sr63011e500ind.htm

JUNE 30, 2011

Semiannual Report

to Shareholders

DWS Equity 500 Index Fund

Contents

DWS Equity 500 Index Fund

4 Performance Summary

6 Information About Your Fund's Expenses

8 Portfolio Summary

10 Statement of Assets and Liabilities

11 Statement of Operations

12 Statement of Changes in Net Assets

13 Financial Highlights

15 Notes to Financial Statements

DWS Equity 500 Index Portfolio

21 Investment Portfolio

36 Statement of Assets and Liabilities

37 Statement of Operations

38 Statement of Changes in Net Assets

39 Financial Highlights

40 Notes to Financial Statements

45 Summary of Management Fee Evaluation by Independent Fee Consultant

49 Account Management Resources

50 Privacy Statement

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

Various factors, including costs, cash flows and security selection, may cause the fund's performance to differ from that of the index. Stocks may decline in value. See the prospectus for details.

This fund is not sponsored, endorsed, sold, nor promoted by Standard & Poor's®, and Standard & Poor's makes no representation regarding the advisability of investing in the portfolio.

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

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

Performance Summary June 30, 2011

Average Annual Total Returns as of 6/30/11
No Sales Charge	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class S	5.89%	30.43%	3.20%	2.79%	2.52%
Institutional Class	5.92%	30.55%	3.29%	2.88%	2.64%
S&P 500® Index+	6.02%	30.69%	3.34%	2.94%	2.72%

‡ Total returns shown for periods less than one year are not annualized.

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $1,000,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated April 29, 2011 are 0.31% and 0.23% for Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Net Asset Value and Distribution Information
	Class S		Institutional Class
Net Asset Value: 6/30/11	$	148.41	$	149.87
12/31/10	$	141.15	$	142.57
Distribution Information: Six Months as of 6/30/11: Income Dividends	$	1.04	$	1.12

Growth of an Assumed $1,000,000 Investment

[] DWS Equity 500 Index Fund — Institutional Class

[] S&P 500 Index+

Yearly periods ended June 30

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

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

Performance of other share classes will vary based on the fee structure of those classes.

+ The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. "Standard & Poor's," "S&P 500," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies Inc., and have been licensed for use by the Fund's investment advisor.

Lipper Rankings — S&P 500 Index Objective Funds Category as of 6/30/11
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Class S 1-Year	35	of	158	23
3-Year	38	of	158	24
5-Year	31	of	152	21
10-Year	26	of	112	24
Institutional Class 1-Year	14	of	158	9
3-Year	21	of	158	14
5-Year	15	of	152	10
10-Year	9	of	112	8

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2011 to June 30, 2011).

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

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

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

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

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2011
Actual Fund Return*	Class S		Institutional Class
Beginning Account Value 1/1/11	$	1,000.00	$	1,000.00
Ending Account Value 6/30/11	$	1,058.90	$	1,059.20
Expenses Paid per $1,000**	$	1.48	$	1.17
Hypothetical 5% Fund Return*	Class S		Institutional Class
Beginning Account Value 1/1/11	$	1,000.00	$	1,000.00
Ending Account Value 6/30/11	$	1,023.36	$	1,023.65
Expenses Paid per $1,000**	$	1.45	$	1.15

* Expenses include amounts allocated proportionally from the master portfolio.

** Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class S	Institutional Class
DWS Equity 500 Index Fund	.29%	.23%

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

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/11	12/31/10

Common Stocks	98%	99%
Cash Equivalents*	2%	1%
	100%	100%

Sector Diversification (As a % of Common Stocks)	6/30/11	12/31/10

Information Technology	18%	19%
Financials	15%	16%
Energy	13%	12%
Health Care	12%	11%
Industrials	11%	11%
Consumer Discretionary	11%	10%
Consumer Staples	10%	11%
Materials	4%	4%
Utilities	3%	3%
Telecommunication Services	3%	3%
	100%	100%

Asset allocation and sector diversification are subject to change.

* In order to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market, the Portfolio invests in futures contracts.

Ten Largest Equity Holdings at June 30, 2011 (18.2% of Net Assets)
1. Exxon Mobil Corp. Explorer and producer of oil and gas	3.3%
2. Apple, Inc. Manufacturer of personal computers and communication solutions	2.5%
3. International Business Machines Corp. Manufacturer of computers and provider of information processing services	1.7%
4. Chevron Corp. Operator of petroleum exploration, delivery and refining facilities	1.7%
5. General Electric Co. A diversified company provider of services to the technology, media and financial industries	1.6%
6. Microsoft Corp. Developer of computer software	1.6%
7. AT&T, Inc. Provider of communications services	1.5%
8. Johnson & Johnson Provider of health care products	1.5%
9. Procter & Gamble Co. Manufacturer of diversified consumer products	1.5%
10. JPMorgan Chase & Co. Provider of global financial services	1.3%

Portfolio holdings are subject to change.

For more complete details about the Portfolio's investment portfolio, see page 21. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for contact information.

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

Statement of Assets and Liabilities

as of June 30, 2011 (Unaudited)
Assets
Investment in the DWS Equity 500 Index Portfolio, at value	$	1,961,517,818
Receivable for Fund shares sold		861,164
Other assets		28,237
Total assets		1,962,407,219
Liabilities
Payable for Fund shares redeemed		5,001,849
Other accrued expenses and payables		486,961
Total liabilities		5,488,810
Net assets, at value	$	1,956,918,409
Net Assets Consist of
Undistributed net investment income		3,309,422
Net unrealized appreciation (depreciation) on investments and futures		610,857,428
Accumulated net realized gain (loss)		(288,319,261	)
Paid-in capital		1,631,070,820
Net assets, at value	$	1,956,918,409
Net Asset Value
Class S Net Asset Value, offering and redemption price per share ($443,199,053 ÷ 2,986,352 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	148.41
Institutional Class Net Asset Value, offering and redemption price per share ($1,513,719,356 ÷ 10,100,153 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	149.87

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

Statement of Operations

for the six months ended June 30, 2011 (Unaudited)
Investment Income
Income and expenses allocated from DWS Equity 500 Index Portfolio: Dividends (net of foreign taxes withheld of $4,610)	$	19,435,316
Interest		2,784
Income distributions — Central Cash Management Fund		13,933
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		210,375
Expenses		(928,859	)
Net investment income allocated from DWS Equity 500 Index Portfolio		18,733,549
Expenses: Administration fee		987,077
Services to shareholders		396,347
Professional fees		22,613
Reports to shareholders		20,463
Registration fees		18,253
Trustees' fees and expenses		2,644
Other		3,150
Total expenses		1,450,547
Net investment income (loss)		17,283,002
Realized and Unrealized Gain (Loss)
Net realized gain (loss) allocated from DWS Equity 500 Index Portfolio: Investments		49,639,986
Futures		2,497,848
		52,137,834
Change in net unrealized appreciation (depreciation) allocated from DWS Equity 500 Index Portfolio on: Investments		44,608,331
Futures		645,538
		45,253,869
Net gain (loss)		97,391,703
Net increase (decrease) in net assets resulting from operations	$	114,674,705

