UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number:  811-06071

DWS Institutional Funds

 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (201) 593-6408

Paul Schubert

100 Plaza One

Jersey City, NJ 07311

 (Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	6/30/2011

ITEM 1. REPORT TO STOCKHOLDERS

JUNE 30, 2011

Semiannual Report

to Shareholders

DWS EAFE® Equity Index Fund

Contents

4 Performance Summary

6 Information About Your Fund's Expenses

8 Portfolio Summary

10 Investment Portfolio

34 Statement of Assets and Liabilities

36 Statement of Operations

37 Statement of Changes in Net Assets

38 Financial Highlights

39 Notes to Financial Statements

47 Summary of Management Fee Evaluation by Independent Fee Consultant

51 Account Management Resources

52 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.

Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. 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.

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 Charges	6-Month‡	1-Year	3-Year	5-Year	10-Year
Institutional Class	5.59%	31.87%	-1.69%	1.38%	5.23%
MSCI EAFE® Index+	4.98%	30.36%	-1.77%	1.48%	5.66%

‡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 ratio of the Fund, as stated in the fee table of the prospectus dated April 29, 2011 is 0.51% for Institutional Class shares and may differ from the expense ratio disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

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.

The MSCI EAFE® Index is the exclusive property of Morgan Stanley Capital International, a service of Morgan Stanley, and has been licensed for use by the Fund's investment advisor. There is no guarantee that the Fund will be able to mirror the MSCI EAFE® Index closely to track its performance.

Net Asset Value and Distribution Information
	Institutional Class
Net Asset Value: 6/30/11	$	13.39
12/31/10	$	12.73
Distribution Information: Six Months as of 6/30/11: Income Dividends	$	.05

Growth of an Assumed $1,000,000 Investment

[] DWS EAFE® Equity Index Fund — Institutional Class

[] MSCI EAFE® Index+

Yearly periods ended June 30

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

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

+The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and translates into US dollars using the London close foreign exchange rates.

Lipper Rankings — International Large Core Funds Category as of 6/30/11
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Institutional Class 1-Year	144	of	392	37
3-Year	145	of	353	41
5-Year	153	of	297	52
10-Year	77	of	182	43

Source: Lipper Inc. Includes portfolios that invest assets in securities with primary trading markets outside of the United States. It is not possible to invest directly in a Lipper category. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges 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 redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. 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. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2011
Actual Fund Return	Institutional Class
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,055.90
Expenses Paid per $1,000*	$	2.50
Hypothetical 5% Fund Return	Institutional Class
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,022.36
Expenses Paid per $1,000*	$	2.46

* Expenses are equal to the Fund's annualized expense ratio 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 Ratio	Institutional Class
DWS EAFE® Equity Index Fund	.49%

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

Portfolio Summary

Geographic Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/11	12/31/10
Japan	20%	22%
United Kingdom	18%	19%
France	10%	9%
Germany	9%	8%
Switzerland	9%	9%
Australia	9%	9%
Netherlands	5%	4%
Spain	3%	3%
Sweden	3%	3%
Hong Kong	3%	3%
Italy	3%	2%
Singapore	2%	2%
Other	6%	7%
	100%	100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	6/30/11	12/31/10
Financials	23%	24%
Industrials	13%	13%
Materials	11%	11%
Consumer Discretionary	11%	11%
Consumer Staples	10%	10%
Health Care	9%	8%
Energy	8%	8%
Telecommunication Services	5%	5%
Information Technology	5%	5%
Utilities	5%	5%
	100%	100%

Geographic diversification and sector diversification are subject to change.

Ten Largest Equity Holdings at June 30, 2011 (14.1% of Net Assets)	Country	Percent
1. BHP Billiton Producer of petroleum, minerals and steel products	Australia	2.0%
2. Royal Dutch Shell PLC Explores, produces and refines petroleum	Netherlands	1.9%
3. Nestle SA Producer and seller of food products	Switzerland	1.8%
4. HSBC Holdings PLC Provider of international banking and financial services	United Kingdom	1.5%
5. Rio Tinto Operator of a mining, manufacturing and development company	United Kingdom	1.2%
6. Novartis AG Manufacturer of pharmaceutical and nutrition products	Switzerland	1.2%
7. BP PLC Exporter and producer of oil and natural gas	United Kingdom	1.2%
8. Vodafone Group PLC Provides a range of mobile telecommunications services	United Kingdom	1.2%
9. Total SA Produces, refines, transports and markets oil and natural gas	France	1.1%
10. Roche Holding AG Developer of pharmaceutical and chemical products	Switzerland	1.0%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 10. 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.

Investment Portfolio as of June 30, 2011 (Unaudited)

