As filed with the Securities and Exchange Commission on April 30, 2009

                                                     1933 Act File No. 002-87336
                                                     1940 Act File No. 811-03883


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-1A
            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933         |__|

                          Pre-Effective Amendment No.                       |__|
                         Post-Effective Amendment No. 42                     |X|
                                                      --
                                     and/or
                        REGISTRATION STATEMENT UNDER THE
                         INVESTMENT COMPANY ACT OF 1940                     |__|

                                Amendment No. 44                             |X|
                                              --
                          DWS COMMUNICATIONS FUND, INC.
               (Exact Name of Registrant as Specified in Charter)

                    345 Park Avenue, New York, New York 10154
                    -----------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's Telephone Number, including Area Code: (6l7) 295-1000

                   John Millette, Vice President and Secretary
                   -------------------------------------------
                       One Beacon Street, Boston, MA 02108
                     (Name and Address of Agent for Service)


 It is proposed that this filing will become effective (check appropriate box):

|__|     Immediately upon filing pursuant to paragraph (b)
|__|     60 days after filing pursuant to paragraph (a)(1)
|__|     75 days after filing pursuant to paragraph (a)(2)
|X|      On May 1, 2009 pursuant to paragraph (b)
|__|     On _____________ pursuant to paragraph (a)(1)
|__|     On _____________ pursuant to paragraph (a)(3) of Rule 485

         If appropriate, check the following box:
|__|     This post-effective amendment designates a new effective date for a
         previously filed post-effective amendment.




                                       1
<PAGE>

                                EXPLANATORY NOTE
                                ----------------

This Post-Effective Amendment No. 41 to the Registrant's Registration Statement
on Form N-1A contains the Prospectuses and Statement of Additional Information
relating to the Registrant's only series:

o        DWS Communications Fund -- Classes A, B, C and Institutional


This Post-Effective Amendment No. 41 relates only to the DWS Communications Fund
and is not intended to update or amend any other Prospectuses or Statement of
Additional Information of other DWS funds.





                                       2
<PAGE>


                                  MAY 1, 2009








                                   PROSPECTUS

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


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

                  DWS COMMUNICATIONS FUND - Classes A, B and C


                     DWS RREEF REAL ESTATE SECURITIES FUND
                            - Classes A, B, C and R


As with all mutual funds, the Securities and Exchange Commission (SEC) does not
approve or disapprove these shares or determine whether the information in this
prospectus is truthful or complete. It is a criminal offense for anyone to
inform you otherwise.


                                     RESHAPING INVESTING. [DWS INVESTMENTS LOGO]
                                                             Deutsche Bank Group


<PAGE>

CONTENTS





<TABLE>
<S>      <C>
HOW EACH FUND WORKS
  4      DWS Communications Fund
 14      DWS RREEF Real Estate
         Securities Fund
 24      Other Policies and Risks
 25      Who Manages and Oversees
         the Funds
 29      Financial Highlights


</TABLE>
<TABLE>
<S>      <C>
HOW TO INVEST IN THE FUNDS
 38      Choosing a Share Class
 45      How to Buy Class A, B and C
         Shares
 46      How to Exchange or Sell
         Class A, B and C Shares
 47      How to Buy and Sell Class R
         Shares
 49      Policies You Should Know
         About
 63      Understanding Distributions
         and Taxes
 67      Appendix
</TABLE>


<PAGE>

HOW EACH FUND WORKS

On the next few pages, you'll find information about each fund's investment
objective, the main strategies each uses to pursue that objective and the main
risks that could affect performance.

Whether you are considering investing in a fund or are already a shareholder,
you'll want to LOOK THIS INFORMATION OVER CAREFULLY. You may want to keep it on
hand for reference as well.

CLASSES A, B AND C shares are generally intended for investors seeking the
advice and assistance of a financial advisor. CLASS R shares are only available
to participants in certain retirement plans.

Remember that mutual funds are investments, not bank deposits. They're not
insured or guaranteed by the FDIC or any other government agency. Their share
prices will go up and down, and you could lose money by investing in them.


You can find DWS prospectuses on the Internet at WWW.DWS-INVESTMENTS.COM (the
Web site does not form a part of this prospectus).

<PAGE>


<TABLE>
<S>                          <C>        <C>        <C>
                              Class A    Class B    Class C
  ticker symbol               TISHX      FTEBX      FTICX
    fund number               432        632        732

    DWS COMMUNICATIONS FUND


</TABLE>

            THE FUND'S MAIN INVESTMENT STRATEGY

            The fund seeks to maximize total return.

            Under normal circumstances, the fund will invest at least 80% of
            its net assets, plus the amount of any borrowings for investment
            purposes (measured at the time of investment), in securities of
            companies in the communications field. The fund normally focuses on
            the securities of US and foreign companies that are engaged in the
            research, development, manufacture or sale of communications
            services, technology, equipment or products.

            The fund seeks to achieve its objective through a combination of
            long-term growth of capital and, to a lesser extent, current
            income. In selecting investments for the fund, the portfolio
            manager emphasizes investments in companies offering products and
            services that support both traditional communications and
            facilitate newer information-based applications. Examples of such
            companies include companies that offer outsourced communications
            billing and teleservices products or network computing technology
            that supports basic Internet functionality, such as Web site
            operations for electronic commerce and other Internet-based
            applications. The portfolio manager believes that worldwide
            telecommunications market expansion will create opportunities for
            both established and emerging providers of telecommunications
            products and services. As a result, the portfolio manager believes
            that investing in a portfolio of common stocks as well as dividend
            and interest-paying securities of companies in the communications
            field offers an attractive opportunity for maximizing total return,
            although there can be no guarantee that this result will be
            achieved.

            The fund may also invest in convertible securities and in bonds and
            short-term cash equivalents. Convertible securities are bonds or
            preferred stocks that give purchasers the right to exchange the
            convertible security for a specified number of


4 | DWS Communications Fund
<PAGE>

            shares of a company's common stock at specified prices within a
            certain period of time. Purchasers receive regular interest
            payments until they exercise their exchange right. The fund may
            also invest its assets without limit in stocks and other securities
            of companies not publicly traded in the United States, including
            securities of emerging markets.

            The portfolio manager employs a disciplined, research-based
            approach to investing in the communications industry. The portfolio
            manager utilizes Deutsche Asset Management's proprietary research
            platform to help identify opportunities and capture alpha (i.e.,
            return in excess of the fund's benchmark) across the globe. The
            portfolio manager employs cash flow return on investment (CFROI) as
            its principal basis for valuation. This investment approach allows
            the portfolio manager to find moneymaking opportunities across a
            company's life cycle, from early-stage growth to late-stage fade.


            DERIVATIVES AND OTHER INVESTMENTS. The fund is permitted, but not
            required, to use various types of derivatives (contracts whose
            value is based on, for example, indices, currencies or securities).
            Derivatives may be used for hedging and for risk management or for
            non-hedging purposes to seek to enhance potential gains. The fund
            may use derivatives in circumstances where portfolio management
            believes they offer an economical means of gaining exposure to a
            particular asset class or to keep cash on hand to meet shareholder
            redemptions or other needs while maintaining exposure to the
            market.


            In particular, the fund may use futures and options. To the extent
            the fund invests in foreign securities, the fund may enter into
            forward currency exchange contracts and buy and sell currency
            options to hedge against currency exchange rate fluctuations.

            SECURITIES LENDING. The fund may lend its investment securities in
            an amount up to 33 1/3% of its total assets to approved
            institutional borrowers who need to borrow securities in order to
            complete certain transactions.


            THE MAIN RISKS OF INVESTING IN THE FUND

            There are several risk factors that could hurt the fund's
            performance, cause you to lose money or cause the fund's
            performance to trail that of other investments.


                                                    DWS Communications Fund  | 5
<PAGE>

            STOCK MARKET RISK. The fund is affected by how the stock market
            performs. To the extent the fund invests in a particular
            capitalization or market sector, the fund's performance may be
            proportionately affected by that segment's general performance.
            When stock prices fall, you should expect the value of your
            investment to fall as well. Because a stock represents ownership in
            its issuer, stock prices can be hurt by poor management, shrinking
            product demand and other business risks. These factors may affect
            single companies as well as groups of companies. In addition,
            movements in financial markets may adversely affect a stock's
            price, regardless of how well the company performs. The market as a
            whole may not favor the types of investments the fund makes, which
            could affect the fund's ability to sell them at an attractive
            price.

            CONCENTRATION RISK. The fund concentrates its investments in common
            stocks of companies in the communications field. As a result,
            market price movements, regulatory or technological changes, or
            economic conditions affecting companies in this field will have a
            significant impact on the fund's performance.

            NON-DIVERSIFICATION RISK. The fund is classified as non-diversified
            under the Investment Company Act of 1940, as amended. This means
            that the fund may invest in securities of relatively few issuers.
            Thus, the performance of one or a small number of portfolio
            holdings can affect overall performance more than if the fund
            invested in a larger number of issuers.

            DERIVATIVES RISK. Risks associated with derivatives include the
            risk that the derivative is not well correlated with the security,
            index or currency to which it relates; the risk that derivatives
            may result in losses or missed opportunities; the risk that the
            fund will be unable to sell the derivative because of an illiquid
            secondary market; the risk that a counterparty is unwilling or
            unable to meet its obligation; and the risk that the derivative
            transaction could expose the fund to the effects of leverage, which
            could increase the fund's exposure to the market and magnify
            potential losses. There is no guarantee that derivatives, to the
            extent employed, will have the intended effect, and their use could
            cause lower returns or even losses to the fund. The use of
            derivatives by the fund to hedge risk may reduce the opportunity
            for gain by offsetting the positive effect of favorable price
            movements.


6 | DWS Communications Fund
<PAGE>

            FOREIGN INVESTMENT RISK. Foreign investments involve certain
            special risks, including:


            -  POLITICAL RISK. Some foreign governments have limited the
               outflow of profits to investors abroad, imposed restrictions on
               the exchange or export of foreign currency, extended diplomatic
               disputes to include trade and financial relations, seized
               foreign investments and imposed higher taxes.


            -  INFORMATION RISK. Companies based in foreign markets are usually
               not subject to accounting, auditing and financial reporting
               standards and practices as stringent as those in the US.
               Therefore, their financial reports may present an incomplete,
               untimely or misleading picture of a company, as compared to the
               financial reports required in the US.


            -  LIQUIDITY RISK. Investments that trade less frequently can be
               more difficult or more costly to buy, or to sell, than more
               liquid or active investments. This liquidity risk is a factor of
               the trading volume of a particular investment, as well as the
               size and liquidity of the entire local market. On the whole,
               foreign exchanges are smaller and less liquid than US exchanges.
               This can make buying and selling certain investments more
               difficult and costly. Relatively small transactions in some
               instances can have a disproportionately large effect on the
               price and supply of securities. In certain situations, it may
               become virtually impossible to sell an investment in an orderly
               fashion at a price that approaches portfolio management's
               estimate of its value. For the same reason, it may at times be
               difficult to value the fund's foreign investments.


            -  REGULATORY RISK. There is generally less government regulation
               of foreign markets, companies and securities dealers than in the
               US.

            -  CURRENCY RISK. The fund invests in securities denominated in
               foreign currencies. Changes in exchange rates between foreign
               currencies and the US dollar may affect the US dollar value of
               foreign securities or the income or gain received on these
               securities.

            -  LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be
               more limited than the legal remedies available in the US.

                                                    DWS Communications Fund  | 7
<PAGE>

           -   TRADING PRACTICE RISK. Brokerage commissions and other fees
               are generally higher for foreign investments than for US
               investments. The procedures and rules governing foreign
               transactions and custody may also involve delays in payment,
               delivery or recovery of money or investments.

            -  TAXES. Foreign withholding and certain other taxes may reduce
               the amount of income available to distribute to shareholders of
               the fund. In addition, special US tax considerations may apply
               to the fund's foreign investments.


            EMERGING MARKET RISK. All of the risks of investing in foreign
            securities are increased in connection with investments in emerging
            markets securities. In addition, profound social changes and
            business practices that depart from norms in developed countries'
            economies have hindered the orderly growth of emerging economies
            and their markets in the past and have caused instability. High
            levels of debt tend to make emerging economies heavily reliant on
            foreign capital and vulnerable to capital flight. Countries with
            emerging economies can be dependent upon exports, are vulnerable to
            falling demand from developed countries, and are more likely to
            experience high levels of inflation, deflation or currency
            devaluation, which could hurt their economies and securities
            markets. For these and other reasons, investments in emerging
            markets are often considered speculative.

            Some governments exercise substantial influence over the private
            economic sector and the social and political uncertainties that
            exist for many developing countries is significant. In adverse
            social and political circumstances, governments have been involved
            in policies of expropriation, confiscatory taxation,
            nationalization, intervention in the securities markets and trade
            settlement, and imposition of foreign investment restrictions and
            exchange controls.

            CREDIT RISK. A fund purchasing debt securities faces the risk that
            the creditworthiness of an issuer may decline, causing the value of
            the debt securities to decline. In addition, an issuer may not be
            able to make timely payments on the interest and/
            or principal on the debt security it has issued. Because the
            issuers of high-yield debt securities or junk bonds (debt
            securities rated below the fourth highest category) may be in
            uncertain financial health, the prices of their debt securities can
            be more vulnerable to bad economic news or even the expectation of
            bad news, than investment-grade debt



8 | DWS Communications Fund
<PAGE>


            securities. In some cases, debt securities, particularly high-yield
            debt securities, may decline in credit quality or go into default.
            Because the fund may invest in securities not paying current
            interest or in securities already in default, these risks may be
            more pronounced.


            PRICING RISK. At times, market conditions may make it difficult to
            value some investments, and the fund may use certain valuation
            methodologies for some of its investments, such as fair value
            pricing. Given the subjective nature of such valuation
            methodologies, it is possible that the value determined for an
            investment may be different than the value realized upon such
            investment's sale. If the fund has valued its securities too
            highly, you may pay too much for fund shares when you buy into the
            fund. If the fund has underestimated the price of its securities,
            you may not receive the full market value when you sell your fund
            shares.

            SECURITIES LENDING RISK. Any loss in the market price of securities
            loaned by the fund that occurs during the term of the loan would be
            borne by the fund and would adversely affect the fund's
            performance. Also, there may be delays in recovery of securities
            loaned or even a loss of rights in the collateral should the
            borrower of the securities fail financially while the loan is
            outstanding. However, loans will be made only to borrowers selected
            by the fund's delegate after a review of relevant facts and
            circumstances, including the creditworthiness of the borrower.

            Other factors that could affect performance include:


            -  portfolio management could be wrong in the analysis of
               industries, companies, economic trends, the relative
               attractiveness of different securities or other matters.



                                                    DWS Communications Fund  | 9
<PAGE>

THE FUND'S PERFORMANCE HISTORY

While a fund's past performance (before and after taxes) isn't necessarily a
sign of how it will do in the future, it can be valuable for an investor to
know.