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

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations: Net investment income (loss)	$	17,283,002		$	36,000,571
Net realized gain (loss)		52,137,834			(22,962,785	)
Change in net unrealized appreciation (depreciation)		45,253,869			248,055,545
Net increase (decrease) in net assets resulting from operations		114,674,705			261,093,331
Distributions to shareholders from: Net investment income: Class S		(3,114,230	)		(8,098,794	)
Institutional Class		(11,511,955	)		(27,869,133	)
Total distributions		(14,626,185	)		(35,967,927	)
Fund share transactions: Proceeds from shares sold		156,894,891			252,455,665
Reinvestment of distributions		14,114,819			34,617,686
Payments for shares redeemed		(278,886,696	)		(494,829,020	)
Net increase (decrease) in net assets from Fund share transactions		(107,876,986	)		(207,755,669	)
Increase from regulatory settlements (see Note E)		—			98,757
Increase (decrease) in net assets		(7,828,466	)		17,468,492
Net assets at beginning of period		1,964,746,875			1,947,278,383
Net assets at end of period (includes undistributed net investment income of $3,309,422 and $652,605, respectively)	$	1,956,918,409		$	1,964,746,875

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

Financial Highlights

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Class S	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	141.15		$	125.16		$	101.24		$	164.58		$	158.94		$	139.85
Income (loss) from investment operations: Net investment incomea		1.25			2.32			2.37			2.94			2.96			2.56
Net realized and unrealized gain (loss)		7.05			16.06			23.89			(63.44	)		5.61			19.04
Total from investment operations		8.30			18.38			26.26			(60.50	)		8.57			21.60
Less distributions from: Net investment income		(1.04	)		(2.40	)		(2.34	)		(2.84	)		(2.93	)		(2.51	)
Increase from regulatory settlements		—			.01	c		—			—			—			—
Net asset value, end of period	$	148.41		$	141.15		$	125.16		$	101.24		$	164.58		$	158.94
Total Return (%)		5.89	**		14.89	b,c		26.35	b		(37.12	)b		5.39	b		15.58	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		443			444			464			439			772			771
Ratio of expenses before expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)		.29	*		.31			.27			.32			.29			.33
Ratio of expenses after expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)		.29	*		.27			.21			.21			.19			.22
Ratio of net investment income (%)		1.70	*		1.81			2.22			2.13			1.77			1.73
a Based on average shares outstanding during period. b Total return would have been lower had certain expenses not been reduced. c Includes a non-recurring payment from the Advisor which amounted to $0.007 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note E). Excluding this non-recurring payment, total return would have been 0.01% lower. * Annualized ** Not annualized

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
Institutional Class	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	142.57		$	126.38		$	102.25		$	166.22		$	160.54		$	141.29
Income (loss) from investment operations: Net investment incomea		1.30			2.49			2.43			3.09			3.11			2.73
Net realized and unrealized gain (loss)		7.12			16.22			24.17			(64.06	)		5.71			19.28
Total from investment operations		8.42			18.71			26.60			(60.97	)		8.82			22.01
Less distributions from: Net investment income		(1.12	)		(2.53	)		(2.47	)		(3.00	)		(3.14	)		(2.76	)
Increase from regulatory settlements		—			.01	c		—			—			—			—
Net asset value, end of period	$	149.87		$	142.57		$	126.38		$	102.25		$	166.22		$	160.54
Total Return (%)		5.92	**		15.01	b,c		26.44	b		(37.06	)b		5.49	b		15.72	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,514			1,521			1,483			1,283			1,951			1,991
Ratio of expenses before expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)		.23	*		.23			.23			.24			.22			.20
Ratio of expenses after expense reductions, including expenses allocated from DWS Equity 500 Index Portfolio (%)		.23	*		.17			.15			.10			.10			.10
Ratio of net investment income (%)		1.76	*		1.92			2.28			2.24			1.86			1.85
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Includes a non-recurring payment from the Advisor which amounted to $0.007 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements (see Note E). Excluding this non-recurring payment, total return would have been 0.01% lower. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Equity 500 Index Fund (the "Fund") is a diversified series of DWS Institutional Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master portfolio, DWS Equity 500 Index Portfolio (the "Portfolio"), a diversified, open-end management investment company registered under the 1940 Act and organized as a New York business trust advised by Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG. A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. On June 30, 2011, the Fund owned approximately 77% of the Portfolio.

The Fund offers two classes of shares: Institutional Class and Class S. Institutional Class and Class S shares are offered to a limited group of investors, and are not subject to initial or contingent deferred sales charges and generally have lower ongoing expenses than other classes.

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

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

Security Valuation. The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

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

At December 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $337,540,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized, December 31, 2011 ($53,713,000), December 31, 2012 ($73,803,000), December 31, 2013 ($22,343,000), December 31, 2014 ($21,981,000), December 31, 2016 ($68,827,000), December 31, 2017 ($69,783,000) and December 31, 2018 ($27,090,000), the respective expiration dates, whichever occurs first.

In addition, from November 1, 2010 through December 31, 2010, the Fund incurred approximately $2,616,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending December 31, 2011.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2010, and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

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

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

Other. The Fund receives a daily allocation of the Portfolio's income, expenses and net realized and unrealized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

B. Related Parties

Management Agreement. Under its Investment Management Agreement with the Fund, the Advisor serves as investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure noted above in Note A.

Pursuant to the Investment Management Agreement, the Fund pays no management fee to the Advisor so long as the Fund is a feeder fund that invests substantially all of its assets in the Portfolio. In the event the Board of Trustees determines it is in the best interests of the Fund to withdraw its investment from the Portfolio, the Advisor may become responsible for directly managing the assets of the Fund under the Investment Management Agreement. In such event, the Fund would pay the Advisor an annual fee of 0.05% of the Fund's average daily net assets, accrued daily and payable monthly.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2011, the Administration Fee was $987,077, of which $174,233 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2011, the amount charged to the Fund by DISC was as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2011
Class S	$	25,569	$	16,921
Institutional Class		137,862		86,103
	$	163,431	$	103,024

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $9,292, of which $6,002 is unpaid.

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

C. Share Transactions

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

	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Dollars			Shares			Dollars
Shares sold
Class S		299,102		$	44,082,957			623,241		$	79,764,429
Institutional Class		759,284			112,811,934			1,329,541			172,691,236
				$	156,894,891					$	252,455,665
Shares issued to shareholders in reinvestment of distributions
Class S		20,531		$	2,988,928			59,567		$	7,746,573
Institutional Class		75,662			11,125,891			204,491			26,871,113
				$	14,114,819					$	34,617,686
Shares redeemed
Class S		(479,806	)	$	(70,504,919	)		(1,241,729	)	$	(158,500,317	)
Institutional Class		(1,400,285	)		(208,381,777	)		(2,606,511	)		(336,328,703	)
				$	(278,886,696	)				$	(494,829,020	)
Net increase (decrease)
Class S		(160,173	)	$	(23,433,034	)		(558,921	)	$	(70,989,315	)
Institutional Class		(565,339	)		(84,443,952	)		(1,072,479	)		(136,766,354	)
				$	(107,876,986	)				$	(207,755,669	)

D. Concentration of Ownership

From time to time the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund.

