .30             .98            1.70
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .66)          ( .66)          ( .85)          ( .63)          ( .67)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.23         $  8.78         $  8.43
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .96           10.47            3.89           12.42           24.62
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                248             322             344             393             413
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                 .69             .71             .70             .66             .67
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.84            7.73            8.27            8.11            8.62
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

24   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.69%                4.31%            $ 10,431.00           $  70.49
   2             10.25%                 0.69%                8.81%            $ 10,880.58           $  73.52
   3             15.76%                 0.69%               13.50%            $ 11,349.53           $  76.69
   4             21.55%                 0.69%               18.39%            $ 11,838.69           $  80.00
   5             27.63%                 0.69%               23.49%            $ 12,348.94           $  83.45
   6             34.01%                 0.69%               28.81%            $ 12,881.18           $  87.04
   7             40.71%                 0.69%               34.36%            $ 13,436.36           $  90.80
   8             47.75%                 0.69%               40.15%            $ 14,015.47           $  94.71
   9             55.13%                 0.69%               46.20%            $ 14,619.53           $  98.79
  10             62.89%                 0.69%               52.50%            $ 15,249.64           $ 103.05
TOTAL                                                                                               $ 858.54



DWS VARIABLE SERIES II - CLASS A SHARES                     DWS HIGH INCOME
                                                            VIP   25


DWS INTERNATIONAL SELECT EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in equity
securities and other securities with equity characteristics.

Although the portfolio can invest in companies of any size and from any
country, it invests mainly in common stocks of established companies located in
countries with, or tied economically to, developed economies (other than the
United States).

At least 50% of the portfolio's assets will be invested in securities that are
represented in the MSCI EAFE (Reg. TM) Index. The MSCI EAFE (Reg. TM) Index
tracks stocks in Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United
Kingdom.

The portfolio's equity investments are mainly common stocks, but may also
include preferred stocks and other securities with equity characteristics, such
as convertible securities and warrants.

The portfolio may also invest up to 20% of its assets in cash equivalents, US
investment-grade fixed-income securities and US stocks and other equities.

The portfolio may invest a portion of its assets in companies located in
countries with emerging markets. These countries are generally located in Latin
America, the Middle East, Eastern Europe, Asia and Africa. Typically, the
portfolio will not hold more than 35% of its net assets in securities of
emerging markets issuers.

The portfolio managers seek to identify a focused list of approximately 35 to
50 companies that offer, in the manager's opinion, the greatest upside
potential based typically on a 12-18 month investment horizon. The portfolio
managers use a bottom-up approach, emphasizing individual stock selection, with
any active allocation among countries, regions or industries as a residual of
this strategy.

The portfolio managers' process begins with a broad universe of equity
securities of issuers primarily, but not exclusively, located in the countries
that make up the MSCI EAFE (Reg. TM) Index.

As of February 29, 2008, the MSCI EAFE (Reg. TM) Index had a median market
capitalization of approximately $5.8 billion. Under normal market conditions,
the portfolio invests in securities of issuers with a minimum market
capitalization of $500 million.

The portfolio managers screen for companies seeking to identify those with high
or improving, and sustainable, returns on capital and long-term prospects for
growth. The portfolio managers focus on companies with real cash flow on
investment rather than published earnings. The team utilizes information
gleaned from a variety of sources and perspectives, including broad trends such
as lifestyle, demographic and technological changes, industry cycles and
regulatory changes, quantitative screening and individual company analysis.

Based on this fundamental research, the portfolio managers set a target price
objective (the portfolio managers' opinion of the intrinsic value of the
security) for each security and ranks the securities based on these target
price objectives. The portfolio managers apply a disciplined approach to risk
management and portfolio construction. Stocks are sold when they meet their
target price objectives, a better investment opportunity has been identified or
there has been a negative change in the outlook for the company, country or
industry. In implementing this strategy, the portfolio may experience a high
portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.


26   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio managers may use derivatives in circumstances where the portfolio
management believes they offer an economical means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions
or other needs while maintaining exposure to the market. In particular, the
portfolio may use futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. As with most stock funds, an important factor with this
portfolio is how stock markets perform - in this case, foreign markets. When
foreign stock prices fall, you should expect the value of your investment to
fall as well. Because a stock represents ownership in its issuer, stock prices
can be hurt by poor management, shrinking product demand and other business
risks. These may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   27


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who are seeking high capital
appreciation and are willing to accept the risks of investing in the stocks of
foreign companies.


28   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2002, the portfolio was named Scudder International Research
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                             
  10.02      45.71       -20.49      -24.43      -13.48     29.83      18.25      14.51      25.56      16.71
  1998       1999        2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 31.03%, Q4 1999              WORST QUARTER: -17.32%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -8.90%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                               1 YEAR         5 YEARS        10 YEARS
                                                   
Portfolio - Class A              16.71          20.84           7.94
MSCI EAFE + EMF Index            16.31          24.17           9.86
MSCI EAFE Index                  11.17          21.59           8.66


MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) EUROPE, AUSTRALASIA, FAR EAST
(EAFE) AND EMERGING MARKETS FREE INDEX is an unmanaged index generally accepted
as a benchmark for performance of major overseas markets, plus emerging
markets.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   29


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                      0.65%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.28
TOTAL ANNUAL OPERATING EXPENSES                 0.93


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual portfolios. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $95           $296           $515         $1,143


THE PORTFOLIO MANAGER

The following people handle the day-to-day management of the portfolio:

Matthias Knerr, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 1995 and the portfolio in 2004.
   o Portfolio manager for EAFE Equities and Global Equities.
   o BS, Pennsylvania State University.

Chris LaJaunie, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2006 as an analyst for International
     Equity and International Select Equity strategies: New York.
   o Prior to that, nine years of experience as portfolio manager for Morgan
     Stanley Capital Management, JP Morgan Securities and Scudder Kemper
     Investments.
   o Joined the portfolio in 2008.
   o BA, MA from Louisiana State University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


30   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.31     $  13.25     $  11.91    $  10.18    $  7.96
- -------------------------------------------  --------     --------     --------    --------    -------
Income (loss) from investment operations:
 Net investment income a                           .25       .24b            .20         .17        .10
___________________________________________  ________     ________     ________    ________    _______
 Net realized and unrealized gain (loss)         2.24         3.11         1.48        1.67       2.23
- -------------------------------------------  --------     --------     --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                2.49         3.35         1.68        1.84       2.33
- -------------------------------------------  --------     --------     --------    --------    -------
Less distributions from:
 Net investment income                         (  .46)      (  .29)      (  .34)     (  .11)    (  .11)
___________________________________________  ________     ________     ________    ________    _______
 Net realized gains                            ( 1.58)           -            -           -          -
___________________________________________  ________     ________     ________    ________    _______
 TOTAL DISTRIBUTIONS                           ( 2.04)      (  .29)      (  .34)     (  .11)    (  .11)
- -------------------------------------------  --------     --------     --------    --------    -------
NET ASSET VALUE, END OF PERIOD               $  16.76     $  16.31     $  13.25    $  11.91    $ 10.18
- -------------------------------------------  --------     --------     --------    --------    -------
Total Return (%)                                16.71        25.56        14.51       18.25      29.83
___________________________________________  ________     ________     ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            236          223          196         184        147
___________________________________________  ________     ________     ________    ________    _______
Ratio of expenses (%)                             .93          .88          .87         .89        .94
___________________________________________  ________     ________     ________    ________    _______
Ratio of net investment income (%)               1.53       1.65b          1.59        1.58       1.17
___________________________________________  ________     ________     ________    ________    _______
Portfolio turnover rate (%)                       117          122           93          88        139
- -------------------------------------------  --------     --------     --------    --------    -------


a   Based on average shares outstanding during the period.

b   Net investment income per share and the ratio of net investment income
    without non-recurring dividend income amounting to $0.20 per share and
    1.39% of average daily net assets, respectively.


DWS VARIABLE SERIES II - CLASS A SHARES           DWS INTERNATIONAL SELECT
                                                  EQUITY VIP   31


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.93%                4.07%            $ 10,407.00           $    94.89
   2             10.25%                 0.93%                8.31%            $ 10,830.56           $    98.75
   3             15.76%                 0.93%               12.71%            $ 11,271.37           $   102.77
   4             21.55%                 0.93%               17.30%            $ 11,730.11           $   106.96
   5             27.63%                 0.93%               22.08%            $ 12,207.53           $   111.31
   6             34.01%                 0.93%               27.04%            $ 12,704.38           $   115.84
   7             40.71%                 0.93%               32.21%            $ 13,221.44           $   120.56
   8             47.75%                 0.93%               37.60%            $ 13,759.56           $   125.46
   9             55.13%                 0.93%               43.20%            $ 14,319.57           $   130.57
  10             62.89%                 0.93%               49.02%            $ 14,902.38           $   135.88
TOTAL                                                                                               $ 1,142.99



32   DWS INTERNATIONAL SELECT EQUITY VIP             DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   33


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


34   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its
total assets in the obligations of banks and other financial institutions, it
may be vulnerable to setbacks in that industry. Banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.

PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                 
   5.15      4.84      6.10      3.75      1.35      0.72      0.91      2.80      4.65     5.00
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.56%, Q3 2000              WORST QUARTER: 0.14%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.88%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class A           5.00           2.80           3.51


7-day yield as of December 31, 2007: 4.58%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   35


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                       CLASS A
                                      
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
____________________________________________________________________
Management Fee 1                                        0.29%
Distribution/Service (12b-1) Fee                 None
Other Expenses 2                                   0.17
TOTAL ANNUAL OPERATING EXPENSES                   0.46
Less Expense Waiver/Reimbursements                0.02
NET ANNUAL OPERATING EXPENSES3                    0.44


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.44%
    for Class A shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including two years of capped expenses in each
period), this example helps you compare the expenses of Class A shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $45           $143           $253           $575


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


36   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .049         .046        .028        .009        .007
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .049         .046        .028        .009        .007
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .049)      ( .046)     ( .028)     ( .009)     ( .007)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     5.00a        4.65a         2.80         .91         .72
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   355          294         235         241         326
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .46          .52         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .45          .51         .52         .53         .54
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.88         4.58        2.77         .88         .73
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS A SHARES                   DWS MONEY MARKET
                                                          VIP   37


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.44%                4.56%            $ 10,456.00           $  45.00
   2             10.25%                 0.44%                9.33%            $ 10,932.79           $  47.06
   3             15.76%                 0.46%               14.29%            $ 11,429.14           $  51.43
   4             21.55%                 0.46%               19.48%            $ 11,948.03           $  53.77
   5             27.63%                 0.46%               24.90%            $ 12,490.47           $  56.21
   6             34.01%                 0.46%               30.58%            $ 13,057.53           $  58.76
   7             40.71%                 0.46%               36.50%            $ 13,650.35           $  61.43
   8             47.75%                 0.46%               42.70%            $ 14,270.07           $  64.22
   9             55.13%                 0.46%               49.18%            $ 14,917.93           $  67.13
  10             62.89%                 0.46%               55.95%            $ 15,595.21           $  70.18
TOTAL                                                                                               $ 575.19



38   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   39


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


40   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS A

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class A shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS A

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.37      34.56       -10.71      -28.91      -33.36     32.94      11.02       7.07      5.27     6.20
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.96%, Q4 1999               WORST QUARTER: -31.72%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.12%


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   41


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class A                 6.20          12.06           1.76
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                     CLASS A
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
__________________________________________________________________
Management Fee 1                                    0.55%
Distribution/Service (12b-1) Fee               None
Other Expenses 2                                 0.20
TOTAL ANNUAL OPERATING EXPENSES                 0.75


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
A shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class A shares           $77           $240           $417           $930



42   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   43


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS A





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.19      $ 13.48      $  12.59    $  11.34    $  8.53
- -------------------------------------------------   --------      -------      --------    --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .01)      (  .04)d      (  .06)     (  .05)    (  .04)
_________________________________________________   ________      _______      ________    ________    _______
 Net realized and unrealized gain (loss)                 .89          .75           .95        1.30       2.85
- -------------------------------------------------   --------      -------      --------    --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .88          .71           .89        1.25       2.81
- -------------------------------------------------   --------      -------      --------    --------    -------
NET ASSET VALUE, END OF PERIOD                      $  15.07      $ 14.19      $  13.48    $  12.59    $ 11.34
- -------------------------------------------------   --------      -------      --------    --------    -------
Total Return (%)                                     6.20b       5.27b,d        7.07c         11.02      32.94
_________________________________________________   ________     ________      ________    ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   174          208           243         210        210
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses before expense reductions (%)          .75          .73           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of expenses after expense reductions (%)           .72          .72           .72         .71        .69
_________________________________________________   ________     ________      ________    ________    _______
Ratio of net investment income (loss) (%)             (  .09)      (  .32)d      (  .47)     (  .47)    (  .41)
_________________________________________________   ________     ________      ________    ________    _______
Portfolio turnover rate (%)                               67           73            94         117        123
- -------------------------------------------------   --------     --------      --------    --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This had
    no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


44   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS A





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.75%                4.25%            $ 10,425.00           $  76.59
   2             10.25%                 0.75%                8.68%            $ 10,868.06           $  79.85
   3             15.76%                 0.75%               13.30%            $ 11,329.96           $  83.24
   4             21.55%                 0.75%               18.11%            $ 11,811.48           $  86.78
   5             27.63%                 0.75%               23.13%            $ 12,313.47           $  90.47
   6             34.01%                 0.75%               28.37%            $ 12,836.79           $  94.31
   7             40.71%                 0.75%               33.82%            $ 13,382.35           $  98.32
   8             47.75%                 0.75%               39.51%            $ 13,951.10           $ 102.50
   9             55.13%                 0.75%               45.44%            $ 14,544.02           $ 106.86
  10             62.89%                 0.75%               51.62%            $ 15,162.14           $ 111.40
TOTAL                                                                                               $ 930.32



DWS VARIABLE SERIES II - CLASS A SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   45


OTHER POLICIES AND RISKS

While the previous pages describe the main points of each portfolio's strategy
and risks, there are a few other issues to know about:

o Each portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, a
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in a
  portfolio's best interest. For DWS Money Market VIP, such determination will
  be made pursuant to procedures adopted by the Board.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in
each portfolio.

If you want more information on each portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that a portfolio will achieve its
objective.

A complete list of each portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which a
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. Each portfolio's Statement of
Additional Information includes a description of a portfolio's policies and
procedures with respect to the disclosure of a portfolio's portfolio holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for each portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for each portfolio and conducts research that leads to these
purchase and sale decisions. The Advisor provides a full range of global
investment advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


46   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


The Advisor receives a management fee from each portfolio. Below are the
management rates paid by each portfolio for the most recent fiscal year, as a
percentage of each portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Balanced VIP                                  0.45%*
DWS Government & Agency Securities VIP            0.53%*
DWS High Income VIP                              0.59  %
DWS International Select Equity VIP              0.75  %
DWS Money Market VIP                              0.38%*
DWS Small Cap Growth VIP                          0.62%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.370% of the portfolio's average daily net assets up to $250
million, 0.345% of the next $750 million and 0.310% over $1 billion.

Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS International Select Equity VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $1.5 billion, 0.635% of the next $1.75 billion, 0.620% of the next
$1.75 billion and 0.605% over $5 billion.

Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

A discussion regarding the basis for the Board renewal of each portfolio's
investment management agreement  and, as applicable, subadvisory agreement, is
contained in the shareholder reports for the annual period ended December 31,
2007 (see "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between each
portfolio and Deutsche Investment Management Americas Inc., each portfolio pays
the Advisor for providing most of each portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS A SHARES                    THE INVESTMENT
                                                           ADVISOR   47


PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS BALANCED VIP
The subadvisor for DWS Balanced VIP is Deutsche Asset Management International
GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main, Germany. DeAMi
renders investment advisory and management services to the portfolio. DeAMi is
an investment advisor registered with the Securities and Exchange Commission
and currently manages over $60 billion in assets, which is primarily comprised
of institutional accounts and investment companies. DeAMi is a subsidiary of
Deutsche Bank AG. DIMA compensates DeAMi out of the management fee it receives
from the portfolio.


48   PORTFOLIO SUBADVISOR                            DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIOS

The information in this section may affect anyone who selects one or more
portfolios as an investment option in a variable annuity contract or variable
life insurance policy that offers one or more portfolios. These contracts and
policies are described in separate prospectuses issued by participating
insurance companies. Each portfolio assumes no responsibility for such
prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class A shares of each portfolio.
Each portfolio offers two classes of shares. Class A shares are offered at net
asset value and are not subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include each
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer each portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. Each portfolio
does not sell shares directly to the public. Each portfolio sells shares only
to separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to a portfolio by the insurance companies in accordance
with your contract. Please see the contract prospectus that accompanies this
prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike a portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of a portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than a portfolio and have different expense ratios than the
portfolios. As a result, the performance of a portfolio and a Retail Fund will
differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from a portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of that portfolio.

Each portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, a
portfolio will ask for its name, address and other information that will allow
a portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, a portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help a portfolio verify the
insurance company's identity.

Each portfolio will not complete the purchase of any shares for an account
until all information has been provided and the application has been submitted
in "good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   49


Each portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

Each PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. Each portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

Each portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day each portfolio is
  open for business.

o Unless otherwise instructed, each portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o Each portfolio does not issue share certificates.

o Each portfolio reserves the right to reject purchases of shares for any
  reason.

o Each portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o Each portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o Each portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of each portfolio, they are deemed to be
  in each portfolio's best interest or when each portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o Each portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o Each portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; each portfolio
  generally won't make a redemption in kind unless your requests over a 90-day
  period total more than $250,000 or 1% of the value of each portfolio's net
  assets, whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

50   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                        CLASS A SHARES


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to each portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). Each portfolio
has adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, each portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. Each portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. Each portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. Each portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of each
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to each
portfolio, such as, but not limited to, systematic transactions, required
minimum retirement distributions, transactions initiated by each portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, each portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of each portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than each
portfolio's policies, may permit certain transactions not permitted by each
portfolio's policies, or prohibit transactions not subject to each portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of each portfolio that provide a substantially similar level of
protection for each portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that each portfolio invests some portion of its
assets in foreign securities, each portfolio has adopted certain fair valuation
practices intended to protect each portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by each portfolio. (See "How each Portfolio Calculates
Share Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   51


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of each portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in each
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

Each portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to each portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of each portfolio,
any record keeping/
sub-transfer agency/networking fees payable by each portfolio (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing a portfolio with "shelf space" or access to a
third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of each portfolio attributable to the
financial advisor, the particular portfolio or portfolio type or other measures
as agreed to by the Advisor, the Distributor and/or their affiliates and the
financial advisors or any combination thereof. The amount of these revenue
sharing payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of each portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of each portfolio


52   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of each portfolio or of any particular share
class of each portfolio. You should review your financial advisor's
compensation disclosure and/or talk to your financial advisor to obtain more
information on how this compensation may have influenced your financial
advisor's recommendation of each portfolio. Additional information regarding
these revenue sharing payments is included in each portfolio's Statement of
Additional Information, which is available to you on request at no charge (see
the back cover of this prospectus for more information on how to request a copy
of the Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for each
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for each portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW EACH PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, each portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for each portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")


DWS VARIABLE SERIES II - CLASS A SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   53


DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. All other portfolios intend to declare
and distribute dividends from their net investment income and capital gains, if
any, annually. Each portfolio may make additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

Each portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. Each portfolio intends to
comply with these requirements. If a portfolio or separate account does not
meet such requirements or otherwise fails to qualify as a regulated investment
company for any taxable year, income allocable to the contracts associated with
the separate account will be taxable currently to the holders of such contracts
and income from prior periods with respect to such contracts also could be
taxable, most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

Each portfolio's investments in certain debt obligations may cause each
portfolio to recognize taxable income in excess of the cash generated by such
obligation. Thus, each portfolio could be required at times to liquidate other
investments in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


54   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS A SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from each portfolio's management
team about recent market conditions and the effects of each portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything each portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about each
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. Each portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2a-Power


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                               DWS BALANCED VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Balanced VIP
 12      Other Policies and Risks
 12      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
15      Buying and Selling Shares
18      How the Portfolio Calculates Share Price
18      Distributions
18      Taxes
19      Marketing and Distribution Fees





DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may exceed the intended level of market
exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B
[BAR GRAPHIC APPEARS HERE]





                                                                        
  14.85      14.52       -2.87      -6.32      -15.39     17.66       6.26      3.90      9.82     4.43
  1998       1999       2000       2001        2002       2003       2004      2005      2006       2007






                                        
For the periods included in the bar chart:
BEST QUARTER: 12.75%, Q4 1998              WORST QUARTER: -9.97%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.56%



AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class B                         4.43           8.30           4.20
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.36%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.16
TOTAL ANNUAL OPERATING EXPENSES            0.77


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $79           $246           $428           $954



DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004         2003
                                                                                        
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.43   $ 22.72         $  22.33     $  21.28    $  18.64
- -------------------------------------------------   --------   ----------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                           .65       .60d             .51          .39         .28
_________________________________________________   ________   __________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .41     1.60               .35          .92        2.92
- -------------------------------------------------   --------   ----------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.06     2.20               .86         1.31        3.20
- -------------------------------------------------   --------   ----------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .71)  (  .49)           (  .47)      (  .26)     (  .56)
_________________________________________________   ________   __________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.78   $ 24.43         $  22.72     $  22.33    $  21.28
- -------------------------------------------------   --------   ----------      --------     --------    --------
Total Return (%)                                     4.43b     9.82b, d         3.90b           6.26       17.66
_________________________________________________   ________   _____________   ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                     7       30                34           33          21
_________________________________________________   ________   __________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .89      .93               .95          .97         .99
_________________________________________________   ________   __________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .88      .89               .91          .97         .99
_________________________________________________   ________   __________      ________     ________    ________
Ratio of net investment income (%)                      2.63       2.61d           2.28         1.80        1.48
_________________________________________________   ________   __________      ________     ________    ________
Portfolio turnover rate (%)                           190c        108            121c         131c        102c
- -------------------------------------------------   --------   ----------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.77%                4.23%            $ 10,423.00           $  78.63
   2             10.25%                 0.77%                8.64%            $ 10,863.89           $  81.95
   3             15.76%                 0.77%               13.23%            $ 11,323.44           $  85.42
   4             21.55%                 0.77%               18.02%            $ 11,802.42           $  89.03
   5             27.63%                 0.77%               23.02%            $ 12,301.66           $  92.80
   6             34.01%                 0.77%               28.22%            $ 12,822.02           $  96.73
   7             40.71%                 0.77%               33.64%            $ 13,364.39           $ 100.82
   8             47.75%                 0.77%               39.30%            $ 13,929.70           $ 105.08
   9             55.13%                 0.77%               45.19%            $ 14,518.93           $ 109.53
  10             62.89%                 0.77%               51.33%            $ 15,133.08           $ 114.16
TOTAL                                                                                               $ 954.15



DWS VARIABLE SERIES II - CLASS B SHARES                       DWS BALANCED
                                                              VIP   11


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


12   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME           FEE PAID
                    
DWS Balanced VIP            0.45%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.370% of the portfolio's average daily net assets up to $250
million, 0.345% of the next $750 million and 0.310% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   13


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


18   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   19



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-BAL



                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                               DWS BLUE CHIP VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



    
3      DWS Blue Chip VIP
9      Other Policies and Risks
9      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes
16      Marketing and Distribution Fees





DWS BLUE CHIP VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital and income.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in common
stocks of large US companies that are similar in size to the companies in the
S&P 500 Index (as of February 29, 2008, the S&P 500 Index had a median market
capitalization of $10.8 billion) and that the portfolio managers consider to be
"blue chip" companies. Blue chip companies are large, well-known companies that
typically have an established earnings and dividends history, easy access to
credit, solid positions in their industry and strong management.

The portfolio managers look for "blue chip" companies whose stock price is
attractive relative to potential growth. The managers use quantitative stock
techniques and fundamental equity analysis to evaluate each company's stock
price relative to the company's earnings, operating trends, market outlook and
other measures of performance potential.

The portfolio managers will normally sell a stock when the managers believe its
fundamental factors have changed, other investments offer better opportunities
or in the case of adjusting the portfolio's emphasis on or within a given
industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US common stocks, it could invest up to
20% of its net assets in foreign securities. The portfolio may also invest in
other types of equity securities such as preferred stocks or convertible
securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BLUE CHIP
                                                               VIP   3


well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors with long-term goals who are interested in a core stock investment
 may be interested in this portfolio.

4   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                           
  13.56      24.92       -8.07      -16.02      -22.31     26.76      15.55       9.68     15.19      3.15
  1998       1999       2000        2001        2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 18.19%, Q4 1998               WORST QUARTER: -17.49%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -10.94%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class B           3.15          13.80           4.97
Russell 1000 Index            5.77          13.43           6.20


RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BLUE CHIP
                                                               VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.54%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.17
TOTAL ANNUAL OPERATING EXPENSES            0.96


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $98           $306           $531         $1,178


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income and
     derivative securities at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2003.
   o BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Strategies: New York.
   o Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o Joined the portfolio in 2006.
   o BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Global Quantitative Equity: New York.
   o Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o Joined the portfolio in 2006.
   o BA, University of Connecticut.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BLUE CHIP VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.12     $  14.83    $ 13.60     $ 11.80     $  9.35
- -------------------------------------------  --------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income a                           .11       .11b         .09         .09         .04
___________________________________________  ________     ________    _______     _______     _______
 Net realized and unrealized gain (loss)          .36         2.07      1.22        1.74        2.45
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                 .47         2.18      1.31        1.83        2.49
- -------------------------------------------  --------     --------    -------     -------     -------
Less distributions from:
 Net investment income                         (  .11)      (  .08)   (  .08)     (  .03)     (  .04)
___________________________________________  ________     ________    _______     _______     _______
 Net realized gains                            ( 1.87)      (  .81)        -           -           -
- -------------------------------------------  --------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                           ( 1.98)      (  .89)   (  .08)     (  .03)     (  .04)
- -------------------------------------------  --------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD               $  14.61     $  16.12    $ 14.83     $ 13.60     $ 11.80
- -------------------------------------------  --------     --------    -------     -------     -------
Total Return (%)                                 3.15      15.19b       9.68       15.55       26.76
___________________________________________  ________     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)             11           46        44          37          17
___________________________________________  ________     ________    _______     _______     _______
Ratio of expenses (%)                            1.09         1.09      1.09        1.08        1.10
___________________________________________  ________     ________    _______     _______     _______
Ratio of net investment income (%)                .75       .74b         .61         .70         .43
___________________________________________  ________     ________    _______     _______     _______
Portfolio turnover rate (%)                       275          226       288         249         182
- -------------------------------------------  --------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.003 per
    share and an increase in the ratio of net investment income of 0.02%.
    Excluding this non-recurring income, total return would have been 0.02%
    lower.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BLUE CHIP
                                                               VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BLUE CHIP VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.96%                4.04%            $ 10,404.00           $    97.94
   2             10.25%                 0.96%                8.24%            $ 10,824.32           $   101.90
   3             15.76%                 0.96%               12.62%            $ 11,261.62           $   106.01
   4             21.55%                 0.96%               17.17%            $ 11,716.59           $   110.30
   5             27.63%                 0.96%               21.90%            $ 12,189.94           $   114.75
   6             34.01%                 0.96%               26.82%            $ 12,682.42           $   119.39
   7             40.71%                 0.96%               31.95%            $ 13,194.79           $   124.21
   8             47.75%                 0.96%               37.28%            $ 13,727.86           $   129.23
   9             55.13%                 0.96%               42.82%            $ 14,282.46           $   134.45
  10             62.89%                 0.96%               48.59%            $ 14,859.47           $   139.88
TOTAL                                                                                               $ 1,178.06



8   DWS BLUE CHIP VIP                                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME           FEE PAID
                     
DWS Blue Chip VIP          0.64%


Effective May 1, 2008, DWS Blue Chip VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.550% of the portfolio's average daily net assets up to
    $250 million, 0.520% of the next $750 million, 0.500% of the next $1.5
    billion, 0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion,
    0.430% of the next $2.5 billion, 0.410% of the next $2.5 billion and
    0.390% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-BC


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                        DWS CONSERVATIVE ALLOCATION VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Conservative Allocation VIP
 12      Other Policies and Risks
 12      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
15      Buying and Selling Shares
18      How the Portfolio Calculates Share Price
18      Distributions
18      Taxes
19      Marketing and Distribution Fees





DWS CONSERVATIVE ALLOCATION VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks a balance of current income and long-term growth of capital
with an emphasis on current income. The portfolio does this by investing in
other DWS VIP portfolios ("underlying portfolios") that invest across a range
of asset classes, utilizing a wide variety of securities and investment styles.
The portfolio will always invest in the share class of an underlying portfolio
with the lowest fees and expenses.

The portfolio's target allocation is as follows:

o 60% in underlying portfolios which invest primarily in fixed-income
  securities of all credit qualities and maturities ("fixed-income
  portfolios").

o 40% in underlying portfolios which invest primarily in equity securities of
  all capitalization levels ("equity portfolios").

The portfolio managers have the flexibility to adjust this allocation within
 the following ranges:

o 45-75% in fixed-income portfolios.

o 25-55% in equity portfolios.

While the actual allocation may vary, the portfolio managers expect that over
the long term it will average out to be similar to the target allocation.

The portfolio managers regularly review the actual allocation and may adjust it
in seeking to take advantage of current or expected market conditions or to
manage risk. In making their allocation decisions, the managers use a
proprietary mix of qualitative and quantitative inputs to arrive at a view for
the securities markets and segments of those markets. Based on the desired
exposure to particular investments and a thorough risk analysis, the managers
then decide which portfolios to use as underlying portfolios and in which
proportions.

It is expected that, in the future, the managers may invest in instruments,
commonly called "derivatives," including, but not limited to, futures and
forward currency exchange contracts, to attempt to manage risk and enhance
returns. Derivatives may be used to hedge the portfolio against price
fluctuations and otherwise reduce risk. Derivatives may also be used to
increase the portfolio's exposure to certain markets in an attempt to enhance
returns. These strategies may be used separately or in combination. The
managers may also use these derivatives strategies to help maintain cash
reserves or otherwise liquid assets to meet shareholder redemptions, or for
other needs, while maintaining exposure to the markets. The managers will
determine which derivative instruments to purchase by using a quantitative
strategy that incorporates data from various international markets. The
strategy seeks to shift the emphasis on the portfolio's holdings in response to
short- and medium-term changes in global markets. The use of the strategy is
subject to Board approval. Shareholders will be notified prior to the use of
the strategy.

The underlying portfolios use a broad array of investment styles. These
portfolios can buy many types of securities, among them common stocks of
companies of any size, corporate bonds of varying credit quality, US government
and agency bonds, mortgage- and asset-backed securities, money market
instruments and others. These securities are mainly from US issuers but may be,
to a more limited extent, from foreign issuers.

Underlying portfolios include DWS VIP portfolios, and may include retail DWS
funds managed by the Advisor and, pursuant to an exemptive order obtained from
the Securities and Exchange Commission, non-affiliated exchange traded funds
("ETFs") in excess of the Investment Company Act of 1940 limits. The portfolio
will invest in a retail DWS fund only when a suitable DWS VIP portfolio is not
available and in an ETF only when neither a suitable DWS VIP portfolio nor a
retail DWS fund is available. The portfolio's allocations among the underlying
funds will change over time and there should be no expectation that current or
past positions in an underlying fund will be maintained in the future.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This could prevent
losses, but, while engaged in a temporary defensive position, the portfolio
will not be pursuing its investment objective. However, the managers may choose
not to use these strategies for various reasons, even in very volatile market
conditions.


DWS VARIABLE SERIES II - CLASS B SHARES              DWS CONSERVATIVE
                                                     ALLOCATION VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to other asset categories.

REALLOCATION RISK. From time to time, one or more underlying portfolios may
experience relatively large investments or redemptions due to reallocations or
rebalancings of the portfolio or other fund-of-fund products managed by the
Advisor. These transactions will affect the underlying portfolios, since
underlying portfolios that experience redemptions as a result of reallocations
or rebalancings may have to sell securities and underlying portfolios that
receive additional cash will have to invest such cash. In addition, a large
redemption by a portfolio in a specific underlying portfolio could also hurt
the performance of another portfolio currently invested in the same underlying
portfolio. While it is impossible to predict the overall impact of these
transactions over time, there could also be adverse effects on a portfolio's
performance to the extent that the underlying portfolios may be required to
sell securities or invest cash at times when they would otherwise not do so.
These transactions could also accelerate the realization of taxable income if
sales of securities resulted in gains and could also increase transaction costs
for the underlying portfolios. The managers attempt to minimize such impact on
the underlying portfolios to the extent consistent with pursuing the investment
objective of a portfolio. The managers consider the impact on the underlying
portfolios of transactions by the portfolio and an underlying portfolio may
discontinue sales of shares to the portfolio.

ETF RISK. An ETF is a fund that holds a portfolio of common stocks or bonds
designed to track the performance of a securities index or industry sector.
ETFs trade on a securities exchange and their shares may, at times, trade at a
premium or discount to their NAV. In addition, an ETF may not replicate exactly
the performance of the index it seeks to track for a number of reasons,
including transaction costs incurred by the ETF. ETFs incur fees and expenses,
such as operating expenses, licensing fees, trustee fees and marketing
expenses, which are borne proportionately by ETF shareholders, such as the
portfolio. The portfolio will also incur brokerage costs when purchasing and
selling shares of ETFs.



INVESTMENT RISKS OF THE UNDERLYING PORTFOLIOS

The investment risks below are risks of certain of the underlying portfolios;
by investing in the underlying portfolios the portfolio is also exposed to
these risks.

FOCUSED INVESTING RISK. The fact that the portfolio may focus on investments
from a single state or sector of the municipal securities market increases
risk, because factors affecting the state or region, such as economic or fiscal
problems, could affect a large portion of the portfolio's securities in a
similar manner. For example, a state's technology or biotech industries could
experience a downturn or fail to develop as expected, hurting the local
economy. States that face severe fiscal difficulties due to an economic
downturn, could experience increased expenditures on domestic security and
reduced monetary support from the federal government. Over time, these issues
may have the ability to impair a state's ability to repay its obligations.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income


4   DWS CONSERVATIVE ALLOCATION VIP                  DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


securities. This will have the effect of locking in a below-market interest
rate, increasing the portfolio's duration and reducing the value of such a
security. Because the portfolio may invest in mortgage-related securities, it
is more vulnerable to both of these risks.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary


DWS VARIABLE SERIES II - CLASS B SHARES              DWS CONSERVATIVE
                                                     ALLOCATION VIP   5


market; the risk that a counterparty is unwilling or unable to meet its
obligation and the risk that the derivative transaction could expose the
portfolio to the effects of leverage, which could increase the portfolio's
exposure to the market and magnify potential losses. There is no guarantee that
derivatives, to the extent employed, will have the intended effect, and their
use could cause lower returns or even losses to the portfolio. The use of
derivatives by the portfolio to hedge risk may reduce the opportunity for gain
by offsetting the positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

Other factors that could affect performance are:

o the managers of the portfolio or the underlying portfolios could be incorrect
  in their analysis of economic trends, countries, industries, companies, the
  relative attractiveness of asset classes or other matters; and

o the underlying portfolios may trade securities more actively than comparable
  portfolios. Upon the use of the derivatives strategy, the portfolio may also
  trade derivative instruments more actively than comparable portfolios. Any
  of these cases could raise transactions costs and thereby lower returns.

This portfolio is designed for investors who are interested in a relatively
conservative balanced asset allocation investment.


6   DWS CONSERVATIVE ALLOCATION VIP                  DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                
   4.38      8.81     4.68
  2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 3.49%, Q4 2006               WORST QUARTER: -1.08%, Q1 2005
2008 TOTAL RETURN AS OF MARCH 31: -5.01%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        SINCE INCEPTION*
                                             
Portfolio - Class B                     4.68               7.28
Lehman Brothers U.S. Aggregate
Index                                   6.97               4.48
Russell 1000 Index                      5.77              11.63


*   Since 8/16/04. Index comparisons begin 8/31/04.

Total returns would have been lower if operating expenses hadn't been reduced.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES              DWS CONSERVATIVE
                                                     ALLOCATION VIP   7


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The portfolio's shareholders directly bear the fees and
expenses of the portfolio, subject to the contractual obligations of the
advisor, underwriter and accounting agent to waive fees or reimburse expenses
to maintain the portfolio's operating expenses at a specified level. The
portfolio will indirectly bear its proportionate share of fees and expenses
incurred by the underlying portfolios in which the portfolio is invested (see
"Acquired (Underlying) Portfolios Fees and Expenses" in the table below). The
information in the table does not reflect charges and fees associated with the
separate account that invests in the portfolio or any variable life insurance
policy or variable annuity contract for which the portfolio is an investment
option. These charges and fees will increase expenses.





FEE TABLE                                                     CLASS B
                                                         
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
Management Fee 1 ,2                                               0.07%
Distribution/Service (12b-1) Fee                                0.25
Other Expenses3                                                 0.37
Acquired (Underlying) Portfolios Fees and Expenses4,5           0.64
TOTAL ANNUAL OPERATING EXPENSES6,7                              1.33


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Through September 30, 2008, the Advisor has contractually agreed to waive a
    portion of its Investment Management Fee in the amount of 0.05% of the
    portfolio's average daily net assets.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   Underlying portfolio fees and expenses may include contractual expense
    limitations or reimbursements, where applicable.

5   In addition to the expenses that the portfolio bears directly, the
    portfolio's shareholders indirectly bear the expenses of the underlying
    portfolios in which the portfolio invests. The portfolio's estimated
    indirect expense from investing in the underlying portfolios, based on its
    expected allocations to the underlying portfolios, is as shown in the
    table.

6   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.70% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage, interest and indirect expenses
    of underlying DWS portfolios. Although there can be no assurance that the
    current waiver/expense reimbursment arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.