The bar chart shows how the performance of the fund's Class A shares has varied
from year to year, which may give some idea of risk. The bar chart does not
reflect sales loads; if it did, total returns would be lower than those shown.
The table on the following page shows how fund performance compares to relevant
index performance (which, unlike fund performance, does not reflect fees or
expenses). The table includes the effects of maximum sales loads on fund
performance. The performance of the fund and the index information varies over
time. All figures assume reinvestment of dividends and distributions (in the
case of after-tax returns, reinvested net of assumed tax rates).

The table shows returns for Class A shares on a before-tax and after-tax basis.
After-tax returns are shown for Class A only and will vary for Classes B and C.
After-tax returns are estimates calculated using the historical highest
marginal individual federal income tax rates and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on an investor's tax
situation and may differ from those shown in the table. After-tax returns shown
are not relevant for investors who hold their shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.


DWS Communications Fund

ANNUAL TOTAL RETURN (%) AS OF 12/31 EACH YEAR - CLASS A (Results do not reflect
sales loads; if they did, total returns would be lower than those shown.)

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]


<TABLE>
<S>        <C>         <C>         <C>         <C>        <C>        <C>        <C>        <C>        <C>
45.47       -34.52      -29.54      -39.31     22.89      21.23      14.95      21.14       -0.51     -57.39
1999        2000        2001        2002       2003       2004       2005       2006       2007       2008
</TABLE>







<TABLE>
<CAPTION>
2008 TOTAL RETURN AS OF MARCH 31: -0.40%
<S>                                        <C>
For the periods included in the bar chart:
BEST QUARTER: 27.21%, Q4 1999              WORST QUARTER: -29.94%, Q2 2002
</TABLE>




10 | DWS Communications Fund
<PAGE>


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2008 (Fund returns include the
effect of maximum sales load.)




<TABLE>
<CAPTION>
                                               1 YEAR       5 YEARS       10 YEARS
<S>                                         <C>            <C>          <C>
 CLASS A
   Return before Taxes                         -59.84        -7.59         -10.29
   Return after Taxes on Distributions         -60.04        -7.68         -10.73
   Return after Taxes on Distributions
   and Sale of Fund Shares                     -38.61*       -6.28*         -7.58*
 CLASS B (Return before Taxes)                 -58.74        -7.28         -10.46
 CLASS C (Return before Taxes)                 -57.69        -7.18         -10.50
 MSCI WORLD INDEX (reflects no
 deductions for fees, expenses or
 taxes)                                        -40.71        -0.51          -0.64
 MSCI WORLD TELECOM SERVICES INDEX
 (reflects no deductions for fees,
 expenses or taxes)                            -32.03        2.90           -4.24
</TABLE>




Total returns would have been lower if operating expenses hadn't been reduced.


*   Return after Taxes on Distributions and Sale of Fund Shares is higher than
   other return figures for the same period due to a capital loss occurring
   upon redemption resulting in an assumed tax deduction for the shareholder.


 MSCI WORLD INDEX is an unmanaged capitalization-weighted measure of stock
 markets
 around the world, including North America, Europe, Australia and Asia.


 MSCI WORLD TELECOM SERVICES INDEX is an unmanaged index that tracks telecom
 securities from around the world.



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

Current performance may be higher or lower than the performance data quoted
above. For more recent performance information, call your financial advisor or
(800) 621-1048 or visit our Web site at www.dws-investments.com.



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

Return information assumes that fund shares were sold at the end of the period.


RETURN AFTER TAXES ON DISTRIBUTIONS reflects taxes only on the fund's
distributions and not on a shareholder's gain or loss from selling fund shares.


RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES reflects taxes on
both the fund's distributions and a shareholder's gain or loss from selling
fund shares.



                                                   DWS Communications Fund  | 11
<PAGE>

HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
fund shares. This information doesn't include any fees that may be charged by
your financial advisor.



<TABLE>
<CAPTION>
FEE TABLE                                        CLASS A         CLASS B       CLASS C
<S>                                         <C>                 <C>          <C>
 SHAREHOLDER FEES, paid directly from your investment
___________________________________________________________________________________________
 Maximum Sales Charge (Load) Imposed
 on Purchases (as % of offering price)             5.75% 1        None          None
 Maximum Contingent Deferred Sales
 Charge (Load) (as % of redemption
 proceeds)                                         None 2          4.00%         1.00%
 Redemption/Exchange fee on shares
 owned less than 15 days (as % of
 redemption proceeds) 3                           2.00             2.00          2.00
 ANNUAL OPERATING EXPENSES, deducted from fund assets
___________________________________________________________________________________________
 Management Fee                                   0.95  %          0.95%         0.95%
 Distribution/Service (12b-1) Fee                 0.24             0.99          1.00
 Other Expenses 4                                 0.60             0.72          0.75
 TOTAL ANNUAL OPERATING EXPENSES 5,6,7            1.79             2.66          2.70
</TABLE>



1        Because of rounding in the calculation of the offering price, the
         actual maximum front-end sales charge paid by an investor may be higher
         than the percentage noted (see "Choosing a Share Class - Class A
         shares").

2        The redemption of shares purchased at net asset value under the Large
         Order NAV Purchase Privilege (see "Choosing a Share Class - Class A
         shares") may be subject to a contingent deferred sales charge of 1.00%
         if redeemed within 12 months of purchase and 0.50% if redeemed within
         the following six months.

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


4        "Other Expenses" include an administrative services fee paid to the
         Advisor in the amount of 0.10% of average daily net assets.



5        Through September 30, 2009, the Advisor has contractually agreed to
         waive all or a portion of its management fee and reimburse or pay
         certain operating expenses of the fund to the extent necessary to
         maintain the fund's total operating expenses at 1.54%, 2.29% and 2.29%
         for Class A, Class B and Class C shares, respectively, excluding
         certain expenses, such as extraordinary expenses, taxes, brokerage and
         interest.



6        From October 1, 2009 through April 30, 2010, the Advisor has
         contractually agreed to waive all or a portion of its management fee
         and reimburse or pay operating expenses of the fund to the extent
         necessary to maintain the fund's total operating expenses at ratios no
         higher than 1.95%, 2.70% and 2.70% for Class A, Class B and Class C
         shares, respectively, excluding certain expenses, such as extraordinary
         expenses, taxes, brokerage, and interest.



12 | DWS Communications Fund
<PAGE>


7        Except as otherwise noted, the information in the table is based on
         amounts incurred during the fund's most recent fiscal year. It is
         important for you to understand that a decline in the fund's average
         net assets during the current fiscal year due to recent unprecedented
         market volatility or other factors could cause the fund's expense
         ratios for the fund's current fiscal year to be higher than the expense
         information presented. Based on asset levels as of December 31, 2008,
         the gross annualized expense ratios of Class A, Class B and Class C
         shares are estimated at 2.14%, 3.57% and 3.17%, respectively. For more
         current expense information, see "Financial Highlights" in the fund's
         future annual or semi-annual reports.


Based on the costs above, this example helps you compare the expenses of each
share class to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes 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.



<TABLE>
<CAPTION>
EXAMPLE                1 YEAR      3 YEARS      5 YEARS      10 YEARS
<S>                   <C>         <C>          <C>          <C>
 EXPENSES, assuming you sold your shares at the end of each period.
_________________________________________________________________________
 Class A shares         $746       $1,106       $1,489       $2,559
 Class B shares*         669        1,126        1,610        2,589
 Class C shares          373          838        1,430        3,032
 EXPENSES, assuming you kept your shares.
_________________________________________________________________________
 Class A shares         $746       $1,106       $1,489       $2,559
 Class B shares*         269          826        1,410        2,589
 Class C shares          273          838        1,430        3,032
</TABLE>



*        Reflects conversion of Class B to Class A shares, which pay lower fees.
         Conversion occurs six years after purchase.

                                                   DWS Communications Fund  | 13
<PAGE>


<TABLE>
<S>                                        <C>        <C>        <C>        <C>
                                            Class A    Class B    Class C    Class R
  ticker symbol                             RRRAX      RRRBX      RRRCX      RRRSX
    fund number                             425        625        725        1502

    DWS RREEF REAL ESTATE SECURITIES FUND


</TABLE>

            THE FUND'S MAIN INVESTMENT STRATEGY

            The fund's investment objective is long-term capital
            appreciation and current income.

            The fund invests primarily in real estate securities. Under normal
            circumstances, the fund will invest at least 80% of its net assets,
            plus the amount of any borrowing for investment purposes
            (calculated at the time of any investment), in equity securities of
            real estate investment trusts ("REITs") and real estate companies.

            A company is considered to be a real estate company if, in the
            opinion of the portfolio managers, at least 50% of its revenues or
            50% of the market value of its assets at the time its securities
            are purchased by the fund are attributed to the ownership,
            construction, management or sale of real estate.

            The fund's equity investments are mainly common stocks, but may
            also include other types of equities, such as preferred or
            convertible stocks.

            The portfolio managers look for real estate securities they believe
            will provide superior returns to the fund over the long term and
            they attempt to focus on companies with the potential for stock
            price appreciation and a record of paying dividends.

            To find these issuers, the portfolio managers track economic
            conditions and real estate market performance in major metropolitan
            areas and analyze performance of various property types within
            those regions. To perform this analysis, the portfolio managers use
            information from a nationwide network of real estate professionals
            to evaluate the holdings of real estate companies and REITs in
            which the fund may invest. Their analysis also includes the
            companies' management structures, financial structures and business
            strategies. The goal of this analysis is to determine which of


14 | DWS RREEF Real Estate Securities Fund
<PAGE>

            the issuers the portfolio managers believe will be the most
            profitable to the fund over the long term. The portfolio managers
            also consider the effect of the real estate securities markets in
            general when making investment decisions.

            A REIT invests primarily in income-producing real estate or makes
            loans to persons involved in the real estate industry.

            Some REITs, called equity REITs, buy real estate and pay investors
            income from the rents received from the real estate owned by the
            REIT and from any profits on the sale of its properties. Other
            REITs, called mortgage REITs, lend money to building developers and
            other real estate companies and pay investors income from the
            interest paid on those loans. There are also hybrid REITs which
            engage in both owning real estate and making loans.

            Based on their recent practices, the portfolio managers expect that
            the fund's assets will be invested primarily in equity REITs. In
            changing market conditions, the fund may invest in other types of
            REITs.

            If a REIT meets certain requirements, it is not taxed on the income
            it distributes to its investors.


            The fund may realize some short-term gains or losses if the
            portfolio managers choose to sell a security. The portfolio
            managers may choose to sell a security for a variety of reasons,
            but typically the portfolio managers will sell if they believe that
            one or more of the following is true:


            -  a security is not fulfilling its investment purpose;

            -  a security has reached its optimum valuation; or


            -  a particular company or general economic conditions have
               changed.

            DERIVATIVES AND OTHER INVESTMENTS. When the portfolio managers
            believe that it is prudent, the fund may invest a portion of its
            assets in other types of securities. These securities may include
            short-term securities, bonds, notes, securities of companies not
            principally engaged in the real estate industry, non-leveraged
            stock index futures contracts and other similar securities. Stock
            index futures contracts, a type of derivative security, can help
            the fund's cash assets remain liquid while performing more like
            stocks. The fund has a policy governing stock index futures, which
            prohibits



                                     DWS RREEF Real Estate Securities Fund  | 15
<PAGE>

            leverage of the fund's assets by investing in a derivative
            security. For example, the portfolio managers cannot invest in a
            derivative security if it would be possible for the fund to lose
            more money than it invested.

            SECURITIES LENDING. The fund may lend its investment securities in
            an amount up to 33 1/3% of its total assets to approved
            institutional borrowers who need to borrow securities in order to
            complete certain transactions.


            THE MAIN RISKS OF INVESTING IN THE FUND

            There are several risk factors that could hurt the fund's
            performance, cause you to lose money or cause the fund's
            performance to trail that of other investments.

            STOCK MARKET RISK. The fund is affected by how the stock market
            performs. To the extent the fund invests in a particular
            capitalization or market sector, the fund's performance may be
            proportionately affected by that segment's general performance.
            When stock prices fall, you should expect the value of your
            investment to fall as well. Because a stock represents ownership in
            its issuer, stock prices can be hurt by poor management, shrinking
            product demand and other business risks. These factors may affect
            single companies as well as groups of companies. In addition,
            movements in financial markets may adversely affect a stock's
            price, regardless of how well the company performs. The market as a
            whole may not favor the types of investments the fund makes, which
            could affect the fund's ability to sell them at an attractive
            price.

            CONCENTRATION RISK. The fund concentrates its investments in
            real estate securities, including REITs. A fund with a concentrated
            portfolio is vulnerable to the risks of the industry in which it
            invests and is subject to greater risks and market fluctuations
            than funds investing in a broader range of industries. Real estate
            securities are susceptible to the risks associated with direct
            ownership of real estate, such as:

            -  general or local economic conditions;

            -  increases in property taxes and operating expenses;

            -  liability or losses due to environmental problems;

            -  falling rents due to poor demand, increased competition and/or
               overbuilding or limitation on rents;





THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

This fund is designed for investors interested in an investment that seeks
long-term capital growth and current income through investment in real estate
securities.








16 | DWS RREEF Real Estate Securities Fund
<PAGE>

            -  zoning changes;

            -  rising interest rates; and

            -  losses from casualty or condemnation.

            In addition, many real estate companies, including REITs, utilize
            leverage (and some may be highly leveraged), which increases
            investment risk. Further, REITs are dependent upon management
            skills and may not be diversified.

            DERIVATIVES RISK. Risks associated with derivatives include the
            risk that the derivative is not well correlated with the security,
            index or currency to which it relates; the risk that derivatives
            may result in losses or missed opportunities; the risk that the
            fund will be unable to sell the derivative because of an illiquid
            secondary market; the risk that a counterparty is unwilling or
            unable to meet its obligation; and the risk that the derivative
            transaction could expose the fund to the effects of leverage, which
            could increase the fund's exposure to the market and magnify
            potential losses. There is no guarantee that derivatives, to the
            extent employed, will have the intended effect, and their use could
            cause lower returns or even losses to the fund. The use of
            derivatives by the fund to hedge risk may reduce the opportunity
            for gain by offsetting the positive effect of favorable price
            movements.

            NON-DIVERSIFICATION RISK. The fund is classified as non-diversified
            under the Investment Company Act of 1940, as amended. This means
            that the fund may invest in securities of relatively few issuers.
            Thus, the performance of one or a small number of portfolio
            holdings can affect overall performance more than if the fund
            invested in a larger number of issuers.

            PRICING RISK. At times, market conditions may make it difficult to
            value some investments, and the fund may use certain valuation
            methodologies for some of its investments, such as fair value
            pricing. Given the subjective nature of such valuation
            methodologies, it is possible that the value determined for an
            investment may be different than the value realized upon such
            investment's sale. If the fund has valued its securities too
            highly, you may pay too much for fund shares when you buy into the
            fund. If the fund has underestimated the price of its securities,
            you may not receive the full market value when you sell your fund
            shares.