At June 30, 2011, one affiliated shareholder account held approximately 19% of the outstanding shares of the Fund.

E. Regulatory Settlements

On December 21, 2006, the Advisor settled proceedings with the SEC and the New York Attorney General regarding alleged improper trading of fund shares. In accordance with the distribution plan, developed by a distribution consultant, settlement proceeds were distributed to affected shareholders of the Fund, and unclaimed proceeds were then paid to the Fund in the amount of $98,757. This payment is included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets for the year ended December 31, 2010. The amount of the payment was 0.01% of the Fund's average net assets.

(The following financial statements of the DWS Equity 500 Index Portfolio should be read in conjunction with the Fund's financial statements.)

Investment Portfolio as of June 30, 2011 (Unaudited)

	Shares		Value ($)

Common Stocks 98.1%
Consumer Discretionary 10.5%
Auto Components 0.2%
Goodyear Tire & Rubber Co.*		50,496		846,818
Johnson Controls, Inc. (a)		141,501		5,894,932
				6,741,750
Automobiles 0.5%
Ford Motor Co.* (a)		785,298		10,829,259
Harley-Davidson, Inc. (a)		47,982		1,965,823
				12,795,082
Distributors 0.1%
Genuine Parts Co. (a)		33,272		1,809,997
Diversified Consumer Services 0.1%
Apollo Group, Inc. "A"* (a)		24,183		1,056,314
DeVry, Inc. (a)		12,400		733,212
H&R Block, Inc. (a)		64,982		1,042,311
				2,831,837
Hotels Restaurants & Leisure 1.8%
Carnival Corp. (Units)		89,279		3,359,569
Chipotle Mexican Grill, Inc.* (a)		6,497		2,002,310
Darden Restaurants, Inc.		29,080		1,447,021
International Game Technology (a)		63,864		1,122,729
Marriott International, Inc. "A" (a)		58,333		2,070,238
McDonald's Corp.		214,806		18,112,442
Starbucks Corp. (a)		153,701		6,069,653
Starwood Hotels & Resorts Worldwide, Inc. (a)		40,293		2,258,020
Wyndham Worldwide Corp.		33,914		1,141,206
Wynn Resorts Ltd.		15,600		2,239,224
Yum! Brands, Inc.		96,131		5,310,276
				45,132,688
Household Durables 0.4%
D.R. Horton, Inc. (a)		56,500		650,880
Fortune Brands, Inc. (a)		31,654		2,018,576
Harman International Industries, Inc. (a)		14,100		642,537
Leggett & Platt, Inc. (a)		29,670		723,355
Lennar Corp. "A" (a)		31,400		569,910
Newell Rubbermaid, Inc. (a)		61,050		963,369
Pulte Group, Inc.* (a)		73,197		560,689
Stanley Black & Decker, Inc.		34,996		2,521,462
Whirlpool Corp. (a)		15,333		1,246,879
				9,897,657
Internet & Catalog Retail 0.9%
Amazon.com, Inc.* (a)		73,967		15,125,512
Expedia, Inc. (a)		39,870		1,155,831
Netflix, Inc.* (a)		9,045		2,376,031
Priceline.com, Inc.* (a)		10,224		5,233,972
				23,891,346
Leisure Equipment & Products 0.1%
Hasbro, Inc. (a)		27,785		1,220,595
Mattel, Inc. (a)		70,714		1,943,928
				3,164,523
Media 3.3%
Cablevision Systems Corp. (New York Group) "A" (a)		47,473		1,718,997
CBS Corp. "B" (a)		139,554		3,975,893
Comcast Corp. "A"		572,263		14,501,144
DIRECTV "A"* (a)		158,910		8,075,806
Discovery Communications, Inc. "A"* (a)		57,646		2,361,180
Gannett Co., Inc. (a)		46,769		669,732
Interpublic Group of Companies, Inc.		98,195		1,227,438
McGraw-Hill Companies, Inc. (a)		63,593		2,665,183
News Corp. "A" (a)		472,408		8,361,622
Omnicom Group, Inc. (a)		58,962		2,839,610
Scripps Networks Interactive "A"		18,700		914,056
Time Warner Cable, Inc. (a)		69,775		5,445,241
Time Warner, Inc. (a)		221,751		8,065,084
Viacom, Inc. "B"		121,153		6,178,803
Walt Disney Co. (a)		391,145		15,270,301
Washington Post Co. "B"		1,100		460,845
				82,730,935
Multiline Retail 0.7%
Big Lots, Inc.*		15,396		510,378
Family Dollar Stores, Inc.		25,272		1,328,296
J.C. Penney Co., Inc. (a)		45,221		1,561,933
Kohl's Corp. (a)		58,225		2,911,832
Macy's, Inc.		86,850		2,539,494
Nordstrom, Inc. (a)		34,532		1,620,932
Sears Holdings Corp.* (a)		9,118		651,390
Target Corp.		142,729		6,695,418
				17,819,673
Specialty Retail 1.8%
Abercrombie & Fitch Co. "A"		17,700		1,184,484
AutoNation, Inc.* (a)		12,400		453,964
AutoZone, Inc.*		5,190		1,530,272
Bed Bath & Beyond, Inc.* (a)		51,012		2,977,570
Best Buy Co., Inc. (a)		66,431		2,086,598
CarMax, Inc.* (a)		47,663		1,576,215
GameStop Corp. "A"* (a)		29,900		797,433
Home Depot, Inc. (a)		329,718		11,942,386
Limited Brands, Inc.		52,240		2,008,628
Lowe's Companies, Inc.		269,656		6,285,681
O'Reilly Automotive, Inc.* (a)		28,500		1,867,035
Ross Stores, Inc. (a)		23,701		1,898,924
Staples, Inc. (a)		148,574		2,347,469
The Gap, Inc. (a)		81,158		1,468,960
Tiffany & Co. (a)		26,416		2,074,184
TJX Companies, Inc.		80,199		4,212,854
Urban Outfitters, Inc.* (a)		25,361		713,912
				45,426,569
Textiles, Apparel & Luxury Goods 0.6%
Coach, Inc.		61,053		3,903,118
NIKE, Inc. "B"		78,607		7,073,058
Polo Ralph Lauren Corp. (a)		13,600		1,803,496
VF Corp. (a)		17,740		1,925,854
				14,705,526
Consumer Staples 10.4%
Beverages 2.5%
Brown-Forman Corp. "B" (a)		21,822		1,629,885
Coca-Cola Co. (a)		473,626		31,870,294
Coca-Cola Enterprises, Inc.		67,924		1,982,022
Constellation Brands, Inc. "A"*		36,800		766,176
Dr. Pepper Snapple Group, Inc. (a)		45,497		1,907,689
Molson Coors Brewing Co. "B" (a)		33,704		1,507,917
PepsiCo, Inc.		327,170		23,042,583
				62,706,566
Food & Staples Retailing 2.3%
Costco Wholesale Corp.		90,699		7,368,387
CVS Caremark Corp.		280,591		10,544,610
Kroger Co. (a)		125,027		3,100,669
Safeway, Inc. (a)		73,059		1,707,389
SUPERVALU, Inc. (a)		47,691		448,772
Sysco Corp. (a)		120,982		3,772,219
Wal-Mart Stores, Inc. (a)		395,183		21,000,025
Walgreen Co. (a)		189,408		8,042,264
Whole Foods Market, Inc. (a)		31,274		1,984,335
				57,968,670
Food Products 1.7%
Archer-Daniels-Midland Co.		139,826		4,215,754
Campbell Soup Co. (a)		36,770		1,270,404
ConAgra Foods, Inc. (a)		85,578		2,208,768
Dean Foods Co.* (a)		40,200		493,254
General Mills, Inc.		132,660		4,937,605
H.J. Heinz Co. (a)		65,940		3,513,283
Hormel Foods Corp. (a)		28,300		843,623
Kellogg Co.		51,834		2,867,457
Kraft Foods, Inc. "A" (a)		363,710		12,813,503
McCormick & Co., Inc. (a)		27,100		1,343,347
Mead Johnson Nutrition Co. (a)		42,294		2,856,960
Sara Lee Corp.		121,228		2,302,120
The Hershey Co. (a)		31,660		1,799,871
The JM Smucker Co. (a)		24,357		1,861,849
Tyson Foods, Inc. "A" (a)		63,100		1,225,402
				44,553,200
Household Products 2.1%
