SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS:

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

                               INSTITUTIONAL CLASS

                   DWS Alternative Asset Allocation Plus Fund

The following information replaces similar disclosure in the "How Much Investors
Pay" section of the fund's prospectus:

This table describes the fees and expenses that you may pay if you buy and hold
fund shares. The fund's shareholders directly bear the fees and expenses of the
fund, subject to the Advisor's contractual obligations to waive fees or
reimburse expenses to maintain the fund's operating expenses at a specified
level (see "Net Annual Fund and Acquired Funds (Underlying Funds) Operating
Expenses"). The fund will indirectly bear its proportionate share of fees and
expenses incurred by the underlying DWS funds and, potentially, exchange-traded
funds in which the fund is invested (see "Acquired Funds (Underlying Funds) Fees
and Expenses" in the table below). This information doesn't include any fees
that may be charged by your financial advisor.


--------------------------------------------------------------------------------
Fee Table
--------------------------------------------------------------------------------
Shareholder Fees, paid directly from your investment
--------------------------------------------------------------------------------
Redemption/Exchange fee on shares owned less than 15 days         2.00%
(as % of redemption proceeds)(1)
--------------------------------------------------------------------------------

Annual Operating Expenses, deducted from fund assets
--------------------------------------------------------------------------------
Management Fee(2)                                                 0.20%
--------------------------------------------------------------------------------
Distribution/Service (12b-1) Fee                                    None
--------------------------------------------------------------------------------
Other Expenses(3)                                                  0.40
--------------------------------------------------------------------------------
Acquired Funds (Underlying Funds) Fees and Expenses(4)             1.24
--------------------------------------------------------------------------------
Total Annual Operating Expenses                                    1.84
--------------------------------------------------------------------------------
Less Expense Waiver/Reimbursement                                  0.39
--------------------------------------------------------------------------------
Net Annual Fund and Acquired Funds (Underlying Funds)              1.45
Operating Expenses(5)
--------------------------------------------------------------------------------

(1)  This fee is charged on all applicable redemptions or exchanges.  Please see
     "Policies You Should Know About -- Policies about transactions" for further
     information.



                                                                     [Logo]DWS
                                                                       SCUDDER
                                                           Deutsche Bank Group

March 19, 2008
DAAAPF-IN37

<PAGE>


(2)  The  Advisor  receives  the 0.20%  management  fee in  connection  with the
     investment  management  services  it provides  to the fund,  including  the
     implementation of the Advisor's  proprietary  asset allocation  program and
     global tactical asset allocation  overlay  strategy.  The Advisor refers to
     its global tactical asset  allocation  overlay strategy as iGAP (integrated
     Global Allocation Platform).  See "The Fund's Main Investment Strategy" for
     more details about the Advisor's  proprietary asset allocation  program and
     iGAP.

(3)  "Other  Expenses"  are based on  estimated  amounts for the current  fiscal
     year.  Actual  expenses  may be  different.  "Other  Expenses"  include  an
     administrative services fee paid to the Advisor in the amount of 0.10%.

(4)  "Acquired  Funds  (Underlying  Funds)  Fees  and  Expenses"  are  based  on
     estimated  amounts for the current  fiscal  year.  Actual  expenses  may be
     different.

(5)  Through  November 30, 2008, the Advisor has  contractually  agreed to waive
     all or a portion  of its  management  fee and  reimburse  or pay  operating
     expenses to the extent  necessary to maintain  the fund's  total  operating
     expenses  at  0.21%  for  Institutional  Class  shares,  excluding  certain
     expenses such as extraordinary expenses,  taxes,  brokerage,  interest, and
     acquired funds (underlying funds) fees and expenses (estimated at 1.24%).

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

--------------------------------------------------------------------------------
Example                    1 Year        3 Years        5 Years       10 Years
--------------------------------------------------------------------------------
Institutional Class         $148           $520          $917          $2,028
--------------------------------------------------------------------------------

March 19, 2008
DAAAPF-IN37


                                       2
<PAGE>

The following  information replaces similar disclosure in the "Appendix" section
of the fund's prospectus:

DWS Alternative Asset Allocation Plus Fund -- Institutional Class



        Maximum             Initial Hypothetical             Assumed Rate
     Sales Charge:               Investment:                  of Return:
         0.00%                     $10,000                        5%
--------------------------------------------------------------------------------
                                                        Hypothetical
            Cumulative                  Cumulative       Year-End
             Return         Annual       Return          Balance
             Before          Fund         After           After         Annual
            Fees and        Expense      Fees and        Fees and      Fees and
  Year      Expenses        Ratios       Expenses        Expenses      Expenses
--------------------------------------------------------------------------------
   1          5.00%          1.45%        3.55%        $10,355.00     $  147.57
--------------------------------------------------------------------------------
   2         10.25%          1.74%        6.93%        $10,692.57     $  183.11
--------------------------------------------------------------------------------
   3         15.76%          1.74%       10.41%        $11,041.15     $  189.08
--------------------------------------------------------------------------------
   4         21.55%          1.74%       14.01%        $11,401.09     $  195.25
--------------------------------------------------------------------------------
   5         27.63%          1.74%       17.73%        $11,772.77     $  201.61
--------------------------------------------------------------------------------
   6         34.01%          1.74%       21.57%        $12,156.56     $  208.19
--------------------------------------------------------------------------------
   7         40.71%          1.74%       25.53%        $12,552.86     $  214.97
--------------------------------------------------------------------------------
   8         47.75%          1.74%       29.62%        $12,962.09     $  221.98
--------------------------------------------------------------------------------
   9         55.13%          1.74%       33.85%        $13,384.65     $  229.22
--------------------------------------------------------------------------------
   10        62.89%          1.74%       38.21%        $13,820.99     $  236.69
--------------------------------------------------------------------------------
  Total:                                                              $2,027.67
--------------------------------------------------------------------------------