                                     DWS RREEF Real Estate Securities Fund  | 17
<PAGE>

            SECURITIES LENDING RISK. Any loss in the market price of securities
            loaned by the fund that occurs during the term of the loan would be
            borne by the fund and would adversely affect the fund's
            performance. Also, there may be delays in recovery of securities
            loaned or even a loss of rights in the collateral should the
            borrower of the securities fail financially while the loan is
            outstanding. However, loans will be made only to borrowers selected
            by the fund's delegate after a review of relevant facts and
            circumstances, including the creditworthiness of the borrower.

            Other factors that could affect performance include:


            -  portfolio management could be wrong in the analysis of
               industries, companies, economic trends, the relative
               attractiveness of different securities or other matters.



18 | DWS RREEF Real Estate Securities Fund
<PAGE>

THE FUND'S PERFORMANCE HISTORY

While a fund's past performance (before and after taxes) isn't necessarily a
sign of how it will do in the future, it can be valuable for an investor to
know.


The bar chart shows how the performance of the fund's Class A shares has varied
from year to year, which may give some idea of risk. The bar chart does not
reflect sales loads; if it did, total returns would be lower than those shown.
The table on the following page shows how fund performance compares to relevant
index performance (which, unlike fund performance, does not reflect fees or
expenses). The table includes the effects of maximum sales loads on fund
performance. The performance of the fund and the index information varies over
time. All figures assume reinvestment of dividends and distributions (in the
case of after-tax returns, reinvested net of assumed tax rates).

The table shows returns for Class A shares on a before-tax and after-tax basis.
After-tax returns are shown for Class A only and will vary for Classes B and C.
After-tax returns are estimates calculated using the historical highest
marginal individual federal income tax rates and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on an investor's tax
situation and may differ from those shown in the table. After-tax returns shown
are not relevant for investors who hold their shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.


In addition, after-tax returns are not relevant for Class R shares.

The performance data provided in the bar chart and quarterly returns below and
the risk return table on the following pages for periods prior to July 10, 2006
are those of the fund's predecessor fund, DWS RREEF Real Estate Securities
Fund, a series of DWS RREEF Securities Trust (the "Predecessor Fund"). On July
10, 2006, the Predecessor Fund transferred its assets to the fund, which was a
newly created series of DWS Advisor Funds. The fund acquired the Predecessor
Fund's liabilities.


The inception date for Class A, B and C shares of the Predecessor Fund is
September 3, 2002. The inception date for Class R shares of the Predecessor
Fund is October 1, 2003. In the bar chart, the performance figures for Class A
before its inception date are based on the historical performance of the
Predecessor Fund's original share class (Institutional Class), adjusted to
reflect the higher gross total annual operating expenses of Class A. In the
table, the performance figures for each share class prior to its inception date
are based on the historical performance of the Predecessor Fund's Institutional
Class, adjusted to reflect both the higher gross total annual operating
expenses of Class A, B, C and R and the current applicable sales charges for
Class A, B or C. The inception date for the Institutional Class shares of the
Predecessor Fund is December 1, 1999. Institutional Class shares are offered in
a separate prospectus.



                                     DWS RREEF Real Estate Securities Fund  | 19
<PAGE>

DWS RREEF Real Estate Securities Fund

ANNUAL TOTAL RETURN (%) AS OF 12/31 EACH YEAR - CLASS A (Results do not reflect
sales loads; if they did, total returns would be lower than those shown.)

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]


<TABLE>
<S>        <C>        <C>       <C>        <C>        <C>        <C>        <C>         <C>
28.72      13.88       7.52     38.51      31.57      11.89      37.73       -15.89     -39.34
2000       2001       2002      2003       2004       2005       2006       2007        2008
</TABLE>







<TABLE>
<CAPTION>
2009 TOTAL RETURN AS OF MARCH 31: -31.17%
<S>                                        <C>
For the periods included in the bar chart:
BEST QUARTER: 16.03%, Q4 2004              WORST QUARTER: -39.88%, Q4 2008
</TABLE>




20 | DWS RREEF Real Estate Securities Fund
<PAGE>


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2008 (Fund returns include the
effect of maximum sales load.)




<TABLE>
<CAPTION>
                                                                                 SINCE
                                                 1 YEAR          5 YEARS       INCEPTION*
<S>                                          <C>              <C>             <C>
 CLASS A
   Return before Taxes                           -42.83           -0.51           8.93
   Return after Taxes on Distributions           -43.62           -3.13           5.87
   Return after Taxes on Distributions
   and Sale of Fund Shares                       -29.81**         -2.02**         5.78
 CLASS B (Return before Taxes)                   -41.46           -0.29           8.76
 CLASS C (Return before Taxes)                   -39.76           -0.10           8.82
 CLASS R (Return before Taxes)                   -39.42           0.43            9.41
 STANDARD & POOR'S 500 INDEX
 (reflects no deductions for fees,
 expenses or taxes)                              -37.00           -2.19           -2.96
 MORGAN STANLEY US REAL ESTATE
 INVESTMENT TRUST (MSCI US REIT)
 INDEX (reflects no deductions for fees,
 expenses or taxes)                              -40.33           -0.29           8.28
</TABLE>



Total returns would have been lower if operating expenses hadn't been reduced.



 *   Inception date for the Predecessor Fund was December 1, 1999. Index
     comparison begins November 30, 1999.



 **   Return after Taxes on Distributions and Sale of Fund Shares is higher
     than other return figures for the same period due to a capital loss
     occurring upon redemption resulting in an assumed tax deduction for the
     shareholder.

 STANDARD & POOR'S 500 INDEX (S&P 500) 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.


 MSCI US REIT INDEX (MSCI US REIT) is an unmanaged free float-adjusted market
 capitalization weighted index that is comprised of equity REITs that are
 included in the MSCI US Investable Market 2500 Index, with the exception of
 specialty equity REITs that do not generate a majority of their revenue and
 income from real estate rental and leasing operations.



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

Current performance may be higher or lower than the performance data quoted
above. For more recent performance information, call your financial advisor or
(800) 621-1048 or visit our Web site at www.dws-investments.com.



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

Return information assumes that fund shares were sold at the end of the period.


RETURN AFTER TAXES ON DISTRIBUTIONS reflects taxes only on the fund's
distributions and not on a shareholder's gain or loss from selling fund shares.




                                     DWS RREEF Real Estate Securities Fund  | 21
<PAGE>


RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES reflects taxes on
both the fund's distributions and a shareholder's gain or loss from selling
fund shares.



HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
fund shares. This information doesn't include any fees that may be charged by
your financial advisor.



<TABLE>
<CAPTION>
FEE TABLE                                      CLASS A        CLASS B      CLASS C      CLASS R
<S>                                         <C>              <C>          <C>          <C>
 SHAREHOLDER FEES, paid directly from your investment
___________________________________________________________________________________________________
 Maximum Sales Charge (Load) Imposed
 on Purchases (as % of offering price)           5.75% 1       None         None         None
 Maximum Contingent Deferred Sales
 Charge (Load) (as % of redemption
 proceeds)                                       None 2         4.00%        1.00%       None
 Redemption/Exchange fee on shares
 owned less than 15 days (as % of
 redemption proceeds) 3                         2.00            2.00         2.00        2.00
 ANNUAL OPERATING EXPENSES, deducted from fund assets
___________________________________________________________________________________________________
 Management Fee                                 0.39  %         0.39%        0.39%       0.39%
 Distribution/Service (12b-1) Fee               0.22            1.00         1.00        0.35
 Other Expenses 4                               0.33            0.43         0.39        0.40
 TOTAL ANNUAL OPERATING EXPENSES 5              0.94            1.82         1.78        1.14
</TABLE>



1        Because of rounding in the calculation of the offering price, the
         actual maximum front-end sales charge paid by an investor may be higher
         than the percentage noted (see "Choosing a Share Class - Class A
         shares").

2        The redemption of shares purchased at net asset value under the Large
         Order NAV Purchase Privilege (see "Choosing a Share Class - Class A
         shares") may be subject to a contingent deferred sales charge of 1.00%
         if redeemed within 12 months of purchase and 0.50% if redeemed within
         the following six months.

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


4        "Other Expenses" include an administrative services fee paid to the
         Advisor in the amount of 0.10% of average daily net assets.

5        Except as otherwise noted, the information in the table is based on
         amounts incurred during the fund's most recent fiscal year. It is
         important for you to understand that a decline in the fund's average
         net assets during the current fiscal year due to recent unprecedented
         market volatility or other factors could cause the fund's expense
         ratios for the fund's current fiscal year to be higher than the expense
         information presented. Based on asset levels as of December 31, 2008,
         the gross annualized expense ratios of Class A, Class B, Class C and
         Class R shares are estimated at 1.10%, 2.05, 1.97% and 1.25%,
         respectively. For more current expense information, see "Financial
         Highlights" in the fund's future annual or semi-annual reports.


22 | DWS RREEF Real Estate Securities Fund
<PAGE>

Based on the costs above, this example helps you compare the expenses of each
share class to those of other mutual funds. This example assumes the expenses
above remain the same. It also assumes 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.



<TABLE>
<CAPTION>
EXAMPLE                1 YEAR      3 YEARS      5 YEARS      10 YEARS
<S>                   <C>         <C>          <C>          <C>
 EXPENSES, assuming you sold your shares at the end of each period.
_________________________________________________________________________
 Class A shares         $665         $857       $1,065       $1,663
 Class B shares*         585          873        1,185        1,693
 Class C shares          281          560          964        2,095
 Class R shares          116          362          628        1,386
 EXPENSES, assuming you kept your shares.
_________________________________________________________________________
 Class A shares         $665         $857       $1,065       $1,663
 Class B shares*         185          573          985        1,693
 Class C shares          181          560          964        2,095
 Class R shares          116          362          628        1,386
</TABLE>



*        Reflects conversion of Class B to Class A shares, which pay lower fees.
         Conversion occurs six years after purchase.

                                     DWS RREEF Real Estate Securities Fund  | 23
<PAGE>

OTHER POLICIES AND RISKS

           While the previous pages describe the main points of each fund's
           strategy and risks, there are a few other issues to know about:

           -  Although major changes tend to be infrequent, each fund's Board
              could change a fund's investment objective without seeking
              shareholder approval. However, the Board will provide
              shareholders with at least 60 days' notice prior to making any
              changes to each fund's 80% investment policy as described herein.


           -  As a temporary defensive measure, each fund could shift up to
              100% of its assets into investments such as money market
              securities and, with respect to DWS Communications Fund,
              investment-grade income producing securities. This could prevent
              losses, but, while engaged in a temporary defensive position, a
              fund will not be pursuing its investment objective. However,
              portfolio management may choose not to use these strategies for
              various reasons, even in volatile market conditions.


           -  Certain DWS funds-of-funds are permitted to invest in each fund.
              As a result, a fund may have large inflows or outflows of cash
              from time to time. This could have adverse effects on a fund's
              performance if a fund were required to sell securities or invest
              cash at times when it otherwise would not do so. This activity
              could also accelerate the realization of capital gains and
              increase a fund's transaction costs. The Advisor will monitor the
              impact of these transactions and a fund may discontinue such
              arrangements if they are not deemed to be in the best interests
              of a fund.



           For more information

           This prospectus doesn't tell you about every policy or risk of
           investing in each fund.

           If you want more information on each fund's allowable securities and
           investment practices and the characteristics and risks of each one,
           you may want to request a copy of the Statement of Additional
           Information (the back cover tells you how to do this).


           Keep in mind that there is no assurance that a fund will achieve its
           investment objective.



24 | Other Policies and Risks
<PAGE>


           A complete list of each fund's portfolio holdings as of the
           month-end is posted on www.dws-investments.com on or about the 15th
           day of the following month. More frequent posting of portfolio
           holdings information may be made from time to time on
           www.dws-investments.com. The posted portfolio holdings information
           is available by fund and generally remains accessible at least until
           the date on which a fund files its Form N-CSR or N-Q with the
           Securities and Exchange Commission for the period that includes the
           date as of which the posted information is current. Each fund's
           Statement of Additional Information includes a description of a
           fund's policies and procedures with respect to the disclosure of a
           fund's portfolio holdings.



WHO MANAGES AND OVERSEES THE FUNDS


           The investment advisor


           Deutsche Investment Management Americas Inc. ("DIMA" or the
           "Advisor"), with headquarters at 345 Park Avenue, New York, NY
           10154, is the investment advisor for each fund. Under the oversight
           of the Board, the Advisor or a subadvisor makes investment
           decisions, buys and sells securities for each fund and conducts
           research that leads to these purchase and sale decisions. The
           Advisor provides a full range of global investment advisory services
           to institutional and retail clients.

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


           Deutsche Asset Management is a global asset management organization
           that offers a wide range of investing expertise and resources,
           including hundreds of portfolio managers and analysts and an office
           network that reaches the world's major investment centers. This
           well-resourced global investment platform brings together a wide
           variety of experience and investment insight across industries,
           regions, asset classes and investing styles.

           The Advisor is an indirect, wholly owned subsidiary of Deutsche Bank
           AG. Deutsche Bank AG is a major global banking institution that is
           engaged in a wide range of financial services, including investment
           management, mutual funds, retail, private and commercial banking,
           investment banking and insurance.


                                        Who Manages and Oversees the Funds  | 25
<PAGE>

           MANAGEMENT FEE. The Advisor receives a management fee from each
           fund. Below are the actual rates paid by each fund for the most
           recent fiscal year, as a percentage of each fund's average daily net
           assets.



<TABLE>
<CAPTION>
FUND NAME                                               FEE PAID
<S>                                                   <C>
           DWS Communications Fund                         0.84%*
           DWS RREEF Real Estate Securities Fund          0.39  %
</TABLE>




           *   Reflecting the effect of expense limitations and/or fee waivers
               then in effect.



           A discussion regarding the basis for the Board's approval of each
           fund's investment management agreement and, as applicable,
           subadvisory agreement, is contained in the most recent shareholder
           reports for the annual period ended December 31 (see "Shareholder
           reports" on the back cover).


           Under a separate administrative services agreement between each fund
           and the Advisor, each fund pays the Advisor a fee for providing most
           of each fund's administrative services.



           Subadvisor for DWS RREEF Real Estate Securities Fund


           RREEF America L.L.C. ("RREEF"), an indirect, wholly owned subsidiary
           of Deutsche Bank AG, is the subadvisor for DWS RREEF Real Estate
           Securities Fund. RREEF, a registered investment advisor, is located
           at 875 N. Michigan Avenue, Chicago, Illinois 60611. DIMA pays a fee
           to RREEF pursuant to an investment subadvisory agreement between
           DIMA and RREEF.


           RREEF makes the investment decisions, buys and sells securities for
           DWS RREEF Real Estate Securities Fund and conducts research that
           leads to these purchase and sale decisions.