7   Effective October 1, 2008 through April 30, 2010, the Advisor has agreed to
    waive all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 0.75% for Class B shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage, interest and
    indirect expenses of underlying DWS portfolios.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions, and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $135           $421           $729         $1,601



8   DWS CONSERVATIVE ALLOCATION VIP                  DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Global Asset Allocation portfolio manager: New York.
   o Joined Deutsche Asset Management in 1999 as a quantitative analyst,
     becoming an associate portfolio manager in 2001.
   o BS, MS, Moscow State University; MBA, University of Chicago.
   o Joined the portfolio in 2004.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined Deutsche Asset Management in 1995 as a senior fixed income
     portfolio manager after 13 years of experience at J.P. Morgan & Co.
     trading fixed income, derivatives and foreign exchange products.
   o BS, The Wharton School, University of Pennsylvania.
   o Joined the portfolio in 2004.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES              DWS CONSERVATIVE
                                                     ALLOCATION VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CONSERVATIVE ALLOCATION VIP - CLASS B





YEARS ENDED DECEMBER 31,                                    2007             2006             2005            2004A
                                                                                               
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                     $  11.86         $  11.10        $ 10.66          $ 10.00
- --------------------------------------------------       --------         --------        -------          -------
Income (loss) from investment operations:
 Net investment income (loss)b                                .31              .22           .19           (  .03)
__________________________________________________       ________         ________        _______          _______
 Net realized and unrealized gain (loss)                      .23              .74           .28              .69
- --------------------------------------------------       --------         --------        -------          -------
 TOTAL FROM INVESTMENT OPERATIONS                             .54              .96           .47              .66
- --------------------------------------------------       --------         --------        -------          -------
Less distributions from:
 Net investment income                                     (  .24)          (  .14)            -               -
__________________________________________________       ________         ________        _______          _______
 Net realized gain                                         (  .32)          (  .06)       (  .03)              -
__________________________________________________       ________         ________        _______          _______
 TOTAL DISTRIBUTIONS                                       (  .56)          (  .20)       (  .03)              -
- --------------------------------------------------       --------         --------        -------          -------
NET ASSET VALUE, END OF PERIOD                           $  11.84         $  11.86        $ 11.10          $ 10.66
- --------------------------------------------------       --------         --------        -------          -------
Total Return (%)c,d                                          4.68             8.81          4.38             6.60**
__________________________________________________       ________         ________        _______          _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                         18               59            46              14
__________________________________________________       ________         ________        _______          _______
Ratio of expenses before expense reductions (%)e              .77              .79           .94             2.96*
__________________________________________________       ________         ________        _______          _______
Ratio of expenses after expense reductions (%)e               .71              .74           .75              .75*
__________________________________________________       ________         ________        _______          _______
Ratio of net investment income (loss) (%)                    2.65             1.90          1.73           (  .67)*
__________________________________________________       ________         ________        _______          _______
Portfolio turnover rate (%)                                    32               31            27              18
- --------------------------------------------------       --------         --------        -------          -------


a   For the period from August 16, 2004 (commencement of operations) to
    December 31, 2004.

b   Based on average shares outstanding during the period.

c   Total return would have been lower had certain expenses not been reduced.

d   Total return would have been lower if the Advisor had not reduced certain
    of the Underlying Portfolios' expenses.

e   The Portfolio invests in other DWS Portfolios and indirectly bears its
    proportionate share of fees and expenses incurred by the Underlying DWS
    Portfolios in which the Portfolio is invested. This ratio does not include
    these indirect fees and expenses.

*   Annualized

**   Not annualized

10   DWS CONSERVATIVE ALLOCATION VIP                 DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CONSERVATIVE ALLOCATION VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.33%                3.67%            $ 10,367.00          $   135.44
   2             10.25%                 1.33%                7.47%            $ 10,747.47          $   140.41
   3             15.76%                 1.33%               11.42%            $ 11,141.90          $   145.56
   4             21.55%                 1.33%               15.51%            $ 11,550.81          $   150.91
   5             27.63%                 1.33%               19.75%            $ 11,974.72          $   156.44
   6             34.01%                 1.33%               24.14%            $ 12,414.20          $   162.19
   7             40.71%                 1.33%               28.70%            $ 12,869.80          $   168.14
   8             47.75%                 1.33%               33.42%            $ 13,342.12          $   174.31
   9             55.13%                 1.33%               38.32%            $ 13,831.77          $   180.71
  10             62.89%                 1.33%               43.39%            $ 14,339.40          $   187.34
TOTAL                                                                                              $ 1,601.45



DWS VARIABLE SERIES II - CLASS B SHARES             DWS CONSERVATIVE ALLOCATION
                                                    VIP   11


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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

The Advisor and its affiliates earn fees at varying rates for providing
services to the underlying DWS VIP portfolios and retail DWS funds. The Advisor
may therefore have a conflict of interest in selecting the underlying DWS funds
and in determining whether to invest in an ETF, from which it will not receive
any fees. However, the Advisor is a fiduciary to each portfolio and is required
to act in each portfolio's best interests.


12   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                          FEE PAID
                                   
DWS Conservative Allocation VIP            0.10%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Conservative Allocation VIP pays the Advisor a fee,
under the Investment Management Agreement, calculated daily and paid monthly,
at the annual rate of 0.065% of the portfolio's average daily net assets up to
$500 million, 0.055% of the next $500 million, 0.045% of the next $500 million,
0.035% of the next $1.0 billion and 0.025% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   13


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


18   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   19



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-CA


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                           DWS CORE FIXED INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Core Fixed Income VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


DWS VARIABLE SERIES II - CLASS B SHARES                  DWS CORE FIXED INCOME
                                                         VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.67      -2.30      9.63      5.45      7.77      4.76      4.10      1.85      3.89     3.75
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.03%, Q3 2002               WORST QUARTER: -2.44%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.17%


DWS VARIABLE SERIES II - CLASS B SHARES                  DWS CORE FIXED INCOME
                                                         VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class B                     3.75           3.67           4.61
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.49%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.17
TOTAL ANNUAL OPERATING EXPENSES            0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $93           $290           $504         $1,120



6   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                  DWS CORE FIXED INCOME
                                                         VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD        $ 11.84       $ 11.78    $  12.04    $  12.13   $ 11.96
- ------------------------------------------- -------       -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                        .51            .49         .42         .45      .40
___________________________________________ _______       _______    ________    ________   _______
 Net realized and unrealized gain (loss)    (  .08)        (  .05)     (  .21)        .05      .15
- ------------------------------------------- -------       -------    --------    --------   -------
 Total from investment operations              .43            .44         .21         .50      .55
- ------------------------------------------- -------       -------    --------    --------   -------
Less distributions from:
 Net investment income                      (  .47)        (  .38)     (  .36)     (  .38)  (  .38)
___________________________________________ _______       _______    ________    ________   _______
 Net realized gains                              -         (  .00)*    (  .11)     (  .21)       -
- ------------------------------------------- -------       -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                        (  .47)        (  .38)     (  .47)     (  .59)  (  .38)
- ------------------------------------------- -------       -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD              $ 11.80       $ 11.84    $  11.78    $  12.04   $ 12.13
- ------------------------------------------- -------       -------    --------    --------   -------
Total Return (%)                              3.75           3.89        1.85        4.10     4.76
___________________________________________ _______       _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)          69             82          89          88       45
___________________________________________ _______       _______    ________    ________   _______
Ratio of expenses (%)                         1.05           1.07        1.07        1.03     1.05
___________________________________________ _______       _______    ________    ________   _______
Ratio of net investment income (loss) (%)     4.39           4.17        3.56        3.81     3.36
___________________________________________ _______       _______    ________    ________   _______
Portfolio turnover rate (%)b                   197            183         164         185      229
- ------------------------------------------- -------       -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005.

8   DWS CORE FIXED INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



DWS VARIABLE SERIES II - CLASS B SHARES                  DWS CORE FIXED INCOME
                                                         VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                   FEE PAID
                             
DWS Core Fixed Income VIP          0.59%


Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
    the Investment Management Agreement, calculated daily and paid monthly, at
    the annual rate of 0.500% of the portfolio's average daily net assets up
    to $250 million, 0.470% of the next $750 million, 0.450% of the next $1.5
    billion, 0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion,
    0.380% of the next $2.5 billion, 0.360% of the next $2.5 billion and
    0.340% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS CORE FIXED INCOME VIP
Pursuant to an investment subadvisory agreement between the Advisor and
Aberdeen Asset Management Inc. ("AAMI"), an investment adviser registered under
the Investment Advisers Act of 1940, as amended, AAMI acts as subadvisor. As
the subadvisor, AAMI, under the supervision of the Board and the Advisor, makes
investment decisions, buys and sells securities and conducts the research that
leads to these purchase and sale decisions. AAMI provides a full range of
international investment advisory services to institutional and retail clients.


AAMI is a direct, wholly owned subsidiary of Aberdeen Asset Management PLC, the
parent company of an asset management group formed in 1983. AAMI is located at
1735 Market Street, Philadelphia, PA 19103.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-CFI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                          DWS DAVIS VENTURE VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Davis Venture Value VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes
16      Marketing and Distribution Fees





DWS DAVIS VENTURE VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

The portfolio invests primarily in common stock of US companies with market
capitalizations of at least $5 billion.

The portfolio managers select common stocks of well-managed companies with
durable business models that can be purchased at attractive valuations relative
to their intrinsic value. The portfolio managers look for companies with
sustainable growth rates selling at modest price-earnings multiples that the
portfolio managers hope will expand as other investors recognize the company's
true worth. The portfolio managers believe that by combining a sustainable
growth rate with a gradually expanding multiple, these rates may compound and
can generate returns that could exceed average returns earned by investing in
large capitalization domestic stocks.

The portfolio managers consider selling a company if they believe the stock's
market price exceeds their estimates of intrinsic value, or if the ratio of the
risks and rewards of continuing to own the company is no longer attractive.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio may also invest in foreign companies and US companies with
smaller market capitalizations.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   3


INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.


4   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors with long-term goals who want a core stock investment may be
interested in this portfolio.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                          
  -16.02      29.42      11.42       9.23     14.34      4.14
   2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 17.04%, Q2 2003              WORST QUARTER: -12.72%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -9.03%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        SINCE INCEPTION*
                                                    
Portfolio - Class B               4.14           13.40               6.20
Russell 1000 Value Index          -0.17          14.63               7.29


*   Since 5/1/01. Index comparison begins 4/30/01.

Total returns would have been lower if operating expenses hadn't been reduced.

DWS VARIABLE SERIES II - CLASS B SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   5


RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.86%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.16
TOTAL ANNUAL OPERATING EXPENSES3           1.27


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 1.29% for Class B shares, excluding certain
    expenses such as extraordinary expenses, taxes,brokerage and interest
    expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $129           $403           $697         $1,534


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Davis Selected Advisers, L.P. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The portfolio managers are Christopher C. Davis and Kenneth Charles Feinberg,
who have each managed the portfolio since inception. Mr. Davis is Chairman of
Davis Selected Advisers, L.P. and manages several funds advised by the firm.
Mr. Davis began his investment career and joined the subadvisor in 1988. Mr.
Feinberg also manages several funds advised by Davis Selected Advisers, L.P. He
began his investment career in 1987 and joined the subadvisor in 1994 as a
research analyst.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS DAVIS VENTURE VALUE VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004       2003
                                                                                       
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  14.22   $ 12.47       $ 11.46      $ 10.29     $  7.98
- -------------------------------------------------   --------   ----------    ---------    -------     -------
Income (loss) from investment operations:
 Net investment income (loss)a                           .09      .05           .04          .04         .02
_________________________________________________   ________   __________    _________    _______     _______
 Net realized and unrealized gain (loss)                 .49     1.73          1.01         1.13        2.32
- -------------------------------------------------   --------   ----------    ---------    -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                        .58     1.78          1.05         1.17        2.34
- -------------------------------------------------   --------   ----------    ---------    -------     -------
Less distributions from:
 Net investment income                                (  .05)  (  .03)       (  .04)      (  .00)*    (  .03)
_________________________________________________   ________   __________    _________    _______     _______
 Net realized gains                                   (  .18)       -             -           -            -
_________________________________________________   ________   __________    _________    _______     _______
 TOTAL DISTRIBUTIONS                                  (  .23)  (  .03)       (  .04)      (  .00)*    (  .03)
- -------------------------------------------------   --------   ----------    ---------    -------     -------
NET ASSET VALUE, END OF PERIOD                      $  14.57   $ 14.22       $ 12.47      $ 11.46     $ 10.29
- -------------------------------------------------   --------   ----------    ---------    -------     -------
Total Return (%)                                     4.14b        14.34b        9.23b      11.42       29.42
_________________________________________________   ________   __________    _________    _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    23       80            78          66           29
_________________________________________________   ________   __________    _________    _______     _______
Ratio of expenses before expense reductions (%)         1.39     1.40          1.41         1.44        1.40
_________________________________________________   ________   __________    _________    _______     _______
Ratio of expenses after expense reductions (%)          1.25     1.23          1.34         1.44        1.40
_________________________________________________   ________   __________    _________    _______     _______
Ratio of net investment income (%)                       .64      .39           .40          .36         .23
_________________________________________________   ________   __________    _________    _______     _______
Portfolio turnover rate (%)                                9       16             8           3            7
- -------------------------------------------------   --------   ----------    ---------    -------     -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005.

DWS VARIABLE SERIES II - CLASS B SHARES                 DWS DAVIS VENTURE VALUE
                                                        VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DAVIS VENTURE VALUE VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.27%                3.73%            $ 10,373.00          $   129.37
   2             10.25%                 1.27%                7.60%            $ 10,759.91          $   134.19
   3             15.76%                 1.27%               11.61%            $ 11,161.26          $   139.20
   4             21.55%                 1.27%               15.78%            $ 11,577.57          $   144.39
   5             27.63%                 1.27%               20.09%            $ 12,009.42          $   149.78
   6             34.01%                 1.27%               24.57%            $ 12,457.37          $   155.36
   7             40.71%                 1.27%               29.22%            $ 12,922.03          $   161.16
   8             47.75%                 1.27%               34.04%            $ 13,404.02          $   167.17
   9             55.13%                 1.27%               39.04%            $ 13,903.99          $   173.41
  10             62.89%                 1.27%               44.23%            $ 14,422.61          $   179.87
TOTAL                                                                                              $ 1,533.90



8   DWS DAVIS VENTURE VALUE VIP                      DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                      FEE PAID
                               
DWS Davis Venture Value VIP            0.79%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Davis Venture Value VIP pays the Advisor a fee,
under the Investment Management Agreement, calculated daily and paid monthly,
at the annual rate of 0.865% of the portfolio's average daily net assets up to
$250 million, 0.840% of the next $250 million, 0.815% of the next $500 million,
0.790% of the next $1.5 billion and 0.765% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DAVIS VENTURE VALUE VIP
Davis Selected Advisers, L.P., 2949 E. Elvira Road, Suite 101, Tucson, Arizona
85706, is the subadvisor to DWS Davis Venture Value VIP. Davis Selected
Advisers, L.P. began serving as investment advisor to Davis New York Venture
Fund in 1969 and currently serves as investment advisor to all of the Davis
Funds, and acts as advisor or subadvisor for a number of other institutional
accounts including mutual funds and private accounts. DIMA pays a fee to Davis
Selected Advisers, L.P. for acting as subadvisor.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-DVV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                       DWS DREMAN HIGH RETURN EQUITY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Dreman High Return Equity VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS DREMAN HIGH RETURN EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities. The portfolio focuses on stocks of large US companies
that are similar in size to the companies in the S&P 500 Index (as of February
29, 2008, the S&P 500 Index had a median market capitalization of $10.8
billion) and that the portfolio managers believe are undervalued. The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. Although the portfolio can invest in
stocks of any economic sector, at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. In
addition, the portfolio may invest in initial public offerings.

The portfolio managers begin by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The managers then compare a
company's stock price to its book value, cash flow and yield, and analyze
individual companies to identify those that are financially sound and appear to
have strong potential for long-term growth and income.

The managers assemble the portfolio from among the most attractive stocks,
drawing on analysis of economic outlooks for various sectors and industries.

The managers normally will sell a stock when it reaches a target price, its
fundamental factors have changed or when other investments offer better
opportunities.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of net assets in US dollar-denominated
American Depository Receipts and in securities of foreign companies traded
principally in securities markets outside the US.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).
Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may also use
derivatives in circumstances where the portfolio believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.


4   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


This portfolio may serve investors with long-term goals who are interested in a
large-cap value portfolio that may focus on certain sectors of the economy.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B
[BAR GRAPHIC APPEARS HERE]





                                                                  
  -11.38      30.19       1.44      -18.25     31.60      13.53       7.51     18.21       -2.19
   1999       2000       2001       2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 20.65%, Q2 2003               WORST QUARTER: -17.44%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -10.41%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                           1 YEAR         5 YEARS        SINCE INCEPTION*
                                                               
Portfolio - Class B                          -2.19          13.18               6.42
Standard & Poor's (S&P) 500 Index            5.49           12.83               4.59


*   Since 5/4/98. Index comparison begins 4/30/98.

Total returns would have been lower if operating expenses hadn't been reduced.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.64%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.24
TOTAL ANNUAL OPERATING EXPENSES            1.13
Less Expense Reimbursement                 0.02
NET ANNUAL OPERATING EXPENSES3             1.11


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 1.11%
    for Class B shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above (including one year of capped expenses in Year 1 and
two years of capped expenses in Years 3, 5 and 10), this example helps you
compare the expenses of Class B shares to those of other mutual funds. This
example assumes the expenses above remain the same. It also assumes that you
invested $10,000, earned 5% annual returns, reinvested all dividends and
distributions and sold your shares at the end of each period. This is only an
example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $113           $355           $618         $1,371



6   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio team in 1998.
   o Founder, Dreman Value Management, L.L.C.

F. James Hutchinson
President and Portfolio Manager.
   o Managing Director of Dreman Value Management, L.L.C.
   o Joined Dreman Value Management, L.L.C. in 2000.
   o Began investment career in 1986.
   o Joined the portfolio team in 2002.
   o Prior to joining Dreman Value Management, L.L.C., 30 years of experience
     in finance and trust/investment management with The Bank of New York.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
   Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
   RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio team in 2006.
   o MS, Texas Tech University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS DREMAN HIGH RETURN EQUITY VIP - CLASS B





YEARS ENDED DECEMBER 31,                             2007         2006         2005        2004       2003
                                                                                    
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $ 15.02     $  13.39    $ 12.63     $ 11.27     $  8.75
- ------------------------------------------------   -------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income (loss)a                         .24          .22       .19         .18         .16
________________________________________________   _______     ________    _______     _______     _______
 Net realized and unrealized gain (loss)            (  .56)        2.19       .75        1.33        2.53
- ------------------------------------------------   -------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                   (  .32)        2.41       .94        1.51        2.69
- ------------------------------------------------   -------     --------    -------     -------     -------
Less distributions from:
 Net investment income                              (  .16)      (  .19)   (  .18)     (  .15)     (  .17)
________________________________________________   _______     ________    _______     _______     _______
 Net realized gains                                 (  .13)      (  .59)        -           -           -
- ------------------------------------------------   -------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                                (  .29)      (  .78)   (  .18)     (  .15)     (  .17)
- ------------------------------------------------   -------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $ 14.41     $  15.02    $ 13.39     $ 12.63     $ 11.27
- ------------------------------------------------   -------     --------    -------     -------     -------
Total Return (%)                                    ( 2.19)b    18.21b       7.51       13.53       31.60
________________________________________________   _______     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                  37          191       135         117          66
________________________________________________   _______     ________    _______     _______     _______
Ratio of expenses before expense reduction (%)        1.15         1.16      1.17        1.16        1.18
________________________________________________   _______     ________    _______     _______     _______
Ratio of expenses after expense reduction (%)         1.13         1.16      1.17        1.16        1.18
________________________________________________   _______     ________    _______     _______     _______
Ratio of net investment income (%)                    1.59         1.48      1.45        1.58        1.75
________________________________________________   _______     ________    _______     _______     _______
Portfolio turnover rate (%)                             27           20        10           9          18
- ------------------------------------------------   -------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

8   DWS DREMAN HIGH RETURN EQUITY VIP                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN HIGH RETURN EQUITY VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.11%                3.89%            $ 10,389.00          $   113.16
   2             10.25%                 1.11%                7.93%            $ 10,793.13          $   117.56
   3             15.76%                 1.13%               12.11%            $ 11,210.83          $   124.32
   4             21.55%                 1.13%               16.45%            $ 11,644.69          $   129.13
   5             27.63%                 1.13%               20.95%            $ 12,095.33          $   134.13
   6             34.01%                 1.13%               25.63%            $ 12,563.42          $   139.32
   7             40.71%                 1.13%               30.50%            $ 13,049.63          $   144.71
   8             47.75%                 1.13%               35.55%            $ 13,554.65          $   150.31
   9             55.13%                 1.13%               40.79%            $ 14,079.21          $   156.13
  10             62.89%                 1.13%               46.24%            $ 14,624.08          $   162.17
TOTAL                                                                                              $ 1,370.94



DWS VARIABLE SERIES II - CLASS B SHARES            DWS DREMAN HIGH RETURN
                                                   EQUITY VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                           FEE PAID
                                     
DWS Dreman High Return Equity VIP          0.73%


Effective May 1, 2008, DWS Dreman High Return Equity VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.665% of the portfolio's average daily net
    assets up to $250 million, 0.635% of the next $750 million, 0.615% of the
    next $1.5 billion, 0.595% of the next $2.5 billion, 0.565% of the next
    $2.5 billion, 0.555% of the next $2.5 billion, 0.545% of the next $2.5
    billion and 0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DREMAN HIGH RETURN EQUITY VIP
The subadvisor for DWS Dreman High Return Equity VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making the
portfolio's investment decisions and buying and selling securities for the
portfolio.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-DHRE


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                      DWS DREMAN SMALL MID CAP VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Dreman Small Mid Cap Value VIP
 10      Other Policies and Risks
 10      The Investment Advisor
 11      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS B SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


4   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to January 18, 2002, the portfolio was named Scudder Small Cap Value
Portfolio, operated with a different investment strategy and a different
advisor managed the portfolio. Performance would have been different if the
portfolio's current policies and advisory agreement had been in effect.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                         
  -11.47       2.54      3.79     17.37       -11.63     41.65      25.52       9.78     24.59      2.67
   1998       1999      2000      2001        2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.63%, Q2 2003              WORST QUARTER: -22.52%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.97%


DWS VARIABLE SERIES II - CLASS B SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class B               2.67           20.08           9.33
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.64%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.28
TOTAL ANNUAL OPERATING EXPENSES            1.17


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $119           $372           $644         $1,420



6   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.88    $  19.93    $  20.01   $ 16.03      $  11.65
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .10         .07         .11      .10            .13
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.67        1.66     3.97           4.56
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .64        4.74        1.77     4.07           4.69
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .14)     (  .08)     (  .07)  (  .09)        (  .12)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.44)     ( 1.79)     ( 1.85)  (  .09)        (  .31)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.08    $  22.88    $  19.93   $ 20.01      $  16.03
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 2.67       24.59        9.78    25.52          41.65
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)             34          90          83       71             32
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                            1.16        1.17        1.19     1.16           1.19
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .47         .33         .56      .59           1.07
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

8   DWS DREMAN SMALL MID CAP VALUE VIP               DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.17%                3.83%            $ 10,383.00          $   119.24
   2             10.25%                 1.17%                7.81%            $ 10,780.67          $   123.81
   3             15.76%                 1.17%               11.94%            $ 11,193.57          $   128.55
   4             21.55%                 1.17%               16.22%            $ 11,622.28          $   133.47
   5             27.63%                 1.17%               20.67%            $ 12,067.42          $   138.58
   6             34.01%                 1.17%               25.30%            $ 12,529.60          $   143.89
   7             40.71%                 1.17%               30.09%            $ 13,009.48          $   149.40
   8             47.75%                 1.17%               35.08%            $ 13,507.74          $   155.13
   9             55.13%                 1.17%               40.25%            $ 14,025.09          $   161.07
  10             62.89%                 1.17%               45.62%            $ 14,562.25          $   167.24
TOTAL                                                                                              $ 1,420.38



DWS VARIABLE SERIES II - CLASS B SHARES           DWS DREMAN SMALL MID CAP
                                                  VALUE VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                            FEE PAID
                                      
DWS Dreman Small Mid Cap Value VIP          0.74%


Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.650% of the portfolio's average daily net
    assets up to $250 million, 0.620% of the next $750 million, 0.600% of the
    next $1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next
    $2.5 billion, 0.540% of the next $2.5 billion, 0.530% of the next $2.5
    billion and 0.520% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS DREMAN SMALL MID CAP VALUE VIP
The subadvisor for DWS Dreman Small Mid Cap Value VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making the
portfolio's investment decisions and buying and selling securities for the
portfolio.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-DSCV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                            DWS GLOBAL THEMATIC VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Global Thematic VIP
 11      Other Policies and Risks
 11      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
14      Buying and Selling Shares
17      How the Portfolio Calculates Share Price
17      Distributions
17      Taxes
18      Marketing and Distribution Fees





DWS GLOBAL THEMATIC VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equities of companies throughout the world that the portfolio manager
considers to be "blue chip" companies. Blue chip companies are large, well
known companies that typically have an established earnings and dividends
history, easy access to credit, solid positions in their industries and strong
management.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The manager looks for individual companies with a history
of above-average growth, strong competitive positioning, attractive prices
relative to potential growth, sound financial strength and effective
management, among other factors.

GROWTH ORIENTATION. The manager generally looks for companies that the manager
believes have above-average potential for sustainable growth of revenue or
earnings and whose market value appears reasonable in light of their business
prospects.

ANALYSIS OF GLOBAL THEMES. The manager considers global economic outlooks,
seeking to identify industries and companies that are likely to benefit from
social, political and economic changes.

The manager may favor different types of securities from different industries
and companies at different times, while still maintaining variety in terms of
the types of securities, issuers and countries represented.

The manager will normally sell a stock when the manager believes its price is
unlikely to go much higher, its fundamentals have deteriorated, other
investments offer better opportunities or in the course of adjusting the fund's
exposure to a given country.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% policy.



OTHER INVESTMENTS

While most of the portfolio's equities are common stocks, some may be other
types of equities, such as convertible stocks or preferred stocks. The
portfolio may also invest up to 5% of total assets in junk bonds, (i.e., grade
BB/Ba and below). Compared to investment grade bonds, junk bonds may pay higher
yields and have higher volatility and risk of default.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities). The
portfolio may use derivatives in circumstances where the managers believe they
offer an economical means of gaining exposure to a particular asset class or to
keep cash on hand to meet shareholder redemptions or other needs while
maintaining exposure to the market. In particular, the portfolio may use
futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. An important factor with the portfolio is how the stock
markets perform - in this case US and foreign stock markets. When US and
foreign stock prices fall, you should expect the value of your investment to
fall as well. Compared to large company stocks, small company stocks tend to be
more volatile, in part because these companies tend to be less established and
the valuation of their stocks often depends on future expectations. Because a
stock represents ownership in its issuer, stock prices can be hurt by poor
management, shrinking product demand and other business risks. These risk
factors may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.


4   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

If you are interested in large-cap stocks and want to look beyond US markets,
this portfolio may be appropriate for you.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   5


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                    
  26.39       -3.60      -15.69      -16.10     28.96      14.33      22.50      29.65      5.84
  1999       2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.29%, Q4 1999              WORST QUARTER: -16.07%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -8.76%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        SINCE INCEPTION*
                                               
Portfolio - Class B           5.84          19.91               7.93
MSCI World Index              9.04          16.96               5.67


*   Since 5/5/98. Index comparison begins 4/30/98.

Total returns would have been lower if operating expenses hadn't been reduced.

MSCI WORLD INDEX is an unmanaged capitalization-weighted measure of stock
markets around the world, including North America, Europe, Australia and Asia.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                 CLASS B
                                     
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                              0.92%
Distribution/Service (12b-1) Fee            0.25
Other Expenses 2                             0.50
Underlying Portfolio Expenses3              0.01
TOTAL ANNUAL OPERATING EXPENSES             1.68
Less Expense Waiver/Reimbursement           0.22
NET ANNUAL OPERATING EXPENSES4              1.46


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   In addition to the expenses that the portfolio bears directly, the
    portfolio's shareholders indirectly bear the expenses of the underlying
    portfolios in which the portfolio invests. The portfolio's estimated
    indirect expense from investing in the underlying portfolios, based on its
    expected allocations to the underlying portfolios, is as shown in the
    table.

4   Through April 30, 2009, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 1.45%
    for Class B shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage, interest and indirect expenses of underlying
    DWS portfolios.


Based on the costs above (including one year of capped expenses in each
period), this example helps you compare the expenses of Class B shares to those
of other mutual funds. This example assumes the expenses above remain the same.
It also assumes that you invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at the end of each period.
This is only an example; actual expenses will be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $149           $508           $892         $1,969



DWS VARIABLE SERIES II - CLASS B SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   7


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Oliver Kratz
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2003.
   o Head of global portfolio selection team for Alpha Emerging Markets
     Equity: New York.
   o Prior to that, two years of experience at Merrill Lynch, Brown Brothers
     Harriman and McKinsey & Co.; authored Frontier Emerging Markets Securities
     Price Behavior and Valuation; Kluwers Academic Publishers, 1999.
   o BA, Tufts University and Karlova University; MALD and Ph.D, The Fletcher
     School, administered jointly by Harvard University and Tufts University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


8   DWS GLOBAL THEMATIC VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GLOBAL THEMATIC VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004       2003
                                                                                     
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  17.38     $  14.43    $ 11.78     $ 10.38     $  8.06
- -------------------------------------------------  --------     --------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income (loss)a                          .07       .09c         .07         .00d        .04
_________________________________________________  ________     ________    _______     _______     _______
 Net realized and unrealized gain (loss)                .90         4.02      2.58        1.48        2.29
- -------------------------------------------------  --------     --------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                       .97         4.11      2.65        1.48        2.33
- -------------------------------------------------  --------     --------    -------     -------     -------
Less distributions from:
 Net investment income                               (  .05)      (  .03)        -      (  .08)     (  .01)
_________________________________________________  ________     ________    _______     _______     _______
 Net realized gains                                  ( 2.64)      ( 1.13)        -           -           -
- -------------------------------------------------  --------     --------    -------     -------     -------
 TOTAL DISTRIBUTIONS                                 ( 2.69)      ( 1.16)        -      (  .08)     (  .01)
- -------------------------------------------------  --------     --------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  15.66     $  17.38    $ 14.43     $ 11.78     $ 10.38
- -------------------------------------------------  --------     --------    -------     -------     -------
Total Return (%)b                                      5.84      29.65c      22.50       14.33       28.96
_________________________________________________  ________     ________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                   10           25        20          13           6
_________________________________________________  ________     ________    _______     _______     _______
Ratio of expenses before expense reductions (%)        1.81         1.76      1.79        1.84        1.87
_________________________________________________  ________     ________    _______     _______     _______
Ratio of expenses after expense reductions (%)         1.47         1.43      1.65        1.83        1.64
_________________________________________________  ________     ________    _______     _______     _______
Ratio of net investment income (%)                      .46       .53c         .61         .02         .55
_________________________________________________  ________     ________    _______     _______     _______
Portfolio turnover rate (%)                             191          136        95          81          65
- -------------------------------------------------  --------     --------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.004 per
    share and an increase in the ratio of net investment income of 0.03%.
    Excluding this non-recurring income, total return would have been 0.02%
    lower.

d   Amount is less than $.005 per share.

DWS VARIABLE SERIES II - CLASS B SHARES                   DWS GLOBAL THEMATIC
                                                          VIP   9


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GLOBAL THEMATIC VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.46%                3.54%            $ 10,354.00          $   148.58
   2             10.25%                 1.68%                6.98%            $ 10,697.75          $   176.83
   3             15.76%                 1.68%               10.53%            $ 11,052.92          $   182.71
   4             21.55%                 1.68%               14.20%            $ 11,419.88          $   188.77
   5             27.63%                 1.68%               17.99%            $ 11,799.01          $   195.04
   6             34.01%                 1.68%               21.91%            $ 12,190.74          $   201.51
   7             40.71%                 1.68%               25.95%            $ 12,595.47          $   208.20
   8             47.75%                 1.68%               30.14%            $ 13,013.64          $   215.12
   9             55.13%                 1.68%               34.46%            $ 13,445.70          $   222.26
  10             62.89%                 1.68%               38.92%            $ 13,892.09          $   229.64
TOTAL                                                                                              $ 1,968.66



10   DWS GLOBAL THEMATIC VIP                         DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                   OTHER POLICIES AND
                                                          RISKS   11


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                  FEE PAID
                           
DWS Global Thematic VIP            0.67%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Global Thematic VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.915% of the portfolio's average daily net assets up to $250
million, 0.865% of the next $500 million, 0.815% of the next $750 million,
0.765% of the next $1.5 billion and 0.715% over $3 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


12   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


18   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-GT


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                    DWS GOVERNMENT & AGENCY SECURITIES VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Government & Agency Securities VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


4   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                  
   6.76      0.43     10.65       7.22      7.81      1.83      3.36      2.24      3.74     5.43
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.07%, Q3 2001              WORST QUARTER: -1.06%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class B                  5.43           3.31           4.90
Lehman Brothers GNMA Index           6.98           4.39           5.85


LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.45%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.34
TOTAL ANNUAL OPERATING EXPENSES3           1.04


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 1.04% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $106           $331           $574         $1,271



6   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS B





YEARS ENDED DECEMBER 31,                               2007         2006        2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $ 12.25       $ 12.23      $  12.52    $  12.51    $  12.82
- ------------------------------------------------- ----------    -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                              .53           .50            .47         .40         .27
_________________________________________________ __________    _______      ________    ________    ________
 Net realized and unrealized gain (loss)             .12        (  .06)        (  .21)        .02      (  .04)
- ------------------------------------------------- ----------    -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                    .65           .44            .26         .42         .23
- ------------------------------------------------- ----------    -------      --------    --------    --------
Less distributions from:
 Net investment income                            (  .55)       (  .42)        (  .45)     (  .30)     (  .32)
_________________________________________________ __________    _______      ________    ________    ________
 Net realized gains                                    -             -         (  .10)     (  .11)     (  .22)
- ------------------------------------------------- ----------    -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                              (  .55)       (  .42)        (  .55)     (  .41)     (  .54)
- ------------------------------------------------- ----------    -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                    $ 12.35       $ 12.25      $  12.23    $  12.52    $  12.51
- ------------------------------------------------- ----------    -------      --------    --------    --------
Total Return (%)                                      5.43b       3.74           2.24        3.36        1.83
_________________________________________________ __________    _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 5            33             47          49          38
_________________________________________________ __________    _______      ________    ________    ________
Ratio of expenses before expense reductions (%)     1.04          1.07           1.02        1.00         .98
_________________________________________________ __________    _______      ________    ________    ________
Ratio of expenses after expense reductions (%)      1.01          1.07           1.02        1.00         .98
_________________________________________________ __________    _______      ________    ________    ________
Ratio of net investment income (%)                  4.39          4.16           3.78        3.21        2.13
_________________________________________________ __________    _______      ________    ________    ________
Portfolio turnover rate (%)c                         465           241            191         226         511
- ------------------------------------------------- ----------    -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 30, 2005, December 31, 2004 and December 31,
    2003, respectively.


8   DWS GOVERNMENT & AGENCY SECURITIES VIP           DWS VARIABLE SERIES II -
                                                       CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.04%                3.96%            $ 10,396.00          $   106.06
   2             10.25%                 1.04%                8.08%            $ 10,807.68          $   110.26
   3             15.76%                 1.04%               12.36%            $ 11,235.67          $   114.63
   4             21.55%                 1.04%               16.81%            $ 11,680.60          $   119.16
   5             27.63%                 1.04%               21.43%            $ 12,143.15          $   123.88
   6             34.01%                 1.04%               26.24%            $ 12,624.02          $   128.79
   7             40.71%                 1.04%               31.24%            $ 13,123.93          $   133.89
   8             47.75%                 1.04%               36.44%            $ 13,643.64          $   139.19
   9             55.13%                 1.04%               41.84%            $ 14,183.93          $   144.70
  10             62.89%                 1.04%               47.46%            $ 14,475.61          $   150.43
TOTAL                                                                                              $ 1,270.99



DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Government & Agency Securities VIP            0.53%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion, 0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-GAS


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                           DWS GROWTH ALLOCATION VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Growth Allocation VIP
 12      Other Policies and Risks
 12      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
15      Buying and Selling Shares
18      How the Portfolio Calculates Share Price
18      Distributions
18      Taxes
19      Marketing and Distribution Fees





DWS GROWTH ALLOCATION VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term growth of capital. The portfolio does this by
investing in other DWS VIP portfolios ("underlying portfolios") that invest
across a range of asset classes, utilizing a wide variety of securities and
investment styles. The portfolio will always invest in the share class of an
underlying portfolio with the lowest fees and expenses.

The portfolio's target allocation is as follows:

o 25% in underlying portfolios which invest primarily in fixed-income
  securities of all credit qualities and maturities ("fixed-income
  portfolios").

o 75% in underlying portfolios which invest primarily in equity securities of
  all capitalization levels ("equity portfolios").

The portfolio managers have the flexibility to adjust this allocation within
 the following ranges:

o 20-40% in fixed-income portfolios.

o 60-80% in equity portfolios.

While the actual allocation may vary, the portfolio managers expect that over
the long term it will average out to be similar to the target allocation.

The portfolio managers regularly review the actual allocation and may adjust it
in seeking to take advantage of current or expected market conditions or to
manage risk. In making their allocation decisions, the managers use a
proprietary mix of qualitative and quantitative inputs to arrive at a view for
the securities markets and segments of those markets. Based on the desired
exposure to particular investments and a thorough risk analysis, the managers
then decide which portfolios to use as underlying portfolios and in which
proportions.