	Shares		Value ($)
Common Stocks 97.6%
Australia 8.5%
AGL Energy Ltd.		13,656		214,934
Alumina Ltd.		73,512		168,302
Amcor Ltd.		34,531		267,217
AMP Ltd.		79,334		417,780
Asciano Group		84,899		150,277
ASX Ltd.		5,253		171,816
Australia & New Zealand Banking Group Ltd.		73,850		1,744,082
Bendigo & Adelaide Bank Ltd.		10,320		98,322
BGP Holdings PLC*		328,818		0
BHP Billiton Ltd.		91,566		4,327,711
BlueScope Steel Ltd.		53,052		68,879
Boral Ltd.		21,365		101,250
Brambles Ltd.		42,588		330,863
Caltex Australia Ltd.		3,834		48,513
CFS Retail Property Trust (REIT)		55,801		108,881
Coca-Cola Amatil Ltd.		15,502		190,214
Cochlear Ltd.		1,516		117,021
Commonwealth Bank of Australia		44,364		2,496,891
Computershare Ltd.		12,660		120,518
Crown Ltd.		11,979		115,018
CSL Ltd. (a)		15,414		546,349
Dexus Property Group (REIT)		142,534		134,872
Echo Entertainment Group Ltd.*		19,141		84,377
Fairfax Media Ltd. (a)		58,875		62,185
Fortescue Metals Group Ltd.		36,444		249,975
Foster's Group Ltd.		56,611		313,394
Goodman Group (REIT)		194,801		147,423
GPT Group (REIT)		51,246		174,099
Harvey Norman Holdings Ltd. (a)		16,119		43,142
Iluka Resources Ltd.		11,916		216,172
Incitec Pivot Ltd.		47,802		199,205
Insurance Australia Group Ltd.		61,715		225,863
Leighton Holdings Ltd.		4,377		98,283
Lend Lease Group		15,271		147,602
Lynas Corp., Ltd.*		47,819		104,117
Macarthur Coal Ltd.		4,388		51,872
Macquarie Group Ltd.		9,999		336,690
MAP Group		9,429		33,909
Metcash Ltd.		22,003		98,060
Mirvac Group (REIT)		99,901		134,308
National Australia Bank Ltd. (a)		62,170		1,715,289
Newcrest Mining Ltd.		21,824		885,848
OneSteel Ltd.		33,867		67,497
Orica Ltd.		10,195		295,666
Origin Energy Ltd.		29,897		508,398
OZ Minerals Ltd.		9,393		134,123
Paladin Energy Ltd.*		21,041		57,280
Qantas Airways Ltd.*		32,839		65,094
QBE Insurance Group Ltd.		30,265		561,871
QR National Ltd.*		48,335		175,602
Ramsay Health Care Ltd.		3,634		71,035
Rio Tinto Ltd.		12,490		1,116,685
Santos Ltd.		24,496		356,944
Sims Metal Management Ltd. (a)		4,849		92,806
Sonic Healthcare Ltd.		10,392		143,370
SP AusNet		45,130		45,761
Stockland (REIT)		66,586		244,063
Suncorp Group Ltd.		36,920		323,369
TABCORP Holdings Ltd.		19,141		67,801
Tatts Group Ltd.		33,521		86,494
Telstra Corp., Ltd.		123,175		382,486
Toll Holdings Ltd.		18,918		98,816
Transurban Group (Units)		37,108		208,941
Wesfarmers Ltd.		28,795		986,812
Wesfarmers Ltd. (PPS)		4,199		145,618
Westfield Group (REIT) (Units)		62,590		583,261
Westfield Retail Trust (REIT)		83,511		243,105
Westpac Banking Corp.		85,653		2,054,658
Woodside Petroleum Ltd.		17,943		791,499
Woolworths Ltd.		34,398		1,025,736
WorleyParsons Ltd.		5,649		171,523
(Cost $13,084,727)				28,367,837
Austria 0.3%
Erste Group Bank AG (a)		5,555		290,968
Immofinanz AG* (a)		25,517		108,758
OMV AG		4,063		177,520
Raiffeisen Bank International AG (a)		1,327		68,299
Telekom Austria AG (a)		10,143		129,379
Verbund AG (a)		1,783		77,729
Vienna Insurance Group AG Wiener Versicherung Gruppe (a)		1,186		65,190
Voestalpine AG		3,155		174,158
(Cost $709,790)				1,092,001
Belgium 0.9%
Ageas		64,852		175,860
Anheuser-Busch InBev NV		22,967		1,331,744
Bekaert NV (a)		1,077		81,986
Belgacom SA		4,332		154,765
Colruyt SA		2,145		107,285
Delhaize Group SA		2,997		224,699
Dexia SA* (a)		16,764		52,161
Groupe Bruxelles Lambert SA (a)		2,362		209,965
KBC GROEP NV (a)		4,700		184,621
Mobistar SA		788		59,834
Solvay SA (a)		1,671		258,196
UCB SA		2,963		133,140
Umicore SA		3,196		174,199
(Cost $3,040,518)				3,148,455
Channel Islands 0.1%
Randgold Resources Ltd.		2,488		209,196
Resolution Ltd.		40,896		192,979
(Cost $376,304)				402,175
Cyprus 0.0%
Bank of Cyprus Public Co., Ltd. (Cost $144,318)		24,273		71,629
Denmark 1.0%
A P Moller-Maersk AS "A"		16		132,410
A P Moller-Maersk AS "B" (a)		38		327,875
Carlsberg AS "B"		3,041		330,902
Coloplast AS "B" (a)		706		107,333
Danske Bank AS*		18,467		342,965
DSV AS		5,793		139,007
Novo Nordisk AS "B"		11,993		1,503,602
Novozymes AS "B"		1,275		207,438
Pandora AS (a)		1,684		53,239
TDC AS*		10,254		93,717
Tryg AS		765		44,107
Vestas Wind Systems AS*		5,936		137,999
William Demant Holding AS* (a)		765		69,026
(Cost $1,315,539)				3,489,620
Finland 1.0%
Elisa Oyj		3,752		80,764
Fortum Oyj		12,409		359,375
Kesko Oyj "B" (a)		1,892		88,066
Kone Oyj "B" (a)		4,403		276,459
Metso Corp. (a)		3,777		214,523
Neste Oil Oyj		3,566		55,903
Nokia Oyj		107,561		694,694
Nokian Renkaat Oyj (a)		3,113		156,040
Orion Oyj "B" (a)		2,903		74,810
Outokumpu Oyj (a)		4,255		56,323
Pohjola Bank PLC (a)		4,517		58,411
Rautaruukki Oyj		2,751		62,155
Sampo Oyj "A"		11,964		386,287
Sanoma Oyj (a)		2,631		48,762
Stora Enso Oyj "R" (a)		15,926		167,095
UPM-Kymmene Oyj (a)		14,681		268,464
Wartsila Oyj (a)		4,663		157,339
(Cost $2,526,887)				3,205,470
France 9.8%
Accor SA		4,026		180,263
Aeroports de Paris		952		89,546
Air France-KLM* (a)		3,738		57,383
Air Liquide SA (a)		8,116		1,163,361
Alcatel-Lucent*		67,546		389,952
Alstom SA (a)		5,851		360,344
ANF Immobilier (REIT)		31		1,463
Arkema		1,584		163,068
Atos Origin SA (a)		1,327		74,984
AXA SA (a)		49,438		1,122,441
BNP Paribas		27,482		2,119,562
Bouygues SA		6,648		292,273
Bureau Veritas SA (a)		1,564		132,096
Cap Gemini		4,147		242,972
Carrefour SA* (a)		16,374		672,492
Casino Guichard-Perrachon SA (a)		1,653		155,818
Christian Dior SA		1,533		241,218
CNP Assurances		4,222		92,057
Compagnie de Saint-Gobain		11,230		727,272
Compagnie Generale de Geophysique-Veritas*		4,071		149,965
Compagnie Generale des Etablissements Michelin "B"		5,201		508,681
Credit Agricole SA (a)		28,429		427,565
DANONE SA (a)		16,780		1,252,029
Dassault Systemes SA (a)		1,676		142,699
Edenred		4,217		128,595
Eiffage SA		1,078		71,335
Electricite de France		6,743		264,714
Eramet (a)		158		52,333
Essilor International SA (a)		5,751		466,463
Eurazeo		994		72,586
Eutelsat Communications		2,792		125,580
Fonciere des Regions (REIT)		796		84,327
France Telecom SA (a)		52,743		1,122,019
GDF Suez		35,269		1,290,735
Gecina SA (REIT) (a)		642		89,690
Groupe Eurotunnel SA (Registered)		14,337		160,305
Icade (REIT) (a)		658		81,138
Iliad SA (a)		531		71,253
Imerys SA		907		63,872
JC Decaux SA*		2,083		66,728
Klepierre (REIT)		2,892		119,342
L'Oreal SA (a)		6,868		892,045
Lafarge SA (a)		5,628		358,661
Lagardere SCA		3,548		149,912
Legrand SA (a)		5,554		233,909
LVMH Moet Hennessy Louis Vuitton SA		7,042		1,267,402
Metropole Television SA		1,448		33,504
Natixis (a)		26,529		133,119
Neopost SA		1,005		86,339
Pernod Ricard SA		5,648		556,736
PPR (a)		2,149		382,715
PSA Peugeot Citroen (a)		4,300		192,511
Publicis Groupe (a)		3,421		190,971
Renault SA		5,536		327,763
Safran SA		4,964		212,012
Sanofi		31,824		2,557,823
Schneider Electric SA (a)		6,985		1,166,998
SCOR SE		4,991		141,817
Societe BIC SA		873		84,368
Societe Generale (a)		18,894		1,119,876
Societe Television Francaise 1 (a)		3,335		60,714
Sodexo		2,680		209,983
Suez Environnement Co.		7,904		157,533
Technip SA		2,899		310,537
Thales SA (a)		2,768		119,348
Total SA		60,333		3,489,424
Unibail-Rodamco SE (REIT) (a)		2,623		606,163
Vallourec SA (a)		3,214		391,375
Veolia Environnement		10,590		298,375
Vinci SA		12,747		816,545
Vivendi		35,292		981,420
Wendel		909		111,705
(Cost $22,365,100)				32,732,122
Germany 8.3%
Adidas AG		6,034		478,617
Allianz SE (Registered)		12,947		1,808,919
Axel Springer AG		1,095		54,082
BASF SE		26,221		2,565,995
Bayer AG		23,598		1,897,186
Bayerische Motoren Werke (BMW) AG		9,360		932,690
Beiersdorf AG (a)		2,843		184,488
Brenntag AG (a)		936		108,800
Celesio AG		2,394		47,732
Commerzbank AG*		103,033		443,053
Continental AG* (a)		2,258		237,077
