UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number:  811-07507

DWS Investments VIT Funds

 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-3220

Paul Schubert

60 Wall Street

New York, NY 10005

 (Name and Address of Agent for Service)

Date of fiscal year end:	12/31
Date of reporting period:	6/30/2012

ITEM 1. REPORT TO STOCKHOLDERS

JUNE 30, 2012

SEMIANNUAL REPORT

DWS INVESTMENTS VIT FUNDS

DWS Equity 500 Index VIP

Contents

3 Performance Summary

4 Portfolio Summary

6 Portfolio Management

7 Investment Portfolio

19 Statement of Assets and Liabilities

20 Statement of Operations

21 Statement of Changes in Net Assets

23 Financial Highlights

25 Notes to Financial Statements

30 Information About Your Fund's Expenses

31 Proxy Voting

32 Summary of Management Fee Evaluation by Independent Fee Consultant

This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. 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 derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. The Fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the U.S., 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, 2012 (Unaudited)

Fund performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please contact your participating insurance company for the Fund's most recent month-end performance. Performance figures for Classes A, B and B2 differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option. These charges and fees will reduce returns.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2012 are 0.33%, 0.58% and 0.73% for Class A, Class B and Class B2 shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Growth of an Assumed $10,000 Investment
	The Standard & Poor's 500® (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Yearly periods ended June 30

Comparative Results (as of June 30, 2012)
DWS Equity 500 Index VIP		6-Month‡			1-Year			3-Year			5-Year			10-Year
Class A	Growth of $10,000	$	10,930		$	10,516		$	15,628		$	9,988		$	16,400
	Average annual total return		9.30	%		5.16	%		16.05	%		-0.02	%		5.07	%
S&P 500 Index	Growth of $10,000	$	10,949		$	10,545		$	15,770		$	10,109		$	16,813
	Average annual total return		9.49	%		5.45	%		16.40	%		0.22	%		5.33	%
DWS Equity 500 Index VIP		6-Month‡			1-Year			3-Year			5-Year			10-Year
Class B	Growth of $10,000	$	10,919		$	10,489		$	15,522		$	9,864		$	16,004
	Average annual total return		9.19	%		4.89	%		15.78	%		-0.27	%		4.82	%
S&P 500 Index	Growth of $10,000	$	10,949		$	10,545		$	15,770		$	10,109		$	16,813
	Average annual total return		9.49	%		5.45	%		16.40	%		0.22	%		5.33	%
DWS Equity 500 Index VIP		6-Month‡			1-Year			3-Year			5-Year			Life of Class*
Class B2	Growth of $10,000	$	10,910		$	10,473		$	15,455		$	9,801		$	12,177
	Average annual total return		9.10	%		4.73	%		15.62	%		-0.40	%		2.95	%
S&P 500 Index	Growth of $10,000	$	10,949		$	10,545		$	15,770		$	10,109		$	12,782
	Average annual total return		9.49	%		5.45	%		16.40	%		0.22	%		3.70	%

The growth of $10,000 is cumulative.

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

* The Fund commenced offering Class B2 shares on September 16, 2005. The performance shown for the index is for the time period of September 30, 2005 through June 30, 2012, which is based on the performance period of the life of the class.

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	6/30/12			12/31/11
Common Stocks		99	%		99	%
Cash Equivalents*		1	%		1	%
		100	%		100	%

Sector Diversification (As a % of Common Stocks)	6/30/12			12/31/11
Information Technology		20	%		19	%
Financials		14	%		14	%
Health Care		12	%		12	%
Consumer Staples		11	%		11	%
Consumer Discretionary		11	%		11	%
Energy		11	%		12	%
Industrials		11	%		11	%
Utilities		4	%		4	%
Materials		3	%		3	%
Telecommunication Services		3	%		3	%
		100	%		100	%

Ten Largest Equity Holdings (20.8% of Net Assets)
1. Apple, Inc. Designs, manufactures and markets personal computers and related computing and mobile communication devices	4.4%
2. Exxon Mobil Corp. Explorer and producer of oil and gas	3.2%
3. Microsoft Corp. Develops, manufactures, licenses, sells and supports software products	1.9%
4. International Business Machines Corp. Manufacturer of computers and provider of information processing services	1.8%
5. General Electric Co. A diversified company provider of services to the technology, media and financial industries	1.8%
6. AT&T, Inc. An integrated telecommunications company	1.7%
7. Chevron Corp. Operator of petroleum exploration, delivery and refining facilities	1.7%
8. Johnson & Johnson Provider of health care products	1.5%
9. Wells Fargo & Co. A diversified financial company	1.4%
10. Coca-Cola Co. Bottler and distributor of soft drinks	1.4%

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

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund's investment portfolio, see page 7.

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.

Portfolio Management

Brent Reeder

Portolio Manager and Senior Vice President, Northern Trust Investments, Inc., Subadvisor to the Fund

Investment Portfolio June 30, 2012 (Unaudited)