Clorox Co. (a)		27,032		1,823,038
Colgate-Palmolive Co. (a)		101,402		8,863,549
Kimberly-Clark Corp. (a)		81,703		5,438,151
Procter & Gamble Co.		577,714		36,725,279
				52,850,017
Personal Products 0.2%
Avon Products, Inc.		88,297		2,472,316
Estee Lauder Companies, Inc. "A" (a)		23,200		2,440,408
				4,912,724
Tobacco 1.6%
Altria Group, Inc.		432,445		11,420,873
Lorillard, Inc. (a)		30,054		3,271,979
Philip Morris International, Inc.		367,472		24,536,105
Reynolds American, Inc.		70,680		2,618,694
				41,847,651
Energy 12.4%
Energy Equipment & Services 2.3%
Baker Hughes, Inc.		89,617		6,502,610
Cameron International Corp.* (a)		51,182		2,573,943
Diamond Offshore Drilling, Inc. (a)		14,830		1,044,180
FMC Technologies, Inc.* (a)		49,712		2,226,600
Halliburton Co. (a)		189,168		9,647,568
Helmerich & Payne, Inc. (a)		22,052		1,458,078
Nabors Industries Ltd.*		59,138		1,457,160
National Oilwell Varco, Inc.		88,044		6,885,921
Noble Corp.* (a)		51,587		2,033,044
Rowan Companies, Inc.* (a)		25,239		979,526
Schlumberger Ltd.		280,840		24,264,576
				59,073,206
Oil, Gas & Consumable Fuels 10.1%
Alpha Natural Resources, Inc.* (a)		47,432		2,155,310
Anadarko Petroleum Corp.		102,566		7,872,966
Apache Corp.		79,357		9,791,860
Cabot Oil & Gas Corp. (a)		21,700		1,438,927
Chesapeake Energy Corp. (a)		136,300		4,046,747
Chevron Corp. (a)		415,950		42,776,298
ConocoPhillips (a)		292,432		21,987,962
CONSOL Energy, Inc.		47,012		2,279,142
Denbury Resources, Inc.* (a)		81,518		1,630,360
Devon Energy Corp.		87,817		6,920,858
El Paso Corp.		160,216		3,236,363
EOG Resources, Inc. (a)		55,211		5,772,310
EQT Corp. (a)		30,100		1,580,852
Exxon Mobil Corp.		1,019,079		82,932,649
Hess Corp.		62,865		4,699,787
Marathon Oil Corp.		147,010		7,744,487
Murphy Oil Corp.		40,518		2,660,412
Newfield Exploration Co.*		27,857		1,894,833
Noble Energy, Inc.		35,991		3,225,873
Occidental Petroleum Corp.		168,328		17,512,845
Peabody Energy Corp.		55,931		3,294,895
Pioneer Natural Resources Co. (a)		24,500		2,194,465
QEP Resources, Inc. (a)		37,000		1,547,710
Range Resources Corp. (a)		33,142		1,839,381
Southwestern Energy Co.* (a)		71,736		3,076,040
Spectra Energy Corp. (a)		135,773		3,721,538
Sunoco, Inc. (a)		25,972		1,083,292
Tesoro Corp.* (a)		28,600		655,226
Valero Energy Corp.		118,801		3,037,742
Williams Companies, Inc.		120,523		3,645,821
				256,256,951
Financials 14.9%
Capital Markets 2.3%
Ameriprise Financial, Inc.		50,070		2,888,037
Bank of New York Mellon Corp. (a)		256,295		6,566,278
BlackRock, Inc. (a)		19,845		3,806,469
Charles Schwab Corp. (a)		205,333		3,377,728
ETRADE Financial Corp.		52,526		724,859
Federated Investors, Inc. "B" (a)		18,200		433,888
Franklin Resources, Inc. (a)		29,776		3,909,291
Invesco Ltd.		94,850		2,219,490
Janus Capital Group, Inc. (a)		38,379		362,298
Legg Mason, Inc. (a)		31,600		1,035,216
Morgan Stanley		319,781		7,358,161
Northern Trust Corp.		52,730		2,423,471
State Street Corp. (a)		105,368		4,751,043
T. Rowe Price Group, Inc. (a)		53,076		3,202,606
The Goldman Sachs Group, Inc.		107,195		14,266,582
				57,325,417
Commercial Banks 2.6%
BB&T Corp. (a)		144,092		3,867,429
Comerica, Inc. (a)		35,823		1,238,401
Fifth Third Bancorp.		187,389		2,389,210
First Horizon National Corp. (a)		56,320		537,293
Huntington Bancshares, Inc.		174,701		1,146,038
KeyCorp (a)		197,545		1,645,550
M&T Bank Corp. (a)		25,353		2,229,796
Marshall & Ilsley Corp.		111,599		889,444
PNC Financial Services Group, Inc. (a)		109,518		6,528,368
Regions Financial Corp. (a)		252,819		1,567,478
SunTrust Banks, Inc.		110,462		2,849,920
US Bancorp. (a)		397,355		10,136,526
Wells Fargo & Co. (a)		1,095,072		30,727,720
Zions Bancorp. (a)		36,456		875,309
				66,628,482
Consumer Finance 0.8%
American Express Co. (a)		216,555		11,195,893
Capital One Financial Corp. (a)		95,371		4,927,820
Discover Financial Services (a)		113,332		3,031,631
SLM Corp.		107,990		1,815,312
				20,970,656
Diversified Financial Services 3.7%
Bank of America Corp.		2,097,455		22,988,107
Citigroup, Inc.		604,622		25,176,460
CME Group, Inc. "A" (a)		13,773		4,016,069
IntercontinentalExchange, Inc.* (a)		15,248		1,901,578
JPMorgan Chase & Co.		822,606		33,677,490
Leucadia National Corp. (a)		41,700		1,421,970
Moody's Corp. (a)		41,800		1,603,030
NYSE Euronext (a)		53,200		1,823,164
The NASDAQ OMX Group, Inc.* (a)		32,600		824,780
				93,432,648
Insurance 3.7%
ACE Ltd.		69,685		4,586,667
Aflac, Inc.		96,127		4,487,209
Allstate Corp. (a)		106,989		3,266,374
American International Group, Inc.* (a)		91,240		2,675,157
Aon Corp.		68,324		3,505,021
Assurant, Inc. (a)		19,100		692,757
Berkshire Hathaway, Inc. "B"* (a)		358,285		27,727,676
Chubb Corp. (a)		61,259		3,835,426
Cincinnati Financial Corp. (a)		34,234		998,948
Genworth Financial, Inc. "A"* (a)		103,400		1,062,952
Hartford Financial Services Group, Inc. (a)		93,476		2,464,962
Lincoln National Corp. (a)		65,274		1,859,656
Loews Corp. (a)		63,723		2,682,101
Marsh & McLennan Companies, Inc. (a)		112,053		3,494,933
MetLife, Inc. (a)		218,548		9,587,701
Principal Financial Group, Inc. (a)		66,219		2,014,382
Progressive Corp. (a)		134,714		2,880,185
Prudential Financial, Inc. (a)		101,688		6,466,340
The Travelers Companies, Inc.		86,637		5,057,868
Torchmark Corp. (a)		15,110		969,156
Unum Group (a)		65,294		1,663,691
XL Group PLC (a)		62,632		1,376,651
				93,355,813
Real Estate Investment Trusts 1.6%
Apartment Investment & Management Co. "A" (REIT) (a)		24,316		620,788
AvalonBay Communities, Inc. (REIT) (a)		17,946		2,304,266
Boston Properties, Inc. (REIT) (a)		30,400		3,227,264
Equity Residential (REIT)		61,360		3,681,600
HCP, Inc. (REIT) (a)		83,046		3,046,958
Health Care REIT, Inc. (REIT) (a)		36,566		1,917,155
Host Hotels & Resorts, Inc. (REIT) (a)		140,786		2,386,323
Kimco Realty Corp. (REIT) (a)		85,800		1,599,312
Plum Creek Timber Co., Inc. (REIT) (a)		32,748		1,327,604
Prologis, Inc. (REIT) (a)		93,991		3,368,637
Public Storage (REIT) (a)		28,730		3,275,507
Simon Property Group, Inc. (REIT) (a)		60,708		7,056,091
Ventas, Inc. (REIT) (a)		33,200		1,749,972
Vornado Realty Trust (REIT) (a)		34,272		3,193,465
Weyerhaeuser Co. (REIT) (a)		112,674		2,463,054
				41,217,996
Real Estate Management & Development 0.1%
CB Richard Ellis Group, Inc. "A"* (a)		61,500		1,544,265