March 19, 2008
DAAAPF-IN37

                                       3
<PAGE>


The  following  information  replaces  similar  disclosure  regarding  the  iGap
strategy  under "The  Fund's  Main  Investment  Strategy"  section of the fund's
prospectus:

In addition to the fund's main investment strategy, the Advisor seeks to enhance
returns by employing a global tactical asset allocation overlay strategy. This
strategy, which the Advisor calls iGAP (integrated Global Alpha Platform),
attempts to take advantage of short- and medium-term mispricings within global
equity, bond and currency markets. The iGAP strategy is implemented through the
use of derivatives, which are contracts or other instruments whose value is
based on, for example, indices, currencies or securities. The iGAP strategy
primarily uses exchange-traded futures contracts on global equities, bonds and
currencies, over-the-counter forward currency contracts, and is expected to have
a low correlation with the fund's investment company holdings.

While the underlying funds may use derivatives or similar instruments and
techniques to hedge existing positions, derivatives and currency transactions,
when used by the fund as part of the iGAP strategy, generally will not be used
for hedging purposes. Certain underlying funds also may use the iGAP strategy.

The  following  information  supplements  the  disclosure  in "The  Fund's  Main
Investment Strategy" section of the fund's prospectus:

The fund may also invest in securities of Exchange Traded Funds ("ETFs") when
the desired economic exposure to a particular asset category or investment
strategy is not available through a DWS fund.

The following information supplements the disclosure in the "Investment risks of
the fund and the underlying funds" section of the fund's prospectus:

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

ETF Risk. An ETF is a fund that holds a portfolio of common stocks or bonds
designed to track the performance of a securities index or industry sector. ETFs
trade on a securities exchange and their shares may, at times, trade at a
premium or discount to their NAV. In addition, an ETF may not replicate exactly
the performance of the index it seeks to track for a number of reasons,
including transaction costs incurred by the ETF. ETFs incur fees and expenses,
such as operating expenses, licensing fees, trustee fees and marketing expenses,
which are borne


March 19, 2008
DAAAPF-IN37

                                       4
<PAGE>

proportionately by ETF shareholders, such as the fund. The fund
will also incur brokerage costs when purchasing and selling shares of ETFs.

The following  information  revises the  "Portfolio  management"  section of the
fund's prospectus:

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


  Robert Wang                              Inna Okounkova
  Managing Director of Deutsche Asset      Director of Deutsche Asset
  Management and Portfolio Manager of      Management and Portfolio Manager of
  the fund.                                the fund.
  o   Joined Deutsche Asset Management     o   Joined Deutsche Asset Management
      in 1995 as portfolio manager for         in 1999 as a quantitative
      asset allocation after 13 years          analyst, becoming an associate
      of experience in trading fixed           Portfolio Manager in 2001.
      income, foreign exchange and         o   Joined the fund in 2007.
      derivative products at J.P.          o   BS, MS, Moscow State University;
      Morgan.                                  MBA, University of Chicago.
  o   Global Head of Quantitative
      Strategies Portfolio Management:
      New York.
  o   Joined the fund in 2007.
  o   BS, The Wharton School,
      University of Pennsylvania.
  Thomas Picciochi
  Director of Deutsche Asset Management
  and Portfolio Manager of the fund.
  o   Senior portfolio manager for
      Quantitative strategies: New York.
  o   Joined Deutsche Asset Management
      in 1999, formerly serving as
      portfolio manager for Absolute
      Return Strategies, after 13 years
      of experience in various research
      and analysis positions at State
      Street Global Advisors, FPL
      Energy, Barnett Bank, Trade
      Finance Corporation and Reserve
      Financial Management.
  o   Joined the fund in 2007.
  o   BA and MBA, University of Miami.



March 19, 2008
DAAAPF-IN37


                                       5
<PAGE>

The following information  supplements disclosure under "The Investment Advisor"
section of the fund's  prospectus:  The Advisor and its affiliates  earn fees at
varying rates for providing services to the underlying DWS funds.

The Advisor may therefore have a conflict of interest in selecting an underlying
DWS fund and in determining  whether to invest in an ETF, from which it does not
receive  any fees.  However,  the  Advisor is a  fiduciary  to the fund and will
select  investments  that  it  believes  are  best  suited  to meet  the  fund's
investment objective.


























               Please Retain This Supplement for Future Reference


March 19, 2008
DAAAPF-IN37

                                       6