	Shares		Value ($)
Common Stocks 99.2%
Consumer Discretionary 10.8%
Auto Components 0.2%
BorgWarner, Inc.* (a)		6,836		448,373
Goodyear Tire & Rubber Co.*		14,024		165,624
Johnson Controls, Inc.		39,697		1,100,004
				1,714,001
Automobiles 0.4%
Ford Motor Co. (a)		224,279		2,150,835
Harley-Davidson, Inc.		13,775		629,931
				2,780,766
Distributors 0.1%
Genuine Parts Co.		9,299		560,265
Diversified Consumer Services 0.1%
Apollo Group, Inc. "A"*		6,263		226,658
DeVry, Inc.		3,455		107,001
H&R Block, Inc.		17,896		285,978
				619,637
Hotels, Restaurants & Leisure 1.9%
Carnival Corp.		26,720		915,694
Chipotle Mexican Grill, Inc.*		1,876		712,786
Darden Restaurants, Inc. (a)		7,631		386,358
International Game Technology		17,850		281,138
Marriott International, Inc. "A" (a)		15,732		616,694
McDonald's Corp. (a)		59,555		5,272,404
Starbucks Corp.		44,462		2,370,714
Starwood Hotels & Resorts Worldwide, Inc.		11,547		612,453
Wyndham Worldwide Corp. (a)		8,629		455,093
Wynn Resorts Ltd.		4,631		480,327
Yum! Brands, Inc. (a)		26,887		1,732,061
				13,835,722
Household Durables 0.2%
D.R. Horton, Inc.		16,195		297,664
Harman International Industries, Inc.		4,023		159,311
Leggett & Platt, Inc. (a)		8,242		174,153
Lennar Corp. "A" (a)		9,390		290,245
Newell Rubbermaid, Inc.		17,127		310,684
Pulte Group, Inc.* (a)		19,089		204,252
Whirlpool Corp.		4,487		274,425
				1,710,734
Internet & Catalog Retail 1.0%
Amazon.com, Inc.*		21,132		4,825,492
Expedia, Inc. (a)		5,171		248,570
Netflix, Inc.* (a)		3,128		214,174
Priceline.com, Inc.*		2,916		1,937,741
TripAdvisor, Inc.*		5,593		249,951
				7,475,928
Leisure Equipment & Products 0.1%
Hasbro, Inc.		6,824		231,129
Mattel, Inc. (a)		19,798		642,247
				873,376
Media 3.4%
Cablevision Systems Corp. (New York Group) "A"		13,294		176,677
CBS Corp. "B"		37,961		1,244,362
Comcast Corp. "A"		157,747		5,043,172
	Shares		Value ($)
DIRECTV "A"*		38,418		1,875,567
Discovery Communications, Inc. "A"*		15,115		816,210
Gannett Co., Inc.		13,694		201,713
Interpublic Group of Companies, Inc.		25,045		271,738
McGraw-Hill Companies, Inc.		16,547		744,615
News Corp. "A"		123,625		2,755,601
Omnicom Group, Inc.		15,929		774,149
Scripps Networks Interactive "A"		5,391		306,532
Time Warner Cable, Inc.		18,361		1,507,438
Time Warner, Inc. (a)		56,120		2,160,620
Viacom, Inc. "B"		30,981		1,456,727
Walt Disney Co.		104,854		5,085,419
Washington Post Co. "B" (a)		267		99,810
				24,520,350
Multiline Retail 0.8%
Big Lots, Inc.*		3,562		145,294
Dollar Tree, Inc.*		13,584		730,819
Family Dollar Stores, Inc.		6,888		457,914
J.C. Penney Co., Inc. (a)		8,443		196,806
Kohl's Corp.		14,054		639,317
Macy's, Inc.		24,441		839,548
Nordstrom, Inc.		9,437		468,925
Sears Holdings Corp.* (a)		2,164		129,191
Target Corp.		38,670		2,250,207
				5,858,021
Specialty Retail 2.0%
Abercrombie & Fitch Co. "A"		5,169		176,470
AutoNation, Inc.* (a)		2,211		78,004
AutoZone, Inc.*		1,581		580,496
Bed Bath & Beyond, Inc.*		13,514		835,165
Best Buy Co., Inc.		16,204		339,636
CarMax, Inc.*		13,717		355,819
GameStop Corp. "A" (a)		8,132		149,304
Home Depot, Inc. (a)		89,626		4,749,282
Limited Brands, Inc.		14,406		612,687
Lowe's Companies, Inc.		68,961		1,961,251
O'Reilly Automotive, Inc.*		7,309		612,275
Ross Stores, Inc.		13,241		827,165
Staples, Inc.		40,108		523,409
The Gap, Inc.		19,771		540,935
Tiffany & Co.		7,370		390,241
TJX Companies, Inc.		43,422		1,864,106
Urban Outfitters, Inc.*		6,480		178,783
				14,775,028
Textiles, Apparel & Luxury Goods 0.6%
Coach, Inc.		16,822		983,751
Fossil, Inc.*		3,095		236,891
NIKE, Inc. "B"		21,455		1,883,320
Ralph Lauren Corp.		3,762		526,906
VF Corp.		5,041		672,721
				4,303,589
Consumer Staples 11.2%
Beverages 2.8%
Beam, Inc.		9,292		580,657
Brown-Forman Corp. "B"		5,755		557,372
Coca-Cola Co. (a)		132,142		10,332,183
Coca-Cola Enterprises, Inc.		17,699		496,280
Constellation Brands, Inc. "A"*		9,158		247,816
	Shares		Value ($)
Dr. Pepper Snapple Group, Inc.		12,547		548,931
Molson Coors Brewing Co. "B"		9,058		376,903
Monster Beverage Corp.*		8,992		640,231
PepsiCo, Inc.		91,608		6,473,021
				20,253,394
Food & Staples Retailing 2.4%
Costco Wholesale Corp.		25,439		2,416,705
CVS Caremark Corp.		75,111		3,509,937
Kroger Co.		32,977		764,737
Safeway, Inc. (a)		14,338		260,235
Sysco Corp.		34,153		1,018,101
Wal-Mart Stores, Inc. (a)		101,105		7,049,040
Walgreen Co.		50,462		1,492,666
Whole Foods Market, Inc.		9,492		904,777
				17,416,198
Food Products 1.7%
Archer-Daniels-Midland Co.		38,505		1,136,668
Campbell Soup Co. (a)		10,427		348,053
ConAgra Foods, Inc.		24,172		626,780
Dean Foods Co.*		10,345		176,175
General Mills, Inc.		37,747		1,454,769
H.J. Heinz Co.		18,564		1,009,510
Hormel Foods Corp.		7,999		243,330
Kellogg Co.		14,636		721,994
Kraft Foods, Inc. "A"		104,174		4,023,200
McCormick & Co., Inc.		7,927		480,773
Mead Johnson Nutrition Co.		11,927		960,243
The Hershey Co.		9,002		648,414
The JM Smucker Co.		6,594		497,979
Tyson Foods, Inc. "A"		16,850		317,285
				12,645,173
Household Products 2.1%
Clorox Co.		7,646		554,029
Colgate-Palmolive Co. (a)		28,017		2,916,570
Kimberly-Clark Corp.		23,030		1,929,223
Procter & Gamble Co.		160,497		9,830,441
				15,230,263
Personal Products 0.2%
Avon Products, Inc.		25,018		405,542
Estee Lauder Companies, Inc. "A"		13,260		717,631
				1,123,173
Tobacco 2.0%
Altria Group, Inc.		119,103		4,115,009
Lorillard, Inc. (a)		7,692		1,014,959
Philip Morris International, Inc.		99,930		8,719,892
Reynolds American, Inc. (a)		19,379		869,536
				14,719,396
Energy 10.7%
Energy Equipment & Services 1.6%
Baker Hughes, Inc.		25,454		1,046,160
Cameron International Corp.*		14,354		613,059
