SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES

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

                            DWS Strategic Value Fund
                  (formerly DWS Dreman High Return Equity Fund)

The fund's Board of Directors has approved an interim sub-advisory agreement
between Deutsche Investment Management Americas Inc. ("DIMA"), the fund's
investment advisor, and its affiliate, Deutsche Asset Management International
GmbH ("DeAMi"), effective June 2, 2009. The interim agreement will remain
effective for up to 150 days.

The following information supplements the "Who Manages and Oversees the Fund"
section of the prospectuses:

Subadvisor for DWS Strategic Value Fund

The subadvisor for the fund is Deutsche Asset Management International GmbH
("DeAMi"), Mainzer Landstrasse 178-190, Frankfurt am Main, Germany. DeAMi
renders investment advisory and management services to the fund. DeAMi is an
investment advisor registered with the Securities and Exchange Commission, whose
assets under management are currently comprised of institutional accounts and
investment companies. DeAMi is a subsidiary of Deutsche Bank AG. DIMA
compensates DeAMi out of the management fee it receives from the fund.







               Please Retain This Supplement for Future Reference


June 1, 2009                                              [DWS INVESTMENTS LOGO]
DVF1-3604                                                    Deutsche Bank Group


<PAGE>

Supplement to the currently effective Statements of Additional Information for
the listed fund:

DWS Strategic Value Fund (formerly DWS Dreman High Return Equity Fund)

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

The following information replaces similar disclosure in the "Management of the
Funds" section of the fund's Statements of Additional Information:

The Board of Directors for the Fund has approved an interim investment
sub-advisory agreement (the "Interim Sub-Advisory Agreement") between Deutsche
Investment Management Americas Inc. ("DIMA") and its affiliate, Deutsche Asset
Management International GmbH ("DeAMi") effective June 2, 2009. The Interim
Sub-Advisory Agreement will remain effective for up to 150 days.

Subadvisor to DWS Strategic Value Fund

DeAMi, an investment advisor registered with the US Securities and Exchange
Commission, is the subadvisor to the Fund. DeAMi, Mainzer Landstrasse 178-190,
60325 Frankfurt am Main, Germany, will render investment advisory and management
services to the Fund pursuant to the terms of the Interim Sub-Advisory Agreement
between DeAMi and DIMA. DeAMi is an affiliate of DIMA and a subsidiary of
Deutsche Bank AG. Under the terms of the Interim Sub-Advisory Agreement, DeAMi
manages the investment and reinvestment of the Fund's portfolio and provides
such investment advice, research and assistance as DIMA may, from time to time,
reasonably request. The Interim Sub-Advisory Agreement will remain effective for
up to 150 days.

DIMA will pay a fee to DeAMi for serving as subadvisor to the Fund at the annual
rate of 0.21% of the Fund's average daily net assets. The fee will be computed
daily and will be paid to DeAMi monthly.

The Interim Sub-Advisory Agreement provides that DeAMi will not be liable for
any error of judgment or mistake of law or for any loss suffered by the Fund in
connection with matters to which the Interim Sub-Advisory Agreement relates,
except a loss resulting from willful misconduct, bad faith or gross negligence
on the part of DeAMi in the performance of its duties or from reckless disregard
by DeAMi of its obligations and duties under the Interim Sub-Advisory Agreement.


The following information supplements and replaces similar information for the
entire portfolio management team of DWS Strategic Value Fund contained in the
"Management of the Fund" section of the fund's Statements of Additional
Information. Any information or references to Dreman Value Management, L.L.C.'s
("DVM") compensation of portfolio managers and conflict of interest are hereby
deleted with respect to DWS Strategic Value Fund only.

Compensation of Portfolio Managers

Portfolio managers are eligible for total compensation comprised of base salary
and variable compensation.

Base Salary - Base salary is linked to job functions, responsibilities and
financial services industry peer comparison through the use of extensive market
data surveys.

Variable Compensation - Generally, variable compensation comprises a greater
proportion of total compensation as a portfolio manager's seniority and
compensation levels increase. Variable Compensation may include a cash bonus
incentive, and potential participation in long-term incentive programs including
but not limited to, Deutsche Bank equity, equity linked vehicle, and restricted
cash. Variable compensation is determined based on an analysis of a number of
factors, including among other things, the performance of Deutsche Bank, the
performance of the Asset Management division, and the portfolio manager's
individual contribution. In evaluating individual contribution, management will
consider a combination of quantitative and qualitative factors. Top performing
investment professionals earn a total compensation package that is highly
competitive. As variable compensation increases, the percentage awarded in
long-term incentives also increases. Long-term incentives are subject to a


<PAGE>

clawback provision for unvested portions only during the three-year life of the
plan should the individual engage in any conduct that is a significant breach of
DB policies and procedures.