           RREEF has provided real estate investment management services to
           institutional investors since 1975 across a diversified portfolio of
           industrial properties, office buildings, residential apartments and
           shopping centers. RREEF has also been an investment advisor of real
           estate securities since 1993.


26 | Who Manages and Oversees the Funds
<PAGE>

Portfolio management

DWS COMMUNICATIONS FUND is managed by a team of investment professionals who
collaborate to develop and implement the fund's investment strategy. The
portfolio manager on the team has authority over all aspects of the fund's
investment portfolio, including, but not limited to, purchase and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with the
portfolio holdings.

The following person handles the day-to-day management of the fund.

Ralf Oberbannscheidt
Portfolio Manager and Director of Deutsche Asset Management.
-  Global equity analyst for Technology and Telecoms sectors and Global
   (Telecom) sector coordinator: New York.

-  Joined Deutsche Asset Management in 1999 and the fund in 2008, having served
   as senior portfolio manager for Global Equities and Global Sector head for
   Telecommunication.

-  Previous positions include portfolio management at SEB Enskilda, Luxembourg
   and various roles at Dresdner Bank AG, Germany.
-  Masters Degree in International Business and Emerging Markets, University of
   Trier, Germany/University of Stirling, Scotland; Masters in International
   Finance, Monterey Institute of International
   Studies.


                                        Who Manages and Oversees the Funds  | 27
<PAGE>

DWS RREEF REAL ESTATE SECURITIES FUND is managed by a team of investment
professionals who collaborate to develop and implement the fund's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the fund's investment portfolio, including, but not limited to, purchases and
sales of individual securities, portfolio construction techniques, portfolio
risk assessment and the management of daily cash flows in accordance with
portfolio holdings.

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


John W. Vojticek
Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of
the fund.


- Joined RREEF, Deutsche Asset Management, Inc. and the fund in September 2004.


- Prior to that, Principal at KG Redding and Associates, March 2004-September
   2004.


- Prior to that, Managing Director of RREEF from 1996-March 2004, Deutsche
   Asset Management, Inc. from 2002-March 2004 and the fund from 1999-March
   2004.


- Over 12 years of investment industry experience.
- BS, University of Southern California.

Jerry W. Ehlinger, CFA
Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of
the fund.


- Joined RREEF, Deutsche Asset Management, Inc. and the fund in 2004.


- Prior to that, Senior Vice President at Heitman Real Estate Investment
   Management from 2000-2004.


- Prior to that, Senior Research Associate at Morgan Stanley Asset Management
   from 1996-2000.


- Over 12 years of investment industry experience.


- BA, University of Wisconsin - Whitewater; MS, University of Wisconsin -
   Madison.

John F. Robertson, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
fund.


- Joined RREEF in 1997, Deutsche Asset Management, Inc. in 2002 and the fund in
   1999. Global Head of RREEF Real Estate
     Securities.


- Prior to that, Assistant Vice President of Lincoln Investment Management
   responsible for REIT research.


- Over 17 years of investment industry experience.
- BA, Wabash College; MBA, Indiana
     University.

Asad Kazim
Director of Deutsche Asset Management and Portfolio Manager of the fund.

- Joined RREEF and Deutsche Asset Management, Inc. in 2002 and the fund in
   2005.
- Prior to that, Financial Analyst at Clarion CRA Securities from 2000-2002.

- Over 9 years of investment industry

     experience.
- BS, The College of New Jersey.

Each fund's Statement of Additional Information provides additional information
about a portfolio manager's investments in each fund, a description of the
portfolio management compensation structure and information regarding other
accounts managed.


28 | Who Manages and Oversees the Funds
<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights are designed to help you understand recent financial
performance. The figures in the first part of each table are for a single
share. The total return figures represent the percentage that an investor in a
fund would have earned (or lost), assuming all dividends and distributions were
reinvested. This information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report, along with each
fund's financial statements, is included in each fund's annual report (see
"Shareholder reports" on the back cover). On July 10, 2006, DWS RREEF Real
Estate Securities Fund acquired all the assets and assumed all the liabilities
of the Predecessor Fund. The information contained in the table for DWS RREEF
Real Estate Securities Fund for periods prior to July 10, 2006 has been derived
from the Predecessor Fund's financial statements.


                                                      Financial Highlights  | 29
<PAGE>

DWS Communications Fund - Class A



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007           2006           2005           2004
<S>                                 <C>            <C>            <C>            <C>            <C>
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  23.26       $  23.38       $  19.30       $  16.79       $  13.85
--------------------------------     --------       --------       --------       --------       --------
Income (loss) from
investment operations:
  Net investment income
  (loss)a                                 .31         (  .08)        (  .03)        (  .03)        (  .08)
________________________________     ________       ________       ________       ________       ________
  Net realized and unrealized
  gain (loss)                          (13.66)        (  .04)          4.11           2.54           3.02
--------------------------------     --------       --------       --------       --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           (13.35)        (  .12)          4.08           2.51           2.94
________________________________     ________       ________       ________       ________       ________
Less distributions from:
  Net investment income                (  .33)             -              -              -              -
________________________________     ________       ________       ________       ________       ________
Redemption fees                           .00*           .00*           .00*           .00*             -
--------------------------------     --------       --------       --------       --------       --------
NET ASSET VALUE, END OF
PERIOD                               $   9.58       $  23.26       $  23.38       $  19.30       $  16.79
--------------------------------     --------       --------       --------       --------       --------
Total Return (%)b,c                    (57.39)        (  .51)         21.14          14.95          21.23
--------------------------------     --------       --------       --------       --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                               87            269            329            295            284
________________________________     ________       ________       ________       ________       ________
Ratio of expenses before
expense reductions (%)                   1.79           1.49           1.63           1.58           1.69
________________________________     ________       ________       ________       ________       ________
Ratio of expenses after
expense reductions (%)                   1.46           1.44           1.49           1.43           1.54
________________________________     ________       ________       ________       ________       ________
Ratio of net investment
income (loss) (%)                        1.86         (  .32)        (  .13)        (  .18)        (  .55)
________________________________     ________       ________       ________       ________       ________
Portfolio turnover rate (%)               118             39             27             21             34
--------------------------------     --------       --------       --------       --------       --------
</TABLE>



a   Based on average shares outstanding during the period.

b   Total return does not reflect the effect of any sales charges.

c   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005.

30 | Financial Highlights
<PAGE>

DWS Communications Fund - Class B



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007           2006           2005           2004
<S>                                 <C>            <C>            <C>            <C>            <C>
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  21.33       $  21.61       $  17.96       $  15.75       $  13.09
--------------------------------     --------       --------       --------       --------       --------
Income (loss) from
investment operations:
  Net investment income
  (loss)a                                 .23         (  .23)        (  .15)        (  .13)        (  .17)
________________________________     ________       ________       ________       ________       ________
  Net realized and unrealized
  gain (loss)                          (12.50)        (  .05)          3.80           2.34           2.83
--------------------------------     --------       --------       --------       --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           (12.27)        (  .28)          3.65           2.21           2.66
________________________________     ________       ________       ________       ________       ________
Less distributions from:
  Net investment income                (  .24)             -              -              -              -
________________________________     ________       ________       ________       ________       ________
Redemption fees                           .00*           .00*           .00*           .00*             -
--------------------------------     --------       --------       --------       --------       --------
NET ASSET VALUE, END OF
PERIOD                               $   8.82       $  21.33       $  21.61       $  17.96       $  15.75
--------------------------------     --------       --------       --------       --------       --------
Total Return (%)b,c                    (57.50)        ( 1.30)         20.32          14.03          20.32
--------------------------------     --------       --------       --------       --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                                1              5             10             27             66
________________________________     ________       ________       ________       ________       ________
Ratio of expenses before
expense reductions (%)                   2.66           2.66           2.47           2.33           2.44
________________________________     ________       ________       ________       ________       ________
Ratio of expenses after
expense reductions (%)                   2.03           2.19           2.24           2.18           2.29
________________________________     ________       ________       ________       ________       ________
Ratio of net investment
income (loss) (%)                        1.29         ( 1.07)        (  .88)        (  .93)        ( 1.30)
________________________________     ________       ________       ________       ________       ________
Portfolio turnover rate (%)               118             39             27             21             34
--------------------------------     --------       --------       --------       --------       --------
</TABLE>



a   Based on average shares outstanding during the period.

b   Total return does not reflect the effect of any sales charges.

c   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005.

                                                      Financial Highlights  | 31
<PAGE>

DWS Communications Fund - Class C




<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007           2006           2005           2004
<S>                                 <C>            <C>            <C>            <C>            <C>
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  21.35       $  21.63       $  17.98       $  15.77       $  13.10
--------------------------------     --------       --------       --------       --------       --------
Income (loss) from
investment operations:
  Net investment income
  (loss)a                                 .21         (  .23)        (  .15)        (  .14)        (  .17)
________________________________     ________       ________       ________       ________       ________
  Net realized and unrealized
  gain (loss)                          (12.53)        (  .05)          3.80           2.35           2.84
--------------------------------     --------       --------       --------       --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           (12.32)        (  .28)          3.65           2.21           2.67
________________________________     ________       ________       ________       ________       ________
Less distributions from:
  Net investment income                (  .24)             -              -              -              -
________________________________     ________       ________       ________       ________       ________
Redemption fees                           .00*           .00*           .00*           .00*             -
--------------------------------     --------       --------       --------       --------       --------
NET ASSET VALUE, END OF
PERIOD                               $   8.79       $  21.35       $  21.63       $  17.98       $  15.77
--------------------------------     --------       --------       --------       --------       --------
Total Return (%)b,c                    (57.69)        ( 1.29)         20.30          14.01          20.38
--------------------------------     --------       --------       --------       --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                                4             11             13             13             15
________________________________     ________       ________       ________       ________       ________
Ratio of expenses before
expense reductions (%)                   2.70           2.38           2.43           2.33           2.44
________________________________     ________       ________       ________       ________       ________
Ratio of expenses after
expense reductions (%)                   2.21           2.19           2.24           2.18           2.29
________________________________     ________       ________       ________       ________       ________
Ratio of net investment
income (loss) (%)                        1.11         ( 1.07)        (  .88)        (  .93)        ( 1.30)
________________________________     ________       ________       ________       ________       ________
Portfolio turnover rate (%)               118             39             27             21             34
--------------------------------     --------       --------       --------       --------       --------
</TABLE>



a   Based on average shares outstanding during the period.

b   Total return does not reflect the effect of any sales charges.

c   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005.

32 | Financial Highlights
<PAGE>

DWS RREEF Real Estate Securities Fund - Class A



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007            2006            2005           2004
<S>                                 <C>            <C>            <C>              <C>            <C>
SELECTED PER SHARE DATA
-----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  19.07       $  26.53        $  20.83        $  20.40       $  17.09
--------------------------------     --------       --------        --------        --------       --------
Income (loss) from
investment operations:
  Net investment income a                 .41            .39             .39             .42            .48
________________________________     ________       ________        ________        ________       ________
  Net realized and unrealized
  gain (loss)                          ( 7.75)        ( 4.61)           7.33            1.96           4.79
--------------------------------     --------       --------        --------        --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           ( 7.34)        ( 4.22)           7.72            2.38           5.27
________________________________     ________       ________        ________        ________       ________
Less distributions from:
  Net investment income                (  .46)        (  .35)         (  .51)         (  .65)        (  .58)
________________________________     ________       ________        ________        ________       ________
  Net realized gains                   (  .09)        ( 2.89)         ( 1.51)         ( 1.30)        ( 1.38)
--------------------------------     --------       --------        --------        --------       --------
  Return of capital                    (  .09)             -               -               -              -
--------------------------------     --------       --------        --------        --------       --------
  TOTAL DISTRIBUTIONS                  (  .64)        ( 3.24)         ( 2.02)         ( 1.95)        ( 1.96)
--------------------------------     --------       --------        --------        --------       --------
Redemption fee                            .00*           .00*            .00*            .00*             -
--------------------------------     --------       --------        --------        --------       --------
NET ASSET VALUE, END OF
PERIOD                               $  11.09       $  19.07        $  26.53        $  20.83       $  20.40
--------------------------------     --------       --------        --------        --------       --------
Total Return (%)b                      (39.34)        (15.89)        37.73c            11.89          31.57
--------------------------------     --------       --------        --------        --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                              384            596           1,205             723            814
________________________________     ________       ________        ________        ________       ________
Ratio of expenses before
expense reductions (%)                    .94            .97             .91             .80            .82
________________________________     ________       ________        ________        ________       ________
Ratio of expenses after
expense reductions (%)                    .94            .97             .82             .80            .82
________________________________     ________       ________        ________        ________       ________
Ratio of net investment
income (%)                               2.42           1.50            1.62            2.05           2.60
________________________________     ________       ________        ________        ________       ________
Portfolio turnover rate (%)                84             81              60           66d               79
--------------------------------     --------       --------        --------        --------       --------
</TABLE>



a        Based on average shares outstanding during the period.

b        Total return does not reflect the effect of any sales charges.

c        Total return would have been lower had certain expenses not been
         reduced.

d        Excludes portfolio securities delivered as a result of processing
         in-kind redemptions.


*   Amount is less than $.005.


                                                      Financial Highlights  | 33
<PAGE>

DWS RREEF Real Estate Securities Fund - Class B



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007            2006            2005           2004
<S>                                 <C>            <C>            <C>              <C>            <C>
SELECTED PER SHARE DATA
-----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  19.04       $  26.48        $  20.83        $  20.40       $  17.08
--------------------------------     --------       --------        --------        --------       --------
Income (loss) from
investment operations:
  Net investment income a                 .26            .19             .18             .23            .30
________________________________     ________       ________        ________        ________       ________
  Net realized and unrealized
  gain (loss)                          ( 7.72)        ( 4.60)           7.33            1.96           4.80
--------------------------------     --------       --------        --------        --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           ( 7.46)        ( 4.41)           7.51            2.19           5.10
________________________________     ________       ________        ________        ________       ________
Less distributions from:
  Net investment income                (  .31)        (  .14)         (  .35)         (  .46)        (  .40)
________________________________     ________       ________        ________        ________       ________
  Net realized gains                   (  .09)        ( 2.89)         ( 1.51)         ( 1.30)        ( 1.38)
--------------------------------     --------       --------        --------        --------       --------
  Return of capital                    (  .09)             -               -               -              -
--------------------------------     --------       --------        --------        --------       --------
  TOTAL DISTRIBUTIONS                  (  .49)        ( 3.03)         ( 1.86)         ( 1.76)        ( 1.78)
--------------------------------     --------       --------        --------        --------       --------
Redemption fees                           .00*           .00*            .00*            .00*             -
--------------------------------     --------       --------        --------        --------       --------
NET ASSET VALUE, END OF
PERIOD                               $  11.09       $  19.04        $  26.48        $  20.83       $  20.40
--------------------------------     --------       --------        --------        --------       --------
Total Return (%)b                      (39.71)        (16.51)        36.53c            10.84          30.24
--------------------------------     --------       --------        --------        --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                                8             20              36              29             32
________________________________     ________       ________        ________        ________       ________
Ratio of expenses before
expense reductions (%)                   1.82           1.73            1.73            1.72           1.79
________________________________     ________       ________        ________        ________       ________
Ratio of expenses after
expense reductions (%)                   1.82           1.73            1.72            1.72           1.79
________________________________     ________       ________        ________        ________       ________
Ratio of net investment
income (%)                               1.54            .74             .72            1.13           1.63
________________________________     ________       ________        ________        ________       ________
Portfolio turnover rate (%)                84             81              60           66d               79
--------------------------------     --------       --------        --------        --------       --------
</TABLE>



a        Based on average shares outstanding during the period.

b        Total return does not reflect the effect of any sales charges.

c        Total return would have been lower had certain expenses not been
         reduced.

d        Excludes portfolio securities delivered as a result of processing
         in-kind redemptions.