Diamond Offshore Drilling, Inc. (a)		4,078		241,132
FMC Technologies, Inc.*		14,154		555,262
Halliburton Co.		53,987		1,532,691
Helmerich & Payne, Inc.		6,361		276,576
Nabors Industries Ltd.* (a)		16,991		244,670
National Oilwell Varco, Inc.		25,173		1,622,148
Noble Corp.*		14,713		478,614
Rowan Companies PLC "A"*		7,433		240,309
Schlumberger Ltd.		78,000		5,062,980
				11,913,601
	Shares		Value ($)
Oil, Gas & Consumable Fuels 9.1%
Alpha Natural Resources, Inc.*		12,667		110,329
Anadarko Petroleum Corp.		29,167		1,930,855
Apache Corp.		23,152		2,034,829
Cabot Oil & Gas Corp.		12,046		474,612
Chesapeake Energy Corp. (a)		38,661		719,095
Chevron Corp.		115,660		12,202,130
ConocoPhillips		74,372		4,155,907
CONSOL Energy, Inc.		13,112		396,507
Denbury Resources, Inc.*		23,134		349,555
Devon Energy Corp. (a)		23,644		1,371,115
EOG Resources, Inc.		15,743		1,418,602
EQT Corp.		8,604		461,432
Exxon Mobil Corp.		274,207		23,463,893
Hess Corp.		17,657		767,197
Kinder Morgan, Inc.		29,545		951,940
Marathon Oil Corp.		41,036		1,049,290
Marathon Petroleum Corp.		20,201		907,429
Murphy Oil Corp.		11,255		566,014
Newfield Exploration Co.*		7,974		233,718
Noble Energy, Inc.		10,345		877,463
Occidental Petroleum Corp.		47,444		4,069,272
Peabody Energy Corp.		15,655		383,861
Phillips 66*		36,790		1,222,900
Pioneer Natural Resources Co.		7,168		632,289
QEP Resources, Inc. (a)		10,652		319,240
Range Resources Corp.		9,380		580,341
Southwestern Energy Co.*		20,303		648,275
Spectra Energy Corp.		38,082		1,106,663
Sunoco, Inc.		6,240		296,400
Tesoro Corp.*		8,509		212,385
Valero Energy Corp.		32,813		792,434
Williams Companies, Inc.		36,624		1,055,504
WPX Energy, Inc.*		12,040		194,807
				65,956,283
Financials 14.3%
Capital Markets 1.8%
Ameriprise Financial, Inc.		12,928		675,617
Bank of New York Mellon Corp.		70,407		1,545,434
BlackRock, Inc.		7,483		1,270,763
Charles Schwab Corp. (a)		63,095		815,818
E*TRADE Financial Corp.*		13,785		110,831
Federated Investors, Inc. "B" (a)		5,017		109,621
Franklin Resources, Inc.		8,299		921,106
Invesco Ltd.		26,231		592,821
Legg Mason, Inc.		7,058		186,120
Morgan Stanley		89,071		1,299,546
Northern Trust Corp.		14,106		649,158
State Street Corp.		28,506		1,272,508
T. Rowe Price Group, Inc.		15,042		947,044
The Goldman Sachs Group, Inc.		28,939		2,774,093
				13,170,480
Commercial Banks 2.9%
BB&T Corp.		40,699		1,255,564
Comerica, Inc.		11,550		354,700
Fifth Third Bancorp.		53,794		720,840
First Horizon National Corp.		14,787		127,907
Huntington Bancshares, Inc.		51,047		326,701
KeyCorp		56,352		436,164
M&T Bank Corp. (a)		7,453		615,394
PNC Financial Services Group, Inc.		30,880		1,887,077
Regions Financial Corp.		84,464		570,132
	Shares		Value ($)
SunTrust Banks, Inc.		31,894		772,792
U.S. Bancorp. (a)		110,780		3,562,685
Wells Fargo & Co.		311,304		10,410,006
Zions Bancorp. (a)		10,592		205,697
				21,245,659
Consumer Finance 0.9%
American Express Co.		58,711		3,417,567
Capital One Financial Corp.		34,023		1,859,697
Discover Financial Services		30,941		1,069,940
SLM Corp.		28,625		449,699
				6,796,903
Diversified Financial Services 2.9%
Bank of America Corp.		631,563		5,166,185
Citigroup, Inc.		172,054		4,716,000
CME Group, Inc. "A"		3,859		1,034,637
IntercontinentalExchange, Inc.*		4,231		575,331
JPMorgan Chase & Co.		223,322		7,979,295
Leucadia National Corp.		11,812		251,241
Moody's Corp.		11,528		421,349
NYSE Euronext		15,101		386,284
The NASDAQ OMX Group, Inc.		7,351		166,647
				20,696,969
Insurance 3.5%
ACE Ltd.		20,002		1,482,748
Aflac, Inc.		27,690		1,179,317
Allstate Corp.		28,561		1,002,206
American International Group, Inc.*		37,404		1,200,294
Aon PLC		19,045		890,925
Assurant, Inc.		5,222		181,934
Berkshire Hathaway, Inc. "B"*		103,096		8,590,990
Chubb Corp.		15,864		1,155,217
Cincinnati Financial Corp.		9,781		372,363
Genworth Financial, Inc. "A"*		28,423		160,874
Hartford Financial Services Group, Inc.		25,869		456,070
Lincoln National Corp.		17,117		374,349
Loews Corp.		18,000		736,380
Marsh & McLennan Companies, Inc.		31,799		1,024,882
MetLife, Inc.		62,044		1,914,057
Principal Financial Group, Inc.		17,912		469,832
Progressive Corp.		35,419		737,778
Prudential Financial, Inc.		27,500		1,331,825
The Travelers Companies, Inc.		22,692		1,448,657
Torchmark Corp. (a)		5,825		294,454
Unum Group		16,840		322,149
XL Group PLC		17,885		376,300
				25,703,601
Real Estate Investment Trusts 2.1%
American Tower Corp. (REIT)		23,088		1,614,082
Apartment Investment & Management Co. "A" (REIT)		8,005		216,375
AvalonBay Communities, Inc. (REIT) (a)		5,539		783,658
Boston Properties, Inc. (REIT)		8,915		966,119
Equity Residential (REIT)		17,549		1,094,356
HCP, Inc. (REIT)		24,736		1,092,094
Health Care REIT, Inc. (REIT)		12,429		724,611
Host Hotels & Resorts, Inc. (REIT)		42,629		674,391
Kimco Realty Corp. (REIT)		23,376		444,845
Plum Creek Timber Co., Inc. (REIT) (a)		9,225		366,232
Prologis, Inc. (REIT)		26,903		893,987
	Shares		Value ($)
Public Storage (REIT)		8,334		1,203,513
Simon Property Group, Inc. (REIT)		17,834		2,776,040
Ventas, Inc. (REIT)		16,833		1,062,499
Vornado Realty Trust (REIT)		10,863		912,275
Weyerhaeuser Co. (REIT) (a)		31,381		701,679
				15,526,756
Real Estate Management & Development 0.1%
CBRE Group, Inc.*		19,077		312,100
Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp., Inc.		30,331		193,208
People's United Financial, Inc.		21,302		247,316
				440,524
Health Care 11.9%
Biotechnology 1.4%
Alexion Pharmaceuticals, Inc.*		11,282		1,120,303
Amgen, Inc.		45,610		3,331,354
Biogen Idec, Inc.*		14,116		2,038,068
Celgene Corp.*		25,675		1,647,308
Gilead Sciences, Inc.*		44,311		2,272,268