o    The quantitative analysis of a portfolio manager's individual performance
     is based on, among other factors, performance of all of the accounts
     managed by the portfolio manager (which includes the fund and any other
     accounts managed by the portfolio manager) over a one-, three-, and
     five-year period relative to the appropriate Morningstar and Lipper peer
     group universes and/or benchmark index(es) with respect to each account.
     Additionally, the portfolio manager's retail/institutional asset mix is
     weighted, as appropriate for evaluation purposes. Generally the benchmark
     index used is a benchmark index set forth in the fund's prospectus to which
     the fund's performance is compared. Additional or different appropriate
     peer group or benchmark indices may also be used. Primary weight is given
     to pre-tax portfolio performance over three-year and five-year time periods
     (adjusted as appropriate if the portfolio manager has served for less than
     five years) with lesser consideration given to portfolio performance over a
     one-year period. The increase or decrease in a fund's assets due to the
     purchase or sale of fund shares is not considered a material factor.

o    The qualitative analysis of a portfolio manager's individual performance is
     based on, among other things, the results of an annual management and
     internal peer review process, and management's assessment of overall
     portfolio manager contributions to investor relations, the investment
     process and overall performance (distinct from fund and other account
     performance). Other factors, including contributions made to the investment
     team, as well as adherence to Compliance Policies and Procedures, Risk
     Management procedures, the firm's Code of Ethics and "living the values" of
     the Advisor are also factors.

The quantitative analysis of a portfolio manager's performance is given more
weight in determining variable compensation than the qualitative portion.

Fund Ownership of Portfolio Managers

The following table shows the dollar range of shares owned beneficially and of
record by each member of the Fund's portfolio management team in the Fund as
well as in all DWS Funds as a group (i.e., those funds advised by Deutsche Asset
Management or its affiliates), including investments by their immediate family
members sharing the same household and amounts invested through retirement and
deferred compensation plans. This information is provided as of December 31,
2008.


<TABLE>
<CAPTION>
                                                       Dollar Range of                    Dollar Range of All DWS
         Name of Portfolio Manager                    Fund Shares Owned                      Fund Shares Owned
         -------------------------                    -----------------                      -----------------

<S>                                                           <C>                            <C>       <C>
Thomas Schuessler                                             $0                             $50,001 - $100,000
Oliver Pfeil                                                  $0                             $10,001 - $50,000
Volker Dosch                                                  $0                           $500,001 - $1,000,000
</TABLE>

Conflicts of Interest

In addition to managing the assets of the Fund, the Fund's portfolio managers
may have responsibility for managing other client accounts of the Advisor or its
affiliates. The tables below show, for each portfolio manager, the number and
asset size of (1) SEC registered investment companies (or series thereof) other
than the Fund, (2) pooled investment vehicles that are not registered investment
companies and (3) other accounts (e.g., accounts managed for individuals or
organizations) managed by each portfolio manager. Total assets attributed to
each portfolio manager in the tables below include total assets of each account
managed by them, although the manager may only manage a portion of such
account's assets. The tables also show the number of performance based fee
accounts, as well as the total assets of the accounts for which the advisory fee
is based on the performance of the account. This information is as of December
31, 2008.


<PAGE>

Other SEC Registered Investment Companies Managed:

<TABLE>
<CAPTION>
                                                                                 Number of
                                       Number of        Total Assets of         Investment          Total Assets of
                                      Registered          Registered         Company Accounts        Performance-
                                      Investment          Investment         with Performance-         Based Fee
    Name of Portfolio Manager          Companies           Companies             Based Fee             Accounts
    -------------------------          ---------           ---------             ---------             --------

<S>                                        <C>          <C>                          <C>                  <C>
Thomas Schuessler                          4            $1,550,668,705               0                    $0
Oliver Pfeil                               0                  $0                     0                    $0
Volker Dosch                               0                  $0                     0                    $0

Other Pooled Investment Vehicles Managed:

                                                                              Number of Pooled
                                                                                 Investment
                                      Number of                               Vehicle Accounts      Total Assets of
                                       Pooled          Total Assets of              with             Performance-
                                     Investment       Pooled Investment         Performance-           Based Fee
    Name of Portfolio Manager         Vehicles             Vehicles              Based Fee             Accounts
    -------------------------         --------             --------              ---------             --------

Thomas Schuessler                         3             $3,649,872,792               1               $477,270,101
Oliver Pfeil                              1              $75,658,420                 1               $239,723,099
Volker Dosch                              2             $1,514,041,400               1                $43,372,730

Other Accounts Managed:

                                                                                 Number of
                                                                               Other Accounts       Total Assets of
                                      Number of                                     with             Performance-
                                        Other          Total Assets of          Performance-           Based Fee
    Name of Portfolio Manager         Accounts          Other Accounts           Based Fee             Accounts
    -------------------------         --------          --------------           ---------             --------

Thomas Schuessler                         3              $13,815,263                 0                    $0
Oliver Pfeil                              0                   $0                     0                    $0
Volker Dosch                              0                   $0                     0                    $0
</TABLE>

In addition to the accounts above, an investment professional may manage
accounts in a personal capacity that may include holdings that are similar to,
or the same as, those of the Fund. The Advisor has in place a Code of Ethics
that is designed to address conflicts of interest and that, among other things,
imposes restrictions on the ability of portfolio managers and other "access
persons" to invest in securities that may be recommended or traded in the Funds
and other client accounts.

Real, potential or apparent conflicts of interest may arise when a portfolio
manager has day-to-day portfolio management responsibilities with respect to
more than one fund or account, including the following:

o    Certain investments may be appropriate for the Fund and also for other
     clients advised by the Advisor, including other client accounts managed by
     the Fund's portfolio management team. Investment decisions for the Fund and
     other clients are made with a view to achieving their respective investment
     objectives and after consideration of such factors as their current
     holdings, availability of cash for investment and the size of their
     investments generally. A particular security may be bought or sold for only
     one client or in different amounts and at different times for more than one
     but less than all clients. Likewise, because clients of the Advisor may
     have differing investment strategies, a particular security may be bought
     for one or more clients when one or more other clients are selling the
     security. The investment results achieved for the Fund may differ from the
     results achieved for other clients of the Advisor. In addition, purchases
     or

<PAGE>

     sales of the same security may be made for two or more clients on the same
     day. In such event, such transactions will be allocated among the clients
     in a manner believed by the Advisor to be most equitable to each client,
     generally utilizing a pro rata allocation methodology. In some cases, the
     allocation procedure could potentially have an adverse effect or positive
     effect on the price or amount of the securities purchased or sold by the
     Fund. Purchase and sale orders for the Fund may be combined with those of
     other clients of the Advisor in the interest of achieving the most
     favorable net results to the Fund and the other clients.

o    To the extent that a portfolio manager has responsibilities for managing
     multiple client accounts, a portfolio manager will need to divide time and
     attention among relevant accounts. The Advisor attempts to minimize these
     conflicts by aligning its portfolio management teams by investment strategy
     and by employing similar investment models across multiple client accounts.

o    In some cases, an apparent conflict may arise where the Advisor has an
     incentive, such as a performance-based fee, in managing one account and not
     with respect to other accounts it manages. The Advisor will not determine
     allocations based on whether it receives a performance-based fee from the
     client. Additionally, the Advisor has in place supervisory oversight
     processes to periodically monitor performance deviations for accounts with
     like strategies.

o    The Advisor and its affiliates and the investment team of the Funds may
     manage other mutual funds and separate accounts on a long-short basis. The
     simultaneous management of long and short portfolios creates potential
     conflicts of interest including the risk that short sale activity could
     adversely affect the market value of the long positions(and vice versa),
     the risk arising from sequential orders in long and short positions, and
     the risks associated with receiving opposing orders at the same time. The
     Advisor has adopted procedures that it believes are reasonably designed to
     mitigate these potential conflicts of interest. Included in these
     procedures are specific guidelines developed to ensure fair and equitable
     treatment for all clients whose accounts are managed by each Fund's
     portfolio management team. The Advisor and the portfolio management team
     have established monitoring procedures, a protocol for supervisory reviews,
     as well as compliance oversight to ensure that potential conflicts of
     interest relating to this type of activity are properly addressed.

The Advisor is owned by Deutsche Bank AG, a multi-national financial services
company. Therefore, the Advisor is affiliated with a variety of entities that
provide, and/or engage in commercial banking, insurance, brokerage, investment
banking, financial advisory, broker-dealer activities (including sales and
trading), hedge funds, real estate and private equity investing, in addition to
the provision of investment management services to institutional and individual
investors. Since Deutsche Bank AG, its affiliates, directors, officers and
employees (the "Firm") are engaged in businesses and have interests other than
managing asset management accounts, such other activities involve real,
potential or apparent conflicts of interest. These interests and activities
include potential advisory, transactional and financial activities and other
interests in securities and companies that may be directly or indirectly
purchased or sold by the Firm for its clients' advisory accounts. These are
considerations of which advisory clients should be aware and which may cause
conflicts that could be to the disadvantage of the Advisor's advisory clients.
The Advisor has instituted business and compliance policies, procedures and
disclosures that are designed to identify, monitor and mitigate conflicts of
interest and, as appropriate, to report them to the Fund's Board.









               Please Retain This Supplement for Future Reference

June 1, 2009