Daimler AG (Registered)		25,810		1,942,483
Deutsche Bank AG (Registered) (a) (b)		26,373		1,558,338
Deutsche Boerse AG (a)		5,642		428,191
Deutsche Lufthansa AG (Registered)		6,913		150,564
Deutsche Post AG (Registered)		24,456		469,645
Deutsche Telekom AG (Registered)		80,114		1,256,596
E.ON AG		51,196		1,453,351
Fraport AG		960		77,192
Fresenius Medical Care AG & Co. KGaA		5,639		421,604
Fresenius SE & Co. KGaA		3,253		339,530
GEA Group AG (a)		5,079		181,619
Hannover Rueckversicherung AG (Registered)		1,717		89,559
HeidelbergCement AG		4,146		264,297
Henkel AG & Co. KGaA		3,695		211,774
Hochtief AG		1,218		101,684
Infineon Technologies AG (a)		31,651		355,160
K+S AG		4,890		375,818
Kabel Deutschland Holding AG*		2,063		126,843
Lanxess AG		2,345		192,249
Linde AG		4,832		847,177
MAN SE (a)		3,051		408,910
Merck KGaA		1,826		198,430
Metro AG		3,816		231,007
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (a)		5,425		828,209
RWE AG		11,931		660,316
Salzgitter AG		1,000		76,254
SAP AG		26,236		1,586,809
Siemens AG (Registered)		23,482		3,224,193
Suedzucker AG		2,167		77,004
ThyssenKrupp AG		9,455		490,481
TUI AG* (a)		4,516		48,951
United Internet AG (Registered)		3,420		71,885
Volkswagen AG		866		159,108
Wacker Chemie AG		471		101,835
(Cost $16,136,543)				27,765,705
Greece 0.2%
Alpha Bank AE*		15,212		76,875
Coca-Cola Hellenic Bottling Co. SA*		5,334		142,941
EFG Eurobank Ergasias*		9,104		42,838
Hellenic Telecommunications Organization SA		7,725		72,418
National Bank of Greece SA*		27,415		196,973
OPAP SA		6,608		103,250
Public Power Corp. SA		3,201		45,930
(Cost $1,038,964)				681,225
Hong Kong 2.8%
AIA Group Ltd.*		223,600		779,657
ASM Pacific Technology Ltd. (a)		5,200		71,891
Bank of East Asia Ltd.		43,174		177,951
BOC Hong Kong (Holdings) Ltd.		105,321		305,818
Cathay Pacific Airways Ltd.		34,000		79,080
Cheung Kong (Holdings) Ltd.		40,000		588,250
Cheung Kong Infrastructure Holdings Ltd.		12,000		62,347
CLP Holdings Ltd.		55,274		490,682
Esprit Holdings Ltd.		33,419		104,102
Foxconn International Holdings Ltd.* (a)		66,000		29,245
Galaxy Entertainment Group Ltd.* (a)		35,497		76,569
Genting Singapore PLC* (a)		175,995		277,718
Hang Lung Group Ltd. (a)		25,000		159,662
Hang Lung Properties Ltd. (a)		72,000		299,157
Hang Seng Bank Ltd.		21,900		350,250
Henderson Land Development Co., Ltd.		30,882		200,407
Hong Kong & China Gas Co., Ltd. (a)		137,462		312,789
Hong Kong Exchanges & Clearing Ltd. (a)		29,000		610,898
Hopewell Holdings Ltd. (a)		18,500		58,840
Hutchison Whampoa Ltd. (a)		61,100		662,445
Hysan Development Co., Ltd.		17,694		87,939
Kerry Properties Ltd.		19,932		96,587
Li & Fung Ltd. (a)		162,240		326,301
Lifestyle International Holdings Ltd. (a)		16,000		47,377
Link (REIT)		62,035		212,196
MTR Corp., Ltd.		42,908		152,603
New World Development Co., Ltd.		66,007		100,266
Noble Group Ltd. (a)		108,891		175,311
NWS Holdings Ltd.		42,626		57,117
Orient Overseas International Ltd.		6,400		41,578
PCCW Ltd.		122,000		52,854
Power Assets Holdings Ltd.		38,500		290,395
Sands China Ltd.*		69,619		188,786
Shangri-La Asia Ltd. (a)		39,540		97,585
Sino Land Co., Ltd.		75,144		121,885
SJM Holdings Ltd.		47,337		113,132
Sun Hung Kai Properties Ltd.		40,297		586,539
Swire Pacific Ltd. "A"		21,000		310,198
Wharf Holdings Ltd.		42,750		298,626
Wheelock & Co., Ltd.		27,000		109,591
Wing Hang Bank Ltd. (a)		5,062		55,534
Wynn Macau Ltd. (a)		44,781		147,828
Yue Yuen Industrial (Holdings) Ltd. (a)		20,500		65,390
(Cost $5,496,264)				9,433,376
Ireland 0.4%
CRH PLC (c)		1,741		38,717
CRH PLC (c)		18,457		408,717
Elan Corp. PLC*		14,066		161,186
Experian PLC		28,495		362,908
James Hardie Industries SE (CDI)*		11,075		70,087
Kerry Group PLC "A" (c)		129		5,359
Kerry Group PLC "A" (c)		3,881		160,480
Ryanair Holdings PLC		10,294		52,726
(Cost $855,910)				1,260,180
Israel 0.7%
Bank Hapoalim BM*		29,911		149,447
Bank Leumi Le-Israel		33,789		159,649
Bezeq Israeli Telecommunication Corp., Ltd.		46,703		118,196
Cellcom Israel Ltd.		1,574		43,819
Delek Group Ltd.		128		28,802
Elbit Systems Ltd.		724		34,441
Israel Chemicals Ltd.		12,805		204,394
Israel Discount Bank "A"*		17,880		35,291
Makhteshim-Agan Industries Ltd.*		7,588		42,431
Mizrahi Tefahot Bank Ltd.		3,902		41,497
NICE Systems Ltd.*		1,616		58,606
Partner Communications Co., Ltd.		2,732		40,989
Teva Pharmaceutical Industries Ltd.		26,830		1,293,485
The Israel Corp., Ltd.		65		71,129
(Cost $2,326,583)				2,322,176
Italy 2.6%
A2A SpA		34,674		53,981
Assicurazioni Generali SpA		33,163		699,356
Atlantia SpA		9,064		192,964
Autogrill SpA		4,015		52,740
Banca Carige SpA (a)		15,127		34,278
Banca Monte dei Paschi di Siena SpA (a)		119,937		90,885
Banco Popolare Societa Cooperativa		46,584		107,271
Enel Green Power SpA		53,155		146,616
Enel SpA		188,310		1,230,002
Eni SpA		68,481		1,623,443
EXOR SpA		1,703		53,195
Fiat Industrial SpA*		22,318		288,522
Fiat SpA (a)		22,318		245,021
Finmeccanica SpA		11,877		143,736
Intesa Sanpaolo		286,524		761,979
Intesa Sanpaolo (RSP) (a)		23,028		49,676
Luxottica Group SpA		3,217		103,124
Mediaset SpA (a)		20,558		96,655
Mediobanca SpA		13,881		140,614
Parmalat SpA*		34,497		129,769
Pirelli & C. SpA		7,684		83,030
Prysmian SpA (a)		5,795		116,564
Saipem SpA		7,533		388,918
Snam Rete Gas SpA		46,028		272,487
Telecom Italia SpA		270,850		376,882
Telecom Italia SpA (RSP)		170,420		198,334
Terna — Rete Elettrica Nationale SpA		34,201		158,929
UBI Banca — Unione di Banche Italiane ScpA (a)		22,537		126,881
UniCredit SpA		386,663		817,843
(Cost $8,209,880)				8,783,695
Japan 19.8%
ABC-Mart, Inc. (a)		700		28,411
Advantest Corp. (a)		4,100		75,390
AEON Co., Ltd. (a)		17,700		213,631
Aeon Credit Service Co., Ltd. (a)		2,730		37,272
AEON Mall Co., Ltd.		1,600		38,835
Air Water, Inc.		4,553		54,873
Aisin Seiki Co., Ltd.		5,500		212,972
Ajinomoto Co., Inc.		19,000		225,941
Alfresa Holdings Corp.		1,200		46,708
All Nippon Airways Co., Ltd.		26,000		85,000
Amada Co., Ltd.		11,000		84,621
Aozora Bank Ltd. (a)		17,000		39,415
Asahi Breweries Ltd.		10,800		217,616
Asahi Glass Co., Ltd.		28,000		326,944
Asahi Kasei Corp.		37,000		249,839
ASICS Corp.		4,000		59,734
Astellas Pharma, Inc.		12,900		498,807
Benesse Holdings, Inc.		1,900		81,767
Bridgestone Corp.		18,100		416,564
Brother Industries Ltd.		7,200		106,407
Canon, Inc.		32,500		1,549,822
Casio Computer Co., Ltd. (a)		7,700		54,213
Central Japan Railway Co.		44		345,833
Chiyoda Corp. (a)		5,065		58,289
Chubu Electric Power Co., Inc.		19,500		381,629
Chugai Pharmaceutical Co., Ltd.		5,900		96,798
Chugoku Electric Power Co., Inc.		9,000		156,127
Citizen Holdings Co., Ltd.		7,700		46,047
Coca-Cola West Co., Ltd.		1,800		34,513
Cosmo Oil Co., Ltd.		19,000		53,994
Credit Saison Co., Ltd.		4,200		70,702
Dai Nippon Printing Co., Ltd. (a)		16,000		180,352
Dai-ichi Life Insurance Co., Ltd. (a)		251		351,443
Daicel Chemical Industries Ltd.		9,000		59,607
Daido Steel Co., Ltd.		8,000		53,553
Daihatsu Motor Co., Ltd.		6,000		102,251
Daiichi Sankyo Co., Ltd.		18,500		361,857
Daikin Industries Ltd.		6,700		237,448
Dainippon Sumitomo Pharma Co., Ltd.		5,200		49,456
Daito Trust Construction Co., Ltd.		2,100		178,348
Daiwa House Industry Co., Ltd.		13,000		163,675
Daiwa Securities Group, Inc. (a)		48,000		211,464
DeNA Co., Ltd.		2,700		116,443
Denki Kagaku Kogyo Kabushiki Kaisha		15,000		72,255
Denso Corp.		13,400		497,524
Dentsu, Inc.		5,000		147,764
East Japan Railway Co.		9,739		559,643
Eisai Co., Ltd.		6,900		269,491
Electric Power Development Co., Ltd.		3,200		86,431
Elpida Memory, Inc.*		5,800		68,281
FamilyMart Co., Ltd.		1,900		69,840
FANUC Corp.		5,500		917,134
Fast Retailing Co., Ltd.		1,500		242,875
Fuji Electric Co., Ltd.		16,000		50,017