*   Amount is less than $.005.


34 | Financial Highlights
<PAGE>

DWS RREEF Real Estate Securities Fund - Class C



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008            2007             2006            2005           2004
<S>                                 <C>            <C>              <C>              <C>            <C>
SELECTED PER SHARE DATA
-------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  19.10        $  26.55         $  20.88        $  20.44       $  17.12
--------------------------------     --------        --------         --------        --------       --------
Income (loss) from
investment operations:
  Net investment income a                 .27             .20              .20             .26            .32
________________________________     ________        ________         ________        ________       ________
  Net realized and unrealized
  gain (loss)                          ( 7.75)         ( 4.61)            7.35            1.96           4.80
--------------------------------     --------        --------         --------        --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           ( 7.48)         ( 4.41)            7.55            2.22           5.12
________________________________     ________        ________         ________        ________       ________
Less distributions from:
  Net investment income                (  .32)         (  .15)          (  .37)         (  .48)        (  .42)
________________________________     ________        ________         ________        ________       ________
  Net realized gains                   (  .09)         ( 2.89)          ( 1.51)         ( 1.30)        ( 1.38)
--------------------------------     --------        --------         --------        --------       --------
  Return of capital                    (  .09)              -                -               -              -
--------------------------------     --------        --------         --------        --------       --------
  TOTAL DISTRIBUTIONS                  (  .50)         ( 3.04)          ( 1.88)         ( 1.78)        ( 1.80)
--------------------------------     --------        --------         --------        --------       --------
Redemption fees                           .00*            .00*             .00*            .00*             -
--------------------------------     --------        --------         --------        --------       --------
NET ASSET VALUE, END OF
PERIOD                               $  11.12        $  19.10         $  26.55        $  20.88       $  20.44
--------------------------------     --------        --------         --------        --------       --------
Total Return (%)b                      (39.76)         (16.46)c        36.67c            11.00          30.35
--------------------------------     --------        --------         --------        --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
-------------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                               27              60              126              93             81
________________________________     ________        ________         ________        ________       ________
Ratio of expenses before
expense reductions (%)                   1.78            1.69             1.64            1.61           1.68
________________________________     ________        ________         ________        ________       ________
Ratio of expenses after
expense reductions (%)                   1.78            1.69             1.62            1.61           1.68
________________________________     ________        ________         ________        ________       ________
Ratio of net investment
income (%)                               1.58             .78              .82            1.24           1.74
________________________________     ________        ________         ________        ________       ________
Portfolio turnover rate (%)                84              81               60           66d               79
--------------------------------     --------        --------         --------        --------       --------
</TABLE>



a        Based on average shares outstanding during the period.

b        Total return does not reflect the effect of any sales charges.

c        Total return would have been lower had certain expenses not been
         reduced.

d        Excludes portfolio securities delivered as a result of processing
         in-kind redemptions.


*   Amount is less than $.005.


                                                      Financial Highlights  | 35
<PAGE>

DWS RREEF Real Estate Securities Fund - Class R



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008           2007           2006           2005            2004
<S>                                 <C>            <C>            <C>            <C>             <C>
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------            -
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  19.09       $  26.55       $  20.83        $  20.39       $  17.09
--------------------------------     --------       --------       --------        --------       --------
Income (loss) from
investment operations:
  Net investment income a                 .38            .34            .34             .35            .38
________________________________     ________       ________       ________        ________       ________
  Net realized and unrealized
  gain (loss)                          ( 7.76)        ( 4.61)          7.34            1.96           4.81
--------------------------------     --------       --------       --------        --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           ( 7.38)        ( 4.27)          7.68            2.31           5.19
________________________________     ________       ________       ________        ________       ________
Less distributions from:
  Net investment income                (  .42)        (  .30)        (  .45)         (  .57)        (  .51)
________________________________     ________       ________       ________        ________       ________
  Net realized gains                   (  .09)        ( 2.89)        ( 1.51)         ( 1.30)        ( 1.38)
--------------------------------     --------       --------       --------        --------       --------
  Return of capital                    (  .09)             -              -               -              -
--------------------------------     --------       --------       --------        --------       --------
  TOTAL DISTRIBUTIONS                  (  .60)        ( 3.19)        ( 1.96)         ( 1.87)        ( 1.89)
--------------------------------     --------       --------       --------        --------       --------
Redemption fees                           .00*           .00*           .00*            .00*             -
--------------------------------     --------       --------       --------        --------       --------
NET ASSET VALUE, END OF
PERIOD                               $  11.11       $  19.09       $  26.55        $  20.83       $  20.39
--------------------------------     --------       --------       --------        --------       --------
Total Return (%)                       (39.42)        (16.00)         37.45           11.51          31.01
--------------------------------     --------       --------       --------        --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------     --------
Net assets, end of period
($ millions)                                9             16             25               9              2
________________________________     ________       ________       ________        ________       ________
Ratio of expenses (%)                    1.14           1.14           1.03            1.16           1.33
________________________________     ________       ________       ________        ________       ________
Ratio of net investment
income (%)                               2.22           1.33           1.41            1.69           2.09
________________________________     ________       ________       ________        ________       ________
Portfolio turnover rate (%)                84             81             60          66b                79
--------------------------------     --------       --------       --------        --------       --------
</TABLE>




a        Based on average shares outstanding during the period.

b        Excludes portfolio securities delivered as a result of processing
         in-kind redemptions.

*        Amount is less than $.005.


36 | Financial Highlights
<PAGE>

HOW TO INVEST IN THE FUNDS


This prospectus offers the share classes noted on the front cover. Each class
has its own fees and expenses, offering you a choice of cost structures. Each
fund may offer other classes of shares in a separate prospectus. These shares
are intended for investors seeking the advice and assistance of a financial
advisor, who will typically receive compensation for those services. Class R
shares are only available to participants in certain retirement plans.


THE FOLLOWING PAGES TELL YOU HOW TO INVEST IN A FUND AND WHAT TO EXPECT AS A
SHAREHOLDER. The following pages also tell you about many of the services,
choices and benefits of being a shareholder. You'll also find information on
how to check the status of your account using the method that's most convenient
for you.


If you're investing directly with DWS Investments, all of this information
applies to you. If you're investing through a "third party provider" - for
example, a workplace retirement plan, financial supermarket or financial
advisor - your provider may have its own policies or instructions and you
should follow those.


You can find out more about the topics covered here by speaking with your
FINANCIAL ADVISOR OR A REPRESENTATIVE OF YOUR WORKPLACE RETIREMENT PLAN OR
OTHER INVESTMENT PROVIDER.

Before you invest, take a moment to look over the characteristics of each share
class, so that you can be sure to choose the class that's right for you. YOU
MAY WANT TO ASK YOUR FINANCIAL ADVISOR TO HELP YOU WITH THIS DECISION.
<PAGE>

CHOOSING A SHARE CLASS


We describe each share class in detail on the following pages. But first, you
may want to look at the table below, which gives you a brief description and
comparison of the main features of each class. You should consult with your
financial advisor to determine which class of shares is appropriate for you.




<TABLE>
<CAPTION>
 CLASSES AND FEATURES                          POINTS TO HELP YOU COMPARE
<S>                                           <C>
 CLASS A
                                               -  Some investors may be able to reduce
 -  Sales charge of up to 5.75% charged           or eliminate their sales charge; see
    when you buy shares                           "Class A shares"
 -  In most cases, no charge when you          -  Total annual expenses are lower than
    sell shares                                   those for Class B or Class C
 -  Up to 0.25% annual shareholder             -  Distributions are generally higher than
    servicing fee                                 Class B or Class C

 CLASS B
 -  No sales charge when you buy shares        -  The deferred sales charge rate falls to
                                                 zero after six years
 -  Deferred sales charge declining from
    4.00%, charged when you sell shares        -  Shares automatically convert to
    you bought within the last six years          Class A after six years, which means
                                                  lower annual expenses going forward
 -  0.75% annual distribution fee and up
    to 0.25% annual shareholder servicing      -  Distributions are generally lower than
    fee                                           Class A

 CLASS C
 -  No sales charge when you buy shares        -  The first year deferred sales charge
                                                  rate is lower for Class C shares than
 -  Deferred sales charge of 1.00%,               Class B shares, but your shares never
    charged when you sell shares you              automatically convert to Class A, so
    bought within the last year                   annual expenses remain higher than
 -  0.75% annual distribution fee and up          Class A
    to 0.25% annual shareholder servicing      -  Distributions are generally lower than
    fee                                           Class A

 CLASS R
 -  No sales charge when you buy or sell       -  Class R is only available to participants
    shares                                        in certain retirement plans
 -  0.25% annual distribution fee and up
    to 0.25% annual shareholder servicing
    fee
</TABLE>



Your financial advisor will typically be paid a fee when you buy shares and may
receive different levels of compensation depending upon which class of shares
you buy. Each fund may pay financial advisors or other intermediaries
compensation for the services they provide to their clients. This compensation
may vary depending on the share class and fund you buy. Your financial advisor
may also receive compensation from the Advisor and/or its affiliates. Please
see "Financial intermediary support payments" for more information.


38 | Choosing a Share Class
<PAGE>

           Class A shares

           Class A shares may make sense for long-term investors, especially
           those who are eligible for a reduced or eliminated sales charge.

           Class A shares have a 12b-1 plan, under which a shareholder
           servicing fee of up to 0.25% is deducted from class assets each
           year. Because the shareholder servicing fee is continuous in nature,
           it may, over time, increase the cost of your investment and may cost
           you more than paying other types of sales charges.

           Class A shares have an up-front sales charge that varies with the
           amount you invest:


<TABLE>
<CAPTION>
                              FRONT-END SALES          FRONT-END SALES
                                CHARGE AS %          CHARGE AS % OF YOUR
YOUR INVESTMENT            OF OFFERING PRICE 1,2        NET INVESTMENT 2
<S>                                <C>                     <C>
  Up to $50,000                    5.75%                   6.10%
$    50,000-$99,999                4.50                    4.71
$  100,000-$249,999                3.50                    3.63
$  250,000-$499,999                2.60                    2.67
$  500,000-$999,999                2.00                    2.04
  $1 million or more            see below                see below
</TABLE>


           1   The offering price includes the sales charge.

           2   Because of rounding in the calculation of the offering price,
               the actual front-end sales charge paid by an investor may be
               higher or lower than the percentages noted.


           YOU MAY BE ABLE TO LOWER YOUR CLASS A SALES CHARGE IF:


           -  you indicate your intent in writing to invest at least $50,000 in
              Class A shares (including Class A shares in other retail DWS
              funds) over the next 24 months ("Letter of Intent")


           -  the amount of Class A shares you already own (including Class A
              shares in other retail DWS funds) plus the amount you're
              investing now in Class A shares is at least $50,000 ("Cumulative
              Discount")

           -  you are investing a total of $50,000 or more in Class A shares of
              several retail DWS funds on the same day ("Combined Purchases")

                                                    Choosing a Share Class  | 39
<PAGE>

           The point of these three features is to let you count investments
           made at other times or in certain other funds for purposes of
           calculating your present sales charge. Any time you can use the
           privileges to "move" your investment into a lower sales charge
           category, it's generally beneficial for you to do so.

           For purposes of determining whether you are eligible for a reduced
           Class A sales charge, you and your immediate family (your spouse or
           life partner and your children or stepchildren age 21 or younger)
           may aggregate your investments in the DWS family of funds. This
           includes, for example, investments held in a retirement account, an
           employee benefit plan or at a financial advisor other than the one
           handling your current purchase. These combined investments will be
           valued at their current offering price to determine whether your
           current investment qualifies for a reduced sales charge.

           To receive a reduction in your Class A initial sales charge, you
           must let your financial advisor or Shareholder Services know at the
           time you purchase shares that you qualify for such a reduction. You
           may be asked by your financial advisor or Shareholder Services to
           provide account statements or other information regarding related
           accounts of you or your immediate family in order to verify your
           eligibility for a reduced sales charge.


           For more information about sales charge discounts, please visit
           www.dws-investments.com (click on the link entitled "Fund Sales
           Charge and Breakpoint Schedule"), consult with your financial
           advisor or refer to the section entitled "Purchase or Redemption of
           Shares" in each fund's Statement of Additional Information.


           IN CERTAIN CIRCUMSTANCES, YOU MAY BE ABLE TO BUY CLASS A SHARES
           WITHOUT A SALES CHARGE. For example, the sales charge will be waived
           if you are reinvesting dividends or distributions or if you are
           exchanging an investment in Class A shares of another fund in the
           DWS family of funds for an investment in Class A shares of a fund.
           In addition, a sales charge waiver may apply to transactions by
           certain retirement plans and certain other entities or persons
           (e.g., affiliated persons of Deutsche Asset Management or the DWS
           funds) and with respect to certain types of investments (e.g., an
           investment advisory or agency commission program under which you pay
           a fee to an investment advisor or other firm for portfolio
           management or brokerage services).


40 | Choosing a Share Class
<PAGE>

           Details regarding the types of investment programs and categories of
           investors eligible for a sales charge waiver are provided in each
           fund's Statement of Additional Information.

           There are a number of additional provisions that apply in order to
           be eligible for a sales charge waiver. Each fund may waive the sales
           charge for investors in other situations as well. Your financial
           advisor or Shareholder Services can answer your questions and help
           you determine if you are eligible.

           IF YOU'RE INVESTING $1 MILLION OR MORE, either as a lump sum or
           through one of the sales charge reduction features described above,
           you may be eligible to buy Class A shares without a sales charge
           ("Large Order NAV Purchase Privilege"). However, you may be charged
           a contingent deferred sales charge (CDSC) of 1.00% on any shares you
           sell within 12 months of owning them and a similar charge of 0.50%
           on shares you sell within the following six months. This CDSC is
           waived under certain circumstances (see "Policies You Should Know
           About"). Your financial advisor or Shareholder Services can answer
           your questions and help you determine if you're eligible.