It is expected that, in the future, the managers may invest in instruments,
commonly called "derivatives," including, but not limited to, futures and
forward currency exchange contracts, to attempt to manage risk and enhance
returns. Derivatives may be used to hedge the portfolio against price
fluctuations and otherwise reduce risk. Derivatives may also be used to
increase the portfolio's exposure to certain markets in an attempt to enhance
returns. These strategies may be used separately or in combination. The
managers may also use these derivatives strategies to help maintain cash
reserves or otherwise liquid assets to meet shareholder redemptions, or for
other needs, while maintaining exposure to the markets. The managers will
determine which derivative instruments to purchase by using a quantitative
strategy that incorporates data from various international markets. The
strategy seeks to shift the emphasis on the portfolio's holdings in response to
short-and medium-term changes in global markets. The use of the strategy is
subject to Board approval. Shareholders will be notified prior to the use of
the strategy.

The underlying portfolios use a broad array of investment styles. These
portfolios can buy many types of securities, among them common stocks of
companies of any size, corporate bonds of varying credit quality, US government
and agency bonds, mortgage- and asset-backed securities, money market
instruments and others. These securities are mainly from US issuers but may be,
to a more limited extent, from foreign issuers.

Underlying portfolios include DWS VIP portfolios, and may include retail DWS
funds managed by the Advisor and, pursuant to an exemptive order obtained from
the Securities and Exchange Commission, non-affiliated exchange traded funds
("ETFs") in excess of the Investment Company Act of 1940 limits. The portfolio
will invest in a retail DWS fund only when a suitable DWS VIP portfolio is not
available and in an ETF only when neither a suitable DWS VIP portfolio nor a
retail DWS fund is available. The portfolio's allocations among the underlying
funds will change over time and there should be no expectation that current or
past positions in an underlying fund will be maintained in the future.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This could prevent
losses, but, while engaged in a temporary defensive position, the portfolio
will not be pursuing its investment objective. However, the managers may choose
not to use these strategies for various reasons, even in very volatile market
conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS GROWTH ALLOCATION
                                                        VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to other asset categories.

REALLOCATION RISK. From time to time, one or more underlying portfolios may
experience relatively large investments or redemptions due to reallocations or
rebalancings of the portfolio or other fund-of-fund products managed by the
Advisor. These transactions will affect the underlying portfolios, since
underlying portfolios that experience redemptions as a result of reallocations
or rebalancings may have to sell securities and underlying portfolios that
receive additional cash will have to invest such cash. In addition, a large
redemption by a portfolio in a specific underlying portfolio could also hurt
the performance of another portfolio currently invested in the same underlying
portfolio. While it is impossible to predict the overall impact of these
transactions over time, there could also be adverse effects on a portfolio's
performance to the extent that the underlying portfolios may be required to
sell securities or invest cash at times when they would otherwise not do so.
These transactions could also accelerate the realization of taxable income if
sales of securities resulted in gains and could also increase transaction costs
for the underlying portfolios. The managers attempt to minimize such impact on
the underlying portfolios to the extent consistent with pursuing the investment
objective of a portfolio. The managers consider the impact on the underlying
portfolios of transactions by the portfolio and an underlying portfolio may
discontinue sales of shares to the portfolio.

ETF RISK. An ETF is a fund that holds a portfolio of common stocks or bonds
designed to track the performance of a securities index or industry sector.
ETFs trade on a securities exchange and their shares may, at times, trade at a
premium or discount to their NAV. In addition, an ETF may not replicate exactly
the performance of the index it seeks to track for a number of reasons,
including transaction costs incurred by the ETF. ETFs incur fees and expenses,
such as operating expenses, licensing fees, trustee fees and marketing
expenses, which are borne proportionately by ETF shareholders, such as the
portfolio. The portfolio will also incur brokerage costs when purchasing and
selling shares of ETFs.



INVESTMENT RISKS OF THE UNDERLYING PORTFOLIOS

The investment risks below are risks of certain of the underlying portfolios;
by investing in the underlying portfolios the portfolio is also exposed to
these risks.

FOCUSED INVESTING RISK. The fact that the portfolio may focus on investments
from a single state or sector of the municipal securities market increases
risk, because factors affecting the state or region, such as economic or fiscal
problems, could affect a large portion of the portfolio's securities in a
similar manner. For example, a state's technology or biotech industries could
experience a downturn or fail to develop as expected, hurting the local
economy. States that face severe fiscal difficulties due to an economic
downturn, could experience increased expenditures on domestic security and
reduced monetary support from the federal government. Over time, these issues
may have the ability to impair a state's ability to repay its obligations.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

4   DWS GROWTH ALLOCATION VIP                        DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS GROWTH ALLOCATION
                                                        VIP   5


DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

Other factors that could affect performance are:

o the managers of the portfolio or the underlying portfolios could be incorrect
  in their analysis of economic trends, countries, industries, companies, the
  relative attractiveness of asset classes or other matters; and

o the underlying portfolios may trade securities more actively than comparable
  portfolios. Upon the use of the derivatives strategy, the portfolio may also
  trade derivative instruments more actively than comparable portfolios. Any
  of these cases could raise transactions costs and thereby lower returns.

This portfolio is designed for investors who are interested in a growth-focused
 asset allocation investment.

6   DWS GROWTH ALLOCATION VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                 
   6.02     12.66      5.58
  2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 5.72%, Q4 2006               WORST QUARTER: -1.52%, Q1 2005
2008 TOTAL RETURN AS OF MARCH 31: -7.79%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        SINCE INCEPTION*
                                             
Portfolio - Class B                     5.58              10.28
Russell 1000 Index                      5.77              11.63
Lehman Brothers U.S. Aggregate
Index                                   6.97               4.48


*   Since 8/16/04. Index comparisons begin 8/31/04.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS GROWTH ALLOCATION
                                                        VIP   7


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The portfolio's shareholders directly bear the fees and
expenses of the portfolio, subject to the contractual obligations of the
advisor, underwriter and accounting agent to waive fees or reimburse expenses
to maintain the portfolio's operating expenses at a specified level. The
portfolio will indirectly bear its proportionate share of fees and expenses
incurred by the underlying portfolios in which the portfolio is invested (see
"Acquired (Underlying) Portfolios Fees and Expenses" in the table below). The
information in the table does not reflect charges and fees associated with the
separate account that invests in the portfolio or any variable life insurance
policy or variable annuity contract for which the portfolio is an investment
option. These charges and fees will increase expenses.





FEE TABLE                                                         CLASS B
                                                             
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
Management Fee 1 ,2                                                   0.07%
Distribution/Service (12b-1) Fee                                    0.25
Other Expenses3                                                     0.27
Underlying Portfolio Fees and Expenses4,5                           0.73
TOTAL ANNUAL PORTFOLIO AND UNDERLYING PORTFOLIO OPERATING
EXPENSES6                                                           1.32


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Through September 30, 2008, the Advisor has contractually agreed to waive a
    portion of its Investment Management Fee in the amount of 0.05% of the
    portfolio's average daily net assets.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   Underlying portfolio fees and expenses may include contractual expense
    limitations or reimbursements, where applicable.

5   In addition to the expenses that the portfolio bears directly, the
    portfolio's shareholders indirectly bear the expenses of the underlying
    portfolios in which the portfolio invests. The portfolio's estimated
    indirect expense from investing in the underlying portfolios, based on its
    expected allocations to the underlying portfolios, is as shown in the
    table.

6   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.70% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage, interest and indirect expenses
    of underlying DWS portfolios. Although there can be no assurance that the
    current waiver/expense reimbursment arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions, and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $134           $418           $723         $1,590



8   DWS GROWTH ALLOCATION VIP                        DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Global Asset Allocation portfolio manager: New York.
   o Joined Deutsche Asset Management in 1999 as a quantitative analyst,
     becoming an associate portfolio manager in 2001.
   o BS, MS, Moscow State University; MBA, University of Chicago.
   o Joined the portfolio in 2004.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined Deutsche Asset Management in 1995 as a senior fixed income
     portfolio manager after 13 years of experience at J.P. Morgan & Co.
     trading fixed income, derivatives and foreign exchange products.
   o BS, The Wharton School, University of Pennsylvania.
   o Joined the portfolio in 2004.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS GROWTH ALLOCATION
                                                        VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GROWTH ALLOCATION VIP - CLASS B





YEARS ENDED DECEMBER 31,                                    2007             2006             2005            2004A
                                                                                               
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                     $  12.94         $  11.67        $ 11.03          $ 10.00
- --------------------------------------------------       --------         --------        -------          -------
Income (loss) from investment operations:
 Net investment income (loss)b                                .21              .14           .11           (  .03)
__________________________________________________       ________         ________        _______          _______
 Net realized and unrealized gain (loss)                      .47             1.33           .55             1.06
- --------------------------------------------------       --------         --------        -------          -------
 TOTAL FROM INVESTMENT OPERATIONS                             .68             1.47           .66             1.03
- --------------------------------------------------       --------         --------        -------          -------
Less distributions from:
 Net investment income                                     (  .26)          (  .10)            -               -
__________________________________________________       ________         ________        _______          _______
 Net realized gains                                        (  .66)          (  .10)       (  .02)              -
- --------------------------------------------------       --------         --------        -------          -------
 TOTAL DISTRIBUTIONS                                       (  .92)          (  .20)       (  .02)              -
- --------------------------------------------------       --------         --------        -------          -------
NET ASSET VALUE, END OF PERIOD                           $  12.70         $  12.94        $ 11.67          $ 11.03
- --------------------------------------------------       --------         --------        -------          -------
Total Return (%)c,d                                          5.58            12.66          6.02            10.30**
__________________________________________________       ________         ________        _______          _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                         33              209           197              47
__________________________________________________       ________         ________        _______          _______
Ratio of expenses before expense reductions (%)e              .63              .62           .65             1.38*
__________________________________________________       ________         ________        _______          _______
Ratio of expenses after expense reductions (%)e               .58              .57           .60             0.75*
__________________________________________________       ________         ________        _______          _______
Ratio of net investment income(loss) (%)                     1.60             1.20          1.01           ( 0.69)*
__________________________________________________       ________         ________        _______          _______
Portfolio turnover rate (%)                                    31               45            20              15
- --------------------------------------------------       --------         --------        -------          -------


a   For the period from August 16, 2004 (commencement of operations) to
    December 31, 2004.

b   Based on average shares outstanding during the period.

c   Total return would have been lower had certain expenses not been reduced.

d   Total return would have been lower if the Advisor had not reduced certain
    of the Underlying Portfolios' expenses.

e   The Portfolio invests in other DWS Portfolios and indirectly bears its
    proportionate share of fees and expenses incurred by the Underlying DWS
    Portfolios in which the Portfolio is invested. This ratio does not include
    these indirect fees and expenses.

*   Annualized

**   Not annualized

10   DWS GROWTH ALLOCATION VIP                       DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GROWTH ALLOCATION VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.32%                3.68%            $ 10,368.00          $   134.43
   2             10.25%                 1.32%                7.50%            $ 10,749.54          $   139.38
   3             15.76%                 1.32%               11.45%            $ 11,145.13          $   144.50
   4             21.55%                 1.32%               15.55%            $ 11,555.27          $   149.82
   5             27.63%                 1.32%               19.80%            $ 11,980.50          $   155.34
   6             34.01%                 1.32%               24.21%            $ 12,421.38          $   161.05
   7             40.71%                 1.32%               28.78%            $ 12,878.49          $   166.98
   8             47.75%                 1.32%               33.52%            $ 13,352.42          $   173.12
   9             55.13%                 1.32%               38.44%            $ 13,843.79          $   179.49
  10             62.89%                 1.32%               43.53%            $ 14,353.24          $   186.10
TOTAL                                                                                              $ 1,590.21



DWS VARIABLE SERIES II - CLASS B SHARES                DWS GROWTH ALLOCATION
                                                       VIP   11


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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

The Advisor and its affiliates earn fees at varying rates for providing
services to the underlying DWS VIP portfolios and retail DWS funds. The Advisor
may therefore have a conflict of interest in selecting the underlying DWS funds
and in determining whether to invest in an ETF, from which it will not receive
any fees. However, the Advisor is a fiduciary to each portfolio and is required
to act in each portfolio's best interests.


12   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                    FEE PAID
                             
DWS Growth Allocation VIP            0.10%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Growth Allocation VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.065% of the portfolio's average daily net assets up to $500
million, 0.055% of the next $500 million, 0.045% of the next $500 million,
0.035% of the next $1.0 billion, 0.025% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   13


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


18   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   19



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-GA


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                              DWS HIGH INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS High Income VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS HIGH INCOME
                                                             VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

4   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS HIGH INCOME
                                                             VIP   5


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.20      1.90      -8.91      2.37      -0.58     24.14      12.08       3.41     10.11      0.54
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.44%, Q2 2003               WORST QUARTER: -6.72%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.63%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class B                      0.54           9.76           4.30
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.49%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.20
TOTAL ANNUAL OPERATING EXPENSES            0.94


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $96           $300           $520         $1,155


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS HIGH INCOME
                                                             VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.22         $  8.77         $  8.41         $  7.39
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .60             .59             .65             .64             .64
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .20           ( .39)            .32            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .06             .79             .26             .96            1.67
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .63)          ( .63)          ( .81)          ( .60)          ( .65)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.22         $  8.77         $  8.41
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .54           10.11            3.41           12.08           24.14
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 10              53              56              57              37
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                1.08            1.10            1.10            1.06            1.06
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.45            7.34            7.87            7.71            8.23
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

8   DWS HIGH INCOME VIP                              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.94%                4.06%            $ 10,406.00           $    95.91
   2             10.25%                 0.94%                8.28%            $ 10,828.48           $    99.80
   3             15.76%                 0.94%               12.68%            $ 11,268.12           $   103.85
   4             21.55%                 0.94%               17.26%            $ 11,725.61           $   108.07
   5             27.63%                 0.94%               22.02%            $ 12,201.67           $   112.46
   6             34.01%                 0.94%               26.97%            $ 12,697.05           $   117.02
   7             40.71%                 0.94%               32.13%            $ 13,212.55           $   121.78
   8             47.75%                 0.94%               37.49%            $ 13,748.98           $   126.72
   9             55.13%                 0.94%               43.07%            $ 14,307.19           $   131.86
  10             62.89%                 0.94%               48.88%            $ 14,888.06           $   137.22
TOTAL                                                                                               $ 1,154.69



DWS VARIABLE SERIES II - CLASS B SHARES                      DWS HIGH INCOME
                                                             VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME             FEE PAID
                       
DWS High Income VIP          0.59%


Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.500% of the portfolio's average daily net assets up to
    $250 million, 0.470% of the next $750 million, 0.450% of the next $1.5
    billion, 0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion,
    0.380% of the next $2.5 billion, 0.360% of the next $2.5 billion and
    0.340% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-HI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                      DWS INTERNATIONAL SELECT EQUITY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS International Select Equity VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS INTERNATIONAL SELECT EQUITY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in equity
securities and other securities with equity characteristics.

Although the portfolio can invest in companies of any size and from any
country, it invests mainly in common stocks of established companies located in
countries with, or tied economically to, developed economies (other than the
United States).

At least 50% of the portfolio's assets will be invested in securities that are
represented in the MSCI EAFE (Reg. TM) Index. The MSCI EAFE (Reg. TM) Index
tracks stocks in Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United
Kingdom.

The portfolio's equity investments are mainly common stocks, but may also
include preferred stocks and other securities with equity characteristics, such
as convertible securities and warrants.

The portfolio may also invest up to 20% of its assets in cash equivalents, US
investment-grade fixed-income securities and US stocks and other equities.

The portfolio may invest a portion of its assets in companies located in
countries with emerging markets. These countries are generally located in Latin
America, the Middle East, Eastern Europe, Asia and Africa. Typically, the
portfolio will not hold more than 35% of its net assets in securities of
emerging markets issuers.

The portfolio managers seek to identify a focused list of approximately 35 to
50 companies that offer, in the manager's opinion, the greatest upside
potential based typically on a 12-18 month investment horizon. The portfolio
managers use a bottom-up approach, emphasizing individual stock selection, with
any active allocation among countries, regions or industries as a residual of
this strategy.

The portfolio managers' process begins with a broad universe of equity
securities of issuers primarily, but not exclusively, located in the countries
that make up the MSCI EAFE (Reg. TM) Index.

As of February 29, 2008, the MSCI EAFE (Reg. TM) Index had a median market
capitalization of approximately $5.8 billion. Under normal market conditions,
the portfolio invests in securities of issuers with a minimum market
capitalization of $500 million.

The portfolio managers screen for companies seeking to identify those with high
or improving, and sustainable, returns on capital and long-term prospects for
growth. The portfolio managers focus on companies with real cash flow on
investment rather than published earnings. The team utilizes information
gleaned from a variety of sources and perspectives, including broad trends such
as lifestyle, demographic and technological changes, industry cycles and
regulatory changes, quantitative screening and individual company analysis.

Based on this fundamental research, the portfolio managers set a target price
objective (the portfolio managers' opinion of the intrinsic value of the
security) for each security and ranks the securities based on these target
price objectives. The portfolio managers apply a disciplined approach to risk
management and portfolio construction. Stocks are sold when they meet their
target price objectives, a better investment opportunity has been identified or
there has been a negative change in the outlook for the company, country or
industry. In implementing this strategy, the portfolio may experience a high
portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   3


OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio managers may use derivatives in circumstances where the portfolio
management believes they offer an economical means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions
or other needs while maintaining exposure to the market. In particular, the
portfolio may use futures, currency options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. As with most stock funds, an important factor with this
portfolio is how stock markets perform - in this case, foreign markets. When
foreign stock prices fall, you should expect the value of your investment to
fall as well. Because a stock represents ownership in its issuer, stock prices
can be hurt by poor management, shrinking product demand and other business
risks. These may affect single companies as well as groups of companies. In
addition, movements in financial markets may adversely affect a stock's price,
regardless of how well the company performs. The market as a whole may not
favor the types of investments the portfolio makes and the portfolio may not be
able to get attractive prices for them.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

4   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who are seeking high capital
appreciation and are willing to accept the risks of investing in the stocks of
foreign companies.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   5


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2002, the portfolio was named Scudder International Research
Portfolio and operated with a different goal and investment strategy. Prior to
May 1, 2001, the portfolio was named Kemper International Portfolio and
operated with a different goal and investment strategy than the portfolio or
Scudder International Research Portfolio. Performance would have been different
if the portfolio's current policies had been in effect.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                            
   9.74     45.35       -20.68      -24.62      -13.82     29.42      17.84      14.00      25.06      16.20
  1998      1999        2000        2001        2002       2003       2004       2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 30.95%, Q4 1999              WORST QUARTER: -17.38%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -8.91%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                               1 YEAR         5 YEARS        10 YEARS
                                                   
Portfolio - Class B              16.20          20.36           7.58
MSCI EAFE + EMF Index            16.31          24.17           9.86
MSCI EAFE Index                  11.17          21.59           8.66


MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) EUROPE, AUSTRALASIA, FAR EAST
(EAFE) AND EMERGING MARKETS FREE INDEX is an unmanaged index generally accepted
as a benchmark for performance of major overseas markets, plus emerging
markets.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.65%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.28
TOTAL ANNUAL OPERATING EXPENSES            1.18


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $120           $375           $649         $1,432


THE PORTFOLIO MANAGER

The following people handle the day-to-day management of the portfolio:

Matthias Knerr, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 1995 and the portfolio in 2004.
   o Portfolio manager for EAFE Equities and Global Equities.
   o BS, Pennsylvania State University.

Chris LaJaunie, CFA
Director, Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2006 as an analyst for International
     Equity and International Select Equity strategies: New York.
   o Prior to that, nine years of experience as portfolio manager for Morgan
     Stanley Capital Management, JP Morgan Securities and Scudder Kemper
     Investments.
   o Joined the portfolio in 2008.
   o BA, MA from Louisiana State University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007         2006         2005        2004       2003
                                                                               
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  16.26   $ 13.21       $ 11.88     $ 10.15     $  7.94
- -------------------------------------------  --------   ----------    -------     -------     -------
Income (loss) from investment operations:
 Net investment income a                           .19       .19b         .15         .13         .06
___________________________________________  ________   __________    _______     _______     _______
 Net realized and unrealized gain (loss)         2.22     3.09          1.47        1.67        2.24
- -------------------------------------------  --------   ----------    -------     -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                2.41     3.28          1.62        1.80        2.30
- -------------------------------------------  --------   ----------    -------     -------     -------
Less distributions from:
 Net investment income                         (  .39)  (  .23)       (  .29)     (  .07)     (  .09)
___________________________________________  ________   __________    _______     _______     _______
 Net realized gains                            ( 1.58)       -             -           -           -
___________________________________________  ________   __________    _______     _______     _______
 TOTAL DISTRIBUTIONS                           ( 1.97)  (  .23)       (  .29)     (  .07)     (  .09)
- -------------------------------------------  --------   ----------    -------     -------     -------
NET ASSET VALUE, END OF PERIOD               $  16.70   $ 16.26       $ 13.21     $ 11.88     $ 10.15
- -------------------------------------------  --------   ----------    -------     -------     -------
Total Return (%)                                16.20    25.06         14.00       17.84       29.42
___________________________________________  ________   __________    _______     _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)             15       73            62          47          18
___________________________________________  ________   __________    _______     _______     _______
Ratio of expenses (%)                            1.30     1.26          1.26        1.28        1.33
___________________________________________  ________   __________    _______     _______     _______
Ratio of net investment income (%)               1.16       1.27b       1.20        1.19         .78
___________________________________________  ________   __________    _______     _______     _______
Portfolio turnover rate (%)                       117      122            93          88         139
- -------------------------------------------  --------   ----------    -------     -------     -------


a   Based on average shares outstanding during the period.

b   Net investment income per share and the ratio of net investment income
    without non-recurring dividend income amounting to $0.15 per share and
    1.01% of average daily net assets, respectively.


8   DWS INTERNATIONAL SELECT EQUITY VIP              DWS VARIABLE SERIES II -
                                                       CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS INTERNATIONAL SELECT EQUITY VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.18%                3.82%            $ 10,382.00          $   120.25
   2             10.25%                 1.18%                7.79%            $ 10,778.59          $   124.85
   3             15.76%                 1.18%               11.90%            $ 11,190.33          $   129.62
   4             21.55%                 1.18%               16.18%            $ 11,617.81          $   134.57
   5             27.63%                 1.18%               20.62%            $ 12,061.61          $   139.71
   6             34.01%                 1.18%               25.22%            $ 12,522.36          $   145.05
   7             40.71%                 1.18%               30.01%            $ 13,000.71          $   150.59
   8             47.75%                 1.18%               34.97%            $ 13,497.34          $   156.34
   9             55.13%                 1.18%               40.13%            $ 14,012.94          $   162.31
  10             62.89%                 1.18%               45.48%            $ 14,548.23          $   168.51
TOTAL                                                                                              $ 1,431.80



DWS VARIABLE SERIES II - CLASS B SHARES            DWS INTERNATIONAL SELECT
                                                   EQUITY VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                             FEE PAID
                                       
DWS International Select Equity VIP          0.75%


Effective May 1, 2008, DWS International Select Equity VIP pays the Advisor a
    fee, under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.650% of the portfolio's average daily net
    assets up to $1.5 billion, 0.635% of the next $1.75 billion, 0.620% of the
    next $1.75 billion and 0.605% over $5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-ISE


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                         DWS JANUS GROWTH & INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Janus Growth & Income VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS JANUS GROWTH & INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth and current income.

The portfolio applies a "bottom-up" approach in choosing investments. In other
words, it looks mostly for equity and income-producing securities that meet its
investment criteria one at a time. If the portfolio is unable to find such
investments, much of the portfolio's assets may be in cash or similar
investments.

The portfolio normally emphasizes investments in equity securities, which may
include initial public offerings. It may invest up to 75% of its total assets
in equity securities selected primarily for their growth potential and at least
25% of its total assets in securities the portfolio manager believes have
income potential.

The portfolio may invest substantially all of its assets in equity securities
if the portfolio manager believes that equity securities have the potential to
appreciate in value. The portfolio manager generally seeks to identify equity
securities of companies with earnings growth potential that may not be
recognized by the market at large. The portfolio manager makes this assessment
by looking at companies one at a time, regardless of size, country of
organization, place of principal business activity, or other similar selection
criteria.

The portfolio may invest without limit in foreign securities either indirectly
(e.g., depositary receipts) or directly in foreign markets. Foreign securities
are generally selected on a stock-by-stock basis without regard to any defined
allocation among countries or geographic regions. However, certain factors such
as expected levels of inflation, government policies influencing business
conditions, currency exchange rates, and prospects for economic growth among
countries or geographic regions may warrant greater consideration in selecting
foreign securities.

The portfolio shifts assets between the growth and income components of its
holdings based on the portfolio manager's analysis of relevant market,
financial and economic conditions. If the portfolio manager believes that
growth securities may provide better returns than the yields then available or
expected on income-producing securities, the portfolio will place a greater
emphasis on the growth component of its holdings.

The growth component of the portfolio is expected to consist primarily of
common stocks, but may also include warrants, preferred stocks or convertible
securities selected primarily for their growth potential.

The income component of the portfolio will consist of securities that the
portfolio manager believes have income potential. Such securities may include
equity securities, convertible securities and all types of debt securities,
including indexed/structured securities such as equity-linked structured notes.
Equity securities may be included in the income component of the portfolio if
they currently pay dividends or if the portfolio manager believes they have the
potential for either increasing their dividends or commencing dividends, if
none are currently paid.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio may invest in debt securities, high-yield/high-risk bonds (less
than 35% of the portfolio's total assets) and securities purchased on a
when-issued, delayed delivery or forward commitment basis. Compared to
investment-grade bonds, high yield bonds may pay higher yields and have higher
volatility and risk of default.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS B SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

EQUITY-LINKED STRUCTURED NOTES. Equity-linked structured notes may be more
volatile or less liquid than other types of debt securities, may have no
guaranteed return of capital and may exhibit price behavior that does not
correlate with other debt securities.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


4   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o debt securities may be subject to interest rate risk and credit risk.

o growth stocks may be out of favor for certain periods.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                           
  -9.40       -12.50      -20.34     23.94      11.09      11.71       7.98     6.22
  2000        2001        2002       2003       2004       2005       2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 12.36%, Q4 2004              WORST QUARTER: -15.90%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -9.67%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        SINCE INCEPTION*
                                                     
Portfolio - Class B                 6.22          12.02              3.06
Russell 1000 Growth Index          11.81          12.11              -1.05


*   Since 10/29/99. Index comparison begins 10/31/99.

DWS VARIABLE SERIES II - CLASS B SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   5


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.67%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.23
TOTAL ANNUAL OPERATING EXPENSES            1.15


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $117           $365           $633         $1,398


THE PORTFOLIO MANAGER

The portfolio's subadvisor is Janus Capital Management LLC ("Janus"). The
portfolio manager is Marc Pinto. He has managed the portfolio since November
2007. Mr. Pinto is also a portfolio manager of other Janus accounts. Mr. Pinto
joined Janus in 1994 as an analyst and has acted as portfolio manager of other
Janus-advised mutual funds since 2005. Mr. Pinto holds a Bachelor's degree in
History from Yale University and a Master's degree in Business Administration
from Harvard University. He holds the Chartered Financial Analyst designation.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS JANUS GROWTH & INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007        2006         2005        2004       2003
                                                                                    
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------        -
NET ASSET VALUE, BEGINNING OF PERIOD               $  11.82    $  10.97   $  9.82       $ 8.84      $  7.17
- -------------------------------------------------  --------    --------   ----------    ------      -------
Income (loss) from investment operations:
 Net investment income (loss)a                          .07         .03      .01        ( .01)          .00*
_________________________________________________  ________    ________   __________    ______      _______
 Net realized and unrealized gain (loss)                .66         .85     1.14          .99          1.71
- -------------------------------------------------  --------    --------   ----------    ------      -------
 TOTAL FROM INVESTMENT OPERATIONS                       .73         .88     1.15          .98          1.71
- -------------------------------------------------  --------    --------   ----------    ------      -------
Less distributions from:
 Net investment income                               (  .02)     (  .03)       -            -         ( .04)
_________________________________________________  ________    ________   __________    ______      _______
NET ASSET VALUE, END OF PERIOD                     $  12.53    $  11.82   $ 10.97       $ 9.82      $  8.84
- -------------------------------------------------  --------    --------   ----------    ------      -------
Total Return (%)                                       6.22        7.98      11.71b     11.09         23.94
_________________________________________________  ________    ________   __________    ______      _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    5          32       32           27            15
_________________________________________________  ________    ________   __________    ______      _______
Ratio of expenses before expense reductions (%)        1.29        1.24     1.32         1.44          1.47
_________________________________________________  ________    ________   __________    ______      _______
Ratio of expenses after expense reductions (%)         1.29        1.24     1.30         1.44          1.47
_________________________________________________  ________    ________   __________    ______      _______
Ratio of net investment income (loss) (%)               .55         .29      .07        ( .04)        ( .01)
_________________________________________________  ________    ________   __________    ______      _______
Portfolio turnover rate (%)                              73          44       32           52            46
- -------------------------------------------------  --------    --------   ----------    ------      -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005 per share.

DWS VARIABLE SERIES II - CLASS B SHARES              DWS JANUS GROWTH & INCOME
                                                     VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS JANUS GROWTH & INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.15%                3.85%            $ 10,385.00          $   117.21
   2             10.25%                 1.15%                7.85%            $ 10,784.82          $   121.73
   3             15.76%                 1.15%               12.00%            $ 11,200.04          $   126.41
   4             21.55%                 1.15%               16.31%            $ 11,631.24          $   131.28
   5             27.63%                 1.15%               20.79%            $ 12,079.04          $   136.33
   6             34.01%                 1.15%               25.44%            $ 12,544.09          $   141.58
   7             40.71%                 1.15%               30.27%            $ 13,027.03          $   147.03
   8             47.75%                 1.15%               35.29%            $ 13,528.57          $   152.69
   9             55.13%                 1.15%               40.49%            $ 14,049.42          $   158.57
  10             62.89%                 1.15%               45.90%            $ 14,590.33          $   164.68
TOTAL                                                                                              $ 1,397.51



8   DWS JANUS GROWTH & INCOME VIP                    DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                       FEE PAID
                                 
DWS Janus Growth & Income VIP          0.75%


Effective May 1, 2008, DWS Janus Growth & Income VIP pays the Advisor a fee,
    under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.665% of the portfolio's average daily net
    assets up to $250 million, 0.640% of the next $750 million, 0.615% of the
    next $1.5 billion and 0.590% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS JANUS GROWTH & INCOME VIP
Janus Capital Management LLC ("Janus Capital"), 151 Detroit Street, Denver,
Colorado, is the subadvisor to DWS Janus Growth & Income VIP. Janus Capital
(together with its predecessors) has served as an investment adviser to since
1969 and currently serves as investment adviser or sub-adviser, to Seperately
Managed Accounts, Mutual Funds, as well as Comingled Pools or Private funds and
Wrap Fee Accounts. Janus Capital is a direct subsidiary of Janus Capital Group,
Inc. ("JCGI"), a publicly traded company with principal operations in financial
asset management businesses. JCGI owns approximately 95% of Janus Capital, with
the remaining 5% held by Janus Management Holdings Corporation. DIMA pays a fee
to Janus Capital for acting as subadvisor.

Although none of the legal proceedings described below currently involve your
portfolio, these matters affect Janus Capital, your portfolio's subadvisor. The
information that follows has been provided to the portfolio by Janus Capital as
of January 2008.

In the fall of 2003, the Securities and Exchange Commission ("SEC"), the Office
of the New York State Attorney General ("NYAG"), the Colorado Attorney General
("COAG"), and the Colorado Division of Securities ("CDS") announced that they
were investigating alleged frequent trading practices in the mutual fund
industry. On August 18, 2004, Janus Capital announced that it had reached final
settlements with the SEC, the NYAG, the COAG, and the CDS related to such
regulators' investigations into Janus Capital's frequent trading arrangements.

A number of civil lawsuits were brought against Janus Capital and certain of
its affiliates, the Janus funds, and related entities and individuals based on
allegations similar to those announced by the above regulators and were filed
in several state and federal jurisdictions. Such lawsuits alleged a variety of
theories for recovery including, but not limited to, the federal securities
laws, other federal statutes (including ERISA), and various common law
doctrines. The Judicial Panel on Multidistrict Litigation transferred these
actions to the U.S. District Court for the District of Maryland (the "Court")
for coordinated proceedings. On September 29, 2004, five consolidated amended
complaints were filed with the Court that generally include: (i) claims by a
putative class of investors in certain Janus funds asserting claims on behalf
of the investor class (Marini, et al. v. Janus Investment Fund, et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00497); (ii) derivative
claims by investors in certain Janus funds ostensibly on behalf of such funds
(Steinberg et al. v. Janus Capital Management, LLC et al., U.S. District Court,
District of Maryland, Case No. 04-CV-00518); (iii) claims on behalf of
participants in the Janus 401(k) plan (Wangberger v. Janus Capital Group Inc.,
401(k) Advisory Committee, et al., U.S. District Court, District of Maryland,
Case No. JFM-05-2711); (iv) claims brought on behalf of shareholders of Janus
Capital Group Inc. ("JCGI") on a derivative basis against the Board of
Directors of JCGI (Chasen v. Whiston, et al., U.S. District Court, District of
Maryland, Case No. 04-MD-00855); and (v) claims by a


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


putative class of shareholders of JCGI asserting claims on behalf of the
shareholders (Wiggins, et al. v. Janus Capital Group, Inc., et al., U.S.
District Court, District of Maryland, Case No. 04-CV-00818). Each of the five
complaints initially named JCGI and/or Janus Capital as a defendant. In
addition, the following were also named as defendants in one or more of the
actions: Janus Investment Fund ("JIF"), Janus Aspen Series ("JAS"), Janus
Adviser Series ("JAD"), Janus Distributors LLC, Enhanced Investment
Technologies, LLC ("INTECH"), Bay Isle Financial LLC ("Bay Isle"), Perkins,
Wolf, McDonnell and Company, LLC ("Perkins"), the Advisory Committee of the
Janus 401(k) plan, and the current or former directors of JCGI.

On August 25, 2005, the Court entered orders dismissing most of the claims
asserted against Janus Capital and its affiliates by fund investors in the
Marini and Steinberg cases (actions (i) and (ii) above) except certain claims
under Section 10(b) of the Securities Exchange Act of 1934 and under Section
36(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). On
August 15, 2006, the Wangberger complaint in the 401(k) plan class action
(action (iii) above) was dismissed by the district court with prejudice. The
plaintiff appealed that dismissal decision to the United States Court of
Appeals for the Fourth Circuit. The appeal is still pending and argument in the
matter was held in December 2007. The Court also dismissed the Chasen lawsuit
(action (iv) above) against JCGI's Board of Directors without leave to amend.
Finally, a Motion to Dismiss the Wiggins suit (action (v) above) was granted
and the matter was dismissed in May 2007. However, in June 2007, Plaintiffs
appealed that dismissal to the United States Court of Appeals for the Fourth
Circuit. That appeal is currently pending.

In addition to the lawsuits described above, the Auditor of the State of West
Virginia ("Auditor"), in his capacity as securities commissioner, has initiated
administrative proceedings against many of the defendants in the market timing
cases (including JCGI and Janus Capital) and, as a part of its relief, is
seeking disgorgement and other monetary relief based on similar market timing
allegations (In the Matter of Janus Capital Group Inc. et al., Before the
Securities Commissioner, State of West Virginia, Summary Order No. 05-1320).
The respondents in these proceedings collectively sought a Writ of Prohibition
in state court, which was denied. Their subsequent Petition for Appeal was also
denied. Consequently, in September 2006, JCGI and Janus Capital filed their
answer to the Auditor's summary order instituting proceedings and requested a
hearing. A status conference was held on June 28, 2007, during which the
parties were ordered to submit their proposed scheduling order. To date, no
scheduling order has been entered in the case. In addition to the pending
Motion to Discharge Order to Show Cause, JCGI and Janus Capital, as well as
other similarly situated defendants, continue to challenge the statutory
authority of the Auditor to bring such an action.

Additional lawsuits may be filed against certain of the Janus funds, Janus
Capital, and related parties in the future. Janus Capital does not currently
believe that these pending actions will materially affect its ability to
continue providing services it has agreed to provide to the Janus funds.

DWS VARIABLE SERIES II - CLASS B SHARES                     PORTFOLIO
                                                            SUBADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-JGI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                            DWS LARGE CAP VALUE VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Large Cap Value VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes
16      Marketing and Distribution Fees





DWS LARGE CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to achieve a high rate of total return.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks and
other equity securities of large US companies that are similar in size to the
companies in the Russell 1000 (Reg. TM) Value Index (as of February 29, 2008,
the Russell 1000 (Reg. TM) Value Index had a median market capitalization of
$4.8 billion) and that the portfolio managers believe are undervalued. These
are typically companies that have been sound historically but are temporarily
out of favor. The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Although the
portfolio can invest in stocks of any economic sector (which is comprised of
two or more industries), at times it may emphasize the financial services
sector or other sectors. In fact, it may invest more than 25% of total assets
in a single sector.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

The portfolio manager begins by screening for stocks whose price-to-earnings
ratios are below the average for the S&P 500 Index. The portfolio manager then
compares a company's stock price to its book value, cash flow and yield, and
analyze individual companies to identify those that are financially sound and
appear to have strong potential for long-term growth.

The portfolio manager assembles the portfolio from among the most attractive
stocks, drawing on analysis of economic outlooks for various sectors and
industries.

Portfolio management will normally sell a stock when it believes the stock's
price is unlikely to go higher, its fundamental factors have changed, other
investments offer better opportunities or in the course of adjusting the
portfolio's emphasis on a given industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio may invest up to 20% of total assets in foreign securities. The
portfolio is permitted, but not required, to use various types of derivatives
(contracts whose value is based on, for example, indices, currencies or
securities). Derivatives may be used for hedging and for risk management or for
non-hedging purposes to seek to enhance potential gains. The portfolio may use
derivatives in circumstances where portfolio management believes they offer an
economical means of gaining exposure to a particular asset class or to keep
cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In particular, the portfolio may use futures, currency
options and forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS LARGE CAP VALUE
                                                          VIP   3


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors seeking to diversify a growth-oriented portfolio or add a core
holding to a value-oriented portfolio may want to consider this portfolio.