Fuji Heavy Industries Ltd.		15,982		124,180
Fujifilm Holdings Corp.		13,500		420,791
Fujitsu Ltd.		55,000		314,346
Fukuoka Financial Group, Inc.		23,000		96,179
Gree, Inc. (a)		2,440		53,472
GS Yuasa Corp. (a)		8,000		53,448
Hakuhodo Dy Holdings, Inc.		760		40,641
Hamamatsu Photonics KK (a)		1,878		81,211
Hino Motors Ltd. (a)		9,000		52,531
Hirose Electric Co., Ltd. (a)		1,000		102,504
Hisamitsu Pharmaceutical Co., Inc. (a)		1,900		81,010
Hitachi Chemical Co., Ltd.		3,400		67,659
Hitachi Construction Machinery Co., Ltd. (a)		3,000		67,087
Hitachi High-Technologies Corp.		2,200		48,320
Hitachi Ltd. (a)		129,000		762,554
Hitachi Metals Ltd. (a)		5,000		70,689
Hokkaido Electric Power Co., Inc.		4,800		79,969
Hokuhoku Financial Group, Inc.		34,000		67,502
Hokuriku Electric Power Co.		5,100		97,537
Honda Motor Co., Ltd.		46,200		1,780,714
Hoya Corp.		12,800		283,712
IBIDEN Co., Ltd.		3,700		115,723
Idemitsu Kosan Co., Ltd. (a)		700		74,766
IHI Corp. (a)		34,000		88,026
INPEX Corp.		63		465,112
Isetan Mitsukoshi Holdings Ltd.		10,920		106,921
Isuzu Motors Ltd.		36,000		170,598
Itochu Corp.		42,700		444,173
Itochu Techno-Solutions Corp.		800		28,466
J. Front Retailing Co., Ltd.		14,000		61,913
Japan Petroleum Exploration Co., Ltd.		900		42,320
Japan Prime Realty Investment Corp. (REIT)		22		58,403
Japan Real Estate Investment Corp. (REIT)		12		117,879
Japan Retail Fund Investment Corp. (REIT)		39		60,201
Japan Steel Works Ltd.		8,000		55,044
Japan Tobacco, Inc.		126		486,263
JFE Holdings, Inc.		13,325		366,659
JGC Corp.		6,000		164,319
JS Group Corp.		7,548		194,503
JSR Corp.		5,100		98,950
JTEKT Corp.		6,200		91,091
Jupiter Telecommunications Co., Ltd.		38		42,492
JX Holdings, Inc.		64,700		436,909
Kajima Corp. (a)		27,000		77,486
Kamigumi Co., Ltd. (a)		8,000		74,818
Kaneka Corp.		6,000		39,497
Kansai Electric Power Co., Inc.		21,500		429,122
Kansai Paint Co., Ltd.		7,000		63,857
Kao Corp.		15,600		409,981
Kawasaki Heavy Industries Ltd. (a)		40,000		159,548
Kawasaki Kisen Kaisha Ltd. (a)		22,000		76,961
KDDI Corp.		84		604,388
Keikyu Corp. (a)		13,000		94,129
Keio Corp.		16,000		88,261
Keisei Electric Railway Co., Ltd.		9,000		53,292
Keyence Corp.		1,170		331,824
Kikkoman Corp.		5,000		52,627
Kinden Corp.		4,000		34,203
Kintetsu Corp. (a)		48,900		156,942
Kirin Holdings Co., Ltd.		24,000		335,549
Kobe Steel Ltd. (a)		73,000		166,088
Koito Manufacturing Co., Ltd.		3,158		55,245
Komatsu Ltd.		26,900		836,946
Konami Corp.		3,000		71,179
Konica Minolta Holdings, Inc.		14,000		116,812
Kubota Corp.		33,000		293,828
Kuraray Co., Ltd.		9,200		135,035
Kurita Water Industries Ltd. (a)		3,300		98,530
Kyocera Corp.		4,200		427,260
Kyowa Hakko Kirin Co., Ltd.		7,910		75,451
Kyushu Electric Power Co., Inc.		11,500		207,365
Lawson, Inc. (a)		1,600		84,032
Mabuchi Motor Co., Ltd. (a)		900		45,475
Makita Corp.		3,100		144,026
Marubeni Corp.		48,000		319,017
Marui Group Co., Ltd.		7,200		54,583
Maruichi Steel Tube Ltd.		1,300		32,203
Mazda Motor Corp.* (a)		43,000		113,413
McDonald's Holdings Co. (Japan), Ltd.		2,200		56,009
Medipal Holdings Corp.		4,000		35,345
MEIJI Holdings Co., Ltd.		1,900		80,068
Minebea Co., Ltd.		10,000		53,297
Miraca Holdings, Inc. (a)		1,407		57,082
Mitsubishi Chemical Holdings Corp.		38,500		273,110
Mitsubishi Corp.		38,700		969,626
Mitsubishi Electric Corp.		56,000		650,365
Mitsubishi Estate Co., Ltd.		35,000		614,419
Mitsubishi Gas Chemical Co., Inc.		11,000		80,711
Mitsubishi Heavy Industries Ltd.		84,000		395,799
Mitsubishi Logistics Corp.		4,000		44,919
Mitsubishi Materials Corp.		35,000		110,299
Mitsubishi Motors Corp.*		113,000		138,306
Mitsubishi Tanabe Pharma Corp.		6,300		105,703
Mitsubishi UFJ Financial Group, Inc.		359,300		1,749,171
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,900		73,485
Mitsui & Co., Ltd.		49,300		852,550
Mitsui Chemicals, Inc. (a)		22,000		80,367
Mitsui Engineering & Shipbuilding Co., Ltd.		24,000		52,529
Mitsui Fudosan Co., Ltd.		24,000		413,772
Mitsui O.S.K Lines Ltd.		34,000		182,967
Mizuho Financial Group, Inc.		588,390		970,028
Mizuho Securities Co., Ltd.*		19,000		45,785
Mizuho Trust & Banking Co., Ltd.		49,000		43,461
MS&AD Insurance Group Holdings, Inc.		16,200		379,985
Murata Manufacturing Co., Ltd.		5,600		374,087
Nabtesco Corp.		2,425		58,796
Namco Bandai Holdings, Inc.		4,950		59,588
NEC Corp.* (a)		73,900		169,203
NGK Insulators Ltd.		7,000		130,509
NGK Spark Plug Co., Ltd. (a)		5,000		69,047
NHK Spring Co., Ltd.		5,000		51,171
Nidec Corp. (a)		3,200		298,706
Nikon Corp.		9,300		219,428
Nintendo Co., Ltd. (a)		2,800		527,298
Nippon Building Fund, Inc. (REIT)		15		146,402
Nippon Electric Glass Co., Ltd.		11,000		140,914
Nippon Express Co., Ltd.		22,000		89,207
Nippon Meat Packers, Inc.		4,000		57,353
Nippon Paper Group, Inc.		3,200		71,181
Nippon Sheet Glass Co., Ltd. (a)		24,000		74,512
Nippon Steel Corp. (a)		144,000		467,313
Nippon Telegraph & Telephone Corp.		13,838		672,879
Nippon Yusen Kabushiki Kaisha (a)		46,000		171,267
Nishi-Nippon City Bank Ltd.		22,000		65,136
Nissan Motor Co., Ltd.		70,500		740,057
Nisshin Seifun Group, Inc.		6,000		74,966
Nisshin Steel Co., Ltd.		22,000		42,040
Nissin Foods Holdings Co., Ltd. (a)		1,300		47,311
Nitori Holdings Co., Ltd. (a)		950		90,274
Nitto Denko Corp.		4,600		233,661
NKSJ Holdings, Inc.		43,000		283,708
NOK Corp. (a)		3,300		56,469
Nomura Holdings, Inc. (a)		99,900		494,267
Nomura Real Estate Holdings, Inc.		3,100		51,754
Nomura Real Estate Office Fund, Inc. (REIT)		9		59,787
Nomura Research Institute Ltd. (a)		3,300		72,230
NSK Ltd.		11,000		109,703
NTN Corp.		15,000		85,357
NTT Data Corp.		38		126,282
NTT DoCoMo, Inc.		439		783,151
NTT Urban Development Corp.		39		33,531
Obayashi Corp. (a)		15,000		65,412
Odakyu Electric Railway Co., Ltd. (a)		17,000		135,019
OJI Paper Co., Ltd.		23,000		110,237
Olympus Corp. (a)		5,900		198,857
Omron Corp.		5,900		163,991
Ono Pharmaceutical Co., Ltd.		2,400		128,116
Oracle Corp.		1,000		43,576
Oriental Land Co., Ltd.		1,400		118,675
ORIX Corp. (a)		2,940		286,003
Osaka Gas Co., Ltd.		54,000		205,111
Otsuka Corp. (a)		500		31,163
Otsuka Holdings KK		7,222		191,452
Panasonic Corp.		63,514		776,117
Rakuten, Inc. (a)		207		214,538
Resona Holdings, Inc. (a)		52,900		249,118
Ricoh Co., Ltd.		19,000		210,795
Rinnai Corp. (a)		1,000		72,334
ROHM Co., Ltd.		2,700		154,701
Sankyo Co., Ltd.		1,700		87,860
Santen Pharmaceutical Co., Ltd.		2,000		81,301
SBI Holdings, Inc.		566		52,520
Secom Co., Ltd.		6,100		292,949
Sega Sammy Holdings, Inc.		6,000		116,211
Seiko Epson Corp.		3,900		67,582
Sekisui Chemical Co., Ltd.		12,000		102,436
Sekisui House Ltd.		16,000		148,789
Seven & I Holdings Co., Ltd.		20,900		562,249
Seven Bank Ltd.		18		36,005
Sharp Corp.		29,000		264,493
Shikoku Electric Power Co., Inc.		5,200		118,116
Shimadzu Corp. (a)		5,000		45,829
Shimamura Co., Ltd. (a)		700		66,938
Shimano, Inc.		2,100		115,474
Shimizu Corp. (a)		18,000		74,892
Shin-Etsu Chemical Co., Ltd.		11,700		627,579
Shinsei Bank Ltd.		39,000		38,787
Shionogi & Co., Ltd.		8,000		131,056
Shiseido Co., Ltd.		10,100		188,887
Showa Denko KK (a)		45,000		93,420
Showa Shell Sekiyu KK		6,200		57,536
SMC Corp.		1,500		270,251
Softbank Corp. (a)		24,500		927,931
Sojitz Corp.		35,100		65,848
Sony Corp.		28,600		757,030
Sony Financial Holdings, Inc.		5,400		97,642
Square Enix Holdings Co., Ltd.		2,100		37,873
Stanley Electric Co., Ltd.		4,600		80,483
Sumco Corp.* (a)		3,800		64,179
Sumitomo Chemical Co., Ltd.		45,000		224,755
Sumitomo Corp.		32,700		445,703
Sumitomo Electric Industries Ltd.		21,700		316,671
Sumitomo Heavy Industries Ltd.		16,000		111,488
Sumitomo Metal Industries Ltd.		94,000		211,422