				10,409,301
Health Care Equipment & Supplies 1.8%
Baxter International, Inc.		32,319		1,717,755
Becton, Dickinson & Co. (a)		11,922		891,170
Boston Scientific Corp.*		85,108		482,562
C.R. Bard, Inc.		4,959		532,795
CareFusion Corp.*		13,314		341,904
Covidien PLC		28,274		1,512,659
DENTSPLY International, Inc.		8,473		320,364
Edwards Lifesciences Corp.*		6,719		694,073
Intuitive Surgical, Inc.*		2,338		1,294,761
Medtronic, Inc.		60,873		2,357,611
St. Jude Medical, Inc.		18,141		724,007
Stryker Corp.		18,953		1,044,310
Varian Medical Systems, Inc.*		6,516		395,977
Zimmer Holdings, Inc.		10,189		655,764
				12,965,712
Health Care Providers & Services 2.0%
Aetna, Inc.		20,384		790,288
AmerisourceBergen Corp.		14,528		571,677
Cardinal Health, Inc.		20,212		848,904
CIGNA Corp.		16,724		735,856
Coventry Health Care, Inc.		8,285		263,380
DaVita, Inc.*		5,561		546,146
Express Scripts Holding Co.*		47,284		2,639,866
Humana, Inc.		9,599		743,346
Laboratory Corp. of America Holdings*		5,636		521,950
McKesson Corp.		13,839		1,297,406
Patterson Companies, Inc.		5,408		186,414
Quest Diagnostics, Inc.		9,201		551,140
Tenet Healthcare Corp.*		23,058		120,824
UnitedHealth Group, Inc.		60,787		3,556,039
WellPoint, Inc.		19,296		1,230,892
				14,604,128
Health Care Technology 0.1%
Cerner Corp.*		8,503		702,858
Life Sciences Tools & Services 0.4%
Agilent Technologies, Inc.		20,360		798,926
Life Technologies Corp.*		10,447		470,010
PerkinElmer, Inc.		6,370		164,346
Thermo Fisher Scientific, Inc.		21,405		1,111,134
	Shares		Value ($)
Waters Corp.*		5,244		416,741
				2,961,157
Pharmaceuticals 6.2%
Abbott Laboratories		92,326		5,952,257
Allergan, Inc.		18,057		1,671,536
Bristol-Myers Squibb Co.		98,767		3,550,674
Eli Lilly & Co.		59,770		2,564,731
Forest Laboratories, Inc.*		15,827		553,787
Hospira, Inc.*		9,972		348,821
Johnson & Johnson (a)		160,975		10,875,471
Merck & Co., Inc.		178,090		7,435,258
Mylan, Inc.*		25,271		540,041
Perrigo Co. (a)		5,436		641,067
Pfizer, Inc.		438,893		10,094,539
Watson Pharmaceuticals, Inc.*		7,328		542,199
				44,770,381
Industrials 10.4%
Aerospace & Defense 2.5%
Boeing Co.		43,941		3,264,816
General Dynamics Corp.		21,182		1,397,165
Goodrich Corp.		7,355		933,349
Honeywell International, Inc.		45,783		2,556,523
L-3 Communications Holdings, Inc.		5,707		422,375
Lockheed Martin Corp.		15,581		1,356,793
Northrop Grumman Corp.		14,746		940,647
Precision Castparts Corp.		8,491		1,396,685
Raytheon Co.		19,381		1,096,771
Rockwell Collins, Inc.		8,386		413,849
Textron, Inc.		16,506		410,504
United Technologies Corp.		53,518		4,042,215
				18,231,692
Air Freight & Logistics 1.0%
C.H. Robinson Worldwide, Inc.		9,642		564,346
Expeditors International of Washington, Inc.		12,259		475,036
FedEx Corp. (a)		18,392		1,684,891
United Parcel Service, Inc. "B" (a)		56,078		4,416,704
				7,140,977
Airlines 0.1%
Southwest Airlines Co.		45,450		419,049
Building Products 0.0%
Masco Corp.		20,625		286,069
Commercial Services & Supplies 0.4%
Avery Dennison Corp.		6,075		166,091
Cintas Corp.		6,455		249,228
Iron Mountain, Inc.		10,217		336,752
Pitney Bowes, Inc. (a)		11,853		177,439
R.R. Donnelley & Sons Co. (a)		10,163		119,619
Republic Services, Inc.		18,669		493,982
Stericycle, Inc.*		4,914		450,466
Waste Management, Inc. (a)		27,323		912,588
				2,906,165
Construction & Engineering 0.2%
Fluor Corp.		10,019		494,338
Jacobs Engineering Group, Inc.*		7,504		284,101
Quanta Services, Inc.*		12,661		304,750
				1,083,189
Electrical Equipment 0.5%
Cooper Industries PLC		9,234		629,574
Emerson Electric Co. (a)		42,950		2,000,611
	Shares		Value ($)
Rockwell Automation, Inc.		8,382		553,715
Roper Industries, Inc.		5,770		568,807
				3,752,707
Industrial Conglomerates 2.7%
3M Co.		40,593		3,637,133
Danaher Corp. (a)		33,864		1,763,637
General Electric Co.		620,936		12,940,306
Tyco International Ltd.		26,958		1,424,730
				19,765,806
Machinery 1.9%
Caterpillar, Inc.		38,331		3,254,685
Cummins, Inc.		11,228		1,088,105
Deere & Co.		23,244		1,879,742
Dover Corp.		10,860		582,205
Eaton Corp. (a)		20,098		796,484
Flowserve Corp.		3,122		358,250
Illinois Tool Works, Inc.		27,916		1,476,477
Ingersoll-Rand PLC		17,340		731,401
Joy Global, Inc.		6,333		359,271
PACCAR, Inc.		21,029		824,127
Pall Corp.		6,631		363,445
Parker Hannifin Corp.		8,826		678,543
Snap-on, Inc.		3,303		205,612
Stanley Black & Decker, Inc.		10,203		656,665
Xylem, Inc.		11,041		277,902
				13,532,914
Professional Services 0.1%
Dun & Bradstreet Corp.		2,834		201,696
Equifax, Inc.		7,191		335,100
Robert Half International, Inc.		8,358		238,788
				775,584
Road & Rail 0.8%
CSX Corp.		60,656		1,356,268
Norfolk Southern Corp.		19,032		1,365,927
Ryder System, Inc.		2,903		104,537
Union Pacific Corp. (a)		27,917		3,330,777
				6,157,509
Trading Companies & Distributors 0.2%
Fastenal Co. (a)		17,274		696,315
W.W. Grainger, Inc. (a)		3,557		680,241
				1,376,556
Information Technology 19.6%
Communications Equipment 1.8%
Cisco Systems, Inc.		313,935		5,390,264
F5 Networks, Inc.*		4,680		465,941
Harris Corp.		6,473		270,895
JDS Uniphase Corp.*		14,116		155,276
Juniper Networks, Inc.*		31,172		508,415
Motorola Solutions, Inc.		17,226		828,743
QUALCOMM, Inc.		100,471		5,594,225
				13,213,759
Computers & Peripherals 5.6%
Apple, Inc.*		54,798		32,002,032
Dell, Inc.* (a)		87,162		1,091,268
EMC Corp.* (a)		123,116		3,155,463
Hewlett-Packard Co.		115,645		2,325,621
Lexmark International, Inc. "A"		4,234		112,540
NetApp, Inc.*		21,080		670,766
SanDisk Corp.*		14,435		526,589
Seagate Technology PLC		22,178		548,462
	Shares		Value ($)
Western Digital Corp.*		13,549		412,973
				40,845,714