4   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                         
  18.96       -10.44     15.84       1.61      -15.18     32.19       9.65      1.58     14.96      12.77
  1998        1999       2000       2001       2002       2003       2004      2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 18.75%, Q2 2003              WORST QUARTER: -19.15%, Q3 2002
2008 TOTAL RETURN AS OF MARCH 31: -7.17%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR         5 YEARS        10 YEARS
                                                      
Portfolio - Class B                12.77           13.80           7.34
Russell 1000 Value Index            -0.17          14.63           7.68


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) VALUE INDEX is an unmanaged index that consists of those
stocks in the Russell 1000 Index with less-than-average growth orientation.
Russell 1000 (Reg. TM) Index is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS LARGE CAP VALUE
                                                          VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.65%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.18
TOTAL ANNUAL OPERATING EXPENSES            1.08


1   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007.

2   Restated on an annualized basis to reflect fee changes which took effect on
    April 11, 2007. Includes a 0.10% administrative services fee paid to the
    Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $110           $343           $595         $1,317


THE PORTFOLIO MANAGER

Deutsche Asset Management International GmbH, Mainzer Landstrasse 178-190,
Frankfurt am Main, Germany, is the subadvisor for the portfolio.

The following person handles the day-to-day management of the portfolio:

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and served as executive assistant to
     board member.
   o US and Global Fund Management: Frankfurt.
   o Joined the portfolio in 2007.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS LARGE CAP VALUE VIP - CLASS B





YEARS ENDED DECEMBER 31,                               2007           2006         2005         2004        2003
                                                                                         
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $   17.94      $  15.79      $  15.77    $  14.55    $  11.23
- -------------------------------------------------   ---------      --------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                            .19        .23c             .19         .22         .18
_________________________________________________   _________      ________      ________    ________    ________
 Net realized and unrealized gain (loss)                 1.99          2.11           .05        1.17        3.35
- -------------------------------------------------   ---------      --------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                        2.18          2.34           .24        1.39        3.53
- -------------------------------------------------   ---------      --------      --------    --------    --------
Less distributions from:
 Net investment income                                 (  .25)       (  .19)       (  .22)     (  .17)     (  .21)
_________________________________________________   _________      ________      ________    ________    ________
 Net realized gains                                    (  .67)            -             -           -           -
_________________________________________________   _________      ________      ________    ________    ________
 TOTAL DISTRIBUTIONS                                   (  .92)       (  .19)       (  .22)     (  .17)     (  .21)
- -------------------------------------------------   ---------      --------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                      $   19.20      $  17.94      $  15.79    $  15.77    $  14.55
- -------------------------------------------------   ---------      --------      --------    --------    --------
Total Return (%)                                     12.77b,d       14.96c        1.58b          9.65       32.19
_________________________________________________   _________      ________      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                      8            40            40          40          18
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses before expense reductions (%)          1.21          1.21          1.21        1.18        1.19
_________________________________________________   _________      ________      ________    ________    ________
Ratio of expenses after expense reductions (%)           1.20          1.21          1.20        1.18        1.19
_________________________________________________   _________      ________      ________    ________    ________
Ratio of net investment income (loss) (%)                1.06        1.35c           1.24        1.46        1.55
_________________________________________________   _________      ________      ________    ________    ________
Portfolio turnover rate (%)                               103            76            64          40          58
- -------------------------------------------------   ---------      --------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.04%.
    Excluding this non-recurring income, total return would have been 0.04%
    lower.

d   Includes a reimbursement from the Advisor for $92,456 for losses on certain
    operation errors during the period. Excluding this reimbursement, total
    return would have been 0.04% lower.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS LARGE CAP VALUE
                                                          VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS LARGE CAP VALUE VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.08%                3.92%            $ 10,392.00          $   110.12
   2             10.25%                 1.08%                7.99%            $ 10,799.37          $   114.43
   3             15.76%                 1.08%               12.23%            $ 11,222.70          $   118.92
   4             21.55%                 1.08%               16.63%            $ 11,662.63          $   123.58
   5             27.63%                 1.08%               21.20%            $ 12,119.81          $   128.43
   6             34.01%                 1.08%               25.95%            $ 12,594.90          $   133.46
   7             40.71%                 1.08%               30.89%            $ 13,088.62          $   138.69
   8             47.75%                 1.08%               36.02%            $ 13,601.70          $   144.13
   9             55.13%                 1.08%               41.35%            $ 14,134.88          $   149.78
  10             62.89%                 1.08%               46.89%            $ 14,688.97          $   155.65
TOTAL                                                                                              $ 1,317.19



8   DWS LARGE CAP VALUE VIP                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                 FEE PAID
                           
DWS Large Cap Value VIP          0.68%


A discussion regarding the basis for the Board renewal of the portfolio's
    investment management agreement  and subadvisory agreement is contained in
    the shareholder reports for the annual period ended December 31, 2007 (see
    "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS LARGE CAP VALUE VIP
The subadvisor for DWS Large Cap Value VIP is Deutsche Asset Management
International GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main,
Germany. DeAMi renders investment advisory and management services to the
portfolio. DeAMi is an investment advisor registered with the Securities and
Exchange Commission and currently manages over $60 billion in assets, which is
primarily comprised of institutional accounts and investment companies. DeAMi
is a subsidiary of Deutsche Bank AG. DIMA compensates DeAMi out of the
management fee it receives from the portfolio.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-LCV


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                            DWS MID CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Mid Cap Growth VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS MID CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital growth.

Under normal circumstances, the portfolio invests at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, determined
at the time of purchase, in companies with market capitalizations within the
market capitalization range of the Russell Midcap(TM) Growth Index (as of
February 29, 2008, the Russell Midcap (Reg. TM) Growth Index had a median
market capitalization of $4.05 billion) or securities with equity
characteristics that provide exposure to those companies. The portfolio's
equity investments are mainly common stocks, but may also include other types
of equity securities such as preferred stocks or convertible securities.

The portfolio invests primarily in equity securities of medium-sized
growth-oriented US companies. Portfolio management focuses on individual
security selection rather than industry selection. Portfolio management uses an
active process which combines financial analysis with company visits to
evaluate management and strategies.

Company research lies at the heart of the investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on undervalued stocks with fast growing earnings
  and superior near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of medium sized stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

The portfolio may also invest up to 20% of its assets in stocks and other
securities of companies based outside the US.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board could change the
portfolio's investment objective without seeking shareholder approval. However,
the Board will provide shareholders with at least 60 days' notice prior to
making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MID CAP GROWTH
                                                          VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market investments or other short-term
bonds that offer comparable safety. In addition, as a temporary defensive
position, the portfolio may invest up to 100% of assets in the common stock of
larger companies or in fixed-income securities. This could prevent losses, but,
while engaged in a temporary defensive position, the portfolio may not achieve
its investment objective. However, the portfolio manager may choose not to use
these strategies for various reasons, even in very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for investors with long-term goals who can tolerate
capital fluctuation in pursuit of long-term capital growth.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to October 28, 2005, the portfolio was named Scudder Aggressive Growth
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                           
  -5.20       -21.96      -30.76     33.43       3.61     14.65      10.55      7.92
  2000        2001        2002       2003       2004      2005       2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 23.35%, Q4 2001               WORST QUARTER: -25.99%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -12.51%


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MID CAP GROWTH
                                                          VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        SINCE INCEPTION*
                                                             
Portfolio - Class B                         7.92          13.59               3.55
Russell Midcap Growth Index                11.43          17.90               5.80
Russell 3000 Growth Index                  11.40          12.42               0.14
Standard & Poor's (S&P) 500 Index           5.49          12.83               2.76


*   Since 5/1/99. Index comparisons begin 4/30/99.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL MIDCAP (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index of medium and medium/small companies in the Russell 1000 (Reg. TM) Index
chosen for their growth orientation. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

RUSSELL 3000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index containing the growth stocks in the Russell 3000 (Reg. TM) Index.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.67%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.28
TOTAL ANNUAL OPERATING EXPENSES3           1.20


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 1.34% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage, interest and organizational and
    offering expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $122           $381           $660         $1,455


6   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MID CAP GROWTH
                                                          VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to October 28, 2005, the portfolio was named Scudder Aggressive Growth
Portfolio and operated with a different goal and investment strategy.
Performance would have been different if the portfolio's current policies had
been in effect.



DWS MID CAP GROWTH VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007         2006        2005       2004       2003
                                                                                   
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  12.37      $ 11.19     $  9.76    $  9.42    $  7.06
- -------------------------------------------------  --------      -------     -------    -------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                       (  .10)      (  .10)c    (  .09)     ( .05)     ( .09)
_________________________________________________  ________      _______     _______    _______    _______
 Net realized and unrealized gain (loss)               1.08         1.28        1.52        .39       2.45
- -------------------------------------------------  --------      -------     -------    -------    -------
 TOTAL FROM INVESTMENT OPERATIONS                       .98         1.18        1.43        .34       2.36
- -------------------------------------------------  --------      -------     -------    -------    -------
NET ASSET VALUE, END OF PERIOD                     $  13.35      $ 12.37     $ 11.19    $  9.76    $  9.42
- -------------------------------------------------  --------      -------     -------    -------    -------
Total Return (%)b                                      7.92      10.55c        14.65       3.61      33.43
_________________________________________________  ________      _______     _______    _______    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    2            8           7          6          4
_________________________________________________  ________      _______     _______    _______    _______
Ratio of expenses before expense reductions (%)        1.43         1.42        1.40       1.41       1.37
_________________________________________________  ________      _______     _______    _______    _______
Ratio of expenses after expense reductions (%)         1.28         1.29        1.32       1.34       1.34
_________________________________________________  ________      _______     _______    _______    _______
Ratio of net investment income (loss) (%)            (  .76)      (  .87)c    (  .82)     ( .50)     ( .96)
_________________________________________________  ________      _______     _______    _______    _______
Portfolio turnover rate (%)                              68           46         104        103         91
- -------------------------------------------------  --------      -------     -------    -------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.003 per
    share and an increase in the ratio of net investment income of 0.03%.
    Excluding this non-recurring income, total return would have been 0.03%
    lower.


8   DWS MID CAP GROWTH VIP                           DWS VARIABLE SERIES II -
                                                       CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MID CAP GROWTH VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.20%                3.80%            $ 10,380.00          $   122.28
   2             10.25%                 1.20%                7.74%            $ 10,774.44          $   126.93
   3             15.76%                 1.20%               11.84%            $ 11,183.87          $   131.75
   4             21.55%                 1.20%               16.09%            $ 11,608.86          $   136.76
   5             27.63%                 1.20%               20.50%            $ 12,049.99          $   141.95
   6             34.01%                 1.20%               25.08%            $ 12,507.89          $   147.35
   7             40.71%                 1.20%               29.83%            $ 12,983.19          $   152.95
   8             47.75%                 1.20%               34.77%            $ 13,476.55          $   158.76
   9             55.13%                 1.20%               39.89%            $ 13,988.66          $   164.79
  10             62.89%                 1.20%               45.20%            $ 14,520.23          $   171.05
TOTAL                                                                                              $ 1,454.57



DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MID CAP GROWTH
                                                          VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                FEE PAID
                          
DWS Mid Cap Growth VIP          0.61%


Effective May 1, 2008, DWS Mid Cap Growth VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.665% of the portfolio's average daily net assets up to
    $250 million, 0.635% of the next $750 million, 0.615% of the next $1.5
    billion, 0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion,
    0.555% of the next $2.5 billion, 0.545% of the next $2.5 billion and
    0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-MCG


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                          DWS MODERATE ALLOCATION VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Moderate Allocation VIP
 12      Other Policies and Risks
 12      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
15      Buying and Selling Shares
18      How the Portfolio Calculates Share Price
18      Distributions
18      Taxes
19      Marketing and Distribution Fees





DWS MODERATE ALLOCATION VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks a balance of long-term growth of capital and current income
with an emphasis on growth of capital. The portfolio does this by investing in
other DWS VIP portfolios ("underlying portfolios") that invest across a range
of asset classes, utilizing a wide variety of securities and investment styles.
The portfolio will always invest in the share class of an underlying portfolio
with the lowest fees and expenses.

The portfolio's target allocation is as follows:

o 40% in underlying portfolios which invest primarily in fixed-income
  securities of all credit qualities and maturities ("fixed-income
  portfolios").

o 60% in underlying portfolios which invest primarily in equity securities of
  all capitalization levels ("equity portfolios").

The portfolio managers have the flexibility to adjust this allocation within
 the following ranges:

o 25-55% in fixed-income portfolios.

o 45-75% in equity portfolios.

While the actual allocation may vary, the portfolio managers expect that over
the long term it will average out to be similar to the target allocation.

The portfolio managers regularly review the actual allocation and may adjust it
in seeking to take advantage of current or expected market conditions or to
manage risk. In making their allocation decisions, the managers use a
proprietary mix of qualitative and quantitative inputs to arrive at a view for
the securities markets and segments of those markets. Based on the desired
exposure to particular investments and a thorough risk analysis, the managers
then decide which portfolios to use as underlying portfolios and in which
proportions.

It is expected that, in the future, the managers may invest in instruments,
commonly called "derivatives," including, but not limited to, futures and
forward currency exchange contracts, to attempt to manage risk and enhance
returns. Derivatives may be used to hedge the portfolio against price
fluctuations and otherwise reduce risk. Derivatives may also be used to
increase the portfolio's exposure to certain markets in an attempt to enhance
returns. These strategies may be used separately or in combination. The
managers may also use these derivatives strategies to help maintain cash
reserves or otherwise liquid assets to meet shareholder redemptions, or for
other needs, while maintaining exposure to the markets. The managers will
determine which derivative instruments to purchase by using a quantitative
strategy that incorporates data from various international markets. The
strategy seeks to shift the emphasis on the portfolio's holdings in response to
short- and medium-term changes in global markets. The use of the strategy is
subject to Board approval. Shareholders will be notified prior to the use of
the strategy.

The underlying portfolios use a broad array of investment styles. These
portfolios can buy many types of securities, among them common stocks of
companies of any size, corporate bonds of varying credit quality, US government
and agency bonds, mortgage- and asset-backed securities, money market
instruments and others. These securities are mainly from US issuers but may be,
to a more limited extent, from foreign issuers.

Underlying portfolios include DWS VIP portfolios, and may include retail DWS
funds managed by the Advisor and, pursuant to an exemptive order obtained from
the Securities and Exchange Commission, non-affiliated exchange traded funds
("ETFs") in excess of the Investment Company Act of 1940 limits. The portfolio
will invest in a retail DWS fund only when a suitable DWS VIP portfolio is not
available and in an ETF only when neither a suitable DWS VIP portfolio nor a
retail DWS fund is available. The portfolio's allocations among the underlying
funds will change over time and there should be no expectation that current or
past positions in an underlying fund will be maintained in the future.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This could prevent
losses, but, while engaged in a temporary defensive position, the portfolio
will not be pursuing its investment objective. However, the managers may choose
not to use these strategies for various reasons, even in very volatile market
conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                DWS MODERATE ALLOCATION
                                                       VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to other asset categories.

REALLOCATION RISK. From time to time, one or more underlying portfolios may
experience relatively large investments or redemptions due to reallocations or
rebalancings of the portfolio or other fund-of-fund products managed by the
Advisor. These transactions will affect the underlying portfolios, since
underlying portfolios that experience redemptions as a result of reallocations
or rebalancings may have to sell securities and underlying portfolios that
receive additional cash will have to invest such cash. In addition, a large
redemption by a portfolio in a specific underlying portfolio could also hurt
the performance of another portfolio currently invested in the same underlying
portfolio. While it is impossible to predict the overall impact of these
transactions over time, there could also be adverse effects on a portfolio's
performance to the extent that the underlying portfolios may be required to
sell securities or invest cash at times when they would otherwise not do so.
These transactions could also accelerate the realization of taxable income if
sales of securities resulted in gains and could also increase transaction costs
for the underlying portfolios. The managers attempt to minimize such impact on
the underlying portfolios to the extent consistent with pursuing the investment
objective of a portfolio. The managers consider the impact on the underlying
portfolios of transactions by the portfolio and an underlying portfolio may
discontinue sales of shares to the portfolio.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

ETF RISK. An ETF is a fund that holds a portfolio of common stocks or bonds
designed to track the performance of a securities index or industry sector.
ETFs trade on a securities exchange and their shares may, at times, trade at a
premium or discount to their NAV. In addition, an ETF may not replicate exactly
the performance of the index it seeks to track for a number of reasons,
including transaction costs incurred by the ETF. ETFs incur fees and expenses,
such as operating expenses, licensing fees, trustee fees and marketing
expenses, which are borne proportionately by ETF shareholders, such as the
portfolio. The portfolio will also incur brokerage costs when purchasing and
selling shares of ETFs.



INVESTMENT RISKS OF THE UNDERLYING PORTFOLIOS

The investment risks below are risks of certain of the underlying portfolios;
by investing in the underlying portfolios the portfolio is also exposed to
these risks.

FOCUSED INVESTING RISK. The fact that the portfolio may focus on investments
from a single state or sector of the municipal securities market increases
risk, because factors affecting the state or region, such as economic or fiscal
problems, could affect a large portion of the portfolio's securities in a
similar manner. For example, a state's technology or biotech industries could
experience a downturn or fail to develop as expected, hurting the local
economy. States that face severe fiscal difficulties due to an economic
downturn, could experience increased expenditures on domestic security and
reduced monetary support from the federal government. Over time, these issues
may have the ability to impair a state's ability to repay its obligations.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as


4   DWS MODERATE ALLOCATION VIP                      DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.


DWS VARIABLE SERIES II - CLASS B SHARES                DWS MODERATE ALLOCATION
                                                       VIP   5


DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

Other factors that could affect performance are:

o the managers of the portfolio or the underlying portfolios could be incorrect
  in their analysis of economic trends, countries, industries, companies, the
  relative attractiveness of asset classes or other matters; and

o the underlying portfolios may trade securities more actively than comparable
  portfolios. Upon the use of the derivatives strategy, the portfolio may also
  trade derivative instruments more actively than comparable portfolios. Any
  of these cases could raise transactions costs and thereby lower returns.

This portfolio is designed for investors who are interested in a
growth-oriented, balanced asset allocation investment.


6   DWS MODERATE ALLOCATION VIP                      DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                 
   5.06     10.93      5.09
  2005      2006        2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.72%, Q4 2006               WORST QUARTER: -1.32%, Q1 2005
2008 TOTAL RETURN AS OF MARCH 31: -6.70%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        SINCE INCEPTION*
                                             
Portfolio - Class B                     5.09               8.77
Russell 1000 Index                      5.77              11.63
Lehman Brothers U.S. Aggregate
Index                                   6.97               4.48


*   Since 8/16/04. Index comparisons begin 8/31/04.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES                DWS MODERATE ALLOCATION
                                                       VIP   7


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The portfolio's shareholders directly bear the fees and
expenses of the portfolio, subject to the contractual obligations of the
advisor, underwriter and accounting agent to waive fees or reimburse expenses
to maintain the portfolio's operating expenses at a specified level. The
portfolio will indirectly bear its proportionate share of fees and expenses
incurred by the underlying portfolios in which the portfolio is invested (see
"Acquired (Underlying) Portfolios Fee and Expenses" in the table below). The
information in the table does not reflect charges and fees associated with the
separate account that invests in the portfolio or any variable life insurance
policy or variable annuity contract for which the portfolio is an investment
option. These charges and fees will increase expenses.





FEE TABLE                                                           CLASS B
                                                               
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
Management Fee 1 ,2                                                     0.07%
Distribution/Service (12b-1) Fee                                      0.25
Other Expenses3                                                       0.27
Acquired (Underlying) Portfolios Fees and Expenses4,5                 0.71
TOTAL ANNUAL PORTFOLIO AND ACQUIRED (UNDERLYING) PORTFOLIOS
OPERATING EXPENSES6                                                   1.30


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Through September 30, 2008, the Advisor has contractually agreed to waive a
    portion of its Investment Management Fee in the amount of 0.05% of the
    portfolio's average daily net assets.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   Underlying portfolio fees and expenses may include contractual expense
    limitations or reimbursements, where applicable.

5   In addition to the expenses that the portfolio bears directly, the
    portfolio's shareholders indirectly bear the expenses of the underlying
    portfolios in which the portfolio invests. The portfolio's estimated
    indirect expense from investing in the underlying portfolios, based on its
    expected allocations to the underlying portfolios, is as shown in the
    table.

6   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 0.70% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage, interest and indirect expenses
    of underlying DWS portfolios. Although there can be no assurance that the
    current waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions, and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $132           $412           $713         $1,568



8   DWS MODERATE ALLOCATION VIP                      DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Global Asset Allocation portfolio manager: New York.
   o Joined Deutsche Asset Management in 1999 as a quantitative analyst,
     becoming an associate portfolio manager in 2001.
   o BS, MS, Moscow State University; MBA, University of Chicago.
   o Joined the portfolio in 2004.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined Deutsche Asset Management in 1995 as a senior fixed income
     portfolio manager after 13 years of experience at J.P. Morgan & Co.
     trading fixed income, derivatives and foreign exchange products.
   o BS, The Wharton School, University of Pennsylvania.
   o Joined the portfolio in 2004.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                DWS MODERATE ALLOCATION
                                                       VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MODERATE ALLOCATION VIP - CLASS B





YEARS ENDED DECEMBER 31,                                    2007             2006             2005            2004A
                                                                                               
SELECTED PER SHARE DATA
- -----------------------------------------------------------------------------------------------------          --
NET ASSET VALUE, BEGINNING OF PERIOD                     $  12.42         $  11.37        $ 10.84          $ 10.00
- --------------------------------------------------       --------         --------        -------          -------
Income (loss) from investment operations:
 Net investment income (loss)b                                .26              .19           .12           (  .03)
__________________________________________________       ________         ________        _______          _______
 Net realized and unrealized gain (loss)                      .34             1.04           .43              .87
- --------------------------------------------------       --------         --------        -------          -------
 TOTAL FROM INVESTMENT OPERATIONS                             .60             1.23           .55              .84
- --------------------------------------------------       --------         --------        -------          -------
Less distributions from:
 Net investment income                                     (  .28)          (  .10)            -               -
__________________________________________________       ________         ________        _______          _______
 Net realized gains                                        (  .46)          (  .08)       (  .02)              -
- --------------------------------------------------       --------         --------        -------          -------
 TOTAL DISTRIBUTIONS                                       (  .74)          (  .18)       (  .02)              -
- --------------------------------------------------       --------         --------        -------          -------
NET ASSET VALUE, END OF PERIOD                           $  12.28         $  12.42        $ 11.37          $ 10.84
- --------------------------------------------------       --------         --------        -------          -------
Total Return (%)c,d                                          5.09            10.93          5.06             8.40**
__________________________________________________       ________         ________        _______          _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------      -------
Net assets, end of period ($ millions)                         34              179           171              39
__________________________________________________       ________         ________        _______          _______
Ratio of expenses before expense reductions (%)e              .63              .62           .66             1.53*
__________________________________________________       ________         ________        _______          _______
Ratio of expenses after expense reductions (%)e               .58              .57           .61              .75*
__________________________________________________       ________         ________        _______          _______
Ratio of net investment income (%)                           2.11             1.65          1.15           (  .68)*
__________________________________________________       ________         ________        _______          _______
Portfolio turnover rate (%)                                    30               35            14              13
- --------------------------------------------------       --------         --------        -------          -------


a   For the period from August 16, 2004 (commencement of operations) to
    December 31, 2004.

b   Based on average shares outstanding during the period.

c   Total return would have been lower had certain expenses not been reduced.

d   Total return would have been lower if the Advisor had not reduced certain
    of the Underlying Portfolios' expenses.

e   The Portfolio invests in other DWS Portfolios and indirectly bears its
    proportionate share of fees and expenses incurred by the Underlying DWS
    Portfolios in which the Portfolio is invested. This ratio does not include
    these indirect fees and expenses.

*   Annualized

**   Not annualized

10   DWS MODERATE ALLOCATION VIP                     DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MODERATE ALLOCATION VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.30%                3.70%            $ 10,370.00          $   132.41
   2             10.25%                 1.30%                7.54%            $ 10,753.69          $   137.30
   3             15.76%                 1.30%               11.52%            $ 11,151.58          $   142.38
   4             21.55%                 1.30%               15.64%            $ 11,564.18          $   147.65
   5             27.63%                 1.30%               19.92%            $ 11,992.06          $   153.12
   6             34.01%                 1.30%               24.36%            $ 12,435.77          $   158.78
   7             40.71%                 1.30%               28.96%            $ 12,895.89          $   164.66
   8             47.75%                 1.30%               33.73%            $ 13,373.04          $   170.75
   9             55.13%                 1.30%               38.68%            $ 13,867.84          $   177.07
  10             62.89%                 1.30%               43.81%            $ 14,380.95          $   183.62
TOTAL                                                                                              $ 1,567.74



DWS VARIABLE SERIES II - CLASS B SHARES               DWS MODERATE ALLOCATION
                                                      VIP   11


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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

The Advisor and its affiliates earn fees at varying rates for providing
services to the underlying DWS VIP portfolios and retail DWS funds. The Advisor
may therefore have a conflict of interest in selecting the underlying DWS funds
and in determining whether to invest in an ETF, from which it will not receive
any fees. However, the Advisor is a fiduciary to each portfolio and is required
to act in each portfolio's best interests.


12   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                      FEE PAID
                               
DWS Moderate Allocation VIP            0.10%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, Moderate Allocation VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.065% of the portfolio's average daily net assets up to $500
million, 0.055% of the next $500 million, 0.045% of the next $500 million,
0.035% of the next $1 billion and 0.025% over $2.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   13


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


18   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   19



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-MA


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                             DWS MONEY MARKET VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



    
3      DWS Money Market VIP
9      Other Policies and Risks
9      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
16      Taxes
16      Marketing and Distribution Fees





DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

DWS VARIABLE SERIES II - CLASS B SHARES                    DWS MONEY MARKET
                                                           VIP   3


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


4   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its net
assets in the obligations of banks and other financial institutions, it may be
vulnerable to setbacks in that industry. Banks and other financial institutions
are highly dependent on short-term interest rates and can be adversely affected
by downturns in the US and foreign economies or changes in banking regulations.


PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                 
   4.88      4.58      5.84      3.49      1.20      0.42      0.52      2.42      4.25     4.65
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.50%, Q3 2000              WORST QUARTER: 0.04%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.79%


DWS VARIABLE SERIES II - CLASS B SHARES                    DWS MONEY MARKET
                                                           VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class B           4.65           2.44           3.21


7-day yield as of December 31, 2007: 4.24%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.29%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.17
TOTAL ANNUAL OPERATING EXPENSES3           0.71


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.79%
    for Class B shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $73           $227           $395           $883


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


6   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .046         .042        .024        .005        .004
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .046         .042        .024        .005        .004
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .046)      ( .042)     ( .024)     ( .005)     ( .004)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     4.65a        4.25a         2.42         .52       .42a
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    24           58          58          53          66
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .82          .90         .89         .91         .93
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .80          .89         .89         .91         .92
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.53         4.20        2.40         .50         .35
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS B SHARES                    DWS MONEY MARKET
                                                           VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.71%                4.29%            $ 10,429.00           $  72.52
   2             10.25%                 0.71%                8.76%            $ 10,876.40           $  75.63
   3             15.76%                 0.71%               13.43%            $ 11,343.00           $  78.88
   4             21.55%                 0.71%               18.30%            $ 11,829.62           $  82.26
   5             27.63%                 0.71%               23.37%            $ 12,337.11           $  85.79
   6             34.01%                 0.71%               28.66%            $ 12,866.37           $  89.47
   7             40.71%                 0.71%               34.18%            $ 13,418.34           $  93.31
   8             47.75%                 0.71%               39.94%            $ 13,993.98           $  97.31
   9             55.13%                 0.71%               45.94%            $ 14,594.32           $ 101.49
  10             62.89%                 0.71%               52.20%            $ 15,220.42           $ 105.84
TOTAL                                                                                               $ 882.50



8   DWS MONEY MARKET VIP                             DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME               FEE PAID
                        
DWS Money Market VIP            0.38%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). The portfolio has
adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of the portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in the
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of the portfolio or of any particular share
class of the portfolio. You should review your financial advisor's compensation
disclosure and/or talk to your financial advisor to obtain more information on
how this compensation may have influenced your financial advisor's
recommendation of the portfolio. Additional information regarding these revenue
sharing payments is included in the portfolio's Statement of Additional
Information, which is available to you on request at no charge (see the back
cover of this prospectus for more information on how to request a copy of the
Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. The portfolio may make additional
distributions if necessary.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


participating insurance company's corporate structure and applicable state law,
the distributor may remit payments to the participating insurance company's
affiliated broker-dealers or other affiliated company rather than to the
participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-MM


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                           DWS SMALL CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Small Cap Growth VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   3


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


4   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.07      34.23       -10.93      -28.98      -33.64     32.51      10.54       6.73      4.80      5.80
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.88%, Q4 1999               WORST QUARTER: -31.76%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.20%


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   5


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class B                 5.80          11.63           1.44
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.55%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.20
TOTAL ANNUAL OPERATING EXPENSES            1.00


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $102           $318           $552         $1,225



6   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007          2006          2005          2004        2003
                                                                                          
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  13.96      $ 13.32       $  12.48      $  11.29    $  8.52
- -------------------------------------------------   --------      -------       --------      --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .07)      (  .09)d       (  .11)       (  .10)    (  .09)
_________________________________________________   ________      _______       ________      ________    _______
 Net realized and unrealized gain (loss)                 .88          .73            .95          1.29       2.86
- -------------------------------------------------   --------      -------       --------      --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .81          .64            .84          1.19       2.77
- -------------------------------------------------   --------      -------       --------      --------    -------
NET ASSET VALUE, END OF PERIOD                      $  14.77      $ 13.96       $  13.32      $  12.48    $ 11.29
- -------------------------------------------------   --------      -------       --------      --------    -------
Total Return (%)                                     5.80b       4.80b,d        6.73b,c        10.54b       32.51
_________________________________________________   ________     ________       ________      ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                     7           37             39            28         15
_________________________________________________   ________     ________       ________      ________    _______
Ratio of expenses before expense reductions (%)         1.13         1.12           1.12          1.10       1.08
_________________________________________________   ________     ________       ________      ________    _______
Ratio of expenses after expense reductions (%)          1.09         1.09           1.09          1.09       1.08
_________________________________________________   ________     ________       ________      ________    _______
Ratio of net investment income (loss) (%)             (  .46)      (  .69)d       (  .84)       (  .85)    (  .80)
_________________________________________________   ________     ________       ________      ________    _______
Portfolio turnover rate (%)                               67           73             94           117        123
- -------------------------------------------------   --------     --------       --------      --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This
    violation had no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


8   DWS SMALL CAP GROWTH VIP                         DWS VARIABLE SERIES II -
                                                       CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.00%                4.00%            $ 10,400.00          $   102.00
   2             10.25%                 1.00%                8.16%            $ 10,816.00          $   106.08
   3             15.76%                 1.00%               12.49%            $ 11,248.64          $   110.32
   4             21.55%                 1.00%               16.99%            $ 11,698.59          $   114.74
   5             27.63%                 1.00%               21.67%            $ 12,166.53          $   119.33
   6             34.01%                 1.00%               26.53%            $ 12,653.19          $   124.10
   7             40.71%                 1.00%               31.59%            $ 13,159.32          $   129.06
   8             47.75%                 1.00%               36.86%            $ 13,685.69          $   134.23
   9             55.13%                 1.00%               42.33%            $ 14,233.12          $   139.59
  10             62.89%                 1.00%               48.02%            $ 14,802.44          $   145.18
TOTAL                                                                                              $ 1,224.63



DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                   FEE PAID
                            
DWS Small Cap Growth VIP            0.62%*


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-SCG


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                           DWS STRATEGIC INCOME VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Strategic Income VIP
 11      Other Policies and Risks
 11      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
14      Buying and Selling Shares
17      How the Portfolio Calculates Share Price
17      Distributions
17      Taxes
18      Marketing and Distribution Fees





DWS STRATEGIC INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks a high current return.

The portfolio invests mainly in bonds issued by US and foreign corporations and
governments. The credit quality of the portfolio's investments may vary; the
portfolio may invest up to 100% of total assets in either investment-grade
bonds (i.e., grade BBB/Baa or above) or in junk bonds, which are those below
the fourth highest credit rating category (i.e., below grade BBB/Baa). Compared
to investment-grade bonds, junk bonds may pay higher yields and have higher
volatility and higher risk of default on payments of interest or principal. The
portfolio may invest up to 50% of total assets in foreign bonds. The portfolio
may also invest in emerging markets securities and dividend-paying common
stocks.

In deciding which types of securities to buy and sell, the portfolio managers
typically weigh a number of factors against each other, from economic outlooks
and possible interest rate movements to changes in supply and demand within the
bond market. In choosing individual bonds, the managers consider how they are
structured and use independent analysis of issuers' creditworthiness.

The managers may adjust the duration (a measure of sensitivity to interest
rates) of the portfolio, depending on their outlook for interest rates.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond and currency markets. The iGAP
strategy is implemented through the use of derivatives, which are contracts or
other instruments whose value is based on, for example, indices, currencies or
securities. The iGAP strategy primarily uses exchange-traded futures contracts
on global bonds and currencies indexes and over-the-counter forward currency
contracts, and is expected to have a low correlation to the portfolio's other
securities holdings. Because the iGAP strategy relies primarily on futures,
forward currency contracts and other derivative instruments, the aggregate
notional market exposure obtained from such investments within the iGAP
strategy may range up to 100% of the net assets of the portfolio (assuming the
maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.

OTHER INVESTMENTS. The portfolio may invest in affiliated mutual funds. The
portfolio may invest up to 5% of net assets in shares of DWS Floating Rate Plus
Fund, which invests primarily in adjustable rate loans that have a senior right
to payment ("Senior Loans"). By investing in DWS Floating Rate Plus Fund, the
portfolio may achieve greater diversification within the Senior Loan asset
class (through indirect exposure to more Senior Loan securities of varying
sizes and risks) than it could gain buying Senior Loan securities directly.

In addition to derivatives utilized within the iGAP strategy, the portfolio
managers may, but are not required to, also use various types of derivatives.
Derivatives may be used for hedging and for risk management or for non-hedging
purposes to enhance potential gains. The portfolio may use derivatives in
circumstances where portfolio managers believe they offer a more efficient or
economical means of gaining exposure to a particular asset class or market or
to maintain a high level of liquidity to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
managers may use futures, options, forward currency transactions and swaps.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS STRATEGIC INCOME
                                                          VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed-income securities will decrease in value
when nominal interest rates rise and increase in value when nominal interest
rates decline. A nominal interest rate can be described as the sum of a real
interest rate and an expected inflation rate. Inflation-indexed bonds decline
in value when real interest rates rise. In certain interest rate environments,
such as when real interest rates are rising faster than nominal interest rates,
inflation-indexed bonds may experience greater losses than other fixed-income
securities with similar durations. The longer the effective maturity of the
portfolio's securities, the more sensitive the portfolio will be to interest
rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall
in value for every year of duration.)

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

4   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may substantially exceed the intended level
of market exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for investors who are interested in a bond portfolio
that emphasizes different types of bonds depending on market and economic
outlooks.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS STRATEGIC INCOME
                                                          VIP   5


The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to May 1, 2000, the portfolio was named Kemper Global Income Portfolio
and operated with a different goal and investment strategy. Performance would
have been different if the portfolio's current policies were in effect.

The inception date for Class B was May 1, 2003. In the bar chart and table, the
performance figures for Class B before that date are based on the historical
performance of the portfolio's original share class (Class A), adjusted to
reflect the higher gross total annual operating expenses of Class B. Class A is
offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B
[BAR GRAPHIC APPEARS HERE]





                                                                    
  10.54       -6.22      2.16      4.81     10.86       7.40      8.27      1.92      8.75     5.07
  1998       1999       2000      2001      2002       2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 6.24%, Q3 1998              WORST QUARTER: -3.43%, Q2 1999
2008 TOTAL RETURN AS OF MARCH 31: 0.49%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class B                         5.07           6.25           5.24
Citigroup World Government Bond
Index                                      10.95           6.81           6.31
JP Morgan Emerging Markets Bond
Index Plus                                  6.45          13.63          10.36
Merrill Lynch High Yield Master
Cash Pay Only Index                         2.17          10.57           5.80
Lehman Brothers US Treasury Index           9.01           4.10           5.91


Total returns would have been lower if operating expenses hadn't been reduced.

CITIGROUP WORLD GOVERNMENT BOND INDEX is an unmanaged index that consists of
worldwide fixed-rate government bonds with remaining maturities greater than
one year.

J.P. MORGAN EMERGING MARKETS BOND INDEX PLUS (EMBI+) is an unmanaged index that
tracks total returns for emerging market debt instruments that trade outside
the country of issue.

MERRILL LYNCH HIGH YIELD MASTER CASH PAY ONLY INDEX is an unmanaged index which
tracks the performance of below investment grade US dollar-denominated
corporate bonds publicly issued in the US domestic market.