Sumitomo Metal Mining Co., Ltd.		15,000		246,239
Sumitomo Mitsui Financial Group, Inc.		38,591		1,187,675
Sumitomo Mitsui Trust Holdings, Inc.		88,100		307,348
Sumitomo Realty & Development Co., Ltd. (a)		10,000		223,571
Sumitomo Rubber Industries Ltd. (a)		5,400		65,382
Suzuken Co., Ltd.		2,000		46,219
Suzuki Motor Corp.		9,400		211,832
Sysmex Corp. (a)		2,100		78,990
T&D Holdings, Inc.		7,950		188,859
Taisei Corp.		29,000		66,477
Taisho Pharmaceutical Co., Ltd. (a)		3,000		67,635
Taiyo Nippon Sanso Corp.		7,000		55,850
Takashimaya Co., Ltd.		8,000		55,177
Takeda Pharmaceutical Co., Ltd.		22,600		1,045,272
TDK Corp.		3,700		203,759
Teijin Ltd. (a)		27,000		119,141
Terumo Corp.		4,800		259,384
The Bank of Kyoto Ltd. (a)		10,000		92,110
The Bank of Yokohama Ltd.		33,000		165,022
The Chiba Bank Ltd. (a)		23,000		144,197
The Chugoku Bank Ltd.		5,000		61,824
The Furukawa Electric Co., Ltd.		18,000		75,128
The Gunma Bank Ltd.		11,000		58,149
The Hachijuni Bank Ltd. (a)		13,258		74,530
The Hiroshima Bank Ltd.		16,000		69,820
The Iyo Bank Ltd.		6,000		55,265
The Joyo Bank Ltd.		18,000		75,728
The Shizuoka Bank Ltd.		18,000		165,506
The Suruga Bank Ltd. (a)		6,000		52,143
THK Co., Ltd.		3,000		76,366
Tobu Railway Co., Ltd.		28,000		117,972
Toho Co., Ltd.		3,600		59,898
Toho Gas Co., Ltd.		13,000		70,415
Tohoku Electric Power Co., Inc.		12,200		176,022
Tokio Marine Holdings, Inc.		20,700		581,550
Tokyo Electric Power Co., Inc. (a)		41,700		171,284
Tokyo Electron Ltd.		4,900		267,312
Tokyo Gas Co., Ltd.		75,000		339,274
Tokyu Corp.		31,000		129,027
Tokyu Land Corp.		13,000		55,169
TonenGeneral Sekiyu KK (a)		7,000		86,071
Toppan Printing Co., Ltd.		15,000		116,321
Toray Industries, Inc. (a)		42,000		310,831
Toshiba Corp.		115,000		608,632
Tosoh Corp. (a)		15,000		60,290
TOTO Ltd. (a)		8,000		62,210
Toyo Seikan Kaisha Ltd.		4,100		68,886
Toyo Suisan Kaisha Ltd.		2,000		47,271
Toyoda Gosei Co., Ltd.		2,100		47,620
Toyota Boshoku Corp.		2,200		36,454
Toyota Industries Corp.		5,200		171,296
Toyota Motor Corp.		78,400		3,300,860
Toyota Tsusho Corp.		6,100		104,545
Trend Micro, Inc.		2,800		86,931
Tsumura & Co.		2,000		63,993
Ube Industries Ltd.		29,000		87,347
Unicharm Corp.		3,000		131,103
Ushio, Inc. (a)		3,400		67,244
USS Co., Ltd.		640		49,645
West Japan Railway Co.		4,800		187,913
Yahoo! Japan Corp.		388		133,572
Yakult Honsha Co., Ltd. (a)		3,000		86,858
Yamada Denki Co., Ltd.		2,440		199,049
Yamaguchi Financial Group, Inc.		6,000		56,029
Yamaha Corp.		5,000		56,857
Yamaha Motor Co., Ltd.* (a)		7,500		137,750
Yamato Holdings Co., Ltd. (a)		11,400		179,058
Yamato Kogyo Co., Ltd. (a)		1,400		43,538
Yamazaki Baking Co., Ltd.		4,000		53,604
Yaskawa Electric Corp. (a)		7,000		78,519
Yokogawa Electric Corp.* (a)		6,200		53,167
(Cost $54,200,184)				66,352,714
Luxembourg 0.5%
ArcelorMittal		24,698		859,422
Millicom International Cellular SA (SDR) (a)		2,202		229,745
SES (FDR)		8,453		237,134
Tenaris SA (d)		13,374		305,359
(Cost $1,145,910)				1,631,660
Mauritius 0.0%
Essar Energy Ltd.* (a) (Cost $77,373)		9,197		60,390
Mexico 0.0%
Fresnillo PLC (Cost $59,410)		5,276		118,918
Netherlands 4.5%
Aegon NV* (a)		49,433		336,895
Akzo Nobel NV		6,582		415,210
ASML Holding NV (a)		12,413		457,326
Corio NV (REIT)		1,606		106,384
Delta Lloyd NV (a)		2,714		64,454
European Aeronautic Defence & Space Co. NV (a)		11,781		394,327
Fugro NV (CVA)		2,044		147,384
Heineken Holding NV		3,234		165,494
Heineken NV		7,480		449,899
ING Groep NV (CVA)*		109,449		1,350,086
Koninklijke (Royal) KPN NV		45,207		657,132
Koninklijke Ahold NV (a)		34,610		465,073
Koninklijke Boskalis Westminster NV		2,287		108,136
Koninklijke DSM NV		4,325		280,703
Koninklijke Philips Electronics NV		27,918		716,495
Koninklijke Vopak NV		2,096		102,711
PostNL NV		9,317		79,055
QIAGEN NV* (a)		7,045		135,056
Randstad Holding NV (a)		3,330		153,900
Reed Elsevier NV		19,253		258,559
Royal Dutch Shell PLC "A"		101,731		3,624,906
Royal Dutch Shell PLC "B"		76,975		2,747,722
SBM Offshore NV		4,591		121,444
TNT Express NV*		10,661		110,570
Unilever NV (CVA)		46,635		1,527,765
Wolters Kluwer NV (a)		8,248		182,771
(Cost $10,755,260)				15,159,457
New Zealand 0.1%
Auckland International Airport Ltd.		26,754		49,419
Contact Energy Ltd.*		8,468		37,631
Fletcher Building Ltd.		19,694		140,886
Sky City Entertainment Group Ltd.		17,085		51,336
Telecom Corp. of New Zealand Ltd.		55,246		112,081
(Cost $216,824)				391,353
Norway 0.8%
Aker Solutions ASA		4,501		90,107
DnB NOR ASA		28,183		392,847
Gjensidige Forsikring ASA		6,366		78,452
Norsk Hydro ASA (a)		25,825		197,745
Orkla ASA		23,025		218,797
Renewable Energy Corp. ASA* (a)		16,104		27,669
Seadrill Ltd. (a)		8,715		306,776
Statoil ASA		31,581		799,652
Telenor ASA		21,156		346,464
Yara International ASA		5,418		306,227
(Cost $1,181,964)				2,764,736
Portugal 0.3%
Banco Comercial Portugues SA (Registered)* (a)		89,021		52,909
Banco Espirito Santo SA (Registered)		14,369		53,528
CIMPOR — Cimentos de Portugal, SGPS, SA		5,927		45,289
EDP — Energias de Portugal SA		53,496		189,922
Galp Energia, SGPS, SA "B" (a)		6,887		164,295
Jeronimo Martins, SGPS, SA		6,458		124,060
Portugal Telecom, SGPS, SA (Registered) (a)		19,055		188,697
(Cost $705,400)				818,700
Singapore 1.6%
Ascendas Real Estate Investment Trust (REIT)		48,200		80,104
CapitaLand Ltd. (a)		71,125		169,150
CapitaMall Trust (REIT)		52,870		80,636
CapitaMalls Asia Ltd. (a)		44,360		53,325
City Developments Ltd. (a)		15,000		127,520
ComfortDelGro Corp., Ltd.		61,000		72,510
Cosco Corp., (Singapore) Ltd. (a)		33,000		52,669
DBS Group Holdings Ltd.		50,084		599,486
Fraser & Neave Ltd.		25,488		120,328
Global Logistic Properties Ltd.* (a)		51,000		85,666
Golden Agri-Resources Ltd.		191,373		106,354
Hutchison Port Holdings Trust (Units)*		150,000		126,962
Jardine Cycle & Carriage Ltd.		2,604		91,522
Keppel Corp., Ltd.		40,149		363,279
Keppel Land Ltd. (a)		22,749		67,336
Neptune Orient Lines Ltd. (a)		26,000		32,529
Olam International Ltd. (a)		38,898		86,501
Oversea-Chinese Banking Corp., Ltd.		72,173		550,751
SembCorp Industries Ltd.		27,449		111,927
SembCorp Marine Ltd.		23,600		102,251
Singapore Airlines Ltd.		14,670		169,587
Singapore Exchange Ltd. (a)		26,000		159,612
Singapore Press Holdings Ltd. (a)		43,758		139,082
Singapore Technologies Engineering Ltd.		47,000		115,586
Singapore Telecommunications Ltd.		228,301		587,952
StarHub Ltd.		20,000		45,443
United Overseas Bank Ltd.		36,822		591,599
UOL Group Ltd.		12,544		50,992
Wilmar International Ltd.		55,000		243,171
Yangzijiang Shipbuilding Holdings Ltd.		54,569		65,161
(Cost $2,772,740)				5,248,991
Spain 3.5%
Abertis Infraestructuras SA (a)		10,225		228,435
Acciona SA (a)		796		84,489
Acerinox SA (a)		3,075		56,052
ACS, Actividades de Construccion y Servicios SA (a)		4,073		192,087
Amadeus IT Holding SA "A"* (a)		6,832		142,123
Banco Bilbao Vizcaya Argentaria SA (a)		121,067		1,418,989
Banco de Sabadell SA (a)		31,857		131,669
Banco Popular Espanol SA		26,892		151,359
Banco Santander SA		240,361		2,773,394
Bankinter SA (a)		4,812		32,661
Criteria Caixacorp SA (a)		23,866		166,482
EDP Renovaveis SA*		7,120		46,971
Enagas (a)		5,106		123,815
Ferrovial SA (a)		10,786		136,196
Fomento de Construcciones y Contratas SA (a)		1,296		39,516
Gas Natural SDG SA (a)		9,174		192,340
Grifols SA (a)		4,444		89,172
Iberdrola Renovables SA (a)		24,323		107,442
Iberdrola SA*		108,825		968,544
Indra Sistemas SA (a)		3,035		62,769
Industria de Diseno Textil SA		6,211		567,169
Mapfre SA		21,471		79,637
Mapfre SA (Entitlement Shares)		549		2,038
Mediaset Espana Comunicacion SA (a)		4,240		36,838
Red Electrica Corporacion SA		3,027		182,913
Repsol YPF SA (a)		22,602		784,714