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp., Inc. (a)		104,568		856,412
People's United Financial, Inc. (a)		76,675		1,030,512
				1,886,924
Health Care 11.5%
Biotechnology 1.2%
Amgen, Inc.* (a)		192,229		11,216,562
Biogen Idec, Inc.* (a)		50,398		5,388,554
Celgene Corp.* (a)		95,709		5,773,167
Cephalon, Inc.*		15,700		1,254,430
Gilead Sciences, Inc.*		162,753		6,739,602
				30,372,315
Health Care Equipment & Supplies 1.9%
Baxter International, Inc. (a)		118,170		7,053,567
Becton, Dickinson & Co.		44,771		3,857,917
Boston Scientific Corp.* (a)		313,143		2,163,818
C.R. Bard, Inc. (a)		18,083		1,986,598
CareFusion Corp.*		46,827		1,272,290
Covidien PLC		103,226		5,494,720
DENTSPLY International, Inc. (a)		29,700		1,130,976
Edwards Lifesciences Corp.* (a)		23,439		2,043,412
Intuitive Surgical, Inc.* (a)		8,197		3,050,186
Medtronic, Inc. (a)		221,830		8,547,110
St. Jude Medical, Inc. (a)		67,510		3,218,877
Stryker Corp. (a)		68,502		4,020,382
Varian Medical Systems, Inc.* (a)		24,400		1,708,488
Zimmer Holdings, Inc.*		39,301		2,483,823
				48,032,164
Health Care Providers & Services 2.2%
Aetna, Inc.		78,495		3,460,845
AmerisourceBergen Corp. (a)		56,410		2,335,374
Cardinal Health, Inc.		72,879		3,310,164
CIGNA Corp.		55,975		2,878,794
Coventry Health Care, Inc.*		30,658		1,118,097
DaVita, Inc.* (a)		19,700		1,706,217
Express Scripts, Inc.*		109,234		5,896,451
Humana, Inc.		35,151		2,831,062
Laboratory Corp. of America Holdings* (a)		20,800		2,013,232
McKesson Corp.		52,167		4,363,770
Medco Health Solutions, Inc.*		82,760		4,677,595
Patterson Companies, Inc. (a)		20,600		677,534
Quest Diagnostics, Inc. (a)		32,702		1,932,688
Tenet Healthcare Corp.* (a)		95,548		596,220
UnitedHealth Group, Inc.		224,094		11,558,769
WellPoint, Inc.		75,946		5,982,266
				55,339,078
Health Care Technology 0.1%
Cerner Corp.* (a)		30,110		1,840,022
Life Sciences Tools & Services 0.5%
Agilent Technologies, Inc.*		71,857		3,672,611
Life Technologies Corp.*		36,903		1,921,539
PerkinElmer, Inc.		21,963		591,024
Thermo Fisher Scientific, Inc.* (a)		79,320		5,107,415
Waters Corp.* (a)		18,505		1,771,669
				13,064,258
Pharmaceuticals 5.6%
Abbott Laboratories		321,996		16,943,429
Allergan, Inc. (a)		62,824		5,230,098
Bristol-Myers Squibb Co. (a)		352,847		10,218,449
Eli Lilly & Co.		210,980		7,918,079
Forest Laboratories, Inc.* (a)		58,347		2,295,371
Hospira, Inc.*		35,122		1,990,012
Johnson & Johnson (a)		567,453		37,746,974
Merck & Co., Inc.		638,938		22,548,122
Mylan, Inc.* (a)		91,219		2,250,373
Pfizer, Inc.		1,634,743		33,675,706
Watson Pharmaceuticals, Inc.* (a)		25,757		1,770,279
				142,586,892
Industrials 11.0%
Aerospace & Defense 2.8%
Boeing Co. (a)		152,714		11,290,146
General Dynamics Corp. (a)		76,819		5,724,552
Goodrich Corp.		25,738		2,457,979
Honeywell International, Inc.		162,609		9,689,870
ITT Corp. (a)		37,892		2,232,976
L-3 Communications Holdings, Inc. (a)		21,868		1,912,357
Lockheed Martin Corp. (a)		58,891		4,768,404
Northrop Grumman Corp. (a)		60,427		4,190,612
Precision Castparts Corp. (a)		29,828		4,911,180
Raytheon Co.		75,470		3,762,180
Rockwell Collins, Inc. (a)		31,644		1,952,118
Textron, Inc. (a)		58,454		1,380,099
United Technologies Corp.		189,158		16,742,375
				71,014,848
Air Freight & Logistics 1.0%
C.H. Robinson Worldwide, Inc. (a)		34,132		2,690,967
Expeditors International of Washington, Inc.		44,300		2,267,717
FedEx Corp.		65,160		6,180,426
United Parcel Service, Inc. "B" (a)		203,909		14,871,083
				26,010,193
Airlines 0.1%
Southwest Airlines Co. (a)		165,114		1,885,602
Building Products 0.0%
Masco Corp. (a)		72,605		873,438
Commercial Services & Supplies 0.5%
Avery Dennison Corp. (a)		22,531		870,373
Cintas Corp. (a)		27,366		903,899
Iron Mountain, Inc. (a)		41,800		1,424,962
Pitney Bowes, Inc. (a)		40,785		937,647
R.R. Donnelley & Sons Co. (a)		40,861		801,284
Republic Services, Inc.		61,699		1,903,414
Stericycle, Inc.* (a)		18,200		1,621,984
Waste Management, Inc. (a)		98,507		3,671,356
				12,134,919
Construction & Engineering 0.2%
Fluor Corp.		35,950		2,324,527
Jacobs Engineering Group, Inc.*		26,100		1,128,825
Quanta Services, Inc.* (a)		44,800		904,960
				4,358,312
Electrical Equipment 0.5%
Emerson Electric Co.		155,136		8,726,400
Rockwell Automation, Inc. (a)		29,821		2,587,270
Roper Industries, Inc. (a)		20,266		1,688,158
				13,001,828
Industrial Conglomerates 2.4%
3M Co. (a)		147,079		13,950,443
General Electric Co.		2,193,781		41,374,709
Tyco International Ltd. (a)		97,032		4,796,292
				60,121,444
Machinery 2.3%
Caterpillar, Inc. (a)		133,568		14,219,649
Cummins, Inc.		40,458		4,186,999
Danaher Corp. (a)		112,776		5,976,000
Deere & Co. (a)		86,878		7,163,091
Dover Corp. (a)		38,572		2,615,182
Eaton Corp. (a)		71,140		3,660,153
Flowserve Corp.		11,792		1,295,823
Illinois Tool Works, Inc. (a)		102,660		5,799,263
Ingersoll-Rand PLC (a)		68,314		3,102,139
Joy Global, Inc.		21,203		2,019,374
PACCAR, Inc. (a)		74,681		3,815,452
Pall Corp. (a)		24,710		1,389,443
Parker Hannifin Corp. (a)		33,852		3,037,879
Snap-on, Inc. (a)		12,132		758,007
				59,038,454
Professional Services 0.1%
Dun & Bradstreet Corp.		10,014		756,458
Equifax, Inc.		25,509		885,672
Robert Half International, Inc. (a)		30,475		823,739
				2,465,869
Road & Rail 0.9%
CSX Corp.		227,890		5,975,276
Norfolk Southern Corp.		73,063		5,474,611
Ryder System, Inc. (a)		10,390		590,671
Union Pacific Corp. (a)		101,422		10,588,457
				22,629,015
Trading Companies & Distributors 0.2%
Fastenal Co. (a)		60,800		2,188,192
W.W. Grainger, Inc. (a)		11,909		1,829,818
				4,018,010
Information Technology 17.5%
Communications Equipment 2.0%
Cisco Systems, Inc.		1,138,134		17,766,272
F5 Networks, Inc.*		16,910		1,864,327
Harris Corp. (a)		26,200		1,180,572
JDS Uniphase Corp.* (a)		46,139		768,676
Juniper Networks, Inc.*		111,534		3,513,321
Motorola Mobility Holdings, Inc.* (a)		60,198		1,326,764
Motorola Solutions, Inc.*		69,898		3,218,104
QUALCOMM, Inc.		345,558		19,624,239
Tellabs, Inc. (a)		75,030		345,888
				49,608,163
Computers & Peripherals 4.2%
Apple, Inc.*		191,273		64,204,608
Dell, Inc.* (a)		339,378		5,657,431
EMC Corp.* (a)		425,490		11,722,250
Hewlett-Packard Co.		429,079		15,618,476
Lexmark International, Inc. "A"*		17,357		507,866
NetApp, Inc.* (a)		76,309		4,027,589