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp. "A"		9,420		517,346
Corning, Inc.		89,049		1,151,404
FLIR Systems, Inc.		9,357		182,462
Jabil Circuit, Inc.		10,195		207,264
Molex, Inc. (a)		7,976		190,945
TE Connectivity Ltd.		24,870		793,602
				3,043,023
Internet Software & Services 1.8%
Akamai Technologies, Inc.*		10,506		333,566
eBay, Inc.*		67,515		2,836,305
Google, Inc. "A"*		14,906		8,646,523
VeriSign, Inc.*		9,260		403,458
Yahoo!, Inc.*		70,824		1,121,144
				13,340,996
IT Services 3.9%
Accenture PLC "A"		37,840		2,273,806
Automatic Data Processing, Inc.		28,640		1,594,102
Cognizant Technology Solutions Corp. "A"*		17,747		1,064,820
Computer Sciences Corp.		9,209		228,567
Fidelity National Information Services, Inc.		14,219		484,584
Fiserv, Inc.*		8,143		588,087
International Business Machines Corp.		67,597		13,220,621
MasterCard, Inc. "A"		6,215		2,673,134
Paychex, Inc. (a)		18,716		587,870
SAIC, Inc.		16,904		204,877
Teradata Corp.*		9,843		708,794
Total System Services, Inc.		9,315		222,908
Visa, Inc. "A" (a)		29,100		3,597,633
Western Union Co.		35,499		597,803
				28,047,606
Office Electronics 0.1%
Xerox Corp.		79,196		623,273
Semiconductors & Semiconductor Equipment 2.3%
Advanced Micro Devices, Inc.* (a)		32,848		188,219
Altera Corp.		18,957		641,505
Analog Devices, Inc. (a)		17,431		656,626
Applied Materials, Inc.		75,642		866,857
Broadcom Corp. "A"*		29,313		990,779
First Solar, Inc.* (a)		3,515		52,936
Intel Corp.		294,883		7,858,632
KLA-Tencor Corp.		9,650		475,263
Lam Research Corp.* (a)		11,662		440,124
Linear Technology Corp.		13,663		428,062
LSI Corp.*		32,065		204,254
Microchip Technology, Inc. (a)		11,356		375,657
Micron Technology, Inc.* (a)		56,727		357,947
NVIDIA Corp.*		36,298		501,638
Teradyne, Inc.*		11,515		161,901
Texas Instruments, Inc. (a)		67,042		1,923,435
Xilinx, Inc.		15,683		526,478
				16,650,313
Software 3.7%
Adobe Systems, Inc.*		28,971		937,791
Autodesk, Inc.*		13,788		482,442
BMC Software, Inc.*		9,430		402,472
	Shares		Value ($)
CA, Inc.		21,041		570,001
Citrix Systems, Inc.*		11,050		927,537
Electronic Arts, Inc.*		18,710		231,069
Intuit, Inc.		17,214		1,021,651
Microsoft Corp.		438,132		13,402,458
Oracle Corp.		227,399		6,753,750
Red Hat, Inc.*		11,278		636,981
Salesforce.com, Inc.* (a)		8,121		1,122,810
Symantec Corp.*		42,441		620,063
				27,109,025
Materials 3.4%
Chemicals 2.3%
Air Products & Chemicals, Inc.		12,306		993,463
Airgas, Inc.		4,008		336,712
CF Industries Holdings, Inc.		3,828		741,637
Dow Chemical Co. (a)		70,244		2,212,686
E.I. du Pont de Nemours & Co. (a)		55,201		2,791,515
Eastman Chemical Co.		8,012		403,564
Ecolab, Inc. (a)		17,308		1,186,117
FMC Corp.		8,146		435,648
International Flavors & Fragrances, Inc.		4,737		259,588
Monsanto Co.		31,332		2,593,663
PPG Industries, Inc.		8,860		940,223
Praxair, Inc.		17,460		1,898,426
Sigma-Aldrich Corp.		7,030		519,728
The Mosaic Co.		17,439		954,960
The Sherwin-Williams Co.		4,992		660,691
				16,928,621
Construction Materials 0.1%
Vulcan Materials Co.		7,653		303,901
Containers & Packaging 0.1%
Ball Corp.		9,259		380,082
Bemis Co., Inc.		6,058		189,857
Owens-Illinois, Inc.*		9,576		183,572
Sealed Air Corp.		11,500		177,560
				931,071
Metals & Mining 0.7%
Alcoa, Inc.		62,052		542,955
Allegheny Technologies, Inc.		6,196		197,590
Cliffs Natural Resources, Inc. (a)		8,167		402,551
Freeport-McMoRan Copper & Gold, Inc.		55,544		1,892,384
Newmont Mining Corp.		29,000		1,406,790
Nucor Corp.		18,605		705,130
Titanium Metals Corp.		4,728		53,474
United States Steel Corp. (a)		8,324		171,474
				5,372,348
Paper & Forest Products 0.2%
International Paper Co.		25,587		739,720
MeadWestvaco Corp.		9,981		286,954
				1,026,674
Telecommunication Services 3.2%
Diversified Telecommunication Services 3.0%
AT&T, Inc. (a)		343,572		12,251,778
CenturyLink, Inc. (a)		36,186		1,428,985
Frontier Communications Corp. (a)		59,604		228,283
Verizon Communications, Inc. (a)		166,511		7,399,749
Windstream Corp. (a)		34,276		331,106
				21,639,901
	Shares		Value ($)
Wireless Telecommunication Services 0.2%
Crown Castle International Corp.*		15,140		888,112
MetroPCS Communications, Inc.*		16,760		101,398
Sprint Nextel Corp.*		178,957		583,400
				1,572,910
Utilities 3.7%
Electric Utilities 2.1%
American Electric Power Co., Inc.		28,245		1,126,975
Duke Energy Corp. (a)		78,476		1,809,657
Edison International		19,074		881,219
Entergy Corp.		10,410		706,735
Exelon Corp.		49,853		1,875,470
FirstEnergy Corp.		24,755		1,217,698
NextEra Energy, Inc.		24,355		1,675,867
Northeast Utilities		18,658		724,117
Pepco Holdings, Inc. (a)		13,324		260,751
Pinnacle West Capital Corp.		6,415		331,912
PPL Corp.		33,907		942,954
Progress Energy, Inc.		17,217		1,035,947
Southern Co.		50,770		2,350,651
				14,939,953
Gas Utilities 0.1%
AGL Resources, Inc.		7,028		272,335
ONEOK, Inc.		12,104		512,120
				784,455
Independent Power Producers & Energy Traders 0.1%
AES Corp.*		37,271		478,187
NRG Energy, Inc.*		13,515		234,620
				712,807
Multi-Utilities 1.4%
Ameren Corp.		13,973		468,654
CenterPoint Energy, Inc.		24,701		510,570
CMS Energy Corp.		15,030		353,205
Consolidated Edison, Inc.		17,110		1,064,071
Dominion Resources, Inc.		33,748		1,822,392
DTE Energy Co.		9,878		586,062
	Shares		Value ($)
Integrys Energy Group, Inc.		4,595		261,318
NiSource, Inc. (a)		16,777		415,231
PG&E Corp.		24,952		1,129,577
Public Service Enterprise Group, Inc.		29,641		963,332
SCANA Corp. (a)		6,768		323,781
Sempra Energy		14,068		969,004
TECO Energy, Inc. (a)		12,560		226,833
Wisconsin Energy Corp.		13,512		534,670
Xcel Energy, Inc.		28,443		808,066
				10,436,766
Total Common Stocks (Cost $605,839,644)				721,542,760