Telefonica SA (a)		117,181		2,865,538
Zardoya Otis SA		3,699		54,476
(Cost $7,842,905)				11,717,828
Sweden 3.0%
Alfa Laval AB (a)		9,570		206,235
Assa Abloy AB "B" (a)		8,900		239,205
Atlas Copco AB "A"		19,277		507,472
Atlas Copco AB "B"		11,234		264,477
Boliden AB		7,672		141,820
Electrolux AB "B" (a)		6,720		160,352
Getinge AB "B"		5,690		152,721
Hennes & Mauritz AB "B" (a)		29,232		1,007,450
Hexagon AB "B" (a)		7,240		178,306
Holmen AB "B" (a)		1,734		54,061
Husqvarna AB "B" (a)		12,152		80,415
Industrivarden AB "C" (a)		2,946		48,751
Investor AB "B" (a)		13,018		298,286
Kinnevik Investment AB "B"		5,715		126,900
Modern Times Group "B" (a)		1,341		88,605
Nordea Bank AB		75,551		811,844
Ratos AB "B"		5,327		102,257
Sandvik AB (a)		28,721		503,601
Scania AB "B" (a)		9,032		209,492
Securitas AB "B"		8,322		88,075
Skandinaviska Enskilda Banken AB "A"		40,278		329,242
Skanska AB "B"		11,351		203,155
SKF AB "B" (a)		11,126		321,918
SSAB AB "A"		3,988		59,617
Svenska Cellulosa AB "B" (a)		16,182		227,856
Svenska Handelsbanken AB "A"		13,934		429,812
Swedbank AB "A"		23,173		389,209
Swedish Match AB (a)		6,363		213,374
Tele2 AB "B" (a)		8,608		170,122
Telefonaktiebolaget LM Ericsson "B"		86,153		1,239,099
TeliaSonera AB (a)		62,674		459,776
Volvo AB "B"		39,776		694,928
(Cost $4,246,725)				10,008,433
Switzerland 8.7%
ABB Ltd. (Registered)* (a)		62,332		1,616,352
Actelion Ltd. (Registered)* (a)		3,012		148,312
Adecco SA (Registered)* (a)		3,693		236,771
Aryzta AG (a)		2,344		125,603
Baloise Holding AG (Registered)		1,263		130,218
Compagnie Financiere Richemont SA "A"		14,950		978,969
Credit Suisse Group AG (Registered)*		32,336		1,256,845
GAM Holding Ltd.*		6,250		102,554
Geberit AG (Registered)* (a)		1,088		257,792
Givaudan SA (Registered)* (a)		231		244,396
Glencore International PLC		23,428		184,620
Holcim Ltd. (Registered)*		7,106		536,286
Julius Baer Group Ltd.* (a)		5,841		241,096
Kuehne & Nagel International AG (Registered) (a)		1,591		241,476
Lindt & Spruengli AG		28		87,257
Lindt & Spruengli AG (Registered)		3		109,304
Lonza Group AG (Registered)*		1,382		108,161
Nestle SA (Registered) (a)		98,999		6,152,714
Novartis AG (Registered) (a)		66,626		4,081,340
Pargesa Holding SA (Bearer)		654		60,579
Roche Holding AG (Genusschein)		20,050		3,354,346
Schindler Holding AG		1,337		162,530
Schindler Holding AG (Registered)		569		69,100
SGS SA (Registered)		155		294,254
Sika AG (Bearer) (a)		58		139,751
Sonova Holding AG (Registered)*		1,409		131,889
STMicroelectronics NV (a)		18,682		186,191
Straumann Holding AG (Registered)		254		61,305
Sulzer AG (Registered) (a)		657		106,906
Swatch Group AG (Bearer) (a)		874		440,964
Swatch Group AG (Registered) (a)		1,182		106,151
Swiss Life Holding AG (Registered)* (a)		840		137,721
Swiss Re Ltd.* (a)		10,345		580,895
Swisscom AG (Registered)		670		307,054
Syngenta AG (Registered)*		2,676		903,365
Synthes, Inc. 144A, REG S		1,857		327,001
Transocean Ltd. (a)		9,178		598,448
UBS AG (Registered)*		103,299		1,883,668
Wolseley PLC		8,015		261,407
Xstrata PLC		59,185		1,305,254
Zurich Financial Services AG*		4,167		1,053,195
(Cost $15,360,347)				29,312,040
United Kingdom 18.2%
3i Group PLC		28,276		127,553
Admiral Group PLC		5,838		155,536
Aggreko PLC		7,748		239,889
AMEC PLC		9,200		160,776
Anglo American PLC		37,606		1,863,667
Antofagasta PLC		11,177		250,090
ARM Holdings PLC		37,471		354,385
Associated British Foods PLC		10,698		185,957
AstraZeneca PLC		39,714		1,982,988
Autonomy Corp. PLC*		6,503		178,170
Aviva PLC (a)		79,689		561,099
Babcock International Group PLC		10,262		117,256
BAE Systems PLC		96,227		491,918
Balfour Beatty PLC		19,458		96,348
Barclays PLC		328,967		1,354,097
BG Group PLC		96,704		2,194,750
BHP Billiton PLC		62,196		2,437,802
BP PLC		541,590		3,990,433
British American Tobacco PLC		57,064		2,501,307
British Land Co. PLC (REIT)		23,930		233,749
British Sky Broadcasting Group PLC		34,295		465,782
BT Group PLC		218,776		709,632
Bunzl PLC		9,488		118,782
Burberry Group PLC		12,867		299,158
Cairn Energy PLC*		40,505		269,673
Capita Group PLC		17,286		198,510
Capital Shopping Centers Group PLC (REIT)		15,635		100,253
Carnival PLC (a)		5,105		197,863
Centrica PLC		146,735		761,417
Cobham PLC		34,762		117,969
Compass Group PLC		54,423		524,979
Diageo PLC (a)		71,493		1,460,754
Eurasian Natural Resources Corp. (e)		7,360		92,323
G4S PLC		39,038		175,313
GlaxoSmithKline PLC		148,131		3,171,583
Hammerson PLC (REIT) (a)		19,331		149,305
Home Retail Group PLC (a)		25,193		66,138
HSBC Holdings PLC		505,210		5,011,951
ICAP PLC (a)		16,979		128,846
Imperial Tobacco Group PLC		29,126		968,391
Inmarsat PLC		12,994		115,993
InterContinental Hotels Group PLC		8,316		170,181
International Consolidated Airlines Group SA* (a) (c)		8,720		35,360
International Consolidated Airlines Group SA* (c)		17,946		73,175
International Power PLC		43,867		226,501
Intertek Group PLC		4,606		145,858
Invensys PLC		24,215		125,118
Investec PLC		14,294		115,745
ITV PLC*		104,736		120,097
J Sainsbury PLC		35,916		189,886
Johnson Matthey PLC		6,321		199,461
Kazakhmys PLC		5,872		130,234
Kingfisher PLC		66,981		287,260
Land Securities Group PLC (REIT)		21,739		297,247
Legal & General Group PLC		168,029		318,783
Lloyds Banking Group PLC*		1,170,114		919,432
London Stock Exchange Group PLC		4,127		70,238
Lonmin PLC		4,607		107,444
Man Group PLC		52,604		199,881
Marks & Spencer Group PLC (a)		45,810		265,724
National Grid PLC		100,080		984,858
Next PLC (a)		5,005		186,918
Old Mutual PLC		159,631		341,796
Pearson PLC		23,036		436,360
Petrofac Ltd.		7,679		186,603
Prudential PLC (a)		71,899		830,903
Reckitt Benckiser Group PLC		17,580		970,650
Reed Elsevier PLC		34,367		312,547
Rexam PLC		26,005		159,744
Rio Tinto PLC		41,224		2,976,758
Rolls-Royce Holdings PLC*		53,113		549,855
Royal Bank of Scotland Group PLC*		512,984		317,988
RSA Insurance Group PLC		97,108		210,077
SABMiller PLC		27,193		991,412
Schroders PLC		3,304		82,037
Scottish & Southern Energy PLC		26,602		595,010
Segro PLC (REIT)		20,645		103,424
Serco Group PLC (a)		14,165		125,536
Severn Trent PLC		6,759		159,584
Shire PLC		16,186		505,290
Smith & Nephew PLC		24,717		263,698
Smiths Group PLC		11,160		215,125
Standard Chartered PLC		66,868		1,757,133
Standard Life PLC (a)		65,918		222,713
Subsea 7 SA* (a)		8,097		207,123
Tesco PLC		229,117		1,479,748
The Sage Group PLC		37,471		173,750
The Weir Group PLC		5,892		201,152
Tui Travel PLC (a)		12,902		46,505
Tullow Oil PLC (a)		25,189		501,333
Unilever PLC		36,614		1,181,562
United Utilities Group PLC		20,113		193,245
Vedanta Resources PLC		3,428		115,313
Vodafone Group PLC		1,479,011		3,930,667
Whitbread PLC		5,317		137,823
William Morrison Supermarkets PLC		63,511		303,465
WPP PLC		35,687		446,781
(Cost $44,516,218)				60,984,496
Total Common Stocks (Cost $220,708,587)				327,325,382
Preferred Stocks 0.5%
Germany
Bayerische Motoren Werke (BMW) AG		1,454		92,421
Henkel AG & Co. KGaA (a)		5,168		358,299
Porsche Automobil Holding SE (a)		4,314		342,195
ProSiebenSat.1 Media AG* (a)		2,027		57,463
RWE AG (a)		1,086		55,364
Volkswagen AG		4,130		851,503
Total Preferred Stocks (Cost $735,805)				1,757,245
Rights 0.0%
Spain
Criteria Caixacorp SA, Expiration Date 7/15/11* (a)		23,866		1,800
Zardoya Otis SA, Expiration Date 7/6/2011*		3,680		2,791
Total Rights (Cost $6,966)				4,591
Exchange-Traded Fund 0.1%
iShares MSCI EAFE Index Fund (Cost $369,090)		6,000		360,840
Securities Lending Collateral 20.3%
Daily Assets Fund Institutional, 0.13% (d) (e) (Cost $67,849,437)		67,849,437		67,849,437
Cash Equivalents 0.5%
Central Cash Management Fund, 0.11% (d) (Cost $1,720,864)		1,720,864		1,720,864