SanDisk Corp.*		48,400		2,008,600
Western Digital Corp.*		47,435		1,725,685
				105,472,505
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. "A" (a)		36,530		1,972,255
Corning, Inc.		323,197		5,866,025
FLIR Systems, Inc. (a)		33,500		1,129,285
Jabil Circuit, Inc. (a)		39,089		789,598
Molex, Inc. (a)		30,386		783,047
				10,540,210
Internet Software & Services 1.6%
Akamai Technologies, Inc.*		39,700		1,249,359
eBay, Inc.*		236,332		7,626,434
Google, Inc. "A"*		52,091		26,377,840
Monster Worldwide, Inc.* (a)		29,489		432,309
VeriSign, Inc. (a)		34,200		1,144,332
Yahoo!, Inc.* (a)		267,333		4,020,688
				40,850,962
IT Services 3.2%
Automatic Data Processing, Inc. (a)		103,510		5,452,907
Cognizant Technology Solutions Corp. "A"*		63,422		4,651,369
Computer Sciences Corp. (a)		32,043		1,216,352
Fidelity National Information Services, Inc. (a)		56,339		1,734,678
Fiserv, Inc.*		30,105		1,885,476
International Business Machines Corp.		250,487		42,971,045
MasterCard, Inc. "A" (a)		19,500		5,876,130
Paychex, Inc. (a)		67,601		2,076,703
SAIC, Inc.* (a)		56,132		944,140
Teradata Corp.* (a)		34,508		2,077,382
Total System Services, Inc. (a)		34,066		632,946
Visa, Inc. "A" (a)		99,201		8,358,676
Western Union Co.		130,996		2,623,850
				80,501,654
Office Electronics 0.1%
Xerox Corp. (a)		291,278		3,032,204
Semiconductors & Semiconductor Equipment 2.4%
Advanced Micro Devices, Inc.* (a)		121,197		847,167
Altera Corp. (a)		67,044		3,107,489
Analog Devices, Inc.		63,368		2,480,224
Applied Materials, Inc.		272,204		3,541,374
Broadcom Corp. "A"*		98,983		3,329,788
First Solar, Inc.* (a)		11,495		1,520,444
Intel Corp.		1,096,415		24,296,556
KLA-Tencor Corp. (a)		34,385		1,391,905
Linear Technology Corp.		46,496		1,535,298
LSI Corp.*		120,455		857,640
MEMC Electronic Materials, Inc.* (a)		50,700		432,471
Microchip Technology, Inc.		38,900		1,474,699
Micron Technology, Inc.* (a)		181,249		1,355,743
National Semiconductor Corp.		49,766		1,224,741
Novellus Systems, Inc.* (a)		17,982		649,870
NVIDIA Corp.* (a)		125,443		1,998,934
Teradyne, Inc.* (a)		36,158		535,138
Texas Instruments, Inc. (a)		239,515		7,863,277
Xilinx, Inc. (a)		55,303		2,016,900
				60,459,658
Software 3.6%
Adobe Systems, Inc.*		105,044		3,303,634
Autodesk, Inc.*		48,448		1,870,093
BMC Software, Inc.*		36,166		1,978,280
CA, Inc. (a)		78,515		1,793,283
Citrix Systems, Inc.*		39,314		3,145,120
Compuware Corp.* (a)		45,452		443,611
Electronic Arts, Inc.* (a)		69,206		1,633,262
Intuit, Inc.*		56,430		2,926,460
Microsoft Corp.		1,535,290		39,917,540
Oracle Corp.		805,751		26,517,265
Red Hat, Inc.*		39,493		1,812,729
Salesforce.com, Inc.* (a)		25,100		3,739,398
Symantec Corp.*		154,464		3,046,030
				92,126,705
Materials 3.6%
Chemicals 2.1%
Air Products & Chemicals, Inc.		43,718		4,178,566
Airgas, Inc.		14,350		1,005,074
CF Industries Holdings, Inc.		15,078		2,136,100
Dow Chemical Co. (a)		242,058		8,714,088
E.I. du Pont de Nemours & Co.		192,958		10,429,380
Eastman Chemical Co.		15,169		1,548,300
Ecolab, Inc. (a)		47,342		2,669,142
FMC Corp. (a)		15,200		1,307,504
International Flavors & Fragrances, Inc. (a)		16,116		1,035,292
Monsanto Co.		110,866		8,042,220
PPG Industries, Inc. (a)		32,762		2,974,462
Praxair, Inc. (a)		62,854		6,812,745
Sigma-Aldrich Corp. (a)		24,716		1,813,660
The Sherwin-Williams Co. (a)		18,205		1,526,853
				54,193,386
Construction Materials 0.0%
Vulcan Materials Co. (a)		27,076		1,043,238
Containers & Packaging 0.2%
Ball Corp.		35,048		1,347,946
Bemis Co., Inc. (a)		22,930		774,575
Owens-Illinois, Inc.*		32,300		833,663
Sealed Air Corp.		33,372		793,920
				3,750,104
Metals & Mining 1.1%
AK Steel Holding Corp. (a)		24,700		389,272
Alcoa, Inc. (a)		217,338		3,446,981
Allegheny Technologies, Inc. (a)		21,979		1,395,007
Cliffs Natural Resources, Inc.		30,233		2,795,041
Freeport-McMoRan Copper & Gold, Inc.		196,404		10,389,772
Newmont Mining Corp.		101,554		5,480,869
Nucor Corp. (a)		64,699		2,666,893
Titanium Metals Corp. (a)		18,000		329,760
United States Steel Corp. (a)		29,375		1,352,425
				28,246,020
Paper & Forest Products 0.2%
International Paper Co. (a)		91,312		2,722,924
MeadWestvaco Corp. (a)		34,078		1,135,138
				3,858,062
Telecommunication Services 3.0%
Diversified Telecommunication Services 2.7%
AT&T, Inc. (a)		1,225,919		38,506,116
CenturyLink, Inc.		123,938		5,010,813
Frontier Communications Corp. (a)		201,135		1,623,159
Verizon Communications, Inc.		585,951		21,814,956
Windstream Corp. (a)		103,001		1,334,893
				68,289,937
Wireless Telecommunication Services 0.3%
American Tower Corp. "A"*		81,736		4,277,245
MetroPCS Communications, Inc.*		55,200		949,992
Sprint Nextel Corp.* (a)		619,814		3,340,798
				8,568,035
Utilities 3.3%
Electric Utilities 1.8%
American Electric Power Co., Inc.		99,765		3,759,145
Duke Energy Corp. (a)		276,991		5,215,741
Edison International		66,574		2,579,742
Entergy Corp. (a)		37,109		2,533,803
Exelon Corp. (a)		136,488		5,847,146
FirstEnergy Corp.		86,602		3,823,478
NextEra Energy, Inc. (a)		87,987		5,055,733
Northeast Utilities (a)		37,400		1,315,358
Pepco Holdings, Inc. (a)		45,200		887,276
Pinnacle West Capital Corp. (a)		22,496		1,002,872
PPL Corp. (a)		118,114		3,287,113
Progress Energy, Inc.		60,150		2,887,801
Southern Co.		174,679		7,053,538
				45,248,746
Gas Utilities 0.1%
Nicor, Inc. (a)		9,137		500,159
ONEOK, Inc. (a)		22,743		1,683,210
				2,183,369
Independent Power Producers & Energy Traders 0.2%
AES Corp.*		134,337		1,711,453
Constellation Energy Group, Inc.		41,287		1,567,254
NRG Energy, Inc.* (a)		51,244		1,259,578
				4,538,285
Multi-Utilities 1.2%
Ameren Corp. (a)		49,619		1,431,012
CenterPoint Energy, Inc.		87,968		1,702,181
CMS Energy Corp. (a)		52,649		1,036,659
Consolidated Edison, Inc. (a)		59,894		3,188,757
Dominion Resources, Inc. (a)		119,201		5,753,832
DTE Energy Co.		34,803		1,740,846
Integrys Energy Group, Inc. (a)		16,800		870,912
NiSource, Inc. (a)		59,066		1,196,087
PG&E Corp.		83,316		3,501,771
Public Service Enterprise Group, Inc.		105,281		3,436,372
SCANA Corp. (a)		22,667		892,400
Sempra Energy		48,696		2,575,044
TECO Energy, Inc. (a)		46,188		872,491
Wisconsin Energy Corp. (a)		49,500		1,551,825
Xcel Energy, Inc.		100,237		2,435,759
				32,185,948
Total Common Stocks (Cost $1,712,578,913)				2,486,962,621