           Class B shares

           Class B shares may make sense for long-term investors who prefer to
           see all of their investment go to work right away and can accept
           somewhat higher annual expenses. Please note, however, that since
           not all DWS funds offer Class B shares, exchange options may be
           limited.

           With Class B shares, you pay no up-front sales charge to a fund.
           Class B shares have a 12b-1 plan, under which a distribution fee of
           0.75% and a shareholder servicing fee of up to 0.25% are deducted
           from class assets each year. This means the annual expenses for
           Class B shares are somewhat higher (and their performance
           correspondingly lower) compared to Class A shares. However, unlike
           Class A shares, your entire investment goes to work immediately.
           After six years, Class B shares automatically convert on a tax-free
           basis to Class A shares, which has the net effect of lowering the
           annual expenses from the seventh year on.


                                                    Choosing a Share Class  | 41
<PAGE>

           Class B shares have a CDSC. This charge declines over the years you
           own shares and disappears completely after six years of ownership.
           But for any shares you sell within those six years, you may be
           charged as follows:


<TABLE>
<CAPTION>
    YEAR AFTER YOU BOUGHT SHARES   CDSC ON SHARES YOU SELL
<S>                                    <C>
  First year                           4.00%
  Second or third year                 3.00
  Fourth or fifth year                 2.00
  Sixth year                           1.00
  Seventh year and later               None (automatic conversion to Class A)
</TABLE>


           This CDSC is waived under certain circumstances (see "Policies You
           Should Know About"). Your financial advisor or Shareholder Services
           can answer your questions and help you determine if you're eligible.


           While Class B shares don't have any front-end sales charge, their
           higher annual expenses mean that over the years you could end up
           paying more than the equivalent of the maximum allowable front-end
           sales charge.

           If you are thinking of making a large purchase in Class B shares or
           if you already own a large amount of Class A shares of a fund or
           other DWS funds, it may be more cost efficient to purchase Class A
           shares instead. Orders to purchase Class B shares of $100,000 or
           more will be declined with the exception of orders received from
           financial representatives acting for clients whose shares are held
           in an omnibus account and certain employer-sponsored employee
           benefit plans.


           Class C shares

           Class C shares may appeal to investors who plan to sell some or all
           of their shares within six years of buying them or who aren't
           certain of their investment time horizon.

           With Class C shares, you pay no up-front sales charge to a fund.
           Class C shares have a 12b-1 plan, under which a distribution fee of
           0.75% and a shareholder servicing fee of up to 0.25% are deducted
           from class assets each year. Because of these fees, the annual
           expenses for Class C shares are similar to those of Class B shares,
           but higher than those for Class A shares (and the performance of
           Class C shares is correspondingly lower than that of Class A
           shares).


42 | Choosing a Share Class
<PAGE>

           Unlike Class B shares, Class C shares do NOT automatically convert
           to Class A shares after six years, so they continue to have higher
           annual expenses.

           Class C shares have a CDSC, but only on shares you sell within one
           year of buying them:


<TABLE>
<CAPTION>
   YEAR AFTER YOU BOUGHT SHARES        CDSC ON SHARES YOU SELL
<S>                                   <C>
  First year                          1.00%
  Second year and later                         None
</TABLE>


           This CDSC is waived under certain circumstances (see "Policies You
           Should Know About"). Your financial advisor or Shareholder Services
           can answer your questions and help you determine if you're eligible.


           While Class C shares do not have an up-front sales charge, their
           higher annual expenses mean that, over the years, you could end up
           paying more than the equivalent of the maximum allowable up-front
           sales charge.

           Orders to purchase Class C shares of $500,000 or more will be
           declined with the exception of orders received from financial
           representatives acting for clients whose shares are held in an
           omnibus account and certain employer-sponsored employee benefit
           plans.


                                                    Choosing a Share Class  | 43
<PAGE>

           Class R shares

           Class R shares have no initial sales charge or deferred sales
           charge. Class R shares have a 12b-1 plan, under which a distribution
           fee of 0.25% and a shareholder servicing fee of up to 0.25% are
           deducted from class assets each year. Because distribution fees are
           continuous in nature, these fees may, over time, increase the cost
           of your investment and may cost you more than paying other types of
           sales charges.


           Eligibility requirements


           YOU MAY BUY CLASS R SHARES if you are a participant in certain
           retirement plan platforms that offer Class R shares of the fund
           through a plan level or omnibus account, including:

           -  Section 401(a) and 457 plans


           -  Certain section 403(b)(7) plans

           -  401(k), profit sharing, money purchase pension and defined
              benefit plans

           -  Non-qualified deferred compensation plans


           -  Individual Retirement Accounts (IRAs)


44 | Choosing a Share Class
<PAGE>

How to BUY Class A, B and C Shares




<TABLE>
<CAPTION>
 FIRST INVESTMENT                               ADDITIONAL INVESTMENTS
<S>                                             <C>
 $1,000 or more for most accounts               $50 or more for most accounts and IRAs
 $500 or more for IRAs                          $50 or more for an account with an
 $500 or more for an account with an            Automatic Investment Plan
 Automatic Investment Plan

 THROUGH A FINANCIAL ADVISOR
 -  To obtain an application, contact your      -  Contact your advisor using the
    advisor                                        method that's most convenient for you

 BY MAIL OR EXPRESS MAIL (SEE BELOW)
 -  Fill out and sign an application            -  Send a check payable to "DWS
                                                   Investments" and an investment slip
 -  Send it to us at the appropriate
    address, along with an investment           -  If you don't have an investment slip,
    check made payable to "DWS                     include a letter with your name,
    Investments"                                   account number, the full name of the
                                                   fund and the share class and your
                                                   investment instructions

 BY WIRE
 -  Call (800) 621-1048 for instructions        -  Call (800) 621-1048 for instructions

 BY PHONE
 Not available                                  -  Call (800) 621-1048 for instructions

 WITH AN AUTOMATIC INVESTMENT PLAN
 -  Fill in the information on your             -  To set up regular investments from a
    application including a check for the          bank checking account call (800) 621-
    initial investment and a voided check          1048 ($50 minimum)

 USING QuickBuy
 Not available                                  -  Call (800) 621-1048 to make sure
                                                   QuickBuy is set up on your account; if
                                                   it is, you can request a transfer from
                                                   your bank account of any amount
                                                   between $50 and $250,000

 ON THE INTERNET
 Not available                                  -  Call (800) 621-1048 to ensure you have
                                                   electronic services
                                                -  Register at www.dws-
                                                   investments.com or log in if already
                                                   registered
                                                -  Follow the instructions for buying
                                                   shares with money from your bank
                                                   account
</TABLE>



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

REGULAR MAIL:

First Investment: DWS Investments, PO Box 219356, Kansas City, MO 64121-9356
Additional Investments: DWS Investments, PO Box 219154, Kansas City, MO
64121-9154


EXPRESS, REGISTERED OR CERTIFIED MAIL:

DWS Investments, 210 West 10th Street, Kansas City, MO 64105-1614


                                        How to Buy Class A, B and C Shares  | 45
<PAGE>

How to EXCHANGE or SELL Class A, B and C Shares


<TABLE>
<CAPTION>
 EXCHANGING INTO ANOTHER FUND                   SELLING SHARES
<S>                                             <C>
                                                Some transactions, including most for
 -  Exchanges into existing accounts:           over $100,000, can only be ordered in
    $50 minimum per fund                        writing with a signature guarantee;
 -  Exchanges into new accounts:                please see "Signature Guarantee"
    $1,000 minimum per fund for most
    accounts
    $500 minimum for IRAs

 THROUGH A FINANCIAL ADVISOR
 -  Contact your advisor using the              -  Contact your advisor using the
    method that's most convenient for you          method that's most convenient for you

 BY PHONE                                       BY PHONE OR WIRE
 -  Call (800) 621-1048 for instructions        -  Call (800) 621-1048 for instructions

 BY MAIL OR EXPRESS MAIL
 (see previous page for address)
 Write a letter that includes:                  Write a letter that includes:
 -  the fund, class and account number          -  the fund, class and account number
    you're exchanging out of                       from which you want to sell shares
 -  the dollar amount or number of shares       -  the dollar amount or number of shares
    you want to exchange                           you want to sell
 -  the name and class of the fund you          -  your name(s), signature(s) and
    want to exchange into                          address, as they appear on your
                                                   account
 -  your name(s), signature(s) and
    address, as they appear on your             -  a daytime telephone number
    account
 -  a daytime telephone number

 WITH AN AUTOMATIC EXCHANGE PLAN                WITH AN AUTOMATIC WITHDRAWAL PLAN
 -  To set up regular exchanges from a          -  Call (800) 621-1048 (minimum $50)
    fund account, call (800) 621-1048

 USING QuickSell
 Not available                                  -  Call (800) 621-1048 to make sure
                                                   QuickSell is set up on your account; if
                                                   it is, you can request a transfer to your
                                                   bank account of any amount between
                                                   $50 and $250,000

 ON THE INTERNET
 -  Register at www.dws-                        -  Register at www.dws-
    investments.com or log in if already           investments.com or log in if already
    registered                                     registered
 -  Follow the instructions for making on-      -  Follow the instructions for making on-
    line exchanges                                 line redemptions
</TABLE>



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


<TABLE>
<S>               <C>
TO REACH US:      WEB SITE: www.dws-investments.com
                  TELEPHONE REPRESENTATIVE: (800) 621-1048, M-F, 9 a.m. - 6 p.m. ET
                  TDD LINE: (800) 972-3006, M-F, 9 a.m. - 6 p.m. ET
</TABLE>




46 | How to Exchange or Sell Class A, B and C Shares
<PAGE>

How to BUY and SELL Class R Shares



           If your plan sponsor has selected Class R shares as an investment
           option, you may buy Class R shares through your securities dealer or
           through any financial institution that is authorized to act as a
           shareholder servicing agent ("shareholder servicing agent"). Contact
           them for details on how to enter and pay for your order. Shareholder
           servicing agents include brokers, financial representatives or any
           other bank, dealer or other institution that has a sub-shareholder
           servicing agreement with the funds. Shareholder servicing agents may
           charge additional fees to investors for those services not otherwise
           included in their sub-distribution or servicing agreement, such as
           cash management or special trust or retirement investment reporting.
           In addition, the Advisor or administrator may provide compensation
           to shareholder servicing agents for distribution, administrative and
           promotional services.

           There are no minimum investments with respect to Class R shares.


           Instructions for buying and selling shares must generally be
           submitted by your retirement plan, not by plan participants for
           whose benefit the shares are held. Please contact your shareholder
           servicing agent for more information on how to open a fund account.



           Financial intermediary support payments


           The Advisor, DWS Investments Distributors, Inc. (the "Distributor")
           and/or their affiliates may pay additional compensation, out of
           their own assets and not as an additional charge to each fund, to
           selected affiliated and unaffiliated brokers, dealers, participating
           insurance companies or other financial intermediaries ("financial
           advisors") in connection with the sale and/or distribution of fund
           shares or the retention and/or servicing of fund investors and fund
           shares ("revenue sharing"). Such revenue sharing payments are in
           addition to any distribution or service fees payable under any Rule
           12b-1 or service plan of each fund, any record keeping/sub-transfer
           agency/networking fees payable by each fund (generally through the
           Distributor or an affiliate) and/or the Distributor to certain
           financial advisors for performing such services and any sales
           charge, commissions, non-cash compensation arrangements expressly
           permitted under applicable rules of the Financial Industry
           Regulatory Authority or other concessions described in the fee table
           or elsewhere in



                                        How to Buy and Sell Class R Shares  | 47
<PAGE>

           this prospectus or the Statement of Additional Information as
           payable to all financial advisors. For example, the Advisor, the
           Distributor and/or their affiliates may compensate financial
           advisors for providing a fund with "shelf space" or access to a
           third party platform or fund offering list or other marketing
           programs, including, without limitation, inclusion of the fund on
           preferred or recommended sales lists, mutual fund "supermarket"
           platforms and other formal sales programs; granting the Distributor
           access to the financial advisor's sales force; granting the
           Distributor access to the financial advisor's conferences and
           meetings; assistance in training and educating the financial
           advisor's personnel; and obtaining other forms of marketing support.


           The level of revenue sharing payments made to financial advisors may
           be a fixed fee or based upon one or more of the following factors:
           gross sales, current assets and/or number of accounts of each fund
           attributable to the financial advisor, the particular fund or fund
           type or other measures as agreed to by the Advisor, the Distributor
           and/or their affiliates and the financial advisors or any
           combination thereof. The amount of these revenue sharing payments is
           determined at the discretion of the Advisor, the Distributor and/or
           their affiliates from time to time, may be substantial, and may be
           different for different financial advisors based on, for example,
           the nature of the services provided by the financial advisor.


           The Advisor, the Distributor and/or their affiliates currently make
           revenue sharing payments from their own assets in connection with
           the sale and/or distribution of DWS fund shares or the retention
           and/or servicing of investors and DWS fund shares to financial
           advisors in amounts that generally range from .01% up to .50% of
           assets of each fund serviced and maintained by the financial
           advisor, .05% to .25% of sales of each fund attributable to the
           financial advisor, a flat fee of $13,350 up to $500,000, or any
           combination thereof. These amounts are subject to change at the
           discretion of the Advisor, the Distributor and/or their affiliates.
           Receipt of, or the prospect of receiving, this additional
           compensation may influence your financial advisor's recommendation
           of each fund or of any particular share class of each fund. You
           should review your financial advisor's compensation disclosure
           and/or talk to your financial advisor to obtain more information on
           how this compensation may have influenced your financial advisor's
           recommendation of each fund. Additional information regarding these
           revenue sharing



48 | How to Buy and Sell Class R Shares
<PAGE>

           payments is included in each fund's Statement of Additional
           Information, which is available to you on request at no charge (see
           the back cover of this prospectus for more information on how to
           request a copy of the Statement of Additional Information).


           The Advisor, the Distributor and/or their affiliates may also make
           such revenue sharing payments to financial advisors under the terms
           discussed above in connection with the distribution of both DWS
           funds and non-DWS funds by financial advisors to retirement plans
           that obtain record keeping services from ADP, Inc. on the DWS
           Investments branded retirement plan platform (the "Platform") with
           the level of revenue sharing payments being based upon sales of both
           the DWS funds and the non-DWS funds by the financial advisor on the
           Platform or current assets of both the DWS funds and the non-DWS
           funds serviced and maintained by the financial advisor on the
           Platform.


           It is likely that broker-dealers that execute portfolio transactions
           for each fund will include firms that also sell shares of the DWS
           funds to their customers. However, the Advisor will not consider
           sales of DWS fund shares as a factor in the selection of
           broker-dealers to execute portfolio transactions for the DWS funds.
           Accordingly, the Advisor has implemented policies and procedures
           reasonably designed to prevent its traders from considering sales of
           DWS fund shares as a factor in the selection of broker-dealers to
           execute portfolio transactions for each fund. In addition, the
           Advisor, the Distributor and/or their affiliates will not use fund
           brokerage to pay for their obligation to provide additional
           compensation to financial advisors as described above.