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $291,390,749)+		119.0			399,018,359
Other Assets and Liabilities, Net (a)		(19.0	)		(63,679,576	)
Net Assets		100.0			335,338,783

* Non-income producing security.

+The cost for federal income tax purposes was $300,323,798. At June 30, 2011, net unrealized appreciation for all securities based on tax cost was $98,694,561. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $127,366,654 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $28,672,093.

(a) All or a portion of these securities were on loan amounting to $65,571,501. In addition, included in other assets and liabilities, net are pending sales, amounting to $73,013, that are also on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2011 amounted to $65,644,514, which is 19.6% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

(c) Securities with the same description are the same corporate entity but trade on different stock exchanges.

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

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

CDI: Chess Depositary Interest

CVA: Certificaten Van Aandelen

EAFE: Europe, Australasia and Far East

FDR: Fiduciary Depositary Receipt

MSCI: Morgan Stanley Capital International

PPS: Price Protected Shares

REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

SDR: Swedish Depositary Receipt

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

Futures	Currency	Expiration Date	Contracts		Notional Value ($)		Unrealized Appreciation ($)
ASX SPI 200 Index	AUD	9/15/2011		5		616,851		9,787
Euro Stoxx 50 Index	EUR	9/16/2011		56		2,312,815		57,758
FTSE 100 Index	GBP	9/16/2011		18		1,705,180		37,713
Hang Seng Index	HKD	7/28/2011		1		144,107		1,439
Nikkei 225 Index	JPY	9/8/2011		22		1,341,097		62,191
Total unrealized appreciation								168,888

At June 30, 2011, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation ($)		Counterparty
USD	27,000	AUD	25,749	9/21/2011		618	Citigroup, Inc.
USD	500,000	EUR	354,126	9/21/2011		13,536	UBS AG
USD	270,000	EUR	189,053	9/21/2011		3,512	Citigroup, Inc.
CHF	15,066	USD	18,000	9/21/2011		71	Citigroup, Inc.
GBP	62,079	USD	100,000	9/21/2011		466	Morgan Stanley
Total unrealized appreciation						18,203

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Depreciation ($)			Counterparty
USD	670,000	EUR	460,798	9/21/2011		(3,344	)	Citigroup, Inc.
USD	39,000	HKD	303,298	9/21/2011		(24	)	UBS AG
USD	520,000	GBP	318,495	9/21/2011		(9,347	)	The Goldman Sachs & Co.
USD	217,000	JPY	17,330,987	9/21/2011		(1,620	)	Morgan Stanley
EUR	222,383	USD	320,000	9/21/2011		(1,731	)	Royal Bank of Scotland PLC
Total unrealized depreciation						(16,066	)

Currency Abbreviations

AUD Australian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

USD United States Dollar

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

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund's investments. For information on the Fund'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 Stock and/or Other Equity Investments (f)
Australia	$	—	$	28,367,837	$	0	$	28,367,837
Austria		—		1,092,001		—		1,092,001
Belgium		—		3,148,455		—		3,148,455
Channel Islands		—		402,175		—		402,175
Cyprus		—		71,629		—		71,629
Denmark		—		3,489,620		—		3,489,620
Finland		—		3,205,470		—		3,205,470
France		—		32,732,122		—		32,732,122
Germany		—		29,522,950		—		29,522,950
Greece		—		681,225		—		681,225
Hong Kong		—		9,433,376		—		9,433,376
Ireland		—		1,260,180		—		1,260,180
Israel		—		2,322,176		—		2,322,176
Italy		—		8,783,695		—		8,783,695
Japan		—		66,352,714		—		66,352,714
Luxembourg		—		1,631,660		—		1,631,660
Mauritius		—		60,390		—		60,390
Mexico		—		118,918		—		118,918
Netherlands		—		15,159,457		—		15,159,457
New Zealand		—		391,353		—		391,353
Norway		—		2,764,736		—		2,764,736
Portugal		—		818,700		—		818,700
Singapore		—		5,248,991		—		5,248,991
Spain		—		11,722,419		—		11,722,419
Sweden		—		10,008,433		—		10,008,433
Switzerland		—		29,312,040		—		29,312,040
United Kingdom		—		60,984,496		—		60,984,496
Exchange-Traded Fund		360,840		—		—		360,840
Short-Term Investments (f)		69,570,301		—		—		69,570,301
Derivatives (g)		168,888		18,203		—		187,091
Total	$	70,100,029	$	329,105,421	$	0	$	399,205,450

Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)	$	—	$	(16,066	)	$	—	$	(16,066	)
Total	$	—	$	(16,066	)	$	—	$	(16,066	)

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

(f) See Investment Portfolio for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts.

Level 3 Reconciliation

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value:

	Common Stock and/or Other Equity Investments
	Australia		United Kingdom			Total
Balance as of December 31, 2010	$	0	$	5,683		$	5,683
Realized gain (loss)		—		6			6
Change in unrealized appreciation (depreciation)		0		91			91
Amortization premium/discount		—		—			—
Purchases		—		—			—
(Sales)		—		(5,780	)		(5,780	)
Transfers into Level 3		—		—			—
Transfers (out) of Level 3		—		—			—
Balance as of June 30, 2011	$	0	$	—		$	0
Net change in unrealized appreciation (depreciation) from investments still held at June 30, 2011	$	0	$	—		$	0

Transfers between price levels are recognized at the beginning of the reporting period.