6   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


LEHMAN BROTHERS US TREASURY INDEX is an unmanaged index reflecting the
performance of all public obligations and does not focus on one particular
segment of the Treasury market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                                    CLASS B
                                                        
ANNUAL OPERATING EXPENSES, deducted from portfolio assets
Management Fee 1 ,2                                              0.55%
Distribution/Service (12b-1) Fee                               0.25
Other Expenses3                                                0.29
Acquired Funds (Underlying Funds) Fees and Expenses4           0.05
TOTAL ANNUAL OPERATING EXPENSES5                               1.14


1   To the extent the portfolio invests in other mutual funds advised by the
    Advisor and its affiliates ("affiliated mutual funds"), the Advisor has
    agreed to waive its management fee by an amount equal to the amount of
    management fees borne by the portfolio as a shareholder of such other
    affiliated mutual funds. In the case of an investment in DWS Floating Rate
    Plus Fund, the Advisor has also agreed to apply a management fee credit to
    the portfolio equal to the difference between DWS Floating Rate Plus
    Fund's management fee and the portfolio's management fee, if positive, as
    applied to the amount of assets invested by the portfolio in DWS Floating
    Rate Plus Fund.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

3   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

4   In addition to the Total Annual Operating Expenses which the portfolio
    bears directly, the portfolio's shareholders indirectly bear the expenses
    of the underlying funds in which the portfolio invests. The portfolio's
    estimated indirect expenses from investing in the underlying funds, based
    on its expected allocations and underlying funds, is as shown in the
    table. An underlying fund's expense ratio reflects contractual expense
    limitations and/or reimbursements where applicable.

5   Through September 30, 2008, the Advisor has contractually agreed to waive
    all or a portion of its management fee and reimburse or pay certain
    operating expenses so that the total annual operating expenses of the
    portfolio will not exceed 1.23% for Class B shares, excluding certain
    expenses such as extraordinary expenses, taxes, brokerage, interest, and
    indirect expenses of underlying DWS funds. Although there can be no
    assurance that the current waiver/expense reimbursement arrangement will
    be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $116           $362           $628         $1,386



DWS VARIABLE SERIES II - CLASS B SHARES                   DWS STRATEGIC INCOME
                                                          VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio for
their investment strategy, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o Global Head of Quantitative Strategies Portfolio Management: New York.
   o Joined the portfolio in 2007.
   o BS, The Wharton School, University of Pennsylvania.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Senior portfolio manager for Quantitative Strategies: New York.
   o Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o Joined the portfolio in 2007.
   o BA and MBA, University of Miami.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


8   DWS STRATEGIC INCOME VIP                         DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS STRATEGIC INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007         2006         2005         2004       2003A
                                                                                      
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------     --
NET ASSET VALUE, BEGINNING OF PERIOD              $ 11.74        $  11.44     $  12.17   $ 11.78     $ 11.44
- ------------------------------------------------- ---------      --------     --------   -------     -------
Income (loss) from investment operations:
 Net investment incomeb                              .59              .59          .61      .53         .17
_________________________________________________ _________      ________     ________   _______     _______
 Net realized and unrealized gain (loss)          (  .01)             .35       (  .38)     .40         .17
- ------------------------------------------------- ---------      --------     --------   -------     -------
 TOTAL FROM INVESTMENT OPERATIONS                    .58              .94          .23      .93         .34
- ------------------------------------------------- ---------      --------     --------   -------     -------
Less distributions from:
 Net investment income                            (  .68)          (  .53)      (  .93)       -          -
_________________________________________________ _________      ________     ________   _______     _______
 Net realized gains                                    -           (  .11)      (  .03)  (  .54)         -
- ------------------------------------------------- ---------      --------     --------   -------     -------
 TOTAL DISTRIBUTIONS                              (  .68)          (  .64)      (  .96)  (  .54)         -
- ------------------------------------------------- ---------      --------     --------   -------     -------
NET ASSET VALUE, END OF PERIOD                    $ 11.64        $  11.74     $  11.44   $ 12.17     $ 11.78
- ------------------------------------------------- ---------      --------     --------   -------     -------
Total Return (%)                                     5.07c        8.75c        1.92c       8.27        2.97**
_________________________________________________ _________      ________     ________   _______     _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------- -------
Net assets, end of period ($ millions)                 9               25           26       21          8
_________________________________________________ _________      ________     ________   _______     _______
Ratio of expenses before expense reductions (%)     1.21             1.24         1.25     1.22        1.26*
_________________________________________________ _________      ________     ________   _______     _______
Ratio of expenses after expense reductions (%)      1.20             1.18         1.21     1.22        1.26*
_________________________________________________ _________      ________     ________   _______     _______
Ratio of net investment income (%)                  5.13             5.14         5.28     4.61        1.80*
_________________________________________________ _________      ________     ________   _______     _______
Portfolio turnover rate (%)                          147              143          120      210        160
- ------------------------------------------------- ---------      --------     --------   -------     -------


a   For the period from May 1, 2003 (commencement of operations of Class B
    shares) to December 31, 2003.

b   Based on average shares outstanding during the period.

c   Total return would have been lower had certain expenses not been reduced.

*   Annualized

**   Not annualized

DWS VARIABLE SERIES II - CLASS B SHARES                   DWS STRATEGIC INCOME
                                                          VIP   9


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS STRATEGIC INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.14%                3.86%            $ 10,386.00          $   116.20
   2             10.25%                 1.14%                7.87%            $ 10,786.90          $   120.69
   3             15.76%                 1.14%               12.03%            $ 11,203.27          $   125.34
   4             21.55%                 1.14%               16.36%            $ 11,635.72          $   130.18
   5             27.63%                 1.14%               20.85%            $ 12,084.86          $   135.21
   6             34.01%                 1.14%               25.51%            $ 12,551.33          $   140.43
   7             40.71%                 1.14%               30.36%            $ 13,035.82          $   145.85
   8             47.75%                 1.14%               35.39%            $ 13,539.00          $   151.48
   9             55.13%                 1.14%               40.62%            $ 14,061.60          $   157.32
  10             62.89%                 1.14%               46.04%            $ 14,604.38          $   163.40
TOTAL                                                                                              $ 1,386.09



10   DWS STRATEGIC INCOME VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                   OTHER POLICIES AND
                                                          RISKS   11


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                  FEE PAID
                            
DWS Strategic Income VIP          0.65%


Effective May 1, 2008, DWS Strategic Income VIP pays the Advisor a fee, under
    the Investment Management Agreement, calculated daily and paid monthly, at
    the annual rate of 0.550% of the portfolio's average daily net assets up
    to $250 million, 0.520% of the next $750 million, 0.500% of the next $1.5
    billion, 0.480% of the next $2.5 billion, 0.450% of the next $2.5 billion,
    0.430% of the next $2.5 billion, 0.410% of the next $2.5 billion and
    0.390% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


12   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   17


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


18   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-SI


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                              DWS TECHNOLOGY VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Technology VIP
 10      Other Policies and Risks
 10      The Investment Advisor




YOUR INVESTMENT IN THE PORTFOLIO



     
13      Buying and Selling Shares
16      How the Portfolio Calculates Share Price
16      Distributions
16      Taxes
17      Marketing and Distribution Fees





DWS TECHNOLOGY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks of
companies in the technology sector. For purposes of the portfolio's 80%
investment policy, companies in the technology sector must commit at least half
of their assets to the technology sector or derive at least half of their
revenues or net income from that sector. Examples of industries within the
technology sector are semiconductors, software, telecom equipment,
computer/hardware, IT services, the Internet and health technology. The
portfolio may invest in companies of any size. In addition, the portfolio may
invest in initial public offerings. While the portfolio invests mainly in US
stocks, it could invest up to 35% of net assets in foreign securities.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The portfolio manager looks for individual companies with a
history of above-average growth, strong competitive positioning, attractive
prices relative to potential growth, innovative products and services, sound
financial strength and effective management, among other factors.

GROWTH ORIENTATION. The portfolio manager generally looks for companies that
the portfolio manager believes has above-average potential for sustainable
growth of revenue or earnings and whose market value appears reasonable in
light of their business prospects.

TOP-DOWN ANALYSIS. The portfolio manager considers the economic outlooks for
various industries within the technology sector and looks for those industries
that may benefit from changes in the overall business environment.

In addition, the portfolio manager uses the support of a quantitative analytic
group and its tools to attempt to actively manage the forecasted volatility
risk of the portfolio as a whole as compared to funds with a similar investment
objective, as well as appropriate benchmarks and peer groups. The portfolio
manager may favor securities from various industries and companies within the
technology sector at different times.

The portfolio manager will normally sell a stock when the portfolio manager
believes its price is unlikely to go higher, its fundamental factors have
changed, other investments offer better opportunities or in adjusting emphasis
on a given technology industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures and options, including sales of covered put and call options.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   3


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These factors may affect single companies as well as
groups of companies. In addition, movements in financial markets may adversely
affect a stock's price, regardless of how well the company performs. The market
as a whole may not favor the types of investments the portfolio makes, which
could affect the portfolio's ability to sell them at an attractive price.

CONCENTRATION RISK. The portfolio concentrates its investments in the group of
industries constituting the technology sector. As a result, factors affecting
this sector, such as market price movements, market saturation and rapid
product obsolescence will have a significant impact on the portfolio's
performance. Additionally, many technology companies are smaller companies that
may have limited business lines and limited financial resources, making them
highly vulnerable to business and economic risks.

NON-DIVERSIFICATION RISK. The portfolio is classified as non-diversified under
the Investment Company Act of 1940, as amended. This means that the portfolio
may invest in securities of relatively few issuers. Thus, the performance of
one or a small number of portfolio holdings can affect overall performance more
than if the portfolio invested in a larger number of issuers.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

4   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

This portfolio is designed for investors who can accept above-average risks and
are interested in exposure to a sector that offers attractive long-term growth
potential.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   5


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                          
  -21.77       -32.56      -35.72     46.42       1.48      3.27      0.43     13.84
   2000        2001        2002       2003       2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 28.49%, Q4 2001               WORST QUARTER: -33.68%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.00%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class B                    13.84          11.86              0.61
Russell 1000 Growth Index              11.81          12.11              -0.17
S&P Goldman Sachs Technology
Index                                  16.94          15.58              -1.16


*   Since 5/1/99. Index comparisons begin 4/30/99.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

S&P GOLDMAN SACHS TECHNOLOGY INDEX is an unmanaged capitalization-weighted
index based on a universe of technology-related stocks.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.67%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.37
TOTAL ANNUAL OPERATING EXPENSES            1.29


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $131           $409           $708         $1,556


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Kelly P. Davis
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2003 after eight years of experience
     with semiconductors as an associate analyst in Equities Research with
     Credit Suisse First Boston, team leader in applications engineering at
     Advanced Micro Devices, and in technical roles at Interactive Silicon,
     Motorola, Inc. and Tellabs Operations, Inc.
   o Joined the portfolio in 2005.
   o BS, Purdue University; MBA, University of California, Berkeley.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   7


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TECHNOLOGY VIP - CLASS B





YEARS ENDED DECEMBER 31,                             2007        2006       2005        2004        2003
                                                                                  
SELECTED PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  9.25      $ 9.21     $  8.93     $  8.80    $ 6.01
- ------------------------------------------------- -------      ------     -------     -------    ------
Income (loss) from investment operations:
 Net investment income (loss)a                    (  .05)       ( .04)c     ( .07)        .01    ( .07)
_________________________________________________ _______      ______     _______     _______    ______
 Net realized and unrealized gain (loss)            1.33          .08         .36         .12     2.86
- ------------------------------------------------- -------      ------     -------     -------    ------
 TOTAL FROM INVESTMENT OPERATIONS                   1.28          .04         .29         .13     2.79
- ------------------------------------------------- -------      ------     -------     -------    ------
Less distributions from:
 Net investment income                                 -            -       ( .01)          -        -
_________________________________________________ _______      ______     _______     _______    ______
NET ASSET VALUE, END OF PERIOD                    $ 10.53      $ 9.25     $  9.21     $  8.93    $ 8.80
- ------------------------------------------------- -------      ------     -------     -------    ------
Total Return (%)                                   13.84        .43c         3.27      1.48b     46.42
_________________________________________________ _______      ______     _______     _______    ______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 3           14          16          16       11
_________________________________________________ _______      ______     _______     _______    ______
Ratio of expenses before expense reductions (%)     1.29         1.28        1.26        1.22     1.25
_________________________________________________ _______      ______     _______     _______    ______
Ratio of expenses after expense reductions (%)      1.29         1.28        1.26        1.21     1.25
_________________________________________________ _______      ______     _______     _______    ______
Ratio of net investment income (%)                (  .53)       ( .51)c     ( .76)        .05    ( .89)
_________________________________________________ _______      ______     _______     _______    ______
Portfolio turnover rate (%)                           91           49         135         112       66
- ------------------------------------------------- -------      ------     -------     -------    ------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.017 per
    share and an increase in the ratio of net investment income of 0.18%.
    Excluding this non-recurring income, total return would have been 0.19%
    lower.


8   DWS TECHNOLOGY VIP                               DWS VARIABLE SERIES II -
                                                       CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TECHNOLOGY VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.29%                3.71%            $ 10,371.00          $   131.39
   2             10.25%                 1.29%                7.56%            $ 10,755.76          $   136.27
   3             15.76%                 1.29%               11.55%            $ 11,154.80          $   141.32
   4             21.55%                 1.29%               15.69%            $ 11,568.65          $   146.57
   5             27.63%                 1.29%               19.98%            $ 11,997.84          $   152.00
   6             34.01%                 1.29%               24.43%            $ 12,442.96          $   157.64
   7             40.71%                 1.29%               29.05%            $ 12,904.60          $   163.49
   8             47.75%                 1.29%               33.83%            $ 13,383.36          $   169.56
   9             55.13%                 1.29%               38.80%            $ 13,879.88          $   175.85
  10             62.89%                 1.29%               43.95%            $ 14,394.82          $   182.37
TOTAL                                                                                              $ 1,556.46



DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   9


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor will establish a debt security's credit quality when it buys a
  security, using independent ratings, or for unrated securities, its own
  credit determination. When ratings don't agree, the portfolio will use the
  higher rating. If a security's credit quality falls, the Advisor or
  subadvisor will determine whether selling it would be in the portfolio's
  best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154
makes portfolio investment decisions, buys and sells securities for the
portfolio and conducts research that leads to these purchase and sale
decisions. The Advisor provides a full range of global investment advisory
services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


10   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME            FEE PAID
                      
DWS Technology VIP          0.75%


Effective May 1, 2008, DWS Technology VIP pays the Advisor a fee, under the
    Investment Management Agreement, calculated daily and paid monthly, at the
    annual rate of 0.665% of the portfolio's average daily net assets up to
    $250 million, 0.635% of the next $750 million, 0.615% of the next $1.5
    billion, 0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion,
    0.555% of the next $2.5 billion, 0.545% of the next $2.5 billion and
    0.535% over $12.5 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement is contained in the shareholder reports for the
annual period ended December 31, 2007 (see "Shareholder reports" on the back
cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   11


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


16   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   17



- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-TEC


                                  MAY 1, 2008





                                   PROSPECTUS



                            DWS VARIABLE SERIES II



                                    CLASS B

- --------------------------------------------------------------------------------

                         DWS TURNER MID CAP GROWTH VIP




This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW THE PORTFOLIO WORKS

The portfolio is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Your investment in the portfolio is made in conjunction with one of these
contracts or policies. The portfolio has its own investment objective and
strategy.

Remember that the portfolio is not a bank deposit. The portfolio is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW THE PORTFOLIO WORKS



      
  3      DWS Turner Mid Cap Growth VIP
  9      Other Policies and Risks
  9      The Investment Advisor
 10      Portfolio Subadvisor




YOUR INVESTMENT IN THE PORTFOLIO



     
12      Buying and Selling Shares
15      How the Portfolio Calculates Share Price
15      Distributions
15      Taxes
16      Marketing and Distribution Fees





DWS TURNER MID CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks capital appreciation.

The portfolio pursues its objective by investing in common stocks and other
equity securities of US companies with medium market capitalizations that the
portfolio managers believe have strong earnings growth potential. The portfolio
will invest in securities of companies that are diversified across economic
sectors, and will attempt to maintain sector concentrations that approximate
those of the Russell Midcap (Reg. TM) Growth Index (as of February 29, 2008,
the Russell Midcap (Reg. TM) Growth Index had a median market capitalization of
$4.05 billion). The portfolio intends to invest primarily in companies whose
market capitalizations fall within the normal range of the Index. Portfolio
exposure is generally limited to 5% in any single issuer, subject to exceptions
for the most heavily weighted securities in the Index.

Under normal circumstances, at least 80% of the portfolio's net assets, plus
the amount of any borrowings for investment purposes, will be invested in
stocks of mid-cap companies, which are defined for this purpose as companies
with market capitalizations at the time of purchase in the range of market
capitalizations of those companies included in the Index. The portfolio
managers generally look for medium market capitalization companies with strong
histories of earnings growth that are likely to continue to grow their
earnings. The portfolio's investments in common stocks may include initial
public offerings. A stock becomes a sell candidate if there is deterioration in
the company's earnings growth potential. Moreover, positions will be trimmed to
adhere to capitalization or capacity constraints, to maintain sector neutrality
or to adjust stock position size relative to the Index.

In focusing on companies with strong earnings growth potential, the portfolio
managers engage in a relatively high level of trading activity so as to respond
to changes in earnings forecasts and economic developments.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of


DWS VARIABLE SERIES II - CLASS B SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   3


companies. In addition, movements in financial markets may adversely affect a
stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.


4   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B
[BAR GRAPHIC APPEARS HERE]





                                          
  -32.49      48.07      10.63      11.25       6.21     25.13
   2002       2003       2004       2005       2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 19.24%, Q2 2003               WORST QUARTER: -19.11%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -13.32%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class B                    25.13          19.35               5.63
Russell Midcap Growth Index            11.43          17.90               6.38


*   Since 5/1/01. Index comparison begins 4/30/01.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL MIDCAP (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
index of medium and medium/small companies in the Russell 1000 (Reg. TM) Index
chosen for their growth orientation. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


DWS VARIABLE SERIES II - CLASS B SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   5


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.72%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.19
TOTAL ANNUAL OPERATING EXPENSES3           1.16


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 1.34% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage, interest, and organizational and
    offering expenses. Although there can be no assurance that the current
    waiver/expense reimbursement arrangement will be maintained beyond
    September 30, 2008, the Advisor has committed to review the continuance of
    waiver/expense reimbursement arrangements by September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $118           $368           $638         $1,409


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Turner Investment Partners, Inc. ("Turner"). The
portfolio is managed by a team of investment professionals who collaborate to
develop and implement the portfolio's investment strategy. The lead manager on
the team has authority over all aspects of the portfolio's investment
portfolio, including but not limited to, purchases and sales of individual
securities, portfolio construction techniques, portfolio risk assessment and
the management of daily cash flows in accordance with portfolio holdings.

The portfolio managers are Christopher K. McHugh (Lead Manager), Tara Hedlund
and Jason Schrotberger. Mr. McHugh has managed the portfolio since its
inception; Ms. Hedlund and Mr. Schrotberger joined the portfolio in 2006. Mr.
McHugh began his investment career in 1986 and joined the subadvisor when it
was founded in 1990. Mr. McHugh is a principal at Turner. Ms. Hedlund joined
Turner in 2000, has 13 years of investment industry experience and also serves
as a security analyst covering the technology and telecommunications sectors.
Ms. Hedlund is a principal at Turner. Mr. Schrotberger joined Turner in 2001,
has 14 years of investment industry experience and also serves as a security
analyst covering the consumer sector. Mr. Schrotberger is a principal at
Turner.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


6   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TURNER MID CAP GROWTH VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007        2006         2005        2004       2003
                                                                                    
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  10.73    $  10.88   $  9.78       $ 8.84     $ 5.97
- -------------------------------------------------  --------    --------   ----------    ------     ------
Income (loss) from investment operations:
 Net investment income (loss)a                       (  .08)     (  .05)  (  .09)       ( .10)     ( .09)
_________________________________________________  ________    ________   __________    ______     ______
 Net realized and unrealized gain (loss)               2.58         .76     1.19         1.04       2.96
- -------------------------------------------------  --------    --------   ----------    ------     ------
 TOTAL FROM INVESTMENT OPERATIONS                      2.50         .71     1.10          .94       2.87
- -------------------------------------------------  --------    --------   ----------    ------     ------
Less distributions from:
 Net realized gains                                  (  .97)     (  .86)       -            -          -
_________________________________________________  ________    ________   __________    ______     ______
NET ASSET VALUE, END OF PERIOD                     $  12.26    $  10.73   $ 10.88       $ 9.78     $ 8.84
- -------------------------------------------------  --------    --------   ----------    ------     ------
Total Return (%)                                      25.13        6.21      11.25b     10.63      48.07
_________________________________________________  ________    ________   __________    ______     ______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    5          26       27           23         13
_________________________________________________  ________    ________   __________    ______     ______
Ratio of expenses before expense reductions (%)        1.34        1.37     1.51         1.56       1.57
_________________________________________________  ________    ________   __________    ______     ______
Ratio of expenses after expense reductions (%)         1.34        1.37     1.48         1.56       1.57
_________________________________________________  ________    ________   __________    ______     ______
Ratio of net investment income (loss) (%)            (  .75)     (  .46)  (  .93)       (1.19)     (1.29)
_________________________________________________  ________    ________   __________    ______     ______
Portfolio turnover rate (%)                             133         148      151          174        155
- -------------------------------------------------  --------    --------   ----------    ------     ------


a   Based on an average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

DWS VARIABLE SERIES II - CLASS B SHARES              DWS TURNER MID CAP GROWTH
                                                     VIP   7


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TURNER MID CAP GROWTH VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.16%                3.84%            $ 10.384.00          $   118.23
   2             10.25%                 1.16%                7.83%            $ 10,782.75          $   122.77
   3             15.76%                 1.16%               11.97%            $ 11,196.80          $   127.48
   4             21.55%                 1.16%               16.27%            $ 11,626.76          $   132.38
   5             27.63%                 1.16%               20.73%            $ 12,073.23          $   137.46
   6             34.01%                 1.16%               25.37%            $ 12,536.84          $   142.74
   7             40.71%                 1.16%               30.18%            $ 13,018.25          $   148.22
   8             47.75%                 1.16%               35.18%            $ 13,518.16          $   153.91
   9             55.13%                 1.16%               40.37%            $ 14,037.25          $   159.82
  10             62.89%                 1.16%               45.76%            $ 14,576.28          $   165.96
TOTAL                                                                                              $ 1,408.97



8   DWS TURNER MID CAP GROWTH VIP                    DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


OTHER POLICIES AND RISKS

While the previous pages describe the main points of the portfolio's strategy
and risks, there are a few other issues to know about:

o The portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or the subadvisor will establish a debt security's credit
  quality when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, the
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in the
  portfolio's best interest.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in the
portfolio.

If you want more information on the portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that the portfolio will achieve its
objective.

A complete list of the portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which the
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. The portfolio's Statement of
Additional Information includes a description of the portfolio's policies and
procedures with respect to the disclosure of the portfolio's portfolio
holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for the portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or the subadvisor makes portfolio investment decisions, buys and sells
securities for the portfolio and conducts research that leads to these purchase
and sale decisions. The Advisor provides a full range of global investment
advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


DWS VARIABLE SERIES II - CLASS B SHARES                    OTHER POLICIES AND
                                                           RISKS   9


The Advisor receives a management fee from the portfolio. Below is the
management rate paid by the portfolio for the most recent fiscal year, as a
percentage of the portfolio's average daily net assets:





PORTFOLIO NAME                       FEE PAID
                                 
DWS Turner Mid Cap Growth VIP          0.80%


Effective May 1, 2008, DWS Turner Mid Cap Growth VIP pays the Advisor a fee,
    under the Investment Management Agreement, calculated daily and paid
    monthly, at the annual rate of 0.715% of the portfolio's average daily net
    assets up to $250 million, 0.700% of the next $250 million, 0.685% of the
    next $500 million and 0.670% over $1 billion.

A discussion regarding the basis for the Board renewal of the portfolio's
investment management agreement  and subadvisory agreement is contained in the
shareholder reports for the annual period ended December 31, 2007 (see
"Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between the
portfolio and Deutsche Investment Management Americas Inc., the portfolio pays
the Advisor for providing most of the portfolio's administrative services.



PORTFOLIO SUBADVISOR


SUBADVISOR FOR DWS TURNER MID CAP GROWTH VIP
Turner Investment Partners, Inc., 1205 Westlakes Drive Suite 100, Berwyn,
Pennsylvania, 19312 is the subadvisor to DWS Turner Mid Cap Growth VIP. As of
December 31, 2007, Turner Investment Partners, Inc. had approximately $29
billion in assets under management. DIMA pays a fee to Turner Investment
Partners, Inc. for acting as subadvisor.


10   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIO

The information in this section may affect anyone who selects the portfolio as
an investment option in a variable annuity contract or variable life insurance
policy that offers the portfolio. These contracts and policies are described in
separate prospectuses issued by participating insurance companies. The
portfolio assumes no responsibility for such prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of the portfolio.
The portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include the
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer the portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. The portfolio
does not sell shares directly to the public. The portfolio sells shares only to
separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to the portfolio by the insurance companies in
accordance with your contract. Please see the contract prospectus that
accompanies this prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike the portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of the portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than the portfolio and have different expense ratios than the
portfolios. As a result, the performance of the portfolio and a Retail Fund
will differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from the portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of the portfolio.

The portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, the
portfolio will ask for its name, address and other information that will allow
the portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, the portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help the portfolio verify the
insurance company's identity.

The portfolio will not complete the purchase of any shares for an account until
all information has been provided and the application has been submitted in
"good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

The portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   11


BUYING AND SELLING SHARES

The PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. The portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

The portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day the portfolio is
  open for business.

o Unless otherwise instructed, the portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o The portfolio does not issue share certificates.

o The portfolio reserves the right to reject purchases of shares for any
  reason.

o The portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o The portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o The portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of the portfolio, they are deemed to be
  in the portfolio's best interest or when the portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o The portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o The portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; the portfolio generally
  won't make a redemption in kind unless your requests over a 90-day period
  total more than $250,000 or 1% of the value of the portfolio's net assets,
  whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to the portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a


12   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


portfolio invests in certain securities such as those that trade in foreign
markets, are illiquid or do not otherwise have "readily available market
quotations." Certain investors may seek to employ short-term trading strategies
aimed at exploiting variations in portfolio valuation that arise from the
nature of the securities held by a portfolio (e.g., "time zone arbitrage"). The
portfolio has adopted policies and procedures that are intended to detect and
deter short-term and excessive trading.

Pursuant to these policies, the portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. The portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. The portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. The portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of the
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to the portfolio,
such as, but not limited to, systematic transactions, required minimum
retirement distributions, transactions initiated by the portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, the portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of the portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than the
portfolio's policies, may permit certain transactions not permitted by the
portfolio's policies, or prohibit transactions not subject to the portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of the portfolio that provide a substantially similar level of
protection for the portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that the portfolio invests some portion of its
assets in foreign securities, the portfolio has adopted certain fair valuation
practices intended to protect the portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by the portfolio. (See "How the Portfolio Calculates Share
Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial intermediary to
request underlying shareholder level activity. Depending on the amount of
portfolio shares held in such separate account (which may represent most of the
portfolio's shares), short-term and/or excessive trading of portfolio shares
could adversely affect long-term shareholders in the portfolio. If short-term
or excessive trading is identified, the Advisor will take appropriate action.

The portfolio's market timing policies and procedures may be modified or
terminated at any time.

DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   13


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to the portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of the portfolio, any
record keeping/sub-transfer agency/networking fees payable by the portfolio
(generally through the Distributor or an affiliate) and/or the Distributor to
certain financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing the portfolio with "shelf space" or access to
a third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of the portfolio attributable to the financial
advisor, the particular portfolio or portfolio type or other measures as agreed
to by the Advisor, the Distributor and/or their affiliates and the financial
advisors or any combination thereof. The amount of these revenue sharing
payments is determined at the discretion of the Advisor, the Distributor and/or
their affiliates from time to time, may be substantial, and may be different
for different financial advisors based on, for example, the nature of the
services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of the portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of the portfolio attributable to the
financial advisor, a flat fee of $13,350 up to $500,000, or any combination
thereof. These amounts are subject to change at the discretion of the Advisor,
the Distributor and/or their affiliates. Receipt of, or the prospect of
receiving, this additional compensation may influence your financial advisor's
recommendation of the portfolio or of any particular share class of the
portfolio. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of the
portfolio. Additional information regarding these revenue sharing payments is
included in the portfolio's Statement of Additional Information, which is
available to you on request at no charge (see the back cover of this prospectus
for more information on how to request a copy of the Statement of Additional
Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS


14   YOUR INVESTMENT IN THE PORTFOLIO                DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


Scudder branded retirement plan platform (the "Platform") with the level of
revenue sharing payments being based upon sales of both the DWS funds and the
non-DWS funds by the financial advisor on the Platform or current assets of
both the DWS funds and the non-DWS funds serviced and maintained by the
financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW THE PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, the portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for the portfolio is the NAV.

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")



DISTRIBUTIONS

The portfolio intends to declare and distribute dividends from its net
investment income and capital gains, if any, annually. The portfolio may make
additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

The portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information


DWS VARIABLE SERIES II - CLASS B SHARES              YOUR INVESTMENT IN THE
                                                     PORTFOLIO   15


concerning federal income tax consequences for the holders of variable annuity
contracts and variable life insurance policies, such holders should consult the
prospectus used in connection with the issuance of their particular contracts
or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. The portfolio intends to comply
with these requirements. If a portfolio or separate account does not meet such
requirements or otherwise fails to qualify as a regulated investment company
for any taxable year, income allocable to the contracts associated with the
separate account will be taxable currently to the holders of such contracts and
income from prior periods with respect to such contracts also could be taxable,
most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

The portfolio's investments in certain debt obligations may cause the portfolio
to recognize taxable income in excess of the cash generated by such obligation.
Thus, the portfolio could be required at times to liquidate other investments
in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.



MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for the portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


16   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from the portfolio's management
team about recent market conditions and the effects of the portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything the portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about the
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. The portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-TMCG


                                  MAY 1, 2008




                                   PROSPECTUS


                             DWS VARIABLE SERIES II
                                    CLASS B

- --------------------------------------------------------------------------------

DWS BALANCED VIP

DWS CORE FIXED INCOME VIP


DWS DREMAN SMALL MID CAP VALUE VIP


DWS GOVERNMENT & AGENCY SECURITIES VIP

DWS HIGH INCOME VIP


DWS MONEY MARKET VIP


DWS SMALL CAP GROWTH VIP


DWS TECHNOLOGY VIP



This prospectus should be read in conjunction with the variable life insurance
or variable annuity contract prospectus and plan documents for tax-qualified
plans. These shares are available and are being marketed exclusively as a
pooled funding vehicle for life insurance companies writing all types of
variable life insurance policies and variable annuity contracts.


The Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is
truthful or complete. It is a criminal offense for anyone to inform you
otherwise.


                            ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo]
                                                             Deutsche Bank Group








- --------------------------------------------------------------------------------
TABLE OF CONTENTS

HOW EACH PORTFOLIO WORKS

Each portfolio is designed to serve as an investment option for certain
variable annuity contracts, variable life insurance policies and tax-qualified
plans. Your investment in a portfolio is made in conjunction with one of these
contracts or policies. Each portfolio has its own investment objective and
strategy.

Remember that each portfolio is not a bank deposit. Each portfolio is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Share prices will go up and down and you could lose money by
investing.

Please read this prospectus in conjunction with the prospectus for your
variable life insurance policy or variable annuity contract or plan documents
for tax-qualified plans. HOW EACH PORTFOLIO WORKS




        
  3        DWS Balanced VIP
 12        DWS Core Fixed Income VIP
 19        DWS Dreman Small Mid Cap
           Value VIP
 26        DWS Government & Agency
           Securities VIP
 33        DWS High Income VIP
 40        DWS Money Market VIP




        
 46        DWS Small Cap Growth VIP
 53        DWS Technology VIP
 60        Other Policies and Risks
 60        The Investment Advisor
 62        Portfolio Subadvisors





YOUR INVESTMENT IN THE PORTFOLIOS


       
64        Buying and Selling Shares
67        How each Portfolio Calculates
          Share Price
68        Distributions
68        Taxes
69        Marketing and Distribution
          Fees





DWS BALANCED VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high total return, a combination of income and capital
appreciation.

The portfolio can buy many types of securities, among them common stocks,
convertible securities, corporate bonds, US government bonds, mortgage- and
asset-backed securities and certain derivatives. The portfolio normally invests
approximately 60% of its net assets in common stocks and other equity
securities and approximately 40% of its net assets in fixed-income securities,
including lower-quality high-yield debt securities. These percentages may
fluctuate in response to changing market conditions, but the portfolio will at
all times invest at least 25% of net assets in fixed-income senior securities.
Generally, most securities are from US issuers, but the portfolio may invest up
to 25% of total assets in foreign securities.

The Advisor allocates the portfolio's assets among various asset categories
including growth and value stocks of large capitalization companies, small
capitalization companies and investment-grade and high-yield debt securities.
The Advisor reviews the portfolio's allocation among the various asset
categories periodically and may adjust the portfolio's allocation among various
asset categories based on current or expected market conditions or to manage
risk as is consistent with the portfolio's overall investment strategy.

The Advisor uses one or more strategies within each asset category for
selecting equity and debt securities for the portfolio. Each strategy is
managed by a team of portfolio managers that specialize in a respective asset
category. The strategies that the Advisor may implement utilize a variety of
quantitative and qualitative techniques.

IGAP STRATEGY. In addition to the portfolio's main investment strategy, the
Advisor seeks to enhance returns by employing a global tactical asset
allocation overlay strategy. This strategy, which the Advisor calls iGAP
(integrated Global Alpha Platform), attempts to take advantage of short-term
and medium-term mispricings within global bond, equity and currency markets.
The iGAP strategy is implemented through the use of derivatives, which are
contracts or other instruments whose value is based on, for example, indices,
currencies or securities. The iGAP strategy primarily uses exchange-traded
futures contracts on global bonds and equity indices and over-the-counter
forward currency contracts, and is expected to have a low correlation to the
portfolio's other securities holdings. Because the iGAP strategy relies
primarily on futures, forward currency contracts and other derivative
instruments, the aggregate notional market exposure obtained from such
investments within the iGAP strategy may range up to 100% of the net assets of
the portfolio (assuming the maximum allocation to the iGAP strategy).

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

DERIVATIVES. In addition to derivatives utilized within the iGAP strategy, the
portfolio managers may, but are not required to, also use various types of
derivatives. Derivatives may be used for hedging and for risk management or
non-hedging purposes to enhance potential gains. The portfolio may use
derivatives in circumstances where the portfolio managers believe they offer a
more efficient or economical means of gaining exposure to a particular asset
class or market or to maintain a high level of liquidity to meet shareholder
redemptions or other needs while maintaining exposure to the market. In
particular, the portfolio managers may use futures, options, forward currency
transactions and swaps.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

As a temporary defensive measure, the portfolio could shift up to 100% of its
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the Advisor
may choose not to use these strategies for various reasons, even in very
volatile market conditions.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   3


THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

ASSET ALLOCATION RISK. Although asset allocation among different asset
categories generally reduces risk and exposure to any one category, the risk
remains that the Advisor may favor an asset category that performs poorly
relative to the other asset categories. Because the portfolio may employ more
than one team of portfolio managers to manage each strategy within the asset
categories in which the portfolio's assets are allocated, it is possible that
different portfolio management teams could be purchasing or selling the same
security at the same time which could affect the price at which the portfolio
pays, or receives, for a particular security. In addition, it is possible that
as one team of portfolio managers is purchasing a security another team of
portfolio managers could be selling the same security resulting in no
significant change in the overall assets of the portfolio but incurring
additional costs for the portfolio. Further, because the Advisor may
periodically adjust the portfolio's allocation among various asset categories,
the portfolio may incur additional costs associated with portfolio turnover.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting


4   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


standards for companies based in foreign markets differ from those in the US.
Additionally, foreign securities markets generally are smaller and less liquid
than the US markets. These risks tend to be greater in emerging markets so, to
the extent the portfolio invests in emerging markets, it takes on greater
risks. The currency of a country in which the portfolio has invested could
decline relative to the value of the US dollar, which decreases the value of
the investment to US investors. The investments of the portfolio may be subject
to foreign withholding taxes.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

IGAP RISK. The success of the iGAP strategy depends, in part, on the Advisor's
ability to analyze the correlation between various global markets and asset
classes. If the Advisor's correlation analysis proves to be incorrect, losses
to the fund may be significant and may substantially exceed the intended level
of market exposure for the iGAP strategy.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o the Advisor measures credit quality at the time it buys securities, using
  independent rating agencies or, for unrated securities, the Advisor's own
  credit quality standards. If a security's credit quality declines, the
  Advisor will decide what to do with the security, based on the circumstances
  and its assessment of what would benefit shareholders most.

This portfolio is designed for investors interested in asset class
diversification in a single portfolio that invests in a mix of stocks and
bonds.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   5


This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B
[BAR GRAPHIC APPEARS HERE]





                                                                        
  14.85      14.52       -2.87      -6.32      -15.39     17.66       6.26      3.90      9.82     4.43
  1998       1999       2000       2001        2002       2003       2004      2005      2006       2007






                                        
For the periods included in the bar chart:
BEST QUARTER: 12.75%, Q4 1998              WORST QUARTER: -9.97%, Q2 2002
2008 TOTAL RETURN AS OF MARCH 31: -5.56%



AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                          1 YEAR        5 YEARS        10 YEARS
                                                             
Portfolio - Class B                         4.43           8.30           4.20
Russell 1000 Index                          5.77          13.43           6.20
Russell 2000 Index                         -1.57          16.25           7.08
Standard & Poor's (S&P) 500 Index          5.49           12.83           5.91
Lehman Brothers U.S. Aggregate
Index                                      6.97            4.42           5.97
MSCI EAFE Index                           11.17           21.59           8.66
Credit Suisse High Yield Index             2.65           10.97           6.10
Merrill Lynch 3-Month US Treasury
Bill Index                                 5.03            3.07           3.77


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) INDEX is an unmanaged price-only index of the 1,000
largest capitalized companies that are domiciled in the US and whose common
stocks are traded.

RUSSELL 2000 (Reg. TM) INDEX is an unmanaged capitalization-weighted measure of
approximately 2,000 small US stocks.