POLICIES YOU SHOULD KNOW ABOUT

           Along with the information on the previous pages, the policies below
           may affect you as a shareholder. Some of this information, such as
           the section on distributions and taxes, applies to all investors,
           including those investing through a financial advisor.


                                            Policies You Should Know About  | 49
<PAGE>

           If you are investing through a financial advisor or through a
           retirement plan, check the materials you received from them about
           how to buy and sell shares because particular financial advisors or
           other intermediaries may adopt policies, procedures or limitations
           that are separate from those described by a fund. Please note that a
           financial advisor may charge fees separate from those charged by a
           fund and may be compensated by a fund.

           Keep in mind that the information in this prospectus applies only to
           the shares offered herein. Other share classes are described in
           separate prospectuses and have different fees, requirements and
           services.

           In order to reduce the amount of mail you receive and to help reduce
           expenses, we generally send a single copy of any shareholder report
           and prospectus to each household. If you do not want the mailing of
           these documents to be combined with those for other members of your
           household, please contact your financial advisor or call (800)
           621-1048.


           Policies about transactions

           EACH FUND IS OPEN FOR BUSINESS each day the New York Stock Exchange
           is open. Each fund calculates its share price for each class every
           business day, as of the close of regular trading on the New York
           Stock Exchange (typically 4:00 p.m. Eastern time, but sometimes
           earlier, as in the case of scheduled half-day trading or unscheduled
           suspensions of trading). You can place an order to buy or sell
           shares at any time.

           To help the government fight the funding of terrorism and money
           laundering activities, federal law requires all financial
           institutions to obtain, verify and record information that
           identifies each person who opens an account. What this means to you:
           When you open an account, we will ask for your name, address, date
           of birth and other information that will allow us to identify you.
           Some or all of this information will be used to verify the identity
           of all persons opening an account.

           We might request additional information about you (which may include
           certain documents, such as articles of incorporation for companies)
           to help us verify your identity and, in some cases, the information
           and/or documents may be required to conduct the verification. The
           information and documents will be used solely to verify your
           identity.


50 | Policies You Should Know About
<PAGE>

           We will attempt to collect any missing required and requested
           information by contacting you or your financial advisor. If we are
           unable to obtain this information within the time frames established
           by each fund, then we may reject your application and order.

           Each fund will not invest your purchase until all required and
           requested identification information has been provided and your
           application has been submitted in "good order." After we receive all
           the information, your application is deemed to be in good order and
           we accept your purchase, you will receive the net asset value per
           share next calculated, less any applicable sales charge.

           If we are unable to verify your identity within time frames
           established by each fund, after a reasonable effort to do so, you
           will receive written notification.

           With certain limited exceptions, only US residents may invest in
           each fund.

           Because orders placed through a financial advisor must be forwarded
           to the transfer agent before they can be processed, you'll need to
           allow extra time. Your financial advisor should be able to tell you
           approximately when your order will be processed. It is the
           responsibility of your financial advisor to forward your order to
           the transfer agent in a timely manner.


           INITIAL PURCHASE MINIMUMS. The minimum initial investment for Class
           A, B and C shares is $1,000, except for investments on behalf of
           participants in certain fee-based and wrap programs offered through
           certain financial intermediaries approved by the Advisor, for which
           there is no minimum initial investment; and IRAs, for which the
           minimum initial investment is $500 per account. The minimum initial
           investment is $500 per account if you establish an automatic
           investment plan. Group retirement plans and certain other accounts
           have similar or lower minimum share balance requirements.

           SUB-MINIMUM BALANCES. Each fund may close your account and send you
           the proceeds if your balance falls below $1,000 ($500 for accounts
           with an Automatic Investment Plan funded with $50 or more per month
           in subsequent investments), or below $250 for retirement accounts.
           We will give you 60 days' notice (90 days for retirement accounts)
           so you can either increase your balance or close your account (these
           policies don't apply to investors with $100,000 or more in DWS fund
           shares,



                                            Policies You Should Know About  | 51
<PAGE>


           investors in certain fee-based and wrap programs offered through
           certain financial intermediaries approved by the Advisor, or group
           retirement plans and certain other accounts having lower minimum
           share balance requirements or Class R shares).


           SUBSEQUENT INVESTMENTS. The minimum subsequent investment is $50.
           However, there is no minimum investment requirement for subsequent
           investments in Class A shares on behalf of participants in certain
           fee-based and wrap programs offered through certain financial
           intermediaries approved by the Advisor.


           IRA ROLLOVERS. You may complete a direct rollover from a retirement
           plan offering Class R shares to a DWS IRA account by reinvesting up
           to the full amount of your distribution in Class A shares of any DWS
           fund at net asset value. Subsequent purchases of Class A shares will
           be made at the public offering price as described in the prospectus
           for Class A shares. Please note that if you terminate your
           participation in a retirement plan and transfer all of your Class R
           shares, you will lose the privilege of purchasing Class R shares in
           the future. Rollovers to a DWS Class R share IRA are not permitted.


           MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive
           trading of fund shares may present risks to long-term shareholders,
           including potential dilution in the value of fund shares,
           interference with the efficient management of a fund's portfolio
           (including losses on the sale of investments), taxable gains to
           remaining shareholders and increased brokerage and administrative
           costs. These risks may be more pronounced if a fund invests in
           certain securities, such as those that trade in foreign markets, are
           illiquid or do not otherwise have "readily available market
           quotations." Certain investors may seek to employ short-term trading
           strategies aimed at exploiting variations in portfolio valuation
           that arise from the nature of the securities held by a fund (e.g.,
           "time zone arbitrage"). Each fund discourages short-term and
           excessive trading and has adopted policies and procedures that are
           intended to detect and deter short-term and excessive trading.

           Pursuant to its policies, each fund will impose a 2% redemption fee
           on fund shares held for less than a specified holding period
           (subject to certain exceptions discussed below under "Redemption
           fees"). Each fund also reserves the right to reject or cancel a
           purchase or exchange order for any reason without prior notice. For
           example, a fund may in its discretion reject or cancel a purchase or
           an exchange order even if the transaction is not


52 | Policies You Should Know About
<PAGE>

           subject to the specific roundtrip transaction limitation described
           below if the Advisor believes that there appears to be a pattern of
           short-term or excessive trading activity by a shareholder or deems
           any other trading activity harmful or disruptive to a fund. Each
           fund, through its Advisor and transfer agent, will measure
           short-term and excessive trading by the number of roundtrip
           transactions within a shareholder's account during a rolling
           12-month period. A "roundtrip" transaction is defined as any
           combination of purchase and redemption activity (including
           exchanges) of the same fund's shares. Each fund may take other
           trading activity into account if a fund believes such activity is of
           an amount or frequency that may be harmful to long-term shareholders
           or disruptive to portfolio management.


           Shareholders are limited to four roundtrip transactions in the same
           DWS fund (excluding money market funds) over a rolling 12-month
           period. Shareholders with four or more roundtrip transactions in the
           same DWS fund within a rolling 12-month period generally will be
           blocked from making additional purchases of, or exchanges into, that
           DWS fund. Each fund has sole discretion whether to remove a block
           from a shareholder's account. The rights of a shareholder to redeem
           shares of a DWS fund are not affected by the four roundtrip
           transaction limitation, but all redemptions remain subject to each
           fund's redemption fee policy (see "Redemption fees" described
           below).

           Each fund may make exceptions to the roundtrip transaction policy
           for certain types of transactions if, in the opinion of the Advisor,
           the transactions do not represent short-term or excessive trading or
           are not abusive or harmful to a fund, such as, but not limited to,
           systematic transactions, required minimum retirement distributions,
           transactions initiated by a fund or administrator and transactions
           by certain qualified funds-of-funds.

           In certain circumstances where shareholders hold shares of a fund
           through a financial intermediary, the fund may rely upon the
           financial intermediary's policy to deter short-term or excessive
           trading if the Advisor believes that the financial intermediary's
           policy is reasonably designed to detect and deter transactions that
           are not in the best interests of a fund. A financial intermediary's
           policy relating to short-term or excessive trading may be more or
           less restrictive than the DWS funds' policy, may permit certain
           transactions not permitted by the DWS funds' policies, or prohibit
           transactions not subject to the DWS funds' policies.



                                            Policies You Should Know About  | 53
<PAGE>

           The Advisor may also accept undertakings from a financial
           intermediary to enforce short-term or excessive trading policies on
           behalf of a fund that provide a substantially similar level of
           protection for each fund against such transactions. For example,
           certain financial intermediaries may have contractual, legal or
           operational restrictions that prevent them from blocking an account.
           In such instances, the financial intermediary may use alternate
           techniques that the Advisor considers to be a reasonable substitute
           for such a block.

           In addition, if a fund invests some portion of its assets in foreign
           securities, it has adopted certain fair valuation practices intended
           to protect the fund from "time zone arbitrage" with respect to its
           foreign securities holdings and other trading practices that seek to
           exploit variations in portfolio valuation that arise from the nature
           of the securities held by a fund. (See "How each fund calculates
           share price.")

           There is no assurance that these policies and procedures will be
           effective in limiting short-term and excessive trading in all cases.
           For example, the Advisor may not be able to effectively monitor,
           detect or limit short-term or excessive trading by underlying
           shareholders that occurs through omnibus accounts maintained by
           broker-dealers or other financial intermediaries. The Advisor
           reviews trading activity at the omnibus level to detect short-term
           or excessive trading. If the Advisor has reason to suspect that
           short-term or excessive trading is occurring at the omnibus level,
           the Advisor will contact the financial intermediary to request
           underlying shareholder level activity. Depending on the amount of
           fund shares held in such omnibus accounts (which may represent most
           of a fund's shares) short-term and/or excessive trading of fund
           shares could adversely affect long-term shareholders in a fund. If
           short-term or excessive trading is identified, the Advisor will take
           appropriate action.

           Each fund's market timing policies and procedures may be modified or
           terminated at any time.


           REDEMPTION FEES. Each fund imposes a redemption fee of 2% of the
           total redemption amount (calculated at net asset value, without
           regard to the effect of any contingent deferred sales charge; any
           contingent deferred sales charge is also assessed on the total
           redemption amount without regard to the assessment of the 2%
           redemption fee) on all fund shares redeemed or exchanged within 15
           days of buying them (either by purchase or exchange). The redemption
           fee is paid directly to the fund and



54 | Policies You Should Know About
<PAGE>

           is designed to encourage long-term investment and to offset
           transaction and other costs associated with short-term or excessive
           trading. For purposes of determining whether the redemption fee
           applies, shares held the longest time will be treated as being
           redeemed first and shares held the shortest time will be treated as
           being redeemed last.


           The redemption fee is applicable to fund shares purchased either
           directly or through a financial intermediary, such as a
           broker-dealer. Transactions through financial intermediaries
           typically are placed with the fund on an omnibus basis and include
           both purchase and sale transactions placed on behalf of multiple
           investors. These purchase and sale transactions are generally netted
           against one another and placed on an aggregate basis; consequently
           the identities of the individuals on whose behalf the transactions
           are placed generally are not known to the fund. For this reason,the
           fund has undertaken to notify financial intermediaries of their
           obligation to assess the redemption fee on customer accounts and to
           collect and remit the proceeds to the fund. However, due to
           operational requirements, the intermediaries' methods for tracking
           and calculating the fee may be inadequate or differ in some respects
           from the fund's. Subject to approval by the Advisor or each fund's
           Board, intermediaries who transact business on an omnibus basis may
           implement the redemption fees according to their own operational
           guidelines (which may be different than the funds' policies) and
           remit the fees to the funds.


           The redemption fee will not be charged in connection with the
           following exchange or redemption transactions: (i) transactions on
           behalf of participants in certain research wrap programs; (ii)
           transactions on behalf of a shareholder to return any excess IRA
           contributions to the shareholder; (iii) transactions on behalf of a
           shareholder to effect a required minimum distribution on an IRA;
           (iv) transactions on behalf of any mutual fund advised by the
           Advisor and its affiliates (e.g., "funds of funds") or, in the case
           of a master/feeder relationship, redemptions by the feeder fund from
           the master portfolio; (v) transactions on behalf of certain
           unaffiliated mutual funds operating as funds of funds; (vi)
           transactions following death or disability of any registered
           shareholder, beneficial owner or grantor of a living trust with
           respect to shares purchased before death or disability; (vii)
           transactions involving hardship of any registered shareholder;
           (viii) systematic transactions with pre-defined trade dates for
           purchases, exchanges or redemptions, such as automatic


                                            Policies You Should Know About  | 55
<PAGE>


           account rebalancing, or loan origination and repayments; (ix)
           transactions involving shares purchased through the reinvestment of
           dividends or other distributions; (x) transactions involving shares
           transferred from another account in the same fund or converted from
           another class of the same fund (the redemption fee period will carry
           over to the acquired shares); (xi) transactions initiated by a fund
           or administrator (e.g., redemptions for not meeting account
           minimums, to pay account fees funded by share redemptions, or in the
           event of the liquidation or merger of the fund); or (xii)
           transactions in cases when there are legal or contractual
           limitations or restrictions on the imposition of the redemption fee
           (as determined by a fund or its agents in their sole discretion). It
           is the policy of the DWS funds to permit approved fund platform
           providers to execute transactions in shares of the funds without the
           imposition of a redemption fee if such providers have implemented
           alternative measures that are determined by the Advisor to provide
           controls on short-term and excessive trading that are comparable to
           the DWS funds' policies.

           THE AUTOMATED INFORMATION LINE IS AVAILABLE 24 HOURS A DAY BY
           CALLING (800) 621-1048. You can use our automated phone services to
           get information on DWS funds generally and on accounts held directly
           at DWS Investments. You can also use this service to make exchanges
           and to purchase and sell shares.

           QUICKBUY AND QUICKSELL allow you to set up an electronic link
           between a DWS fund account and a bank account. Once this link is in
           place, you can move money between the two with a phone call. You'll
           need to make sure your bank has Automated Clearing House (ACH)
           services. Transactions take two to three
           days to be completed and there is a $50 minimum and a $250,000
           maximum. To set up QuickBuy or QuickSell on a new account, see the
           account application; to add it to an existing account, call (800)
           621-1048.

           TELEPHONE AND ELECTRONIC TRANSACTIONS. Generally, you are
           automatically entitled to telephone check redemption and exchange
           privileges, but you may elect not to have them when you open your
           account or by contacting Shareholder Services at (800) 621-1048 at a
           later date.






THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

The DWS Investments Web site can be a valuable resource for shareholders with
Internet access. Go to WWW.DWS-INVESTMENTS.COM to get up-to-date information,
review balances or even place orders for exchanges.