	Principal Amount ($)		Value ($)

Government & Agency Obligation 0.2%
US Treasury Obligation
US Treasury Bill, 0.055%**, 11/17/2011 (b) (Cost $5,213,892)		5,215,000		5,213,894

	Shares		Value ($)

Securities Lending Collateral 31.4%
Daily Assets Fund Institutional, 0.13% (c) (d) (Cost $797,406,378)		797,406,378		797,406,378

Cash Equivalents 1.6%
Central Cash Management Fund, 0.11% (c) (Cost $40,549,509)		40,549,509		40,549,509

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $2,555,748,692)+		131.3			3,330,132,402
Other Assets and Liabilities, Net (a)		(31.3	)		(793,644,616	)
Net Assets		100.0			2,536,487,786

* Non-income producing security

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

+ The cost for federal income tax purposes was $2,739,259,868. At June 30, 2011, net unrealized appreciation for all securities based on tax cost was $590,872,534. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $979,149,004 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $388,276,470.

(a) All or a portion of these securities were on loan amounting to $787,860,689. In addition, included in other assets and liabilities, net is a pending sale, amounting to $286,160 that is also on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2011 amounted to $788,146,849, which is 31.1% of net assets.

(b) At June 30, 2011, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

REIT: Real Estate Investment Trust

At June 30, 2011, open futures contracts purchased were as follows:

Futures

Currency

Expiration Date

Contracts

Notional Value ($)

Unrealized Appreciation ($)

S&P 500 Index

USD

9/15/2011

150

49,331,250

1,744,528

Currency Abbreviation

USD United States Dollar

For information on the Portfolio's policy and additional disclosures regarding futures contracts, please refer to Note B in the accompanying Notes to Financial Statements.