STANDARD & POOR'S 500 INDEX (S&P 500) 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.

LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND THE FAR EAST (MSCI
EAFE (Reg. TM)) INDEX is an unmanaged index that tracks international stock
performance in the 21 developed markets of Europe, Australasia and the Far
East.

CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

MERRILL LYNCH 3-MONTH US TREASURY BILL INDEX is an unmanaged index capturing
the performance of a single issue maturing closest to, but not exceeding, three
months from the re-balancing date.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


6   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.36%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.16
TOTAL ANNUAL OPERATING EXPENSES            0.77


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $79           $246           $428           $954



DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   7


THE PORTFOLIO MANAGERS

The portfolio is managed by separate teams of investment professionals who
develop and implement each strategy within a particular asset category which
together make up the portfolio's overall investment strategy. Each portfolio
management team has authority over all aspects of the portion of the portfolio
allocated to it, including, but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  Joined the portfolio in 2005.
   o  BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2006 after 14
     years of fixed income experience at Bank of America Global Structured
     Products and PPM America, Inc., where he was portfolio manager for public
     fixed income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o  Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o  BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

Inna Okounkova
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Lead portfolio manager for Asset Allocation strategies: New York.
   o  Joined Deutsche Asset Management in 1999 as quantitative analyst,
     becoming associate portfolio manager in 2001.
   o  Joined the portfolio in 2005.
   o  BS, MS, Moscow State University; MBA, University of Chicago Graduate
     School of Business.

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o  Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o  BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business.

Julie M. Van Cleave, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management and the portfolio in 2002.
   o  Head of Large Cap Growth Portfolio Selection Team.
   o  Previous experience includes 18 years of investment industry experience
     at Mason Street Advisors, as Managing Director and team leader for the
     large cap investment team.
   o  BBA, MBA, University of Wisconsin -
      Madison.

Robert Wang
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o  Joined Deutsche Asset Management in 1995 as portfolio manager for asset
     allocation after 13 years of experience of trading fixed income, foreign
     exchange and derivative products at J.P. Morgan.
   o  Global Head of Quantitative Strategies Portfolio Management: New York.
   o  Joined the portfolio in 2005.
   o  BS, The Wharton School, University of Pennsylvania.

Jin Chen, CFA
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Strategies: New York.
   o  Joined Deutsche Asset Management in 1999; prior to that, served as
     portfolio manager for Absolute Return Strategies and as a fundamental
     equity analyst and portfolio manager for Thomas White Asset Management.
   o  Joined the portfolio in 2007.
   o  BS, Nanjing University; MS, Michigan State University.

Julie Abbett
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Global Quantitative Equity: New York.
   o  Joined Deutsche Asset Management in 2000 after four years of combined
     experience as a consultant with equity trading services for BARRA, Inc.
     and a product developer for FactSet Research.
   o  Joined the portfolio in 2007.
   o  BA, University of Connecticut.

Thomas Picciochi
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o  Senior portfolio manager for Quantitative Strategies: New York.
   o  Joined Deutsche Asset Management in 1999, formerly serving as portfolio
     manager for Absolute Return Strategies, after 13 years of experience in
     various research and analysis positions at State Street Global Advisors,
     FPL Energy, Barnett Bank, Trade Finance Corporation and Reserve Financial
     Management.
   o  Joined the portfolio in 2007.
   o  BA and MBA, University of Miami.

8   DWS BALANCED VIP                                 DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


Matthias Knerr, CFA
Managing Director Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1995 as a member of the International
     Equity team, serving as portfolio manager and investment analyst, and
     joined the portfolio in 2007.
   o Senior portfolio manager for International Select Equity and
     International Equity Strategies: New York.
   o Previously served as portfolio manager for the Deutsche European Equity
     Fund and the Deutsche Global Select Equity Fund, and as head of global
     equity research team for Capital Goods sector: London.
   o BS, Pennsylvania State University.

Thomas Schuessler, PhD
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 after 5 years at Deutsche Bank
     where he managed various projects and worked in the office of the Chairman
     of the Management Board.
   o US and Global Fund Management: Frankfurt.
   o PhD, University of Heidelberg, studies in physics and economics at
     University of Heidelberg and University of Utah.

John Brennan
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Portfolio and Sector Manager for Institutional Fixed Income: Louisville.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 14 years
     of experience at INVESCO and Freddie Mac. Previously, was head of
     Structured Securities sector team at INVESCO and before that was senior
     fixed income portfolio manager at Freddie Mac specializing in MBS, CMBS,
     collateralized mortgage obligations, ARMS, mortgage derivatives, US
     Treasuries and agency debt.
   o BS, University of Maryland; MBA William & Mary.

J. Richard Robben, CFA
Vice President of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2007 after 11 years
     of experience at INVESCO Institutional, most recently as senior portfolio
     manager for LIBOR-related strategies and head of portfolio construction
     group for North American Fixed Income.
   o BA, Bellarmine University.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                        DWS BALANCED
                                                               VIP   9


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS BALANCED VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007          2006         2005         2004         2003
                                                                                        
SELECTED PER SHARE DATA
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  24.43   $ 22.72         $  22.33     $  21.28    $  18.64
- -------------------------------------------------   --------   ----------      --------     --------    --------
Income (loss) from investment operations:
 Net investment income (loss)a                           .65       .60d             .51          .39         .28
_________________________________________________   ________   __________      ________     ________    ________
 Net realized and unrealized gain (loss)                 .41     1.60               .35          .92        2.92
- -------------------------------------------------   --------   ----------      --------     --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                       1.06     2.20               .86         1.31        3.20
- -------------------------------------------------   --------   ----------      --------     --------    --------
Less distributions from:
 Net investment income                                (  .71)  (  .49)           (  .47)      (  .26)     (  .56)
_________________________________________________   ________   __________      ________     ________    ________
NET ASSET VALUE, END OF PERIOD                      $  24.78   $ 24.43         $  22.72     $  22.33    $  21.28
- -------------------------------------------------   --------   ----------      --------     --------    --------
Total Return (%)                                     4.43b     9.82b, d         3.90b           6.26       17.66
_________________________________________________   ________   _____________   ________     ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                     7       30                34           33          21
_________________________________________________   ________   __________      ________     ________    ________
Ratio of expenses before expense reductions (%)          .89      .93               .95          .97         .99
_________________________________________________   ________   __________      ________     ________    ________
Ratio of expenses after expense reductions (%)           .88      .89               .91          .97         .99
_________________________________________________   ________   __________      ________     ________    ________
Ratio of net investment income (%)                      2.63       2.61d           2.28         1.80        1.48
_________________________________________________   ________   __________      ________     ________    ________
Portfolio turnover rate (%)                           190c        108            121c         131c        102c
- -------------------------------------------------   --------   ----------      --------     --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    199%, 122%, 140% and 108% for the years ended
     December 31, 2007, December 31, 2005, December 31, 2004 and December 31,
2003, respectively.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.024 per
    share and an increase in the ratio of net investment income of 0.10%.
    Excluding this non-recurring income, total return would have been 0.10%
    lower.


10   DWS BALANCED VIP                                DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS BALANCED VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.77%                4.23%            $ 10,423.00           $  78.63
   2             10.25%                 0.77%                8.64%            $ 10,863.89           $  81.95
   3             15.76%                 0.77%               13.23%            $ 11,323.44           $  85.42
   4             21.55%                 0.77%               18.02%            $ 11,802.42           $  89.03
   5             27.63%                 0.77%               23.02%            $ 12,301.66           $  92.80
   6             34.01%                 0.77%               28.22%            $ 12,822.02           $  96.73
   7             40.71%                 0.77%               33.64%            $ 13,364.39           $ 100.82
   8             47.75%                 0.77%               39.30%            $ 13,929.70           $ 105.08
   9             55.13%                 0.77%               45.19%            $ 14,518.93           $ 109.53
  10             62.89%                 0.77%               51.33%            $ 15,133.08           $ 114.16
TOTAL                                                                                               $ 954.15



DWS VARIABLE SERIES II - CLASS B SHARES                       DWS BALANCED
                                                              VIP   11


DWS CORE FIXED INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income.

The portfolio invests for current income, not capital appreciation. Under
normal circumstances, the portfolio invests at least 80% of its assets, plus
the amount of any borrowings for investment purposes, determined at the time of
purchase, in fixed income securities. Fixed income securities include those of
the US Treasury, as well as US government agencies and instrumentalities,
corporate, mortgage-backed and asset-backed securities, taxable municipal and
tax-exempt municipal bonds and liquid Rule 144A securities.

The portfolio invests primarily in investment-grade fixed income securities
rated within the top three credit rating categories. The portfolio may invest
up to 20% of its total assets in investment-grade fixed income securities rated
within the fourth highest credit rating category. The portfolio may invest up
to 25% of its total assets in US dollar-denominated securities of foreign
issuers and governments. The portfolio may hold up to 20% of its total assets
in cash or money market instruments in order to maintain liquidity, or in the
event the portfolio managers determine that securities meeting the portfolio's
investment objective are not readily available for purchase. The portfolio's
investments in foreign issuers are limited to US dollar-denominated securities
to avoid currency risk.

The portfolio managers utilize a core US fixed income strategy that seeks to
add incremental returns to the Lehman Brothers U.S. Aggregate Index. In
managing the portfolio, the managers generally use a "bottom-up" approach. The
managers focus on the securities and sectors they believe are undervalued
relative to the market, rather than relying on interest rate forecasts. The
managers seek to identify pricing inefficiencies of individual securities in
the fixed-income market. Normally, the average duration of the portfolio will
be kept within 0.25 years of the duration of the Lehman Brothers U.S. Aggregate
Index.

Company research lies at the heart of the portfolio's investment process. In
selecting individual securities for investment, the portfolio managers:

o assign a relative value, based on creditworthiness, cash flow and price, to
  each bond;

o determine the intrinsic value of each issue by examining credit, structure,
  option value and liquidity risks. The managers look to exploit any
  inefficiencies between intrinsic value and market trading price;

o use credit analysis to determine the issuer's ability to pay interest and
  repay principal on its bonds; and

o subordinate sector weightings to individual bonds that may add above-market
  value.

PORTFOLIO MATURITY. The portfolio managers intend to maintain a dollar weighted
effective average portfolio maturity of five to ten years. Subject to its
portfolio maturity policy, the portfolio may purchase individual securities
with any stated maturity. The dollar weighted average portfolio maturity may be
shorter than the stated maturity due to several factors, including but not
limited to prepayment patterns, call dates and put features. In implementing
this strategy, the portfolio may experience a high portfolio turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities, in an
amount up to 33 1/3% of its total assets, to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

Although not one of its principal strategies, the portfolio is permitted, but
not required, to use various types of derivatives (contracts whose value is
based on, for example, indices, currencies or securities). Derivatives may be
used for hedging and for risk management or for non-hedging purposes to seek to
enhance potential gains. The portfolio may use derivatives in circumstances
where portfolio management believes they offer an economical means of gaining
exposure to a particular asset class or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market. In particular, the portfolio may use futures, swaps and options.


12   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, an issuer may be unable or unwilling to make timely
payments on the interest and principal on the bonds it has issued. Because the
issuers of bonds rated below the top three rating categories may be in
uncertain financial health, the prices of their bonds can be more vulnerable to
bad economic news or even the expectation of bad news, than investment-grade
bonds. In some cases, bonds may decline in credit quality or go into default.
Because this portfolio may invest in securities not paying current interest or
in securities already in default, these risks may be more pronounced.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. To the extent the portfolio has exposure to companies
based outside the US, it faces the risks inherent in foreign investing. Adverse
political, economic or social developments could undermine the value of the
portfolio's investments or prevent the portfolio from realizing their full
value. Financial reporting standards for companies based in foreign markets
differ from those in the US. Additionally, foreign securities markets generally
are smaller and less liquid than the US markets. These risks tend to be greater
in emerging markets so, to the extent the portfolio invests in emerging
markets, it takes on greater risks. The currency of a country in which the
portfolio has invested could decline relative to the value of the US dollar,
which decreases the value of the investment to US investors. The investments of
the portfolio may be subject to foreign withholding taxes.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS CORE FIXED INCOME
                                                        VIP   13


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio is designed for individuals who are seeking to earn higher
current income than an investment in money market funds may provide.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                  
   7.67      -2.30      9.63      5.45      7.77      4.76      4.10      1.85      3.89     3.75
  1998      1999       2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 4.03%, Q3 2002               WORST QUARTER: -2.44%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: -2.17%


14   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                      1 YEAR        5 YEARS        10 YEARS
                                                         
Portfolio - Class B                     3.75           3.67           4.61
Lehman Brothers U.S. Aggregate
Index                                   6.97           4.42           5.97


LEHMAN BROTHERS U.S. AGGREGATE INDEX is an unmanaged market value-weighted
measure of Treasury issues, agency issues, corporate bond issues and mortgage
securities.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.49%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.17
TOTAL ANNUAL OPERATING EXPENSES            0.91


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, and reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example; actual expenses will
be different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $93           $290           $504         $1,120



DWS VARIABLE SERIES II - CLASS B SHARES                 DWS CORE FIXED INCOME
                                                        VIP   15


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Aberdeen Asset Management, Inc. A team approach
is utilized with respect to the day-to-day management of the portfolio.
Portfolio decisions are made jointly by the senior members of the management
team. The following members of the management team handle the day-to-day
operations of the portfolio:

Gary W. Bartlett, CFA
Head of US Fixed Income and senior portfolio manager specializing in taxable
municipal, utility and government fixed income investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1992 after nine years of experience as an analyst and
     fixed income portfolio manager at PNC Financial and credit analyst at
     First Pennsylvania Bank.
   o BA, Bucknell University; MBA, Drexel University.

Warren S. Davis, III
Senior portfolio manager for mortgage- and asset-backed fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after nine years of experience as a trader,
     analyst and developer of analytical and risk management systems for Paine
     Webber and Merrill Lynch.
   o BS, Pennsylvania State University; MBA, Drexel University.

Thomas J. Flaherty
Senior portfolio manager for corporate and taxable municipal fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1995 after 10 years of fixed income experience,
     including vice president for US taxable fixed income securities at
     Prudential Securities.
   o BA, SUNY Stony Brook.

J. Christopher Gagnier
Head of Core Plus Fixed Income product and senior portfolio manager for
corporate and commercial mortgages: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1997 after 17 years of experience in fixed income
     investments at PaineWebber and Continental Bank.
   o BS, The Wharton School, University of Pennsylvania; MBA, University of
     Chicago.

Daniel R. Taylor, CFA
Senior portfolio manager for asset-backed and commercial mortgage fixed income
investments: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2002.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1998 after six years of experience as fixed income
     portfolio manager and senior credit analyst for CoreStates Investment
     Advisors.
   o BS, Villanova University.

Timothy C. Vile, CFA
Senior portfolio manager for Core Fixed Income and Global Aggregate Fixed
Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2004.
   o Formerly, Managing Director of Deutsche Asset Management; joined Deutsche
     Asset Management in 1991 as member of Core Fixed Income; seconded to the
     London office from January 1999 to June 2002 to design and develop the
     firm's European Credit and Global Aggregate capabilities; before joining
     the firm, he had six years of experience that included portfolio manager
     for fixed income portfolios at Equitable Capital Management.
   o BS, Susquehanna University.

William T. Lissenden
Portfolio manager for Core Fixed Income: Philadelphia.
   o Joined Aberdeen Asset Management Inc. in 2005 and the portfolio in 2003.
   o Formerly, Director of Deutsche Asset Management; joined Deutsche Asset
     Management in 2002 after 31 years of experience, including fixed income
     strategist and director of research at Conseco Capital Management,
     director of fixed income research and product management at Prudential
     Securities and national sales manager for fixed income securities at
     Prudential Securities.
   o BS, St. Peter's College; MBA, Baruch College.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


16   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS CORE FIXED INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD        $ 11.84       $ 11.78    $  12.04    $  12.13   $ 11.96
- ------------------------------------------- -------       -------    --------    --------   -------
Income (loss) from investment operations:
 Net investment income a                        .51            .49         .42         .45      .40
___________________________________________ _______       _______    ________    ________   _______
 Net realized and unrealized gain (loss)    (  .08)        (  .05)     (  .21)        .05      .15
- ------------------------------------------- -------       -------    --------    --------   -------
 Total from investment operations              .43            .44         .21         .50      .55
- ------------------------------------------- -------       -------    --------    --------   -------
Less distributions from:
 Net investment income                      (  .47)        (  .38)     (  .36)     (  .38)  (  .38)
___________________________________________ _______       _______    ________    ________   _______
 Net realized gains                              -         (  .00)*    (  .11)     (  .21)       -
- ------------------------------------------- -------       -------    --------    --------   -------
 TOTAL DISTRIBUTIONS                        (  .47)        (  .38)     (  .47)     (  .59)  (  .38)
- ------------------------------------------- -------       -------    --------    --------   -------
NET ASSET VALUE, END OF PERIOD              $ 11.80       $ 11.84    $  11.78    $  12.04   $ 12.13
- ------------------------------------------- -------       -------    --------    --------   -------
Total Return (%)                              3.75           3.89        1.85        4.10     4.76
___________________________________________ _______       _______    ________    ________   _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)          69             82          89          88       45
___________________________________________ _______       _______    ________    ________   _______
Ratio of expenses (%)                         1.05           1.07        1.07        1.03     1.05
___________________________________________ _______       _______    ________    ________   _______
Ratio of net investment income (loss) (%)     4.39           4.17        3.56        3.81     3.36
___________________________________________ _______       _______    ________    ________   _______
Portfolio turnover rate (%)b                   197            183         164         185      229
- ------------------------------------------- -------       -------    --------    --------   -------


a   Based on average shares outstanding during the period.

b   The portfolio turnover rate including mortgage dollar roll transactions was
    209%, 198%, 241%, 176% and 204% for the years ended December 31, 2007,
    December 31, 2006, December 31, 2005, December 31, 2004 and December 31,
    2003, respectively.

*   Amount is less than $.005.

DWS VARIABLE SERIES II - CLASS B SHARES                 DWS CORE FIXED INCOME
                                                        VIP   17


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS CORE FIXED INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.91%                4.09%            $ 10,409.00           $    92.86
   2             10.25%                 0.91%                8.35%            $ 10,834.73           $    96.66
   3             15.76%                 0.91%               12.78%            $ 11,277.87           $   100.61
   4             21.55%                 0.91%               17.39%            $ 11,739.13           $   104.73
   5             27.63%                 0.91%               22.19%            $ 12,219.26           $   109.01
   6             34.01%                 0.91%               27.19%            $ 12,719.03           $   113.47
   7             40.71%                 0.91%               32.39%            $ 13,239.24           $   118.11
   8             47.75%                 0.91%               37.81%            $ 13,780.73           $   122.94
   9             55.13%                 0.91%               43.44%            $ 14,344.36           $   127.97
  10             62.89%                 0.91%               49.31%            $ 14,931.04           $   133.20
TOTAL                                                                                               $ 1,119.56



18   DWS CORE FIXED INCOME VIP                       DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


DWS DREMAN SMALL MID CAP VALUE VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks long-term capital appreciation.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in undervalued
common stocks of small and mid-size US companies. The portfolio defines small
companies as those that are similar in market value to those in the Russell
2000 (Reg. TM) Value Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Value Index had a median market capitalization of $493 million). The portfolio
defines mid-size companies as those that are similar in market value to those
in the Russell Midcap (Reg. TM) Value Index (as of February 29, 2008, the
Russell Midcap (Reg. TM) Value Index had a median market capitalization of $3.7
billion). The portfolio intends to invest primarily in companies whose market
capitalizations fall within the normal range of each Index.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks. The
portfolio may also invest in initial public offerings.

The portfolio managers begin their stock selection process by screening stocks
of small and mid-size companies with below market price-to-earnings (P/E)
ratios. The managers then seek companies with a low price compared to the book
value, cash flow and yield and analyze individual companies to identify those
that are fundamentally sound and appear to have strong potential for earnings
and dividend growth over the Index.

From the remaining group, the managers then complete their fundamental analysis
and make their buy decisions from a group of the most attractive stocks,
drawing on analysis of economic outlooks for various industries.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

The managers will normally sell a stock when it no longer qualifies as a small
or mid-size company, when its P/E rises above that of the Index, its
fundamentals change or other investments offer better opportunities.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 20% of
net assets in foreign securities.

Although not one of its principal investment strategies, the portfolio is
permitted, but not required, to use various types of derivatives (contracts
whose value is based on, for example, indices, currencies or securities).

Derivatives may be used for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. The portfolio may use derivatives
in circumstances where portfolio management believes they offer an economical
means of gaining exposure to a particular asset class or to keep cash on hand
to meet shareholder redemptions or other needs while maintaining exposure to
the market. In particular, the portfolio may use futures, currency options and
forward currency transactions.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.


DWS VARIABLE SERIES II - CLASS B SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   19


STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization or market
sector, the portfolio's performance may be proportionately affected by that
segment's general performance. When stock prices fall, you should expect the
value of your investment to fall as well. Because a stock represents ownership
in its issuer, stock prices can be hurt by poor management, shrinking product
demand and other business risks. These factors may affect single companies as
well as groups of companies. In addition, movements in financial markets may
adversely affect a stock's price, regardless of how well the company performs.
The market as a whole may not favor the types of investments the portfolio
makes, which could affect the portfolio's ability to sell them at an attractive
price.

VALUE INVESTING RISK. At times, "value" investing may perform better than or
worse than other investment styles and the overall market. If portfolio
management overestimates the value or return potential of one or more common
stocks, the portfolio may underperform the general equity market. Value stocks
may also be out of favor for certain periods in relation to growth stocks.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

MEDIUM-SIZED COMPANY RISK. Medium-sized company stocks tend to experience
steeper price fluctuations than stocks of larger companies. A shortage of
reliable information can also pose added risk to medium sized companies stocks.
Industry-wide reversals may have a greater impact on medium-sized companies,
since they usually lack the financial resources of large companies.
Medium-sized company stocks are typically less liquid than large company
stocks. Accordingly, it may be harder to find buyers for medium-sized company
shares.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.


20   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

This portfolio is designed for value-oriented investors who are interested in
small-cap and mid-cap market exposure.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to January 18, 2002, the portfolio was named Scudder Small Cap Value
Portfolio, operated with a different investment strategy and a different
advisor managed the portfolio. Performance would have been different if the
portfolio's current policies and advisory agreement had been in effect.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                         
  -11.47       2.54      3.79     17.37       -11.63     41.65      25.52       9.78     24.59      2.67
   1998       1999      2000      2001        2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 21.63%, Q2 2003              WORST QUARTER: -22.52%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -9.97%


DWS VARIABLE SERIES II - CLASS B SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   21


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                 1 YEAR        5 YEARS        10 YEARS
                                                    
Portfolio - Class B               2.67           20.08           9.33
Russell 2500 Value Index          -7.27          16.17           9.66
Russell 2000 Value Index          -1.57          16.25           7.08


RUSSELL 2500(TM) VALUE INDEX is an unmanaged index measuring the small- to
mid-cap US equity value market.

RUSSELL 2000 (Reg. TM) VALUE INDEX is an unmanaged index measuring the
performance of those Russell 2000 companies with lower price-to-book ratios and
lower forecasted growth values.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.64%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.28
TOTAL ANNUAL OPERATING EXPENSES            1.17


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $119           $372           $644         $1,420



22   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


THE PORTFOLIO MANAGERS

The portfolio's subadvisor is Dreman Value Management, L.L.C. The portfolio is
managed by a team of investment professionals who collaborate to develop and
implement the portfolio's investment strategy. Each portfolio manager on the
team has authority over all aspects of the portfolio's investment portfolio,
including but not limited to, purchases and sales of individual securities,
portfolio construction techniques, portfolio risk assessment and the management
of daily cash flows in accordance with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

David N. Dreman
Chairman and Chief Investment Officer of Dreman Value Management, L.L.C. and
Lead Portfolio Manager.
   o Began investment career in 1957.
   o Joined the portfolio in 2002.
   o Founder, Dreman Value Management, L.L.C.

E. Clifton Hoover, Jr.
Co-Chief Investment Officer and Portfolio Manager.
   o Joined Dreman Value Management L.L.C. in 2006 as a Managing Director and
     Co-Chief Investment Officer of Large Cap Value Strategy.
   o Prior to joining Dreman Value Management, L.L.C., Managing Director and a
     Portfolio Manager at NFJ Investment Group since 1997; Vice President -
     Corporate Finance at Credit Lyonnais, 1992-1997; Financial Analyst at
     Citibank, 1990-1992; and Credit Analyst/Corporate Loan Officer for
     RepublicBank (now Bank of America), 1985-1990.
   o Over 20 years of investment industry experience.
   o Joined the portfolio in 2006.
   o MS, Texas Tech University.

Mark Roach
Managing Director and Portfolio Manager.
   o Joined Dreman Value Management, L.L.C. in 2006 as a Managing Director and
     Portfolio Manager of Small and Mid Cap products, and joined the portfolio
     in 2006.
   o Prior to that, Portfolio Manager at Vaughan Nelson Investment Management,
     managing a small cap product from 2002 through 2006; security analyst from
     1997 to 2001 for various institutions including Fifth and Third Bank,
     Lynch, Jones & Ryan and USAA.
   o BS, Baldwin Wallace College; MBA, University of Chicago.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   23


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

Prior to November 3, 2006, the portfolio was named DWS Dreman Small Cap Value
VIP and operated with a different investment strategy. Performance would have
been different if the portfolio's current policies had been in effect.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS B





YEARS ENDED DECEMBER 31,                        2007        2006        2005        2004        2003
                                                                             
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  22.88    $  19.93    $  20.01   $ 16.03      $  11.65
- -------------------------------------------  --------    --------    --------   -------      --------
Income (loss) from investment operations:
 Net investment income (loss)a                    .10         .07         .11      .10            .13
___________________________________________  ________    ________    ________   _______      ________
 Net realized and unrealized gain (loss)          .54        4.67        1.66     3.97           4.56
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL FROM INVESTMENT OPERATIONS                 .64        4.74        1.77     4.07           4.69
- -------------------------------------------  --------    --------    --------   -------      --------
Less distributions from:
 Net investment income                         (  .14)     (  .08)     (  .07)  (  .09)        (  .12)
___________________________________________  ________    ________    ________   _______      ________
 Net realized gains                            ( 3.30)     ( 1.71)     ( 1.78)       -         (  .19)
- -------------------------------------------  --------    --------    --------   -------      --------
 TOTAL DISTRIBUTIONS                           ( 3.44)     ( 1.79)     ( 1.85)  (  .09)        (  .31)
- -------------------------------------------  --------    --------    --------   -------      --------
NET ASSET VALUE, END OF PERIOD               $  20.08    $  22.88    $  19.93   $ 20.01      $  16.03
- -------------------------------------------  --------    --------    --------   -------      --------
Total Return (%)                                 2.67       24.59        9.78    25.52          41.65
___________________________________________  ________    ________    ________   _______      ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)             34          90          83       71             32
___________________________________________  ________    ________    ________   _______      ________
Ratio of expenses (%)                            1.16        1.17        1.19     1.16           1.19
___________________________________________  ________    ________    ________   _______      ________
Ratio of net investment income (%)                .47         .33         .56      .59           1.07
___________________________________________  ________    ________    ________   _______      ________
Portfolio turnover rate (%)                       110          52          61       73             71
- -------------------------------------------  --------    --------    --------   -------      --------


a   Based on average shares outstanding during the period.

24   DWS DREMAN SMALL MID CAP VALUE VIP              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS DREMAN SMALL MID CAP VALUE VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.17%                3.83%            $ 10,383.00          $   119.24
   2             10.25%                 1.17%                7.81%            $ 10,780.67          $   123.81
   3             15.76%                 1.17%               11.94%            $ 11,193.57          $   128.55
   4             21.55%                 1.17%               16.22%            $ 11,622.28          $   133.47
   5             27.63%                 1.17%               20.67%            $ 12,067.42          $   138.58
   6             34.01%                 1.17%               25.30%            $ 12,529.60          $   143.89
   7             40.71%                 1.17%               30.09%            $ 13,009.48          $   149.40
   8             47.75%                 1.17%               35.08%            $ 13,507.74          $   155.13
   9             55.13%                 1.17%               40.25%            $ 14,025.09          $   161.07
  10             62.89%                 1.17%               45.62%            $ 14,562.25          $   167.24
TOTAL                                                                                              $ 1,420.38



DWS VARIABLE SERIES II - CLASS B SHARES          DWS DREMAN SMALL MID CAP VALUE
                                                 VIP   25


DWS GOVERNMENT & AGENCY SECURITIES VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks high current income consistent with preservation of
capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in US government
securities and repurchase agreements of US government securities. US
government-related debt instruments in which the portfolio may invest include:

o direct obligations of the US Treasury;

o securities such as Ginnie Maes which are mortgage-backed securities issued
  and guaranteed by the Government National Mortgage Association (GNMA) and
  supported by the full faith and credit of the United States; and

o securities issued or guaranteed, as to their payment of principal and
  interest, by US government agencies or government sponsored entities, some
  of which may be supported only by the credit of the issuer.

The portfolio normally invests all of its assets in securities issued or
guaranteed by the US government, its agencies or instrumentalities, except the
portfolio may invest up to 10% of its net assets in cash equivalents, such as
money market funds, and short-term bond funds. These securities may not be
issued or guaranteed by the US government, its agencies or instrumentalities.
The portfolio may use derivative instruments as described in "Other
Investments."

In deciding which types of government bonds to buy and sell, the portfolio
managers first consider the relative attractiveness of Treasuries compared to
other US government and agency securities and determines allocations for each.
The portfolio managers' decisions are generally based on a number of factors,
including interest rate outlooks and changes in supply and demand within the
bond market.

In choosing individual bonds, the portfolio managers review each bond's
fundamentals, compare the yields of shorter maturity bonds to those of longer
maturity bonds and use specialized analysis to project prepayment rates and
other factors that could affect a bond's attractiveness.

The portfolio managers may adjust the duration (a measure of sensitivity to
interest rate movements) of the portfolio, depending on their outlook for
interest rates.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



CREDIT QUALITY POLICIES

This portfolio normally invests substantially all of its assets in securities
issued or guaranteed by the US government, its agencies or instrumentalities.
These securities are generally considered to be among the very highest quality
securities.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gain. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


26   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

AGENCY RISK. Some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality while other government securities have an additional line of
credit with the US Treasury. There is no guarantee that the US government will
provide support to such agencies or instrumentalities and such securities may
involve risk of loss of principal and interest. The full faith and credit
guarantee of the US government for certain securities doesn't protect the
portfolio against market-driven declines in the prices or yields of these
securities, nor does it apply to shares of the portfolio itself.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

This portfolio may appeal to investors who want a portfolio that searches for
attractive yields generated by US government securities.


DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   27


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                  
   6.76      0.43     10.65       7.22      7.81      1.83      3.36      2.24      3.74     5.43
  1998      1999      2000       2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 4.07%, Q3 2001              WORST QUARTER: -1.06%, Q2 2004
2008 TOTAL RETURN AS OF MARCH 31: 2.23%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                   1 YEAR        5 YEARS        10 YEARS
                                                      
Portfolio - Class B                  5.43           3.31           4.90
Lehman Brothers GNMA Index           6.98           4.39           5.85


LEHMAN BROTHERS GNMA INDEX is an unmanaged market value-weighted measure of all
fixed-rate securities backed by mortgage pools of the Government National
Mortgage Association.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


28   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.45%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.34
TOTAL ANNUAL OPERATING EXPENSES3           1.04


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through September 30, 2008, the Advisor has agreed to waive all or a
    portion of its management fee and reimburse or pay certain operating
    expenses so that the total annual operating expenses of the portfolio will
    not exceed 1.04% for Class B shares, excluding certain expenses such as
    extraordinary expenses, taxes, brokerage and interest. Although there can
    be no assurance that the current waiver/expense reimbursment arrangement
    will be maintained beyond September 30, 2008, the Advisor has committed to
    review the continuance of waiver/expense reimbursement arrangements by
    September 30, 2008.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $106           $331           $574         $1,271



DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   29


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to develop and implement the portfolio's investment strategy. Each portfolio
manager on the team has authority over all aspects of the portfolio's
investment portfolio, including but not limited to, purchases and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with portfolio
holdings.

The following people handle the day-to-day management of the portfolio:

William Chepolis, CFA
Managing Director of Deutsche Asset Management and Co-Manager of the portfolio.

   o Joined Deutsche Asset Management in 1998 after 13 years of experience as
     vice president and portfolio manager for Norwest Bank, where he managed
     the bank's fixed income and foreign exchange portfolios.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o Joined the portfolio in 2002.
   o BIS, University of Minnesota.

Matthew F. MacDonald
Director of Deutsche Asset Management and Co-Manager of the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2006 after 14 years
     of fixed income experience at Bank of America Global Structured Products
     and PPM America, Inc., where he was portfolio manager for public fixed
     income, including MBS, ABS, CDOs and corporate bonds; earlier, as an
     analyst for MBS, ABS and money markets; and originally, at Duff & Phelps
     Credit Rating Company.
   o Portfolio Manager for Retail Mortgage Backed Securities: New York.
   o BA, Harvard University; MBA, University of Chicago Graduate School of
     Business.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


30   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS B





YEARS ENDED DECEMBER 31,                               2007         2006        2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $ 12.25       $ 12.23      $  12.52    $  12.51    $  12.82
- ------------------------------------------------- ----------    -------      --------    --------    --------
Income (loss) from investment operations:
 Net investment income a                              .53           .50            .47         .40         .27
_________________________________________________ __________    _______      ________    ________    ________
 Net realized and unrealized gain (loss)             .12        (  .06)        (  .21)        .02      (  .04)
- ------------------------------------------------- ----------    -------      --------    --------    --------
 TOTAL FROM INVESTMENT OPERATIONS                    .65           .44            .26         .42         .23
- ------------------------------------------------- ----------    -------      --------    --------    --------
Less distributions from:
 Net investment income                            (  .55)       (  .42)        (  .45)     (  .30)     (  .32)
_________________________________________________ __________    _______      ________    ________    ________
 Net realized gains                                    -             -         (  .10)     (  .11)     (  .22)
- ------------------------------------------------- ----------    -------      --------    --------    --------
 TOTAL DISTRIBUTIONS                              (  .55)       (  .42)        (  .55)     (  .41)     (  .54)
- ------------------------------------------------- ----------    -------      --------    --------    --------
NET ASSET VALUE, END OF PERIOD                    $ 12.35       $ 12.25      $  12.23    $  12.52    $  12.51
- ------------------------------------------------- ----------    -------      --------    --------    --------
Total Return (%)                                      5.43b       3.74           2.24        3.36        1.83
_________________________________________________ __________    _______      ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 5            33             47          49          38
_________________________________________________ __________    _______      ________    ________    ________
Ratio of expenses before expense reductions (%)     1.04          1.07           1.02        1.00         .98
_________________________________________________ __________    _______      ________    ________    ________
Ratio of expenses after expense reductions (%)      1.01          1.07           1.02        1.00         .98
_________________________________________________ __________    _______      ________    ________    ________
Ratio of net investment income (%)                  4.39          4.16           3.78        3.21        2.13
_________________________________________________ __________    _______      ________    ________    ________
Portfolio turnover rate (%)c                         465           241            191         226         511
- ------------------------------------------------- ----------    -------      --------    --------    --------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   The portfolio turnover rate including mortgage dollar roll transactions was
    629%, 403%, 325%, 391% and 536% for the periods ended December 31, 2007,
    December 31, 2006, December 30, 2005, December 31, 2004 and December 31,
    2003, respectively.


DWS VARIABLE SERIES II - CLASS B SHARES        DWS GOVERNMENT & AGENCY
                                               SECURITIES VIP   31


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS GOVERNMENT & AGENCY SECURITIES VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.04%                3.96%            $ 10,396.00          $   106.06
   2             10.25%                 1.04%                8.08%            $ 10,807.68          $   110.26
   3             15.76%                 1.04%               12.36%            $ 11,235.67          $   114.63
   4             21.55%                 1.04%               16.81%            $ 11,680.60          $   119.16
   5             27.63%                 1.04%               21.43%            $ 12,143.15          $   123.88
   6             34.01%                 1.04%               26.24%            $ 12,624.02          $   128.79
   7             40.71%                 1.04%               31.24%            $ 13,123.93          $   133.89
   8             47.75%                 1.04%               36.44%            $ 13,643.64          $   139.19
   9             55.13%                 1.04%               41.84%            $ 14,183.93          $   144.70
  10             62.89%                 1.04%               47.46%            $ 14,475.61          $   150.43
TOTAL                                                                                              $ 1,270.99



32   DWS GOVERNMENT & AGENCY SECURITIES VIP          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


DWS HIGH INCOME VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks to provide a high level of current income.

Under normal circumstances, this portfolio generally invests at least 65% of
net assets, plus the amount of any borrowings for investment purposes, in junk
bonds, which are those rated below the fourth highest credit rating category
(i.e., grade BB/Ba and below). Compared to investment-grade bonds, junk bonds
may pay higher yields, have higher volatility and higher risk of default on
payments of interest or principal. The portfolio may invest up to 50% of total
assets in bonds denominated in US dollars or foreign currencies from foreign
issuers.

The portfolio manager focuses on cash flow and total return analysis, and broad
diversification among countries, sectors, industries and individual issuers and
maturities. The manager uses an active process which emphasizes relative value
in a global environment, managing on a total return basis, and using intensive
research to identify stable to improving credit situations that may provide
yield compensation for the risk of investing in below investment grade fixed
income securities (junk bonds).

The investment process involves using primarily a "bottom-up" approach by using
relative value and fundamental analysis to select the best securities within
each industry, and a top-down approach to assess the overall risk and return in
the market and which considers macro trends in the economy. To select
securities or investments, the portfolio manager:

o analyzes economic conditions for improving or undervalued sectors and
  industries;

o uses independent credit research and on-site management visits to evaluate
  individual issuers' debt service, growth rate, and both downgrade and
  upgrade potential;

o assesses new offerings versus secondary market opportunities; and

o seeks issuers within attractive industry sectors and with strong long-term
  fundamentals and improving credits.