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 $221,820,448) — including $65,571,501 of securities loaned	$	329,448,058
Investment in Daily Assets Fund Institutional (cost $67,849,437)*		67,849,437
Investment in Central Cash Management Fund (cost $1,720,864)		1,720,864
Total investments in securities, at value (cost $291,390,749)		399,018,359
Cash		10,000
Foreign currency, at value (cost $1,942,456)		1,918,974
Deposits with broker for futures contracts		1,221,660
Receivable for investments sold		14,419
Receivable for Fund shares sold		234,687
Dividends receivable		775,886
Interest receivable		71,339
Receivable for variation margin on futures contracts		168,888
Unrealized appreciation on forward foreign currency exchange contracts		18,203
Foreign taxes recoverable		337,521
Other assets		18,441
Total assets		403,808,377
Liabilities
Payable upon return of securities loaned		67,849,437
Payable for investments purchased		52,389
Payable for Fund shares redeemed		298,513
Unrealized depreciation on forward foreign currency exchange contracts		16,066
Accrued management fee		67,289
Other accrued expenses and payables		185,900
Total liabilities		68,469,594
Net assets, at value	$	335,338,783

* Represents collateral on securities loaned

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

Statement of Assets and Liabilities as of June 30, 2011 (Unaudited) (continued)
Net Assets Consist of
Undistributed net investment income		3,776,016
Net unrealized appreciation (depreciation) on: Investments		107,627,610
Futures		168,888
Foreign currency		63,966
Accumulated net realized gain (loss)		(56,982,750	)
Paid-in capital		280,685,053
Net assets, at value	$	335,338,783
Net Asset Value
Net Asset Value, offering and redemption price(a) per share ($335,338,783 ÷ 25,050,915 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	13.39

(a)Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

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 $679,753)	$	7,012,514
Interest		3,054
Interest		3,054
Income distributions — Central Cash Management Fund		809
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		196,134
Total income		7,212,511
Expenses: Management fee		413,271
Administration fee		165,309
Services to shareholders		53,608
Custodian fee		73,612
Professional fees		42,830
Reports to shareholders		20,077
Registration fees		11,635
Trustees' fees and expenses		5,481
Other		23,947
Total expenses		809,770
Net investment income		6,402,741
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		1,702,980
Futures		(68,667	)
Foreign currency		248,310
		1,882,623
Change in net unrealized appreciation (depreciation) on: Investments		9,510,482
Futures		204,836
Foreign currency		(9,476	)
		9,705,842
Net gain (loss)		11,588,465
Net increase (decrease) in net assets resulting from operations	$	17,991,206

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)	$	6,402,741		$	7,688,039
Net realized gain (loss)		1,882,623			(7,259,638	)
Change in net unrealized appreciation (depreciation)		9,705,842			24,167,251
Net increase (decrease) in net assets resulting from operations		17,991,206			24,595,652
Distributions to shareholders from: Net investment income		(1,262,723	)		(8,456,229	)
Fund share transactions: Proceeds from shares sold		37,476,822			70,847,987
Reinvestment of distributions		1,237,247			8,307,717
Payments for shares redeemed		(42,714,583	)		(108,811,142	)
Redemption fees		1,277			4,552
Net increase (decrease) in net assets from Fund share transactions		(3,999,237	)		(29,650,886	)
Increase (decrease) in net assets		12,729,246			(13,511,463	)
Net assets at beginning of period		322,609,537			336,121,000
Net assets at end of period (including undistributed net investment income and distributions in excess of net investment income of $3,776,016 and $1,364,002, respectively)	$	335,338,783		$	322,609,537

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

Financial Highlights

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
				2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	12.73		$	12.14		$	9.64		$	17.39		$	16.17		$	13.15
Income (loss) from investment operations: Net investment income (loss)a		.26			.28			.27			.45			.42			.35
Net realized and unrealized gain (loss)		.45			.65			2.53			(7.84	)		1.30			3.03
Total from investment operations		.71			.93			2.80			(7.39	)		1.72			3.38
Less distributions from: Net investment income		(.05	)		(.34	)		(.30	)		(.36	)		(.50	)		(.36	)
Redemption fees		.00	***		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	13.39		$	12.73		$	12.14		$	9.64		$	17.39		$	16.17
Total Return (%)		5.59	**		7.67			29.27			(42.46	)		10.71			25.69	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		335			323			336			255			475			400
Ratio of expenses before expense reductions (%)		.49	*		.51			.52			.52			.47			.55
Ratio of expenses after expense reductions (%)		.49	*		.51			.52			.52			.47			.45
Ratio of net investment income (loss) (%)		3.87	*		2.37			2.61			3.18			2.40			2.40
Portfolio turnover rate (%)		2	**		5			9			16			7			8	c
aBased on average shares outstanding during the period. bTotal return would have been lower had certain expenses not been reduced. cOn January 13, 2006, the DWS EAFE® Equity Index Portfolio was closed. This ratio includes the purchases and sales of portfolio securities of the DWS EAFE® Equity Index Fund as a stand-alone fund in addition to the DWS EAFE® Equity Index Portfolio. *Annualized **Not annualized ***Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS EAFE® Equity Index Fund (the "Fund") is a diversified series of the 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's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

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

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

Equity securities and exchange-traded funds ("ETFs") 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 or ETFs 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. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2.

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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Fund'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.

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

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

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

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

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.

Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

At December 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $50,043,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2011 ($145,000), December 31, 2016 ($10,353,000), December 31, 2017 ($33,094,000) and December 31, 2018 ($6,451,000), the respective expiration dates, whichever occurs first.

In addition, from November 1, 2010 through December 31, 2010, the Fund incurred approximately $2,393,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended December 31, 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. 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 return 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 annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital 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 passive foreign investment companies, foreign denominated investments, futures contracts, forward currency contracts, certain securities sold at a loss and recognition of certain foreign currency gains (losses) as ordinary income (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.

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

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.

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

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

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 Fund entered into futures contracts as a means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.

Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to depositwith a financial intermediary cash or securities ("initial margin") in an amount equal to acertain percentage of the face value indicated in the futures contract.Subsequent payments ("variation margin") are made or received by theFund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes asunrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts areexchange traded, counterparty risk is minimized as the exchange'sclearinghouse 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 Fund'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 Fund's Investment Portfolio. For the period ended June 30, 2011, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $4,298,000 to $6,120,000.

Forward Foreign Currency Exchange Contracts. A forward foreign currency exchange contract ("forward currency contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended June 30, 2011, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated assets and to facilitate transactions in foreign currency denominated securities.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of June 30, 2011, is included in a table following the Fund's Investment Portfolio. For the period ended June 30, 2011, the investment in forward currency contracts US dollars purchased had a total contract value generally indicative of a range from approximately $438,000 to $1,889,000, and the investment in forward currency contracts US dollars sold had a total contract value generally indicative of a range from approximately $129,000 to $3,966,000.

The following tables summarize the value of the Fund's derivative instruments held as of June 30, 2011 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivatives	Forward Contracts		Futures Contracts		Total
Equity Contracts (a)	$	—	$	168,888	$	168,888
Foreign Exchange Contracts (b)		18,203		—		18,203
	$	18,203	$	168,888	$	187,091

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Unrealized appreciation on futures contracts. 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.

(b) Unrealized appreciation on forward foreign currency exchange contracts

Liability Derivative	Forward Contracts
Foreign Exchange Contracts (a)	$	(16,066	)

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Unrealized depreciation on forward foreign currency exchange contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the period 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)	Forward Contracts		Futures Contracts			Total
Equity Contracts (a)	$	—	$	(68,667	)	$	(68,667	)
Foreign Exchange Contracts (b)		205,570		—			205,570
	$	205,570	$	(68,667	)	$	136,903

Each of the above derivatives is located in the following Statement of Operations accounts:

(a) Net realized gain (loss) from futures

(b) Net realized gain (loss) from foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts			Futures Contracts		Total
Equity Contracts (a)	$	—		$	204,836	$	204,836
Foreign Exchange Contracts (b)		(20,865	)		—		(20,865	)
	$	(20,865	)	$	204,836	$	183,971

Each of the above derivatives is located in the following Statement of Operations accounts:

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

(b) Change in net unrealized appreciation (depreciation) on foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

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 $8,065,699 and $7,540,863, respectively.

D. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold, or entered into by the Fund or delegates such responsibility to the Fund's subadvisor.

Northern Trust Investments, Inc. ("NTI") serves as subadvisor. As a subadvisor to the Fund, NTI makes investment decisions and buys and sells securities for the Fund. NTI is paid by the Advisor for the services NTI provides to the Fund.

The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.25% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

Administration Fee. Pursuant to the 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 $165,309, of which $26,915 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 compensates DST out of the shareholder servicing fee it receives from the Fund. DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. For the six months ended June 30, 2011, the amount charged to the Fund by DISC aggregated $47,153, of which $29,035 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.

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 $9,955, of which $6,554 is unpaid.

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 Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at 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 Fund 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.

F. 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		2,836,877		$	37,476,822			6,005,557		$	70,847,987
Shares issued to shareholders in reinvestment of distributions		94,519		$	1,237,247			661,537		$	8,307,717
Shares redeemed		(3,230,260	)	$	(42,714,583	)		(9,003,870	)	$	(108,811,142	)
Redemption fees				$	1,277					$	4,552
Net increase (decrease)		(298,864	)	$	(3,999,237	)		(2,336,776	)	$	(29,650,886	)

G. 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, there was one non-affiliated shareholder account which held approximately 28% and one affiliated shareholder account which held approximately 17% of the outstanding shares of the Fund.

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. 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
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

	Institutional Class
Nasdaq Symbol	BTAEX
CUSIP Number	23339C 768
Fund Number	558

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

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.

Form N-CSRS Item F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	DWS EAFE Equity Index Fund, a series of DWS Institutional Funds
By:	/s/W. Douglas Beck W. Douglas Beck President
Date:	August 29, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/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