Fair Value Measurements

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

The following is a summary of the inputs used as of June 30, 2011 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total

Common Stocks (e)	$	2,486,962,621	$	—	$	—	$	2,486,962,621
Government & Agency Obligation (e)		—		5,213,894		—		5,213,894
Short-Term Investments (e)		837,955,887		—		—		837,955,887
Derivatives (f)		1,744,528		—		—		1,744,528
Total	$	3,326,663,036	$	5,213,894	$	—	$	3,331,876,930

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended June 30, 2011.

(e) See Investment Portfolio for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on futures contracts.

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

Statement of Assets and Liabilities

as of June 30, 2011 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $1,717,792,805) — including $787,860,689 of securities loaned	$	2,492,176,515
Investment in Daily Assets Fund Institutional (cost $797,406,378)*		797,406,378
Investment in Central Cash Management Fund (cost $40,549,509)		40,549,509
Total investments in securities, at value (cost $2,555,748,692)		3,330,132,402
Cash		41,528
Receivable for investments sold		302,065
Dividends receivable		3,185,850
Interest receivable		41,592
Receivable for daily variation margin on futures contracts		419,989
Other assets		26,561
Total assets		3,334,149,987
Liabilities
Payable upon return of securities loaned		797,406,378
Accrued management fee		101,843
Other accrued expenses and payables		153,980
Total liabilities		797,662,201
Net assets	$	2,536,487,786

* Represents collateral on securities loaned.

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

Statement of Operations

for the six months ended June 30, 2011 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $5,916)	$	25,077,340
Interest		3,589
Income distributions — Central Cash Management Fund		17,962
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		271,473
Total income		25,370,364
Expenses: Investment management fee		636,977
Administration fee		382,186
Custodian fee		26,550
Professional fees		56,329
Reports to shareholders		3,496
Trustees' fees and expenses		33,094
Insurance		27,061
Other		32,714
Total expenses		1,198,407
Net investment income (loss)		24,171,957
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		64,138,691
Futures		3,218,020
		67,356,711
Change in net unrealized appreciation (depreciation) on: Investments		57,134,254
Futures		835,129
		57,969,383
Net gain (loss)		125,326,094
Net increase (decrease) in net assets resulting from operations	$	149,498,051

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

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations: Net investment income (loss)	$	24,171,957		$	49,287,586
Net realized gain (loss)		67,356,711			(29,380,545	)
Change in net unrealized appreciation (depreciation)		57,969,383			319,691,845
Net increase (decrease) in net assets resulting from operations		149,498,051			339,598,886
Capital transactions in shares of beneficial interest: Proceeds from capital invested		217,088,242			327,827,952
Value of capital withdrawn		(354,501,188	)		(621,636,132	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(137,412,946	)		(293,808,180	)
Increase (decrease) in net assets		12,085,105			45,790,706
Net assets at beginning of period		2,524,402,681			2,478,611,975
Net assets at end of period	$	2,536,487,786		$	2,524,402,681

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

Financial Highlights

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		2,536			2,524			2,479			2,153			3,409			3,549
Ratio of expenses before expense reductions (%)		.09	*		.10			.09			.10			.09			.08
Ratio of expenses after expense reductions (%)		.09	*		.06			.05			.05			.05			.05
Ratio of net investment income (%)		1.90	*		2.03			2.38			2.29			1.91			1.90
Portfolio turnover rate (%)		1	**		5			9	c		6			5			4
Total investment return (%)b		6.06	**		15.12	a		26.54	a		(37.01	)a		5.54	a		15.72	a
a Total investment return would have been lower had certain expenses not been reduced. b Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Equity 500 Index Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company organized as a New York business trust.

The Portfolio is a master fund; a master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds, with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2011, DWS S&P 500 Index Fund and DWS Equity 500 Index Fund owned approximately 23% and 77%, respectively, of the Portfolio.

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

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which they trade and are categorized as Level 1 securities. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Portfolio's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

Federal Income Taxes. The Portfolio is considered a partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2010 and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis and may include proceeds from litigation.

The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities, futures and foreign currency transactions to its investors in proportion to their investment in the Portfolio.

B. Derivative Instruments

Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2011, the Portfolio invested in futures contracts to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Portfolio dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Portfolio's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2011 is included in a table following the Portfolio's Investment Portfolio. For the six months ended June 30, 2011, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $37,277,000 to $49,331,000.

The following table summarizes the value of the Portfolio's derivative instruments held as of June 30, 2011 presented by primary underlying risk exposure:

Asset Derivative		Futures Contracts
Equity Contracts (a)		$	1,744,528

(a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Portfolio earnings during the six months ended June 30, 2011 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)		Futures Contracts
Equity Contracts (a)		$	3,218,020

The above derivative is located in the following Statement of Operations account:

(a) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)		Futures Contracts
Equity Contracts (a)		$	835,129

The above derivative is located in the following Statement of Operations account:

(a) Change in net realized appreciation (depreciation) on futures

C. Purchases and Sales of Securities

During the six months ended June 30, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $29,505,493 and $151,247,335, respectively.

D. Related Parties

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as the investment manager to the Portfolio.

Management Agreement. Under its Investment Management Agreement with the Portfolio, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio or delegates such responsibility to the Portfolio's sub-advisor. Northern Trust Investments, Inc. ("NTI") serves as sub-advisor to the Portfolio and is paid by the Advisor for its services. NTI is responsible for the day-to-day management of the Portfolio.

The investment management fee payable under the Investment Management Agreement is equal to an annualized rate of 0.05% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2011, the Administration Fee was $382,186, of which $61,106 is unpaid.

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

Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

E. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at June 30, 2011.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 3, 2010

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.

Qualifications

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

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

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

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

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

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

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

Fees and Expenses Compared with Other Funds

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

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

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

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

DeAM's Fees for Similar Services to Others

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

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

Costs and Profit Margins

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

Economies of Scale

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

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

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

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

Quality of Service — Performance

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

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

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

Complex-Level Considerations

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

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

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

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

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

Findings

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

Thomas H. Mack

Account Management Resources


For More Information		The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Class S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of Institutional Class: (800) 621-1048 For shareholders of Class S: (800) 728-3337
Web Site		www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence		DWS Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting		The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter		If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class S	Institutional Class
Nasdaq Symbol	BTIEX	BTIIX
CUSIP Number	23339C 305	23339C 206
Fund Number	815	565

Privacy Statement

FACTS	What Does DWS Investments Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: • Social Security number • Account balances • Purchase and transaction history • Bank account information • Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS Investments share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions?

Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com

Who we are
Who is providing this notice?	DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS Investments protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS Investments collect my personal information?	We collect your personal information, for example. When you: • open an account • give us your contact information • provide bank account information for ACH or wire transactions • tell us where to send money • seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.

Rev. 09/2010

Notes

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2011


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS Equity 500 Index Fund, a series of DWS Institutional Funds


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	August 29, 2011

ITEM 1.	REPORT TO STOCKHOLDERS