	Principal Amount ($)		Value ($)
Government & Agency Obligation 0.2%
U.S. Treasury Obligation
U.S. Treasury Bill, 0.135%**, 11/1/2012 (b) (Cost $1,204,444)		1,205,000		1,204,562

	Shares		Value ($)
Securities Lending Collateral 14.8%
Daily Assets Fund Institutional, 0.24% (c) (d) (Cost $107,822,808)		107,822,808		107,822,808
Cash Equivalents 0.6%
Central Cash Management Fund, 0.14% (c) (Cost $4,017,000)		4,017,000		4,017,000

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $718,883,896)+		114.8			834,587,130
Other Assets and Liabilities, Net		(14.8	)		(107,835,859	)
Net Assets		100.0			726,751,271

* Non-income producing security.

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

+ The cost for federal income tax purposes was $747,246,076. At June 30, 2012, net unrealized appreciation for all securities based on tax cost was $87,341,054. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $195,208,613 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $107,867,559.

(a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2012 amounted to $107,401,298, which is 14.8% of net assets.

(b) At June 30, 2012, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.

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

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

REIT: Real Estate Investment Trust

At June 30, 2012, open futures contracts purchased were as follows:

Futures	Currency	Expiration Date	Contracts		Notional Value ($)		Unrealized Appreciation ($)
S&P 500 Index	USD	9/20/2012		17		5,764,700		279,655

Currency Abbreviation

USD United States Dollar

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

Fair Value Measurements

Various inputs are used in determining the value of the 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, 2012 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 (e)	$	721,542,760	$	—	$	—	$	721,542,760
Government & Agency Obligation		—		1,204,562		—		1,204,562
Short-Term Investments (e)		111,839,808		—		—		111,839,808
Derivatives (f)		279,655		—		—		279,655
Total	$	833,662,223	$	1,204,562	$	—	$	834,866,785

There have been no transfers in and out of Level 1 and Level 2 fair value measurements during the period ended June 30, 2012.

(e) See Investment Portfolio for additional detailed categorizations.

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

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

Statement of Assets and Liabilities

as of June 30, 2012 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $607,044,088) — including $107,401,298 of securities loaned	$	722,747,322
Investment in Daily Assets Fund Institutional (cost $107,822,808)*		107,822,808
Investment in Central Cash Management Fund (cost $4,017,000)		4,017,000
Total investments in securities, at value (cost $718,883,896)		834,587,130
Cash		111,682
Receivable for investments sold		640,006
Receivable for Fund shares sold		1,362
Dividends receivable		833,481
Interest receivable		12,248
Receivable for variation margin on futures contracts		162,552
Other assets		8,481
Total assets		836,356,942
Liabilities
Payable upon return of securities loaned		107,822,808
Payable for Fund investments purchased		1,165,295
Payable for Fund shares redeemed		362,886
Accrued management fee		115,864
Accrued Trustees' fees		401
Other accrued expenses and payables		138,417
Total liabilities		109,605,671
Net assets, at value	$	726,751,271
Net Assets Consist of
Undistributed net investment income		6,353,809
Net unrealized appreciation (depreciation) on: Investments		115,703,234
Futures		279,655
Accumulated net realized gain (loss)		(22,931,251	)
Paid-in capital		627,345,824
Net assets, at value	$	726,751,271
Class A Net Asset Value, offering and redemption price per share ($661,751,339 ÷ 46,657,786 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	14.18
Class B Net Asset Value, offering and redemption price per share ($46,746,722 ÷ 3,293,560 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	14.19
Class B2 Net Asset Value, offering and redemption price per share ($18,253,210 ÷ 1,286,168 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	14.19

* Represents collateral on securities loaned.