PORTFOLIO MATURITY. The portfolio manager intends to maintain a dollar-weighted
effective average portfolio maturity of seven to ten years. The portfolio's
average portfolio maturity may vary and may be shortened by certain of the
portfolio's securities which have floating or variable interest rates or
include put features that provide the portfolio the right to sell the security
at face value prior to maturity. Subject to its portfolio maturity policy, the
portfolio may purchase individual securities with any stated maturity.

The dollar-weighted effective average portfolio maturity may be shorter than
the stated maturity due to several factors, including but not limited to,
prepayment patterns, call dates and put features.

In implementing this strategy, the portfolio may experience a high portfolio
turnover rate.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures, currency options, forward currency transactions and credit
default swaps.


DWS VARIABLE SERIES II - CLASS B SHARES                     DWS HIGH INCOME
                                                            VIP   33


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

CREDIT RISK. A portfolio purchasing bonds faces the risk that the
creditworthiness of an issuer may decline, causing the value of the bonds to
decline. In addition, an issuer may not be able to make timely payments on the
interest and/or principal on the bonds it has issued. Because the issuers of
high-yield bonds or junk bonds (bonds rated below the fourth highest category)
may be in uncertain financial health, the prices of these bonds may be more
vulnerable to bad economic news or even the expectation of bad news, than
investment-grade bonds. In some cases, bonds, particularly high-yield bonds,
may decline in credit quality or go into default. Because the portfolio may
invest in securities not paying current interest or in securities already in
default, these risks may be more pronounced.

INTEREST RATE RISK. Generally, fixed income securities will decrease in value
when interest rates rise. The longer the effective maturity of the portfolio's
securities, the more sensitive the portfolio will be to interest rate changes.
(As a general rule, a 1% rise in interest rates means a 1% fall in value for
every year of duration.) As interest rates decline, the issuers of securities
held by the portfolio may prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower-yielding securities. Prepayment may reduce the
portfolio's income. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
portfolio's duration and reducing the value of such a security. Because the
portfolio may invest in mortgage-related securities, it is more vulnerable to
both of these risks.

MARKET RISK. Deteriorating market conditions might cause a general weakness in
the market that reduces the prices of securities in that market. Developments
in a particular class of bonds or the stock market could also adversely affect
the portfolio by reducing the relative attractiveness of bonds as an
investment. Also, to the extent that the portfolio emphasizes bonds from any
given industry, it could be hurt if that industry does not do well.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

34   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Another factor that could affect performance is:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

Investors who seek high current income and can accept risk of loss of principal
may be interested in this portfolio.


DWS VARIABLE SERIES II - CLASS B SHARES                     DWS HIGH INCOME
                                                            VIP   35


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                      
   1.20      1.90      -8.91      2.37      -0.58     24.14      12.08       3.41     10.11      0.54
  1998      1999      2000       2001      2002       2003       2004       2005      2006       2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                        
BEST QUARTER: 8.44%, Q2 2003               WORST QUARTER: -6.72%, Q3 1998
2008 TOTAL RETURN AS OF MARCH 31: -3.63%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                       1 YEAR        5 YEARS        10 YEARS
                                                          
Portfolio - Class B                      0.54           9.76           4.30
Credit Suisse High Yield Index           2.65          10.97           6.10


CREDIT SUISSE HIGH YIELD INDEX is an unmanaged trader-priced portfolio,
constructed to mirror the global high-yield debt market.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


36   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.49%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.20
TOTAL ANNUAL OPERATING EXPENSES            0.94


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $96           $300           $520         $1,155


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Gary Sullivan, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 1996 and the portfolio in 2006.
     Served as the head of the High Yield group in Europe and as an Emerging
     Markets portfolio manager.
   o Prior to that, four years at Citicorp as a research analyst and
     structurer of collateralized mortgage obligations. Prior to Citicorp,
     served as an officer in the US Army from 1988 to 1991.
   o BS, United States Military Academy (West Point); MBA, New York
     University, Stern School of Business

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                     DWS HIGH INCOME
                                                            VIP   37


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS HIGH INCOME VIP - CLASS B





YEARS ENDED DECEMBER 31,                            2007            2006            2005            2004            2003
                                                                                                  
SELECTED PER SHARE DATA
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  8.38         $  8.22         $  8.77         $  8.41         $  7.39
- -------------------------------------------       -------         -------         -------         -------         -------
Income (loss) from investment operations:
 Net investment income a                               .60             .59             .65             .64             .64
___________________________________________       _______         _______         _______         _______         _______
 Net realized and unrealized gain (loss)            ( .54)            .20           ( .39)            .32            1.03
- -------------------------------------------       -------         -------         -------         -------         -------
 TOTAL FROM INVESTMENT OPERATIONS                     .06             .79             .26             .96            1.67
- -------------------------------------------       -------         -------         -------         -------         -------
Less distributions from:
 Net investment income                              ( .63)          ( .63)          ( .81)          ( .60)          ( .65)
___________________________________________       _______         _______         _______         _______         _______
NET ASSET VALUE, END OF PERIOD                    $  7.81         $  8.38         $  8.22         $  8.77         $  8.41
- -------------------------------------------       -------         -------         -------         -------         -------
Total Return (%)                                      .54           10.11            3.41           12.08           24.14
___________________________________________       _______         _______         _______         _______         _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 10              53              56              57              37
___________________________________________       _______         _______         _______         _______         _______
Ratio of expenses (%)                                1.08            1.10            1.10            1.06            1.06
___________________________________________       _______         _______         _______         _______         _______
Ratio of net investment income (%)                   7.45            7.34            7.87            7.71            8.23
___________________________________________       _______         _______         _______         _______         _______
Portfolio turnover rate (%)                            61              93             100             162             165
- -------------------------------------------       -------         -------         -------         -------         -------


a   Based on average shares outstanding during the period.

38   DWS HIGH INCOME VIP                             DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS HIGH INCOME VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE           ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND           FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES              EXPENSES
                                                                                    
   1              5.00%                 0.94%                4.06%            $ 10,406.00           $    95.91
   2             10.25%                 0.94%                8.28%            $ 10,828.48           $    99.80
   3             15.76%                 0.94%               12.68%            $ 11,268.12           $   103.85
   4             21.55%                 0.94%               17.26%            $ 11,725.61           $   108.07
   5             27.63%                 0.94%               22.02%            $ 12,201.67           $   112.46
   6             34.01%                 0.94%               26.97%            $ 12,697.05           $   117.02
   7             40.71%                 0.94%               32.13%            $ 13,212.55           $   121.78
   8             47.75%                 0.94%               37.49%            $ 13,748.98           $   126.72
   9             55.13%                 0.94%               43.07%            $ 14,307.19           $   131.86
  10             62.89%                 0.94%               48.88%            $ 14,888.06           $   137.22
TOTAL                                                                                               $ 1,154.69



DWS VARIABLE SERIES II - CLASS B SHARES                     DWS HIGH INCOME
                                                            VIP   39


DWS MONEY MARKET VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum current income to the extent consistent with
stability of principal.

The portfolio pursues its goal by investing exclusively in high quality
short-term securities, as well as certain repurchase agreements that are backed
by high-quality securities.

While the portfolio's Advisor gives priority to earning income and maintaining
the value of the portfolio's principal at $1.00 per share, all money market
instruments, including US Government obligations, can change in value when
interest rates change or an issuer's creditworthiness changes.

The portfolio seeks to achieve its goal of current income by investing in high
quality money market securities and maintaining a dollar-weighted average
maturity of 90 days or less. The portfolio follows two policies designed to
maintain a stable share price:

o Portfolio securities are denominated in US dollars and generally have
  remaining maturities of 397 days (about 13 months) or less at the time of
  purchase. The portfolio may also invest in securities that have features
  that reduce their maturities to 397 days or less at the time of purchase.

o The portfolio may not concentrate its investments in any particular industry
  (excluding US Government Obligations), as that term is used in the
  Investment Company Act of 1940, as amended, and as interpreted or modified
  by the regulatory authority having jurisdiction from time to time, except
  that the portfolio will invest more than 25% of its total assets in the
  obligations of banks and other financial institutions.

o The portfolio buys US Government debt obligations, money market instruments
  and other debt obligations that at the time of purchase:

 - have received one of the two highest short-term ratings from two nationally
   recognized statistical rating organizations (NRSROs);

 - have received one of the two highest short-term ratings from one NRSRO (if
   only one organization rates the security);

 - are unrated, but are determined to be of similar quality by the Advisor; or

 - have no short-term rating, but are rated in one of the top three highest
   long-term rating categories, or are determined to be of similar quality by
   the Advisor.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval.



PRINCIPAL INVESTMENTS

The portfolio primarily invests in the following types of investments:

The portfolio may invest in high quality, short-term, US dollar denominated
money market instruments paying a fixed, variable or floating interest rate.

These include:

o Debt obligations issued by US and foreign banks, financial institutions,
  corporations or other entities, including certificates of deposit, euro-time
  deposits, commercial paper (including asset-backed commercial paper) and
  notes. Securities that do not satisfy the maturity restrictions for a money
  market portfolio may be specifically structured so that they are eligible
  investments for money market portfolios. For example, some securities have
  features which have the effect of shortening the security's maturity.

o US Government securities that are issued or guaranteed by the US Treasury, or
  by agencies or instrumentalities of the US Government.

o Repurchase agreements, which are agreements to buy securities at one price,
  with a simultaneous agreement to sell back the securities at a future date
  at an agreed-upon price.

40   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o Asset-backed securities, which are generally participations in a pool of
  assets whose payment is derived from the payments generated by the
  underlying assets. Payments on the asset-backed security generally consist
  of interest and/or principal.

The portfolio may buy securities from many types of issuers, including the US
government, corporations and municipalities. The portfolio will invest at least
25% of its total assets in obligations of banks and other financial
institutions.

The portfolio may invest up to 10% of its total assets in other money market
portfolios in accordance with applicable regulations.

Working in conjunction with a credit team, the portfolio managers screen
potential securities and develop a list of those that the portfolio may buy.
The managers, looking for attractive yield and weighing considerations such as
credit quality, economic outlooks and possible interest rate movements, then
decide which securities on this list to buy. The managers may adjust the
portfolio's exposure to interest rate risk, typically seeking to take advantage
of possible rises in interest rates and to preserve yield when interest rates
appear likely to fall.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

INTEREST RATE RISK. Money market instruments, like all debt securities, face
the risk that the securities will decline in value because of changes in
interest rates. Generally, investments subject to interest rate risk will
decrease in value when interest rates rise and increase in value when interest
rates decline. To minimize such price fluctuations, the portfolio limits the
dollar-weighted average maturity of the securities held by the portfolio to 90
days or less. Generally, the price of short-term investments fluctuates less
than longer-term investments. Income earned on floating or variable rate
securities may vary as interest rates decrease or increase.

CREDIT RISK. A money market instrument's credit quality depends on the issuer's
ability to pay interest on the security and repay the debt; the lower the
credit rating, the greater the risk that the security's issuer will default, or
fail to meet its payment obligations. The credit risk of a security may also
depend on the credit quality of any bank or financial institution that provides
credit enhancement for it. To minimize credit risk, the portfolio only buys
high quality securities. Also, the portfolio only buys securities with
remaining maturities of 397 days (approximately 13 months) or less. This
reduces the risk that the issuer's creditworthiness will change, or that the
issuer will default on the principal and interest payments of the obligation.
Additionally, some securities issued by US government agencies or
instrumentalities are supported only by the credit of that agency or
instrumentality. There is no guarantee that the US government will provide
support to such agencies or instrumentalities and such securities may involve
risk of loss of principal and interest. Securities that rely on third party
guarantors to raise their credit quality could fall in price or go into default
if the financial condition of the guarantor deteriorates.

MARKET RISK. Although individual securities may outperform the market, the
entire market may decline as a result of rising interest rates, regulatory
developments or deteriorating economic conditions.

SECURITY SELECTION RISK. While the portfolio invests in short-term securities,
which by their nature are relatively stable investments, the risk remains that
the securities in which the portfolio invests will not perform as expected.
This could cause the portfolio's returns to lag behind those of similar money
market mutual funds.

REPURCHASE AGREEMENT RISK. A repurchase agreement exposes the portfolio to the
risk that the party that sells the securities may default on its obligation to
repurchase them. In this circumstance, the portfolio can lose money because:

o it cannot sell the securities at the agreed-upon time and price; or

o the securities lose value before they can be sold.

The portfolio seeks to reduce this risk by monitoring the creditworthiness of
the sellers with whom it enters into repurchase agreements. The portfolio also
monitors the value of the securities to ensure that they are at least equal to
the total amount of the repurchase obligations, including interest and accrued
interest.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MONEY MARKET
                                                          VIP   41


CONCENTRATION RISK. Because the portfolio will invest more than 25% of its
total assets in the obligations of banks and other financial institutions, it
may be vulnerable to setbacks in that industry. Banks and other financial
institutions are highly dependent on short-term interest rates and can be
adversely affected by downturns in the US and foreign economies or changes in
banking regulations.

PREPAYMENT RISK. A bond issuer, such as an issuer of asset-backed securities,
may retain the right to pay off a high yielding bond before it comes due. In
that event, the portfolio may have to reinvest the proceeds at lower interest
rates. Thus, prepayment may reduce the portfolio's income. It may also create a
capital gains tax liability, because bond issuers usually pay a premium for the
right to pay off bonds early.

An investment in the portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the portfolio seeks to preserve the value of
your investment at $1.00 per share, this share price isn't guaranteed and you
could lose money by investing in the portfolio.

This portfolio may be of interest to investors who want a broadly diversified
money market fund.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                 
   4.88      4.58      5.84      3.49      1.20      0.42      0.52      2.42      4.25     4.65
  1998      1999      2000      2001      2002      2003      2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                       
BEST QUARTER: 1.50%, Q3 2000              WORST QUARTER: 0.04%, Q3 2003
2008 TOTAL RETURN AS OF MARCH 31: 0.79%


42   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                            1 YEAR        5 YEARS        10 YEARS
                                               
Portfolio - Class B           4.65           2.44           3.21


7-day yield as of December 31, 2007: 4.24%

Total returns would have been lower if operating expenses hadn't been reduced.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.29%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.17
TOTAL ANNUAL OPERATING EXPENSES3           0.71


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.

3   Through April 30, 2010, the Advisor has agreed to waive all or a portion of
    its management fee and reimburse or pay certain operating expenses so that
    the total annual operating expenses of the portfolio will not exceed 0.79%
    for Class B shares, excluding certain expenses such as extraordinary
    expenses, taxes, brokerage and interest.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares           $73           $227           $395           $883


THE PORTFOLIO MANAGERS

A group of investment professionals is responsible for the day-to-day
management of the portfolio. These investment professionals have a broad range
of experience managing money market portfolios.


DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MONEY MARKET
                                                          VIP   43


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS MONEY MARKET VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007         2006         2005        2004        2003
                                                                                     
SELECTED PER SHARE DATA
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Income from investment operations:
 Net investment income                                  .046         .042        .024        .005        .004
_________________________________________________   ________     ________    ________    ________    ________
 TOTAL FROM INVESTMENT OPERATIONS                       .046         .042        .024        .005        .004
- -------------------------------------------------   --------     --------    --------    --------    --------
Less distributions from:
 Net investment income                                ( .046)      ( .042)     ( .024)     ( .005)     ( .004)
_________________________________________________   ________     ________    ________    ________    ________
NET ASSET VALUE, END OF PERIOD                      $  1.000     $  1.000    $  1.000    $  1.000    $  1.000
- -------------------------------------------------   --------     --------    --------    --------    --------
Total Return (%)                                     4.65a        4.25a         2.42         .52       .42a
_________________________________________________   ________     ________    ________    ________    ________

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    24           58          58          53          66
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses before expense reductions (%)         .82          .90         .89         .91         .93
_________________________________________________   ________     ________    ________    ________    ________
Ratio of expenses after expense reductions (%)          .80          .89         .89         .91         .92
_________________________________________________   ________     ________    ________    ________    ________
Ratio of net investment income (%)                     4.53         4.20        2.40         .50         .35
- -------------------------------------------------   --------     --------    --------    --------    --------


a   Total return would have been lower had certain expenses not been reduced.

44   DWS MONEY MARKET VIP                            DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS MONEY MARKET VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                         ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                               OF RETURN:
                 0.00%                         $10,000                                     5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 0.71%                4.29%            $ 10,429.00           $  72.52
   2             10.25%                 0.71%                8.76%            $ 10,876.40           $  75.63
   3             15.76%                 0.71%               13.43%            $ 11,343.00           $  78.88
   4             21.55%                 0.71%               18.30%            $ 11,829.62           $  82.26
   5             27.63%                 0.71%               23.37%            $ 12,337.11           $  85.79
   6             34.01%                 0.71%               28.66%            $ 12,866.37           $  89.47
   7             40.71%                 0.71%               34.18%            $ 13,418.34           $  93.31
   8             47.75%                 0.71%               39.94%            $ 13,993.98           $  97.31
   9             55.13%                 0.71%               45.94%            $ 14,594.32           $ 101.49
  10             62.89%                 0.71%               52.20%            $ 15,220.42           $ 105.84
TOTAL                                                                                               $ 882.50



DWS VARIABLE SERIES II - CLASS B SHARES                   DWS MONEY MARKET
                                                          VIP   45


DWS SMALL CAP GROWTH VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks maximum appreciation of investors' capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in small
capitalization stocks similar in size to those comprising the Russell 2000
(Reg. TM) Growth Index (as of February 29, 2008, the Russell 2000 (Reg. TM)
Growth Index had a median market capitalization of $538 million). The portfolio
intends to invest primarily in companies whose market capitalizations fall
within the normal range of the Index. The portfolio may invest in initial
public offerings.

The portfolio invests primarily in equity securities of US smaller
capitalization companies. Portfolio management focuses on individual security
selection rather than industry selection. Portfolio management uses an active
process which combines financial analysis with company visits to evaluate
management and strategies.

Company research lies at the heart of our investment process. Portfolio
management uses a "bottom-up" approach to picking securities.

o Portfolio management focuses on stocks with superior growth prospects and
  above average near-to-intermediate term performance potential.

o Portfolio management emphasizes individual selection of small company stocks
  across all economic sectors, early in their growth cycles and with the
  potential to be the blue chips of the future.

o Portfolio management generally seeks companies with a leading or dominant
  position in their niche markets, a high rate of return on invested capital
  and the ability to finance a major part of future growth from internal
  sources.

Portfolio management looks primarily for financial attributes that set these
 companies apart:

o estimated above-average growth in revenues and earnings; and

o a balance sheet that can support this growth potential with sufficient
  working capital and manageable levels of debt.

The portfolio follows a disciplined selling process in order to lessen risk. A
security may be sold if one or more of the following conditions are met:

o the stock price reaches portfolio management's expectations;

o there is a material change in the company's fundamentals;

o portfolio management believes other investments offer better opportunities;
  or

o the market capitalization of a stock distorts the weighted average market
  capitalization of the portfolio.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

While the portfolio invests mainly in US stocks, it could invest up to 25% of
total assets in foreign securities.

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market.


46   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


In particular, the portfolio may use futures, options and covered call options.

As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
manager may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular market sector, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These may affect single companies as well as groups
of companies. In addition, movements in financial markets may adversely affect
a stock's price, regardless of how well the company performs. The market as a
whole may not favor the types of investments the portfolio makes and the
portfolio may not be able to get an attractive price for them.

GROWTH INVESTING RISK. Since growth stocks usually reinvest a large portion of
earnings in their own businesses, they may lack the dividends associated with
value stocks that might otherwise cushion their decline in a falling market.
Earnings disappointments in growth stocks often result in sharp price declines
because investors buy these stocks for their potential superior earnings
growth. Growth stocks may also be out of favor for certain periods in relation
to value stocks.

INDUSTRY RISK. While the portfolio does not concentrate in any industry, to the
extent that the portfolio has exposure to a given industry or sector, any
factors affecting that industry or sector could affect the value of portfolio
securities. For example, manufacturers of consumer goods could be hurt by a
rise in unemployment or technology companies could be hurt by such factors as
market saturation, price competition and rapid obsolescence.

SMALL COMPANY CAPITALIZATION RISK. Small company stocks tend to experience
steeper price fluctuations than the stocks of larger companies. A shortage of
reliable information can also pose added risk to small company stocks.
Industry-wide reversals may have a greater impact on small companies, since
they lack the financial resources of large companies. Small company stocks are
typically less liquid than large company stocks. Accordingly, it may be harder
to find buyers for small company shares.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   47


borrower of the securities fail financially while the loan is outstanding.
However, loans will be made only to borrowers selected by the portfolio's
delegate after a review of relevant facts and circumstances, including the
creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o foreign securities may be more volatile than their US counterparts, for
  reasons such as currency fluctuations and political and economic
  uncertainty.

Investors who are looking to add the growth potential of small and mid-size
companies or to diversify a large-cap growth portfolio may want to consider
this portfolio.



PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                                           
  18.07      34.23       -10.93      -28.98      -33.64     32.51      10.54       6.73      4.80      5.80
  1998       1999        2000        2001        2002       2003       2004       2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 30.88%, Q4 1999               WORST QUARTER: -31.76%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.20%


48   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                  1 YEAR        5 YEARS        10 YEARS
                                                     
Portfolio - Class B                 5.80          11.63           1.44
Russell 2000 Growth Index           7.05          16.50           4.32


Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 2000 (Reg. TM) GROWTH INDEX is an unmanaged capitalization-weighted
measure of 2,000 of the smallest capitalized US companies with a
greater-than-average growth orientation and whose common stocks trade on the
NYSE, AMEX and Nasdaq.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.





HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.55%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.20
TOTAL ANNUAL OPERATING EXPENSES            1.00


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $102           $318           $552         $1,225



DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   49


THE PORTFOLIO MANAGERS

The portfolio is managed by a team of investment professionals who collaborate
to implement the portfolio's investment strategy. The team is led by a lead
portfolio manager who is responsible for developing the portfolio's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the portfolio's investment portfolio, including but not limited to, purchases
and sales of individual securities, portfolio construction techniques,
portfolio risk assessment and the management of daily cash flows in accordance
with portfolio holdings.

The following people handle the day-to-day management of the portfolio:

Robert S. Janis
Managing Director of Deutsche Asset Management and Lead Portfolio Manager of
the portfolio.
   o Joined Deutsche Asset Management and the portfolio in 2004.
   o Previously served as portfolio manager for 10 years at Credit Suisse
     Asset Management (or at its predecessor, Warburg Pincus Asset Management).
   o Over 20 years of investment industry experience.
   o BA, University of Pennsylvania; MBA, University of Pennsylvania, Wharton
     School.

Joseph Axtell, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
portfolio.
   o Joined Deutsche Asset Management in 2001 and the portfolio in 2006.
   o Senior analyst at Merrill Lynch Investment Managers for the international
     equity portion of a global balanced portfolio (1996-2001).
   o Director, International Research at PCM International (1989-1996).
   o Associate manager, structured debt and equity group at Prudential Capital
     Corporation (1988-1989).
   o Analyst at Prudential-Bache Capital Funding in London (1987-1988).
   o Equity analyst in the health care sector at Prudential Equity Management
     Associates (1985-1987).
   o BS, Carlson School of Management, University of Minnesota.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


50   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS SMALL CAP GROWTH VIP - CLASS B





YEARS ENDED DECEMBER 31,                              2007          2006          2005          2004        2003
                                                                                          
SELECTED PER SHARE DATA
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                $  13.96      $ 13.32       $  12.48      $  11.29    $  8.52
- -------------------------------------------------   --------      -------       --------      --------    -------
Income (loss) from investment operations:
 Net investment income (loss)a                        (  .07)      (  .09)d       (  .11)       (  .10)    (  .09)
_________________________________________________   ________      _______       ________      ________    _______
 Net realized and unrealized gain (loss)                 .88          .73            .95          1.29       2.86
- -------------------------------------------------   --------      -------       --------      --------    -------
 TOTAL FROM INVESTMENT OPERATIONS                        .81          .64            .84          1.19       2.77
- -------------------------------------------------   --------      -------       --------      --------    -------
NET ASSET VALUE, END OF PERIOD                      $  14.77      $ 13.96       $  13.32      $  12.48    $ 11.29
- -------------------------------------------------   --------      -------       --------      --------    -------
Total Return (%)                                     5.80b       4.80b,d        6.73b,c        10.54b       32.51
_________________________________________________   ________     ________       ________      ________    _______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                     7           37             39            28         15
_________________________________________________   ________     ________       ________      ________    _______
Ratio of expenses before expense reductions (%)         1.13         1.12           1.12          1.10       1.08
_________________________________________________   ________     ________       ________      ________    _______
Ratio of expenses after expense reductions (%)          1.09         1.09           1.09          1.09       1.08
_________________________________________________   ________     ________       ________      ________    _______
Ratio of net investment income (loss) (%)             (  .46)      (  .69)d       (  .84)       (  .85)    (  .80)
_________________________________________________   ________     ________       ________      ________    _______
Portfolio turnover rate (%)                               67           73             94           117        123
- -------------------------------------------------   --------     --------       --------      --------    -------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   In 2005, the Portfolio realized a gain of $49,496 on the disposal of an
    investment not meeting the Portfolio's investment restrictions. This
    violation had no negative impact on the total return.

d   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.008 per
    share and an increase in the ratio of net investment income of 0.06%.
    Excluding this non-recurring income, total return would have been 0.06%
    lower.


DWS VARIABLE SERIES II - CLASS B SHARES                 DWS SMALL CAP GROWTH
                                                        VIP   51


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS SMALL CAP GROWTH VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.00%                4.00%            $ 10,400.00          $   102.00
   2             10.25%                 1.00%                8.16%            $ 10,816.00          $   106.08
   3             15.76%                 1.00%               12.49%            $ 11,248.64          $   110.32
   4             21.55%                 1.00%               16.99%            $ 11,698.59          $   114.74
   5             27.63%                 1.00%               21.67%            $ 12,166.53          $   119.33
   6             34.01%                 1.00%               26.53%            $ 12,653.19          $   124.10
   7             40.71%                 1.00%               31.59%            $ 13,159.32          $   129.06
   8             47.75%                 1.00%               36.86%            $ 13,685.69          $   134.23
   9             55.13%                 1.00%               42.33%            $ 14,233.12          $   139.59
  10             62.89%                 1.00%               48.02%            $ 14,802.44          $   145.18
TOTAL                                                                                              $ 1,224.63



52   DWS SMALL CAP GROWTH VIP                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


DWS TECHNOLOGY VIP


THE PORTFOLIO'S MAIN INVESTMENT STRATEGY

The portfolio seeks growth of capital.

Under normal circumstances, the portfolio invests at least 80% of net assets,
plus the amount of any borrowings for investment purposes, in common stocks of
companies in the technology sector. For purposes of the portfolio's 80%
investment policy, companies in the technology sector must commit at least half
of their assets to the technology sector or derive at least half of their
revenues or net income from that sector. Examples of industries within the
technology sector are semiconductors, software, telecom equipment,
computer/hardware, IT services, the Internet and health technology. The
portfolio may invest in companies of any size. In addition, the portfolio may
invest in initial public offerings. While the portfolio invests mainly in US
stocks, it could invest up to 35% of net assets in foreign securities.

The portfolio's equity investments are mainly common stocks, but may also
include other types of equities such as preferred or convertible stocks.

In choosing stocks, the portfolio manager uses a combination of three
analytical disciplines:

BOTTOM-UP RESEARCH. The portfolio manager looks for individual companies with a
history of above-average growth, strong competitive positioning, attractive
prices relative to potential growth, innovative products and services, sound
financial strength and effective management, among other factors.

GROWTH ORIENTATION. The portfolio manager generally looks for companies that
the portfolio manager believes has above-average potential for sustainable
growth of revenue or earnings and whose market value appears reasonable in
light of their business prospects.

TOP-DOWN ANALYSIS. The portfolio manager considers the economic outlooks for
various industries within the technology sector and looks for those industries
that may benefit from changes in the overall business environment.

In addition, the portfolio manager uses the support of a quantitative analytic
group and its tools to attempt to actively manage the forecasted volatility
risk of the portfolio as a whole as compared to funds with a similar investment
objective, as well as appropriate benchmarks and peer groups. The portfolio
manager may favor securities from various industries and companies within the
technology sector at different times.

The portfolio manager will normally sell a stock when the portfolio manager
believes its price is unlikely to go higher, its fundamental factors have
changed, other investments offer better opportunities or in adjusting emphasis
on a given technology industry.

SECURITIES LENDING. The portfolio may lend its investment securities in an
amount up to 33 1/3% of its total assets to approved institutional borrowers
who need to borrow securities in order to complete certain transactions.

Although major changes tend to be infrequent, the Board of Trustees could
change the portfolio's investment objective without seeking shareholder
approval. However, the Board will provide shareholders with at least 60 days'
notice prior to making any changes to the portfolio's 80% investment policy.



OTHER INVESTMENTS

The portfolio is permitted, but not required, to use various types of
derivatives (contracts whose value is based on, for example, indices,
currencies or securities). Derivatives may be used for hedging and for risk
management or for non-hedging purposes to seek to enhance potential gains. The
portfolio may use derivatives in circumstances where portfolio management
believes they offer an economical means of gaining exposure to a particular
asset class or to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the market. In particular, the portfolio
may use futures and options, including sales of covered put and call options.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   53


As a temporary defensive measure, the portfolio could shift up to 100% of
assets into investments such as money market securities. This measure could
prevent losses, but, while engaged in a temporary defensive position, the
portfolio will not be pursuing its investment objective. However, the portfolio
managers may choose not to use these strategies for various reasons, even in
very volatile market conditions.



THE MAIN RISKS OF INVESTING IN THE PORTFOLIO

There are several risk factors that could hurt the portfolio's performance,
cause you to lose money or cause the portfolio's performance to trail that of
other investments.

STOCK MARKET RISK. The portfolio is affected by how the stock market performs.
To the extent the portfolio invests in a particular capitalization, the
portfolio's performance may be proportionately affected by that segment's
general performance. When stock prices fall, you should expect the value of
your investment to fall as well. Because a stock represents ownership in its
issuer, stock prices can be hurt by poor management, shrinking product demand
and other business risks. These factors may affect single companies as well as
groups of companies. In addition, movements in financial markets may adversely
affect a stock's price, regardless of how well the company performs. The market
as a whole may not favor the types of investments the portfolio makes, which
could affect the portfolio's ability to sell them at an attractive price.

CONCENTRATION RISK. The portfolio concentrates its investments in the group of
industries constituting the technology sector. As a result, factors affecting
this sector, such as market price movements, market saturation and rapid
product obsolescence will have a significant impact on the portfolio's
performance. Additionally, many technology companies are smaller companies that
may have limited business lines and limited financial resources, making them
highly vulnerable to business and economic risks.

NON-DIVERSIFICATION RISK. The portfolio is classified as non-diversified under
the Investment Company Act of 1940, as amended. This means that the portfolio
may invest in securities of relatively few issuers. Thus, the performance of
one or a small number of portfolio holdings can affect overall performance more
than if the portfolio invested in a larger number of issuers.

FOREIGN INVESTMENT RISK. Foreign investments involve certain special risks,
including:

o POLITICAL RISK. Some foreign governments have limited the outflow of profits
  to investors abroad, imposed restrictions on the exchange or export of
  foreign currency, extended diplomatic disputes to include trade and
  financial relations, seized foreign investment and imposed higher taxes.

o INFORMATION RISK. Companies based in foreign markets are usually not subject
  to accounting, auditing and financial reporting standards and practices as
  stringent as those in the US. Therefore, their financial reports may present
  an incomplete, untimely or misleading picture of a company, as compared to
  the financial reports required in the US.

o LIQUIDITY RISK. Investments that trade less can be more difficult or more
  costly to buy, or to sell, than more liquid or active investments. This
  liquidity risk is a factor of the trading volume of a particular investment,
  as well as the size and liquidity of the entire local market. On the whole,
  foreign exchanges are smaller and less liquid than US exchanges. This can
  make buying and selling certain investments more difficult and costly.
  Relatively small transactions in some instances can have a
  disproportionately large effect on the price and supply of securities. In
  certain situations, it may become virtually impossible to sell an investment
  in an orderly fashion at a price that approaches portfolio management's
  estimate of its value. For the same reason, it may at times be difficult to
  value the portfolio's foreign investments.

o REGULATORY RISK. There is generally less government regulation of foreign
  markets, companies and securities dealers than in the US.

o CURRENCY RISK. The portfolio invests in securities denominated in foreign
  currencies. Changes in exchange rates between foreign currencies and the US
  dollar may affect the US dollar value of foreign securities or the income or
  gain received on these securities.

o LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be more limited
  than the legal remedies available in the US.

54   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


o TRADING PRACTICE RISK. Brokerage commissions and other fees are generally
  higher for foreign investments than for US investments. The procedures and
  rules governing foreign transactions and custody may also involve delays in
  payment, delivery or recovery of money or investments.

o TAXES. Foreign withholding and certain other taxes may reduce the amount of
  income available to distribute to shareholders of the portfolio. In
  addition, special US tax considerations may apply to the portfolio's foreign
  investments.

EMERGING MARKET RISK. All of the risks of investing in foreign securities are
increased in connection with investments in emerging markets securities. In
addition, profound social changes and business practices that depart from norms
in developed countries' economies have hindered the orderly growth of emerging
economies and their markets in the past and have caused instability. High
levels of debt tend to make emerging economies heavily reliant on foreign
capital and vulnerable to capital flight. Countries in emerging markets are
also more likely to experience high levels of inflation, deflation or currency
devaluation, which could also hurt their economies and securities markets. For
these and other reasons, investments in emerging markets are often considered
speculative.

IPO RISK. Securities purchased in initial public offerings (IPOs) may be very
volatile, due to their stock prices rising and falling rapidly, often based,
among other reasons, on investor perceptions rather than economic reasons.
Additionally, investments in IPOs may magnify the portfolio's performance if it
has a small asset base. The portfolio is less likely to experience a similar
impact on its performance as its assets grow because it is unlikely that the
portfolio will obtain proportionately larger IPO allocations.

DERIVATIVES RISK. Risks associated with derivatives include the risk that the
derivative is not well correlated with the security, index or currency to which
it relates; the risk that derivatives may result in losses or missed
opportunities; the risk that the portfolio will be unable to sell the
derivative because of an illiquid secondary market; the risk that a
counterparty is unwilling or unable to meet its obligation and the risk that
the derivative transaction could expose the portfolio to the effects of
leverage, which could increase the portfolio's exposure to the market and
magnify potential losses. There is no guarantee that derivatives, to the extent
employed, will have the intended effect, and their use could cause lower
returns or even losses to the portfolio. The use of derivatives by the
portfolio to hedge risk may reduce the opportunity for gain by offsetting the
positive effect of favorable price movements.

SECURITIES LENDING RISK. Any loss in the market price of securities loaned by
the portfolio that occurs during the term of the loan would be borne by the
portfolio and would adversely affect the portfolio's performance. Also, there
may be delays in recovery of securities loaned or even a loss of rights in the
collateral should the borrower of the securities fail financially while the
loan is outstanding. However, loans will be made only to borrowers selected by
the portfolio's delegate after a review of relevant facts and circumstances,
including the creditworthiness of the borrower.

PRICING RISK. At times, market conditions may make it difficult to value some
investments, and the portfolio may use certain valuation methodologies for some
of its investments, such as fair value pricing. Given the subjective nature of
such valuation methodologies, it is possible that the value determined for an
investment may be different than the value realized upon such investment's
sale. If the portfolio has valued its securities too highly, you may pay too
much for portfolio shares when you buy into the portfolio. If the portfolio has
underestimated the price of its securities, you may not receive the full market
value when you sell your portfolio shares.

SECURITY SELECTION RISK. A risk that pervades all investing is the risk that
the securities in the portfolio's portfolio may decline in value.

Other factors that could affect performance include:

o portfolio management could be wrong in the analysis of industries, companies,
  economic trends, the relative attractiveness of different securities or
  other matters.

o growth stocks may be out of favor for certain periods.

This portfolio is designed for investors who can accept above-average risks and
are interested in exposure to a sector that offers attractive long-term growth
potential.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   55


PERFORMANCE - CLASS B

While a portfolio's past performance isn't necessarily a sign of how it will do
in the future, it can be valuable for an investor to know.

The bar chart shows how the returns for the portfolio's Class B shares have
varied from year to year, which may give some idea of risk. The table shows
average annual returns for the portfolio and comparable index information
(which, unlike the portfolio, does not have any fees or expenses). The
performance of both the portfolio and the comparable index information varies
over time. All figures assume reinvestment of dividends and distributions.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.

The inception date for Class B was July 1, 2002. In the bar chart and table,
the performance figures for Class B before that date are based on the
historical performance of the portfolio's original share class (Class A),
adjusted to reflect the higher gross total annual operating expenses of Class
B. Class A is offered in a different prospectus.


ANNUAL TOTAL RETURN (%) as of 12/31 each year - CLASS B

[BAR GRAPHIC APPEARS HERE]





                                                          
  -21.77       -32.56      -35.72     46.42       1.48      3.27      0.43     13.84
   2000        2001        2002       2003       2004      2005      2006      2007








FOR THE PERIODS INCLUDED IN THE BAR CHART:
                                         
BEST QUARTER: 28.49%, Q4 2001               WORST QUARTER: -33.68%, Q3 2001
2008 TOTAL RETURN AS OF MARCH 31: -17.00%


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2007





                                     1 YEAR         5 YEARS        SINCE INCEPTION*
                                                         
Portfolio - Class B                    13.84          11.86              0.61
Russell 1000 Growth Index              11.81          12.11              -0.17
S&P Goldman Sachs Technology
Index                                  16.94          15.58              -1.16


*   Since 5/1/99. Index comparisons begin 4/30/99.

Total returns would have been lower if operating expenses hadn't been reduced.