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

Statement of Operations

for the six months ended June 30, 2012 (Unaudited)
Investment Income
Income: Dividends	$	7,638,072
Interest		355
Income distributions — Central Cash Management Fund		4,975
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		84,203
Total income		7,727,605
Expenses: Management fee		730,988
Administration fee		364,832
Services to shareholders		3,874
Distribution service fees (Class B and Class B2)		81,726
Record keeping fee (Class B2)		13,856
Custodian fee		13,705
Professional fees		38,633
Reports to shareholders		56,029
Trustees' fees and expenses		16,005
Other		20,799
Total expenses		1,340,447
Net investment income (loss)		6,387,158
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		7,470,149
Futures		846,200
		8,316,349
Change in net unrealized appreciation (depreciation) on: Investments		49,341,202
Futures		293,468
		49,634,670
Net gain (loss)		57,951,019
Net increase (decrease) in net assets resulting from operations	$	64,338,177

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, 2012 (Unaudited)			Year Ended December 31, 2011
Operations: Net investment income (loss)	$	6,387,158		$	12,872,005
Operations: Net investment income (loss)	$	6,387,158		$	12,872,005
Net realized gain (loss)		8,316,349			9,259,041
Change in net unrealized appreciation (depreciation)		49,634,670			(9,910,340	)
Net increase (decrease) in net assets resulting from operations		64,338,177			12,220,706
Distributions to shareholders from: Net investment income: Class A		(11,798,114	)		(11,499,201	)
Class B		(708,034	)		(693,566	)
Class B2		(250,108	)		(248,318	)
Total distributions		(12,756,256	)		(12,441,085	)
Fund share transactions: Class A Proceeds from shares sold		19,677,681			56,585,657
Reinvestment of distributions		11,798,114			11,499,201
Payments for shares redeemed		(48,730,327	)		(134,765,778	)
Net increase (decrease) in net assets from Class A share transactions		(17,254,532	)		(66,680,920	)
Class B Proceeds from shares sold		2,326,276			4,009,341
Reinvestment of distributions		708,034			693,566
Payments for shares redeemed		(4,875,518	)		(13,195,180	)
Net increase (decrease) in net assets from Class B share transactions		(1,841,208	)		(8,492,273	)
Class B2 Proceeds from shares sold		226,715			179,271
Reinvestment of distributions		250,108			248,318
Cost of shares redeemed		(1,459,033	)		(2,894,605	)
Net increase (decrease) in net assets from Class B2 share transactions		(982,210	)		(2,467,016	)
Increase (decrease) in net assets		31,503,971			(77,860,588	)
Net assets at beginning of period		695,247,300			773,107,888
Net assets at end of period (including undistributed net investment income of $6,353,809 and $12,722,907, respectively)	$	726,751,271		$	695,247,300

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
Class A Shares outstanding at beginning of period		47,896,105			53,096,781
Class A Shares outstanding at beginning of period		47,896,105			53,096,781
Shares sold		1,401,510			4,228,529
Shares issued to shareholders in reinvestment of distributions		818,177			819,032
Shares redeemed		(3,458,006	)		(10,248,237	)
Net increase (decrease) in Class A shares		(1,238,319	)		(5,200,676	)
Shares outstanding at end of period		46,657,786			47,896,105
Class B Shares outstanding at beginning of period		3,425,349			4,060,194
Shares sold		163,297			300,443
Shares issued to shareholders in reinvestment of distributions		49,033			49,329
Shares redeemed		(344,119	)		(984,617	)
Net increase (decrease) in Class B shares		(131,789	)		(634,845	)
Shares outstanding at end of period		3,293,560			3,425,349
Class B2 Shares outstanding at beginning of period		1,355,747			1,536,957
Shares sold		16,245			13,661
Shares issued to shareholders in reinvestment of distributions		17,320			17,661
Shares redeemed		(103,144	)		(212,532	)
Net increase (decrease) in Class B2 shares		(69,579	)		(181,210	)
Shares outstanding at end of period		1,286,168			1,355,747

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

Financial Highlights

				Years Ended December 31,
Class A	Six Months Ended 6/30/12 (Unaudited)			2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	13.20		$	13.17		$	11.68		$	9.55		$	15.53		$	14.97
Income (loss) from investment operations: Net investment income (loss)a		.12			.23			.21			.21			.27			.27
Net realized and unrealized gain (loss)		1.11			.03			1.51			2.20			(5.93	)		.52
Total from investment operations		1.23			.26			1.72			2.41			(5.66	)		.79
Less distributions from: Net investment income		(.25	)		(.23	)		(.23	)		(.28	)		(.32	)		(.23	)
Net asset value, end of period	$	14.18		$	13.20		$	13.17		$	11.68		$	9.55		$	15.53
Total Return (%)		9.30	**		1.83			14.70			26.32	b		(37.15	)b		5.30	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		662			632			699			678			584			1,046
Ratio of expenses before expense reductions (%)		.34	*		.33			.33			.34			.33			.33
Ratio of expenses after expense reductions (%)		.34	*		.33			.33			.32			.28			.30
Ratio of net investment income (loss) (%)		1.78	*		1.74			1.74			2.10			2.07			1.71
Portfolio turnover rate (%)		2	**		6			5			8			6			7	c
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized

				Years Ended December 31,
Class B	Six Months Ended 6/30/12 (Unaudited)			2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	13.19		$	13.17		$	11.68		$	9.54		$	15.52		$	14.96
Income (loss) from investment operations: Net investment income (loss)a		.11			.20			.18			.18			.24			.23
Net realized and unrealized gain (loss)		1.11			.01			1.51			2.22			(5.94	)		.52
Total from investment operations		1.22			.21			1.69			2.40			(5.70	)		.75
Less distributions from: Net investment income		(.22	)		(.19	)		(.20	)		(.26	)		(.28	)		(.19	)
Net asset value, end of period	$	14.19		$	13.19		$	13.17		$	11.68		$	9.54		$	15.52
Total Return (%)		9.19	**		1.50			14.52			26.03	b		(37.34	)b		5.03	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		47			45			53			50			40			65
Ratio of expenses before expense reductions (%)		.59	*		.58			.58			.59			.58			.58
Ratio of expenses after expense reductions (%)		.59	*		.58			.58			.57			.53			.55
Ratio of net investment income (loss) (%)		1.53	*		1.49			1.49			1.85			1.82			1.46
Portfolio turnover rate (%)		2	**		6			5			8			6			7	c
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized

				Years Ended December 31,
Class B2	Six Months Ended 6/30/12 (Unaudited)			2011			2010			2009			2008			2007
Selected Per Share Data
Net asset value, beginning of period	$	13.18		$	13.15		$	11.67		$	9.54		$	15.51		$	14.96
Income (loss) from investment operations: Net investment income (loss)a		.10			.18			.16			.17			.22			.21
Net realized and unrealized gain (loss)		1.10			.02			1.50			2.21			(5.93	)		.52
Total from investment operations		1.20			.20			1.66			2.38			(5.71	)		.73
Less distributions from: Net investment income		(.19	)		(.17	)		(.18	)		(.25	)		(.26	)		(.18	)
Net asset value, end of period	$	14.19		$	13.18		$	13.15		$	11.67		$	9.54		$	15.51
Total Return (%)		9.10	**		1.43			14.29			25.79	b		(37.36	)b		4.85	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		18			18			20			21			19			48
Ratio of expenses before expense reductions (%)		.74	*		.73			.73			.74			.72			.72
Ratio of expenses after expense reductions (%)		.74	*		.73			.73			.70			.63			.65
Ratio of net investment income (loss) (%)		1.38	*		1.34			1.34			1.72			1.72			1.36
Portfolio turnover rate (%)		2	**		6			5			8			6			7	c
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The Trust is comprised of two series. DWS Equity 500 Index VIP (the "Fund") is a diversified series of the Trust offered to investors. The Fund is an underlying investment vehicle for variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life insurance companies ("Participating Insurance Companies").

Multiple Classes of Shares of Beneficial Interest. The Fund offers three classes of shares to investors: Class A shares, Class B shares and Class B2 shares. Class B and Class B2 shares are subject to Rule 12b-1 distribution fees under the 1940 Act equal to an annual rate of 0.25% and recordkeeping fees equal to an annual rate up to 0.15% of Class B and Class B2 shares average daily net assets. Class A shares are not subject to such fees.

Investment income, realized and unrealized gains and losses, and certain Fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees and recordkeeping fees). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.

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

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

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

Debt securities are valued at prices supplied by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally 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.

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.

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.

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

Under the Regulated Investment Company Modernization Act of 2010, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term. 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.

At December 31, 2011, the Fund had a net tax basis capital loss carryforward of approximately $2,055,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2017, the expiration date, whichever occurs first.

From November 1, 2011 to December 31, 2011, the Fund elects to defer qualified late year losses of approximately $714,000 of net long-term realized capital losses and $129,000 of net short-term realized capital losses and treat them as arising in the fiscal year ending December 31, 2012.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2011 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

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

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

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

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.

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

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, 2012, the Fund invested in futures to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

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

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 disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of June 30, 2012 is included in a table following the Fund's Investment Portfolio. For the six months ended June 30, 2012, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $5,765,000 to $10,524,000.

The following tables summarize the value of the Fund's derivative instruments held as of June 30, 2012 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Asset Derivative	Futures Contracts
Equity Contracts (a)	$	279,655

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

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

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended June 30, 2012 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Futures Contracts
Equity Contracts (a)	$	846,200

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

(a) Net realized gain (loss) from futures

Change in Net Unrealized Appreciation (Depreciation)	Futures Contracts
Equity Contracts (a)	$	293,468

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

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

C. Purchases and Sales of Securities

During the six months ended June 30, 2012, purchases and sales of investment securities (excluding short-term investments) aggregated $11,093,379 and $34,437,314, 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 sub-advisor. Northern Trust Investments, Inc. ("NTI") acts as investment sub-advisor for the Fund and is paid by the Advisor for its services. As investment sub-advisor to the Fund, NTI makes investment decisions and buys and sells securities for the Fund.

Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $1 billion of the Fund's average daily net assets	.200	%
Next $1 billion of such net assets	.175	%
Over $2 billion of such net assets	.150	%

Accordingly, for the six months ended June 30, 2012, the fee pursuant to the management agreement was equivalent to an annualized effective rate of 0.20% of the Fund's average daily net assets.

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 DIMA 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, 2012, the Administration Fee was $364,832, of which $57,932 is unpaid.

Distribution Service Agreement. DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DIDI receives 12b-1 fees of 0.25% of average daily net assets of Class B and B2 shares. For the six months ended June 30, 2012, the Distribution Service Fees were as follows:

Distribution Service Fees	Total Aggregated		Unpaid at June 30, 2012
Class B	$	58,632	$	9,308
Class B2		23,094		3,648
	$	81,726	$	12,956

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement among DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee they receive from the Fund. For the six months ended June 30, 2012, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at June 30, 2012
Class A	$	285	$	94
Class B		40		13
Class B2		20		6
	$	345	$	113

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, 2012, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $12,825, of which $1,968 is unpaid.

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

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

Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the Fund. For the six months ended June 30, 2012, the Fund incurred securities lending agent fees to Deutsche Bank AG in the amount of $9,262.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $375 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, 2012.

F. Ownership of the Fund

At June 30, 2012, two participating insurance companies were beneficial owners of record of 10% or more of the total outstanding Class A shares of the Fund, each owning 60% and 12%, respectively. At June 30, 2012, one participating insurance company was a beneficial owner of record of 10% or more of the total outstanding Class B shares of the Fund, owning 89%. At June 30, 2012, one participating insurance company was a beneficial owner of record of 100% of the total outstanding Class B2 shares of the Fund.

Information About Your Fund's Expenses (Unaudited)

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include contract charges, 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, 2012 to June 30, 2012).

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, 2012
Actual Fund Return	Class A		Class B		Class B2
Beginning Account Value 1/1/12	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/12	$	1,093.00	$	1,091.90	$	1,091.00
Expenses Paid per $1,000*	$	1.77	$	3.07	$	3.85

Hypothetical 5% Fund Return	Class A		Class B		Class B2
Beginning Account Value 1/1/12	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 6/30/12	$	1,023.17	$	1,021.93	$	1,021.18
Expenses Paid per $1,000*	$	1.71	$	2.97	$	3.72

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A	Class B	Class B2
DWS Equity 500 Index VIP	.34%	.59%	.74%

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

These tables do not reflect charges and fees ("contract charges") associated with the separate account that invests in the Fund or any variable life insurance policy or variable annuity contract for which the Fund is an investment option.

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) 728-3337.

Summary of Management Fee Evaluation by Independent Fee Consultant

September 26, 2011

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 2011, 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, 2009 and 2010.

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 109 mutual 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

President, Thomas H. Mack & Co., Inc.

Notes

DWS Investments Distributors, Inc.

222 South Riverside Plaza

Chicago, IL 60606

(800) 621-1148

vit-equ500-3 (R-028371-1 8/12)

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 Equity 500 Index VIP, a series of DWS Investments VIT Funds
By:	/s/W. Douglas Beck W. Douglas Beck President
Date:	August 20, 2012

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 20, 2012
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	August 20, 2012