RUSSELL 1000 (Reg. TM) GROWTH INDEX is an unmanaged index that consists of
those stocks in the Russell 1000 (Reg. TM) Index that have higher price-to-book
ratios and higher forecasted growth values. Russell 1000 (Reg. TM) Index is an
unmanaged price-only index of the 1,000 largest capitalized companies that are
domiciled in the US and whose common stocks are traded.

S&P GOLDMAN SACHS TECHNOLOGY INDEX is an unmanaged capitalization-weighted
index based on a universe of technology-related stocks.

Current performance information may be higher or lower than the performance
data quoted above. For more recent performance information, contact your
participating insurance company.


56   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
portfolio shares. The information in the table does not reflect charges and
fees associated with the separate account that invests in the portfolio or any
variable life insurance policy or variable annuity contract for which the
portfolio is an investment option. These charges and fees will increase
expenses.





FEE TABLE                                CLASS B
                                    
ANNUAL OPERATING EXPENSES, deducted from portfolio
assets
Management Fee 1                             0.67%
Distribution/Service (12b-1) Fee           0.25
Other Expenses 2                            0.37
TOTAL ANNUAL OPERATING EXPENSES            1.29


1   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008.

2   Restated on an annualized basis to reflect approved fee changes taking
    effect on May 1, 2008. Includes a 0.10% administrative services fee paid
    to the Advisor.


Based on the costs above, this example helps you compare the expenses of Class
B shares to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes that you invested $10,000, earned 5%
annual returns, reinvested all dividends and distributions and sold your shares
at the end of each period. This is only an example; actual expenses will be
different.





EXAMPLE                1 YEAR        3 YEARS        5 YEARS        10 YEARS
                                                      
Class B shares          $131           $409           $708         $1,556


THE PORTFOLIO MANAGER

The following person handles the day-to-day management of the portfolio:

Kelly P. Davis
Director of Deutsche Asset Management and Portfolio Manager of the portfolio.
   o Joined Deutsche Asset Management in 2003 after eight years of experience
     with semiconductors as an associate analyst in Equities Research with
     Credit Suisse First Boston, team leader in applications engineering at
     Advanced Micro Devices, and in technical roles at Interactive Silicon,
     Motorola, Inc. and Tellabs Operations, Inc.
   o Joined the portfolio in 2005.
   o BS, Purdue University; MBA, University of California, Berkeley.

The portfolio's Statement of Additional Information provides additional
information about a portfolio manager's investments in the portfolio, a
description of the portfolio management compensation structure, and information
regarding other accounts managed.


DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   57


FINANCIAL HIGHLIGHTS

This table is designed to help you understand the portfolio's financial
performance. The figures in the first part of the table are for a single share.
The total return figures represent the percentage that an investor in the
portfolio would have earned (or lost), assuming all dividends and distributions
were reinvested. This information has been audited by Ernst & Young LLP, an
independent registered public accounting firm, whose report, along with the
portfolio's financial statements, is included in the portfolio's annual report
(see "Shareholder reports" on the back cover). The following table includes
selected data for a share outstanding throughout each period and other
performance information derived from the financial statements.

This information doesn't reflect charges and fees associated with the separate
account that invests in the portfolio or any variable life insurance policy or
variable annuity contract for which the portfolio is an investment option.
These charges and fees will reduce returns.



DWS TECHNOLOGY VIP - CLASS B





YEARS ENDED DECEMBER 31,                             2007        2006       2005        2004        2003
                                                                                  
SELECTED PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD              $  9.25      $ 9.21     $  8.93     $  8.80    $ 6.01
- ------------------------------------------------- -------      ------     -------     -------    ------
Income (loss) from investment operations:
 Net investment income (loss)a                    (  .05)       ( .04)c     ( .07)        .01    ( .07)
_________________________________________________ _______      ______     _______     _______    ______
 Net realized and unrealized gain (loss)            1.33          .08         .36         .12     2.86
- ------------------------------------------------- -------      ------     -------     -------    ------
 TOTAL FROM INVESTMENT OPERATIONS                   1.28          .04         .29         .13     2.79
- ------------------------------------------------- -------      ------     -------     -------    ------
Less distributions from:
 Net investment income                                 -            -       ( .01)          -        -
_________________________________________________ _______      ______     _______     _______    ______
NET ASSET VALUE, END OF PERIOD                    $ 10.53      $ 9.25     $  9.21     $  8.93    $ 8.80
- ------------------------------------------------- -------      ------     -------     -------    ------
Total Return (%)                                   13.84        .43c         3.27      1.48b     46.42
_________________________________________________ _______      ______     _______     _______    ______

RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 3           14          16          16       11
_________________________________________________ _______      ______     _______     _______    ______
Ratio of expenses before expense reductions (%)     1.29         1.28        1.26        1.22     1.25
_________________________________________________ _______      ______     _______     _______    ______
Ratio of expenses after expense reductions (%)      1.29         1.28        1.26        1.21     1.25
_________________________________________________ _______      ______     _______     _______    ______
Ratio of net investment income (%)                (  .53)       ( .51)c     ( .76)        .05    ( .89)
_________________________________________________ _______      ______     _______     _______    ______
Portfolio turnover rate (%)                           91           49         135         112       66
- ------------------------------------------------- -------      ------     -------     -------    ------


a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

c   Includes non-recurring income from the Advisor recorded as a result of an
    administrative proceeding regarding disclosure of brokerage allocation
    practices in connection with sales of DWS Scudder Funds. The non-recurring
    income resulted in an increase in net investment income of $0.017 per
    share and an increase in the ratio of net investment income of 0.18%.
    Excluding this non-recurring income, total return would have been 0.19%
    lower.


58   DWS TECHNOLOGY VIP                              DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


HYPOTHETICAL EXPENSE SUMMARY

Using the annual portfolio operating expense ratios presented in the fee tables
in the portfolio prospectus, the Hypothetical Expense Summary shows the
estimated fees and expenses, in actual dollars, that would be charged on a
hypothetical investment of $10,000 in the portfolio held for the next 10 years
and the impact of such fees and expenses on portfolio returns for each year and
cumulatively, assuming a 5% return for each year. The tables also assume that
all dividends and distributions are reinvested. The annual portfolio expense
ratios shown are net of any contractual fee waivers or expense reimbursements,
if any, for the period of the contractual commitment. Also, please note that if
you are investing through a third party provider, that provider may have fees
and expenses separate from those of the portfolio that are not reflected here.
Mutual fund fees and expenses fluctuate over time and actual expenses may be
higher or lower than those shown.

The Hypothetical Expense Summary should not be used or construed as an offer to
sell, a solicitation of an offer to buy or a recommendation or endorsement of
any specific mutual fund. You should carefully review the portfolio's
prospectus to consider the investment objectives, risks, expenses and charges
of the portfolio prior to investing.



DWS TECHNOLOGY VIP - CLASS B





                MAXIMUM                  INITIAL HYPOTHETICAL                          ASSUMED RATE
             SALES CHARGE:                   INVESTMENT:                                OF RETURN:
                 0.00%                         $10,000                                      5%
               CUMULATIVE                                CUMULATIVE           HYPOTHETICAL
             RETURN BEFORE                              RETURN AFTER        YEAR-END BALANCE          ANNUAL
                FEES AND            ANNUAL FUND           FEES AND           AFTER FEES AND          FEES AND
YEAR            EXPENSES          EXPENSE RATIOS          EXPENSES              EXPENSES             EXPENSES
                                                                                    
   1              5.00%                 1.29%                3.71%            $ 10,371.00          $   131.39
   2             10.25%                 1.29%                7.56%            $ 10,755.76          $   136.27
   3             15.76%                 1.29%               11.55%            $ 11,154.80          $   141.32
   4             21.55%                 1.29%               15.69%            $ 11,568.65          $   146.57
   5             27.63%                 1.29%               19.98%            $ 11,997.84          $   152.00
   6             34.01%                 1.29%               24.43%            $ 12,442.96          $   157.64
   7             40.71%                 1.29%               29.05%            $ 12,904.60          $   163.49
   8             47.75%                 1.29%               33.83%            $ 13,383.36          $   169.56
   9             55.13%                 1.29%               38.80%            $ 13,879.88          $   175.85
  10             62.89%                 1.29%               43.95%            $ 14,394.82          $   182.37
TOTAL                                                                                              $ 1,556.46



DWS VARIABLE SERIES II - CLASS B SHARES                      DWS TECHNOLOGY
                                                             VIP   59


OTHER POLICIES AND RISKS

While the previous pages describe the main points of each portfolio's strategy
and risks, there are a few other issues to know about:

o Each portfolio may trade securities actively. This could raise transaction
  costs and, accordingly, lower performance.

o The Advisor, or a subadvisor, will establish a debt security's credit quality
  when it buys a security, using independent ratings, or for unrated
  securities, its own credit determination. When ratings don't agree, a
  portfolio will use the higher rating. If a security's credit quality falls,
  the Advisor or subadvisor will determine whether selling it would be in a
  portfolio's best interest. For DWS Money Market VIP, such determination will
  be made pursuant to procedures adopted by the Board.


FOR MORE INFORMATION

This prospectus doesn't tell you about every policy or risk of investing in
each portfolio.

If you want more information on each portfolio's allowable securities and
investment practices and the characteristics and risks of each one, you may
want to request a copy of the Statement of Additional Information (the back
cover tells you how to do this).

Keep in mind that there is no assurance that a portfolio will achieve its
objective.

A complete list of each portfolio's portfolio holdings as of each calendar
quarter end for DWS High Income VIP, on or after the 14th day of the following
month for DWS Money Market VIP, and for all other portfolios as of month end,
is posted on www.dws-scudder.com (the Web site does not form a part of this
prospectus) on or after the last day of the following month. This posted
information generally remains accessible at least until the date on which a
portfolio files its Form N-CSR or N-Q with the Securities and Exchange
Commission for the period that includes the date as of which the posted
information is current. In addition, each portfolio's (except DWS Core Fixed
Income VIP, DWS Government & Agency Securities VIP, DWS Strategic Income VIP
and DWS Money Market VIP) top ten equity holdings and other information about
each portfolio is posted on www.dws-scudder.com as of the calendar quarter-end
on or after the 15th day following quarter end. Each portfolio's Statement of
Additional Information includes a description of a portfolio's policies and
procedures with respect to the disclosure of a portfolio's portfolio holdings.



THE INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), is the
investment advisor for each portfolio. Under the supervision of the Board
Members, the Advisor, with headquarters at 345 Park Avenue, New York, NY 10154,
or a subadvisor, makes portfolio investment decisions, buys and sells
securities for each portfolio and conducts research that leads to these
purchase and sale decisions. The Advisor provides a full range of global
investment advisory services to institutional and retail clients.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name
in the US for the asset management activities of Deutsche Bank AG, DIMA,
Deutsche Bank Trust Company Americas and DWS Trust Company.

Deutsche Asset Management is a global asset management organization that offers
a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform brings
together a wide variety of experience and investment insight across industries,
regions, asset classes and investing styles.

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


60   OTHER POLICIES AND RISKS                        DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


The Advisor receives a management fee from each portfolio. Below are the
management rates paid by each portfolio for the most recent fiscal year, as a
percentage of each portfolio's average daily net assets:





PORTFOLIO NAME                                 FEE PAID
                                          
DWS Balanced VIP                                  0.45%*
DWS Core Fixed Income VIP                        0.59  %
DWS Dreman Small Mid Cap Value VIP               0.74  %
DWS Government & Agency Securities VIP            0.53%*
DWS High Income VIP                              0.59  %
DWS Money Market VIP                              0.38%*
DWS Small Cap Growth VIP                          0.62%*
DWS Technology VIP                               0.75  %


*   Reflecting the effect of expense limitations and/or fee waivers then in
    effect.


Effective May 1, 2008, DWS Balanced VIP pays the Advisor a fee, under the
Investment Management
Agreement, calculated daily and paid monthly, at the annual rate of 0.370% of
the portfolio's average daily net assets up to $250 million, 0.345% of the next
$750 million and 0.310% over $1 billion.

Effective May 1, 2008, DWS Core Fixed Income VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Dreman Small Mid Cap Value VIP pays the Advisor a
fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.650% of the portfolio's average daily net
assets up to $250 million, 0.620% of the next $750 million, 0.600% of the next
$1.5 billion, 0.580% of the next $2.5 billion, 0.550% of the next $2.5 billion,
0.540% of the next $2.5 billion, 0.530% of the next $2.5 billion and 0.520%
over $12.5 billion.

Effective May 1, 2008, DWS Government & Agency Securities VIP pays the Advisor
a fee, under the Investment Management Agreement, calculated daily and paid
monthly, at the annual rate of 0.450% of the portfolio's average daily net
assets up to $250 million, 0.430% of the next $750 million, 0.410% of the next
$1.5 billion,0.400% of the next $2.5 billion, 0.380% of the next $2.5 billion,
0.360% of the next $2.5 billion, 0.340% of the next $2.5 billion and 0.320%
over $12.5 billion.

Effective May 1, 2008, DWS High Income VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.500% of the portfolio's average daily net assets up to $250
million, 0.470% of the next $750 million, 0.450% of the next $1.5 billion,
0.430% of the next $2.5 billion, 0.400% of the next $2.5 billion, 0.380% of the
next $2.5 billion, 0.360% of the next $2.5 billion and 0.340% over $12.5
billion.

Effective May 1, 2008, DWS Money Market VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.285% of the portfolio's average daily net assets up to $500
million, 0.270% of the next $500 million, 0.255% of the next $1.0 billion and
0.240% over $2 billion.

Effective May 1, 2008, DWS Small Cap Growth VIP pays the Advisor a fee, under
the Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.550% of the portfolio's average daily net assets up to $250
million, 0.525% of the next $750 million and 0.500% over $1 billion.

Effective May 1, 2008, DWS Technology VIP pays the Advisor a fee, under the
Investment Management Agreement, calculated daily and paid monthly, at the
annual rate of 0.665% of the portfolio's average daily net assets up to $250
million, 0.635% of the next $750 million, 0.615% of the next $1.5 billion,
0.595% of the next $2.5 billion, 0.565% of the next $2.5 billion, 0.555% of the
next $2.5 billion, 0.545% of the next $2.5 billion and 0.535% over $12.5
billion.


DWS VARIABLE SERIES II - CLASS B SHARES                    THE INVESTMENT
                                                           ADVISOR   61


A discussion regarding the basis for the Board renewal of each portfolio's
investment management agreement  and, as applicable, subadvisory agreement, is
contained in the shareholder reports for the annual period ended December 31,
2007 (see "Shareholder reports" on the back cover).

In addition, under a separate administrative services agreement between each
portfolio and Deutsche Investment Management Americas Inc., each portfolio pays
the Advisor for providing most of each portfolio's administrative services.



PORTFOLIO SUBADVISORS


SUBADVISOR FOR DWS BALANCED VIP
The subadvisor for DWS Balanced VIP is Deutsche Asset Management International
GmbH ("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main, Germany. DeAMi
renders investment advisory and management services to the portfolio. DeAMi is
an investment advisor registered with the Securities and Exchange Commission
and currently manages over $60 billion in assets, which is primarily comprised
of institutional accounts and investment companies. DeAMi is a subsidiary of
Deutsche Bank AG. DIMA compensates DeAMi out of the management fee it receives
from the portfolio.



SUBADVISOR FOR DWS CORE FIXED INCOME VIP

Pursuant to an investment subadvisory agreement between the Advisor and
Aberdeen Asset Management Inc. ("AAMI"), an investment adviser registered under
the Investment Advisers Act of 1940, as amended, AAMI acts as subadvisor. As
the subadvisor, AAMI, under the supervision of the Board and the Advisor, makes
investment decisions, buys and sells securities and conducts the research that
leads to these purchase and sale decisions. AAMI provides a full range of
international investment advisory services to institutional and retail clients.


AAMI is a direct, wholly owned subsidiary of Aberdeen Asset Management PLC, the
parent company of an asset management group formed in 1983. AAMI is located at
1735 Market Street, Philadelphia, PA 19103.



SUBADVISOR FOR DWS DREMAN SMALL MID CAP VALUE VIP

The subadvisor for DWS Dreman Small Mid Cap Value VIP is Dreman Value
Management, L.L.C. ("DVM"), 520 East Cooper Avenue, Suite 230-4, Aspen, CO
81611. DVM was founded in 1977 and currently manages over $18.9 billion in
assets, which is primarily comprised of institutional accounts and investment
companies managed by the advisor. Pursuant to a subadvisory agreement with
DIMA, DVM performs some of the functions of the Advisor, including making each
portfolio's investment decisions and buying and selling securities for each
portfolio.

62   THE INVESTMENT ADVISOR                          DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


- --------------------------------------------------------------------------------
YOUR INVESTMENT IN THE PORTFOLIOS

The information in this section may affect anyone who selects one or more
portfolios as an investment option in a variable annuity contract or variable
life insurance policy that offers one or more portfolios. These contracts and
policies are described in separate prospectuses issued by participating
insurance companies. Each portfolio assumes no responsibility for such
prospectuses.


POLICIES ABOUT TRANSACTIONS

The information in this prospectus applies to Class B shares of each portfolio.
Each portfolio offers two classes of shares. Class B shares are offered at net
asset value and are subject to 12b-1 fees.

Technically, the shareholders of DWS Variable Series II (which include each
portfolio just described) are the participating insurance companies (the
"insurance companies") that offer each portfolio as choices for holders of
certain variable annuity contracts or variable life insurance policies (the
"contract(s)") issued or sponsored by the insurance companies. The insurance
companies effectively pass through the ownership of portfolio shares to their
contract owners and some may pass through voting rights as well. Each portfolio
does not sell shares directly to the public. Each portfolio sells shares only
to separate accounts of insurance companies. As a contract owner, your premium
payments are allocated to a portfolio by the insurance companies in accordance
with your contract. Please see the contract prospectus that accompanies this
prospectus for a detailed explanation of your contract.

Please bear in mind that there are important differences between funds
available to any investor (a "Retail Fund") and those that are only available
through certain financial institutions, such as insurance companies. For
example, Retail Funds, unlike a portfolio, are not sold to insurance company
separate accounts to fund investments in variable insurance contracts. In
addition, the investment objectives, policies and strategies of a portfolio,
while similar to those of a Retail Fund, are not identical. Retail Funds may be
smaller or larger than a portfolio and have different expense ratios than the
portfolios. As a result, the performance of a portfolio and a Retail Fund will
differ.

Should any conflict between contract owners arise that would require that a
substantial amount of net assets be withdrawn from a portfolio, orderly
portfolio management could be disrupted to the potential detriment of contract
owners of that portfolio.

Each portfolio has a verification process for new insurance company accounts to
help the government fight the funding of terrorism and money laundering
activities. Federal law requires all financial institutions to obtain, verify
and record information that identifies each insurance company that opens an
account. This means that when an insurance company opens an account, a
portfolio will ask for its name, address and other information that will allow
a portfolio to identify the company. This information will be verified to
ensure the identity of all insurance companies opening an account.

For certain insurance companies, a portfolio might request additional
information (for instance, a portfolio would ask for documents such as the
insurance company's articles of incorporation) to help a portfolio verify the
insurance company's identity.

Each portfolio will not complete the purchase of any shares for an account
until all information has been provided and the application has been submitted
in "good order." Once the application is determined to be in good order, the
purchase(s) will be effected at the net asset value per share next calculated.

Since DWS Money Market VIP will be investing in instruments that normally
require immediate payment in Federal funds (monies credited to a bank's account
with its regional Federal Reserve Bank), that portfolio has adopted certain
procedures for the convenience of its shareholders and to ensure that Money
Market VIP receives investable funds.


DWS VARIABLE SERIES II - CLASS B SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   63


Each portfolio may reject a new account application if the insurance company
doesn't provide any required or requested identifying information, or for other
reasons.



BUYING AND SELLING SHARES

Each PORTFOLIO IS OPEN FOR BUSINESS each day the New York Stock Exchange is
open. Each portfolio calculates its share price every business day, as of the
close of regular trading on the New York Stock Exchange (typically 4 p.m.
Eastern time, but sometimes earlier, as in the case of scheduled half-day
trading or unscheduled suspensions of trading).

Each portfolio continuously sells shares to each insurance company separate
account, without a sales charge, at the net asset value per share next
determined after a proper purchase order is placed by the insurance company.
The insurance company offers contract owners units in its separate accounts
which correspond to shares in a portfolio. Each insurance company submits
purchase and redemption orders to a portfolio based on allocation instructions
for premium payments, transfer instructions and surrender or partial withdrawal
requests for contract owners, as set forth in the accompanying prospectus for
the contracts. These orders reflect the amount of premium payments to be
invested, surrender and transfer requests, and other matters. Redemption orders
are effected at the next net asset value per share determined after a proper
redemption order is placed by the insurance company. Contract owners should
look at their contract prospectuses for redemption procedures and fees.


IMPORTANT INFORMATION ABOUT BUYING AND SELLING SHARES

o After receiving a contract owner's order, the insurance company buys or sells
  shares at the net asset value next calculated on any day each portfolio is
  open for business.

o Unless otherwise instructed, each portfolio normally makes payment of the
  proceeds from the sale of shares the next business day but always within
  seven calendar days.

o Each portfolio does not issue share certificates.

o Each portfolio reserves the right to reject purchases of shares for any
  reason.

o Each portfolio reserves the right to withdraw or suspend the offering of
  shares at any time.

o Each portfolio reserves the right to reject purchases of shares or to suspend
  or postpone redemptions at times when the New York Stock Exchange is closed
  (other than customary closings), trading is restricted or when an emergency
  exists that prevents a portfolio from disposing of its portfolio securities
  or pricing its shares.

o Each portfolio may refuse, cancel or rescind any purchase order; freeze any
  account (meaning the insurance company will not be able to purchase shares
  in its account); suspend account services; and/or involuntarily redeem the
  account if we think that the account is being used for fraudulent or illegal
  purposes by the insurance company; one or more of these actions will be
  taken when, at the sole discretion of each portfolio, they are deemed to be
  in each portfolio's best interest or when each portfolio is requested or
  compelled to do so by governmental authority or by applicable law.

o Each portfolio may close and liquidate an account if a portfolio is unable to
  verify provided information, or for other reasons; if a portfolio decides to
  close the account, the shares will be redeemed at the net asset value per
  share next calculated after we determine to close the account; the insurance
  company may be subject to gain or loss on the redemption of the portfolio
  shares and may incur tax liability.

o Each portfolio may pay you for shares you sell by "redeeming in kind," that
  is, by giving you marketable securities (which typically will involve
  brokerage costs for you to liquidate) rather than cash, but which will be
  taxable to the same extent as a redemption for cash; each portfolio
  generally won't make a redemption in kind unless your requests over a 90-day
  period total more than $250,000 or 1% of the value of each portfolio's net
  assets, whichever is less.

o A purchase order from an insurance company separate account may not be
  accepted if the sale of portfolio shares has been suspended or if it is
  determined that the purchase would be detrimental to the interests of a
  portfolio's shareholders.

64   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                        CLASS B SHARES


MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive trading of
portfolio shares may present risks to each portfolio's long-term shareholders
(as used herein, the term "shareholders" may refer to the contract owners),
including potential dilution in the value of portfolio shares, interference
with the efficient management of a portfolio (including losses on the sale of
investments), taxable gains to remaining shareholders and increased brokerage
and administrative costs. These risks may be more pronounced if a portfolio
invests in certain securities such as those that trade in foreign markets, are
illiquid or do not otherwise have "readily available market quotations."
Certain investors may seek to employ short-term trading strategies aimed at
exploiting variations in portfolio valuation that arise from the nature of the
securities held by a portfolio (e.g., "time zone arbitrage"). Each portfolio
has adopted policies and procedures that are intended to detect and deter
short-term and excessive trading.

Pursuant to these policies, each portfolio reserves the right to reject or
cancel a purchase or exchange order for any reason without prior notice. For
example, a portfolio may in its discretion reject or cancel a purchase or an
exchange order even if the transaction is not subject to the specific roundtrip
transaction limitation described below if the Advisor believes that there
appears to be a pattern of short-term or excessive trading activity by a
shareholder or deems any other trading activity harmful or disruptive to a
portfolio. Each portfolio, through its Advisor and transfer agent, will measure
short-term and excessive trading by the number of roundtrip transactions within
a shareholder's account during a rolling 12-month period. A "roundtrip"
transaction is defined as any combination of purchase and redemption activity
(including exchanges) of the same portfolio's shares. Each portfolio may take
other trading activity into account if a portfolio believes such activity is of
an amount or frequency that may be harmful to long-term shareholders or
disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions in the same portfolio
over a rolling 12-month period. Shareholders with four or more roundtrip
transactions in the same portfolio within a rolling 12-month period generally
will be blocked from making additional purchases of, or exchanges into, that
portfolio. Each portfolio has sole discretion whether to remove a block from a
shareholder's account. The rights of a shareholder to redeem shares of each
portfolio are not affected by the four roundtrip transaction limitation.

The Advisor may make exceptions to the roundtrip transaction policy for certain
types of transactions if in its opinion the transactions do not represent
short-term or excessive trading or are not abusive or harmful to each
portfolio, such as, but not limited to, systematic transactions, required
minimum retirement distributions, transactions initiated by each portfolio or
administrator and transactions by certain qualified fund-of-fund(s).

In certain circumstances, each portfolio may rely upon the policy of the
insurance company or other financial intermediary to deter short-term or
excessive trading if the Advisor believes that the policy of such insurance
company or other financial intermediary is reasonably designed to detect and
deter transactions that are not in the best interest of each portfolio. An
insurance company's or other financial intermediary's policy relating to
short-term or excessive trading may be more or less restrictive than each
portfolio's policies, may permit certain transactions not permitted by each
portfolio's policies, or prohibit transactions not subject to each portfolio's
policies.

The Advisor may also accept undertakings from an insurance company or other
financial intermediary to enforce short-term or excessive trading policies on
behalf of each portfolio that provide a substantially similar level of
protection for each portfolio against such transactions. For example, certain
insurance companies may have contractual or legal restrictions, or operational
constraints, that prevent them from blocking an account. In such instances, the
Advisor may permit the insurance company to use alternate techniques that the
Advisor considers to be a reasonable substitute for such a block.

In addition, to the extent that each portfolio invests some portion of its
assets in foreign securities, each portfolio has adopted certain fair valuation
practices intended to protect each portfolio from "time zone arbitrage" with
respect to its foreign securities holdings and other trading practices that
seek to exploit variations in portfolio valuation that arise from the nature of
the securities held by each portfolio. (See "How each Portfolio Calculates
Share Price.")

There is no assurance that these policies and procedures will be effective in
limiting short-term and excessive trading in all cases. For example, the
Advisor may not be able to effectively monitor, detect or limit short-term or
excessive trading by underlying contract holders that occurs through separate
accounts maintained by insurance companies or other financial intermediaries.
The Advisor reviews trading activity at the separate account level to detect
short-term or excessive trading. If the Advisor has reason to suspect that
short-term or excessive trading is occurring at the separate account level, the
Advisor will contact the insurance company or other financial


DWS VARIABLE SERIES II - CLASS B SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   65


intermediary to request underlying shareholder level activity. Depending on the
amount of portfolio shares held in such separate account (which may represent
most of each portfolio's shares), short-term and/or excessive trading of
portfolio shares could adversely affect long-term shareholders in each
portfolio. If short-term or excessive trading is identified, the Advisor will
take appropriate action.

Each portfolio's market timing policies and procedures may be modified or
terminated at any time.

Since DWS Money Market VIP holds short-term instruments and is intended to
provide liquidity to shareholders, the Advisor does not monitor or limit
short-term and excessive trading activity in DWS Money Market VIP and,
accordingly, the Board has not approved any policies and procedures designed to
limit this activity. However, the portfolio reserves the right to and may
reject or cancel a purchase or exchange order into a money market fund for any
reason, including if, in the opinion of the Advisor, there appears to be a
pattern of short-term and excessive trading by an investor in other DWS funds.


HOW TO RECEIVE ACCOUNT INFORMATION

If you are a contract owner, you should contact your insurance company or the
organization that provides record keeping services for information about your
account.

Please see the contract prospectus that accompanies this prospectus for the
customer service phone number.


HOW TO SELECT SHARES

Shares in a portfolio are available in connection with certain variable annuity
and life insurance arrangements. Each insurance company has different
provisions about how and when their contract owners may select portfolio
shares. Each insurance company is responsible for communicating its contract
owners' instructions to a portfolio. Contract owners should contact their
insurance company to effect transactions in connection with a portfolio.



FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

The Advisor, DWS Scudder Distributors, Inc. (the "Distributor") and/or their
affiliates may pay additional compensation, out of their own assets and not as
an additional charge to each portfolio, to selected financial advisors in
connection with the sale and/or distribution of portfolio shares or the
retention and/or servicing of fund investors and fund shares ("revenue
sharing"). Such revenue sharing payments are in addition to any distribution or
service fees payable under any Rule 12b-1 or service plan of each portfolio,
any record keeping/
sub-transfer agency/networking fees payable by each portfolio (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charge,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of the Financial Industry Regulatory Authority or other
concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial advisors. For
example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing a portfolio with "shelf space" or access to a
third party platform or portfolio offering list or other marketing programs,
including, without limitation, inclusion of the portfolio on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's
sales force; granting the Distributor access to the financial advisor's
conferences and meetings; assistance in training and educating the financial
advisor's personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed
fee or based upon one or more of the following factors: gross sales, current
assets and/or number of accounts of each portfolio attributable to the
financial advisor, the particular portfolio or portfolio type or other measures
as agreed to by the Advisor, the Distributor and/or their affiliates and the
financial advisors or any combination thereof. The amount of these revenue
sharing payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS Fund shares or the retention and/or servicing of investors
and DWS Fund shares to financial advisors in amounts that generally range from
..01% up to .50% of assets of each portfolio serviced and maintained by the
financial advisor, .10% to .25% of sales of each portfolio


66   YOUR INVESTMENT IN THE PORTFOLIOS               DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


attributable to the financial advisor, a flat fee of $13,350 up to $500,000, or
any combination thereof. These amounts are subject to change at the discretion
of the Advisor, the Distributor and/or their affiliates. Receipt of, or the
prospect of receiving, this additional compensation may influence your
financial advisor's recommendation of each portfolio or of any particular share
class of each portfolio. You should review your financial advisor's
compensation disclosure and/or talk to your financial advisor to obtain more
information on how this compensation may have influenced your financial
advisor's recommendation of each portfolio. Additional information regarding
these revenue sharing payments is included in each portfolio's Statement of
Additional Information, which is available to you on request at no charge (see
the back cover of this prospectus for more information on how to request a copy
of the Statement of Additional Information).

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform")
with the level of revenue sharing payments being based upon sales of both the
DWS funds and the non-DWS funds by the financial advisor on the Platform or
current assets of both the DWS funds and the non-DWS funds serviced and
maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for each
portfolio will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for each portfolio. In addition, the Advisor, the Distributor
and/or their affiliates will not use fund brokerage to pay for their obligation
to provide additional compensation to financial advisors as described above.



HOW EACH PORTFOLIO CALCULATES SHARE PRICE

To calculate net asset value per share, or NAV, each portfolio uses the
following equation:



                                     
   TOTAL ASSETS - TOTAL LIABILITIES
  ---------------------------             = NAV
  TOTAL NUMBER OF SHARES OUTSTANDING



The price at which you buy and sell shares for each portfolio is the NAV.

For DWS Money Market VIP, the share price, or NAV, is normally $1.00 calculated
using amortized cost value (the method used by most money market funds).

We typically value securities using information furnished by an independent
pricing service or market quotations, where appropriate. However, we may use
methods approved by the Board, such as a fair valuation model, which are
intended to reflect fair value when pricing service information or market
quotations are not readily available or when a security's value or a meaningful
portion of the value of a portfolio is believed to have been materially
affected by a significant event, such as a natural disaster, an economic event
like a bankruptcy filing, or a substantial fluctuation in domestic or foreign
markets, that has occurred between the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market)
and the close of the New York Stock Exchange. In such a case, a portfolio's
value for a security is likely to be different from the last quoted market
price or pricing service information. In addition, due to the subjective and
variable nature of fair value pricing, it is possible that the value determined
for a particular asset may be materially different from the value realized upon
such asset's sale. It is expected that the greater the percentage of portfolio
assets that is invested in non-US securities, the more extensive will be a
portfolio's use of fair value pricing. This is intended to reduce a portfolio's
exposure to "time zone arbitrage" and other harmful trading practices. (See
"Market Timing Policies and Procedures.")


DWS VARIABLE SERIES II - CLASS B SHARES             YOUR INVESTMENT IN THE
                                                    PORTFOLIOS   67


DISTRIBUTIONS

DWS Money Market VIP intends to declare its net investment income as a dividend
daily and distribute dividends monthly. All other portfolios intend to declare
and distribute dividends from their net investment income and capital gains, if
any, annually. Each portfolio may make additional distributions if necessary.

All distributions will be reinvested in shares of a portfolio unless we are
informed by an insurance company that they should be paid out in cash. The
insurance companies will be informed about the amount and character of
distributions from the relevant portfolio for federal income tax purposes.



TAXES

Each portfolio intends to qualify each year as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended, (the
"Code") and to meet all requirements necessary to avoid paying any federal
income or excise taxes.

Generally, owners of variable annuity and variable life contracts are not taxed
currently on income or gains realized with respect to such contracts. However,
some distributions from such contracts, whether made prior to or during the
annuity payment period, may be taxable at ordinary income tax rates. In
addition, distributions made to an owner who is younger than 59 1/2 may be
subject to a 10% penalty tax. For further information concerning federal income
tax consequences for the holders of variable annuity contracts and variable
life insurance policies, such holders should consult the prospectus used in
connection with the issuance of their particular contracts or policies.

In order for investors to receive the favorable tax treatment available to
holders of variable annuity and variable life contracts, the separate accounts
underlying such contracts, as well as the funds in which such accounts invest,
must meet certain diversification requirements. Each portfolio intends to
comply with these requirements. If a portfolio or separate account does not
meet such requirements or otherwise fails to qualify as a regulated investment
company for any taxable year, income allocable to the contracts associated with
the separate account will be taxable currently to the holders of such contracts
and income from prior periods with respect to such contracts also could be
taxable, most likely in the year of the failure.

Under Treasury regulations, insurance companies holding the separate accounts
may have to report to the Internal Revenue Service losses above a certain
amount resulting from a sale or disposition of a portfolio's shares.

The discussion above is generally based on the assumption that shares of a
portfolio will be respected as owned by insurance company separate accounts. If
this is not the case (for example, because the Internal Revenue Service finds
an impermissible level of "investor control" over the investment options
underlying variable contracts), the advantageous tax treatment provided in
respect of insurance company separate accounts under the Code will no longer be
available, and the person or persons determined to own the portfolio shares
will be currently taxed on portfolio distributions, and on the proceeds of any
redemption of portfolio shares, under the Code rules.

Portfolio investments in securities of foreign issuers may be subject to
withholding and other taxes at the source, including on dividend or interest
payments. Participating insurance companies should consult their own tax
advisors as to whether such distributions are subject to federal income tax if
they are retained as part of policy reserves.

Each portfolio's investments in certain debt obligations may cause each
portfolio to recognize taxable income in excess of the cash generated by such
obligation. Thus, each portfolio could be required at times to liquidate other
investments in order to satisfy its distribution requirements.

The preceding is a brief summary of certain of the relevant tax considerations.
Because each shareholder and contract holder's tax situation is unique, ask
your tax professional about the tax consequences of your investments, including
possible foreign, state or local taxes.


68   DISTRIBUTIONS                                   DWS VARIABLE SERIES II -
                                                     CLASS B SHARES


MARKETING AND DISTRIBUTION FEES

DWS Variable Series II has adopted a 12b-1 plan for each portfolio's Class B
shares. Under the plan, DWS Variable Series II may make quarterly payments to
the distributor for distribution and shareholder servicing related expenses
incurred or paid by the distributor or a participating insurance company. No
such payment shall be made with respect to any quarterly period in excess of an
amount determined for such period at the annual rate of 0.25% of the average
daily net assets of Class B shares during that quarterly period. Depending on
the participating insurance company's corporate structure and applicable state
law, the distributor may remit payments to the participating insurance
company's affiliated broker-dealers or other affiliated company rather than to
the participating insurance company itself.

Because 12b-1 fees for Class B shares are paid out of portfolio assets on an
ongoing basis, they will, over time, increase the cost of investment in Class B
shares and may cost more than other types of sales charges.

Examples of expenses payable under the plan include the costs of printing and
mailing materials (such as portfolio prospectuses, shareholder reports,
portfolio advertisements and sales literature), holding seminars and sales
meetings, providing customer service to policyholders and sales compensation.


DWS VARIABLE SERIES II - CLASS B SHARES
                                                             DISTRIBUTIONS   69



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TO GET MORE INFORMATION


SHAREHOLDER REPORTS - These include commentary from each portfolio's management
team about recent market conditions and the effects of each portfolio's
strategies on its performance. They also have detailed performance figures, a
list of everything each portfolio owns, and its financial statements.
Shareholders get these reports automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about each
portfolio's features and policies, including additional risk information. The
SAI is incorporated by reference into this document (meaning that it's legally
part of this prospectus).

For a free copy of any of these documents or to request other information about
a portfolio, call (800) 778-482, or contact DWS Scudder at the address listed
below. Each portfolio's SAI and shareholder reports are also available through
the DWS Scudder Web site at www.dws-scudder.com. These documents and other
information about the portfolio are available from the EDGAR Database on the
SEC's Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about the portfolio,
including the portfolio's SAI, 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.






DWS SCUDDER DISTRIBUTORS, INC.      SEC
                                 
222 South Riverside Plaza           100 F Street, N.E.
Chicago, IL 60606-5808              Washington, D.C. 20549-0102
(800) 621-1148                      WWW.SEC.GOV
                                    (800) SEC-0330





SEC FILE NUMBER:
- ---------------------------------
                                  
DWS Variable Series II 811-5002



(05/01/08) 2b-Pref