56 | Policies You Should Know About
<PAGE>


           Since many transactions may be initiated by telephone or
           electronically, it's important to understand that as long as we take
           reasonable steps to ensure that an order to purchase or redeem
           shares is genuine, such as recording calls or requesting personal
           security information, we are not responsible for any losses that may
           occur as a result. For transactions conducted over the Internet, we
           recommend the use of a secure Internet browser. In addition, you
           should verify the accuracy of your confirmation statements
           immediately after you receive them.


           EACH FUND DOES NOT ISSUE SHARE CERTIFICATES. However, if you
           currently have shares in certificated form, you must include the
           share certificates properly endorsed or accompanied by a duly
           executed stock power when exchanging or redeeming shares. You may
           not exchange or redeem shares in certificate form by telephone or
           via the Internet.

           WHEN YOU ASK US TO SEND OR RECEIVE A WIRE, please note that while we
           don't charge a fee to send or receive wires, it's possible that your
           bank may do so. Wire transactions are generally completed within 24
           hours. Each fund can only send wires of $1,000 or more and accept
           wires of $50 or more.


           EACH FUND ACCEPTS PAYMENT FOR SHARES ONLY IN US DOLLARS by a check
           drawn on a US bank, a bank or Federal Funds wire transfer or an
           electronic bank transfer. Each fund does not accept third party
           checks. A third party check is a check made payable to one or more
           parties and offered as payment to one or more other parties (e.g., a
           check made payable to you that you offer as payment to someone
           else). Checks should normally be payable to DWS Investments and
           drawn by you or a financial institution on your behalf with your
           name or account number included with the check.

           SIGNATURE GUARANTEE. When you want to sell more than $100,000 worth
           of shares or send proceeds to a third party or to a new address,
           you'll usually need to place your order in writing and include a
           signature guarantee. However, if you want money transferred
           electronically a bank account that is already on file with us, you
           don't need a signature guarantee. Also, generally you don't need a
           signature guarantee for an exchange, although we may require one in
           certain other circumstances.



                                            Policies You Should Know About  | 57
<PAGE>


           A signature guarantee is simply a certification of your signature -
           a valuable safeguard against fraud. You can get a signature
           guarantee from an eligible guarantor institution, including
           commercial banks, savings and loans, trust companies, credit unions,
           member firms of a national stock exchange or any member or
           participant of an approved signature guarantor program. We recommend
           stamps from members of a medallion signature guarantee program. Note
           that you can't get a signature guarantee from a notary public and we
           must be provided the original guarantee.


           SELLING SHARES OF TRUST ACCOUNTS AND BUSINESS OR ORGANIZATION
           ACCOUNTS may require additional documentation. Please call (800)
           621-1048 or contact your financial advisor for more information.

           WHEN YOU SELL SHARES THAT HAVE A CDSC, we calculate the CDSC as a
           percentage of what you paid for the shares or what you are selling
           them for - whichever results in the lower charge to you. In
           processing orders to sell shares, the shares with the lowest CDSC
           are sold first. Exchanges from one fund into another don't affect
           CDSCs; for each investment you make, the date you first bought
           shares is the date we use to calculate a CDSC on that particular
           investment.

           There are certain cases in which you may be exempt from a CDSC.
           These include:

           -  the death or disability of an account owner (including a joint
              owner). This waiver applies only under certain conditions. Please
              contact your financial advisor or Shareholder Services to
              determine if the conditions exist

           -  withdrawals made through an automatic withdrawal plan up to a
              maximum of 12% per year of the net asset value of the account

           -  withdrawals related to certain retirement or benefit plans

           -  redemptions for certain loan advances, hardship provisions or
              returns of excess contributions from retirement plans

           -  for Class A shares purchased through the Large Order NAV Purchase
              Privilege, redemption of shares whose dealer of record at the
              time of the investment notifies the Distributor that the dealer
              waives the applicable commission





THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

If you ever have difficulty placing an order by phone or Internet, you can send
us your order in writing.








58 | Policies You Should Know About
<PAGE>

           -  for Class C shares, redemption of shares purchased through a
              dealer-sponsored asset allocation program maintained on an
              omnibus record-keeping system, provided the dealer of record
              has waived the advance of the first year distribution and
              service fees applicable to such shares and has agreed to
              receive such fees quarterly

           In each of these cases, there are a number of additional provisions
           that apply in order to be eligible for a CDSC waiver. Your financial
           advisor or Shareholder Services can answer your questions and help
           you determine if you are eligible.


           IF YOU SELL SHARES IN A DWS FUND AND THEN DECIDE TO INVEST WITH DWS
           INVESTMENTS AGAIN WITHIN SIX MONTHS, you may be able to take
           advantage of the "reinstatement feature." With this feature, you can
           put your money back into the same class of a DWS fund at its current
           net asset value and, for purposes of a sales charge, it will be
           treated as if it had never left DWS Investments.

           You'll be reimbursed (in the form of fund shares) for any CDSC you
           paid when you sold. Future CDSC calculations will be based on your
           original investment date, rather than your reinstatement date. There
           is also an option that lets investors who sold Class B shares buy
           Class A shares (if available) with no sales charge, although they
           won't be reimbursed for any CDSC they paid. You can only use the
           reinstatement feature once for any given group of shares. To take
           advantage of this feature, contact Shareholder Services or your
           financial advisor.

           CLASS A TO CLASS S IN THE SAME FUND EXCHANGE PRIVILEGE. Investors
           who have invested in Class A shares through a comprehensive or
           "wrap" fee program, or other fee-based program sponsored by a
           broker-dealer, bank or registered investment adviser, may become
           eligible to invest in Class S shares. Subject to the discretion of
           the Distributor, such shareholders may exchange their Class A shares
           for Class S shares of equal aggregate value of the same fund. No
           sales charges or other charges will apply to any such exchanges.
           Investors should contact their selling and/or servicing agents to
           learn more about the details of this exchange feature.


           MONEY FROM SHARES YOU SELL is normally sent out within one business
           day of when your order is processed (not when it is received),
           although it could be delayed for up to seven days. There are
           circumstances when it could be longer, including, but not limited
           to, when you are selling shares you bought recently


                                            Policies You Should Know About  | 59
<PAGE>


           by check  or ACH (the funds will be placed under a 10 calendar day
           hold to ensure good funds) or when unusual circumstances prompt the
           SEC to allow further delays. Certain expedited redemption processes
           (e.g., redemption proceeds by wire) may also be delayed or
           unavailable when you are selling shares recently purchased or in the
           event of the closing of the Federal Reserve wire payment system.
           Each fund reserves the right to suspend or postpone redemptions as
           permitted pursuant to Section 22(e) of the Investment Company Act of
           1940. Generally, those circumstances are when 1) the New York Stock
           Exchange is closed other than customary weekend or holiday closings;
           2) trading on the New York Stock Exchange is restricted; 3) an
           emergency exists which makes the disposal of securities owned by a
           fund or the fair determination of the value of a fund's net assets
           not reasonably practicable; or 4) the SEC, by order, permits the
           suspension of the right of redemption. Redemption payments by wire
           may also be delayed in the event of a non-routine closure of the
           Federal Reserve wire payment system. For additional rights reserved
           by each fund, please see "Other rights we reserve."


           You may obtain additional information about other ways to sell your
           shares by contacting your financial advisor.


           How each fund calculates share price

           To calculate net asset value, or NAV, each share class uses the
           following equation:


<TABLE>
<S>                                                     <C> <C>
            TOTAL ASSETS - TOTAL LIABILITIES
           -----------------------------------------    =    NAV
               TOTAL NUMBER OF SHARES OUTSTANDING
</TABLE>



           The price at which you buy shares is based on the NAV per share
           calculated after the order is received and accepted by the transfer
           agent, although for Class A shares it will be adjusted to allow for
           any applicable sales charge (see "Choosing a Share Class"). The
           price at which you sell shares is also based on the NAV per share
           calculated after the order is received and accepted by the transfer
           agent, although a CDSC may be taken out of the proceeds (see
           "Choosing a Share Class").

           EACH FUND CHARGES A REDEMPTION FEE EQUAL TO 2% of the value of
           shares redeemed or exchanged within 15 days of purchase. Please see
           "Policies about transactions - Redemption fees" for further
           information.



60 | Policies You Should Know About
<PAGE>


           WE TYPICALLY VALUE SECURITIES USING INFORMATION FURNISHED BY AN
           INDEPENDENT PRICING SERVICE OR MARKET QUOTATIONS, WHERE APPROPRIATE.
           However, we may use methods approved by the Board, such as a fair
           valuation model, which are intended to reflect fair value when
           pricing service information or market quotations are not readily
           available or when a security's value or a meaningful portion of the
           value of a fund's portfolio is believed to have been materially
           affected by a significant event, such as a natural disaster, an
           economic event like a bankruptcy filing, or a substantial
           fluctuation in domestic or foreign markets that has occurred between
           the close of the exchange or market on which the security is
           principally traded (for example, a foreign exchange or market) and
           the close of the New York Stock Exchange. In such a case, a fund's
           value for a security is likely to be different from the last quoted
           market price or pricing service information. In addition, due to the
           subjective and variable nature of fair value pricing, it is possible
           that the value determined for a particular asset may be materially
           different from the value realized upon such asset's sale. It is
           expected that the greater the percentage of fund assets that is
           invested in non-US securities, the more extensive will be a fund's
           use of fair value pricing. This is intended to reduce a fund's
           exposure to "time zone arbitrage" and other harmful trading
           practices. (See "Market timing policies and procedures.")


           TO THE EXTENT THAT A FUND INVESTS IN SECURITIES THAT ARE TRADED
           PRIMARILY IN FOREIGN MARKETS, the value of its holdings could change
           at a time when you aren't able to buy or sell fund shares. This is
           because some foreign markets are open on days or at times when a
           fund doesn't price its shares. (Note that prices for securities that
           trade on foreign exchanges can change significantly on days when the
           New York Stock Exchange is closed and you cannot buy or sell fund
           shares. Price changes in the securities a fund owns may ultimately
           affect the price of fund shares the next time the NAV is
           calculated.)


           Other rights we reserve

           You should be aware that we may do any of the following:

           -  withdraw or suspend the offering of shares at any time

                                            Policies You Should Know About  | 61
<PAGE>


           -  withhold a portion of your distributions and redemption proceeds
              if we have been notified by the IRS that you are subject to
              backup withholding or if you fail to provide us with the
              correct taxpayer ID number and certain certifications,
              including certification that you are not subject to backup
              withholding


           -  reject a new account application if you don't provide any
              required or requested identifying information, or for any other
              reason

           -  refuse, cancel, limit or rescind any purchase or exchange order,
              without prior notice; freeze any account (meaning you will not be
              able to purchase fund shares in your account); suspend account
              services; and/or involuntarily redeem your account if we think
              that the account is being used for fraudulent or illegal
              purposes; one or more of these actions will be taken when, at our
              sole discretion, they are deemed to be in a fund's best interests
              or when a fund is requested or compelled to do so by governmental
              authority or by applicable law


           -  close and liquidate your account if we are unable to verify your
              identity, or for other reasons; if we decide to close your
              account, your fund shares will be redeemed at the net asset value
              per share next calculated after we determine to close your
              account (less any applicable sales charges or redemption fees);
              you may recognize a gain or loss on the redemption of your fund
              shares and you may incur a tax liability


           -  pay you for shares you sell by "redeeming in kind," that is, by
              giving you securities (which typically will involve brokerage
              costs for you to liquidate) rather than cash, but which will be
              taxable to the same extent as a redemption for cash; a fund
              generally won't make a redemption in kind unless your requests
              over a 90-day period total more than $250,000 or 1% of the value
              of a fund's net assets, whichever is less

           -  change, add or withdraw various services, fees and account
              policies (for example, we may adjust a fund's investment minimums
              at any time)


62 | Policies You Should Know About
<PAGE>

UNDERSTANDING DISTRIBUTIONS AND TAXES


           Each fund intends to distribute to its shareholders virtually all of
           its net earnings. Each fund can earn money in two ways: by receiving
           interest, dividends or other income from investments it holds and by
           selling investments for more than it paid for them. (Each fund's
           earnings are separate from any gains or losses stemming from your
           own purchase and sale of shares.) Each fund may not always pay a
           dividend or other distribution for a given period.


           DWS Communications Fund intends to pay distributions of
           substantially all of its income annually. DWS RREEF Real Estate
           Securities Fund intends to pay distributions of substantially all of
           its income quarterly. Each fund intends to pay distributions from
           realized capital gains annually, usually in December. If necessary
           each fund may make distributions at other times as needed.


           Dividends or distributions declared and payable to shareholders of
           record in the last quarter of a given calendar year are treated for
           federal income tax purposes as if they were received on December 31
           of that year, provided such dividends or distributions are paid by
           the end of the following January.


           For federal income tax purposes, income and capital gains
           distributions are generally taxable to shareholders. However,
           dividends and distributions received by retirement plans qualifying
           for tax exemption under federal income tax laws generally will not
           be taxable.


           YOU CAN CHOOSE HOW TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS. You
           can have them all automatically reinvested in fund shares (at NAV),
           all deposited directly to your bank account
           or all sent to you by check, have one type reinvested and the other
           sent to you by check or have them invested in a different fund. Tell
           us your preference on your application. If you don't indicate a
           preference, your dividends and distributions will all be reinvested
           in shares of the fund without a sales charge (if applicable).
           Distributions are treated the same for federal income tax purposes
           whether you receive them in cash or reinvest them in additional
           shares. Under the terms of employer-sponsored qualified plans, and
           retirement plans, reinvestment (at NAV) is the only option.




THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

Because each shareholder's tax situation is unique, ask your tax professional
about the tax consequences of your investments, including any state and local
tax consequences.



                                     Understanding Distributions and Taxes  | 63
<PAGE>

           BUYING, SELLING OR EXCHANGING FUND SHARES WILL USUALLY HAVE FEDERAL
           INCOME TAX CONSEQUENCES FOR YOU (except in employer-sponsored
           qualified plans, IRAs or other tax-advantaged accounts). Your sale
           of shares may result in a capital gain or loss. The gain or loss
           will be long-term or short-term depending on how long you owned the
           shares that were sold. For federal income tax purposes, an exchange
           is treated the same as a sale.

           THE FEDERAL INCOME TAX STATUS of a fund's earnings you receive and
           your own fund transactions generally depends on their type:


<TABLE>
<CAPTION>
GENERALLY TAXED AT LONG-TERM                       GENERALLY TAXED AT ORDINARY
CAPITAL GAIN RATES:                                INCOME RATES:
<S>                                                <C>
DISTRIBUTIONS FROM A FUND
- gains from the sale of                           -  gains from the sale of
  securities held (or treated as                      securities held by a fund for
  held) by a fund for more than                       one year or less
  one year                                         -  all other taxable income
- qualified dividend income

TRANSACTIONS INVOLVING FUND
SHARES
- gains from selling fund                          -  gains from selling fund
  shares held for more than                           shares held for one year or
  one year                                            less
</TABLE>



           ANY DIRECT INVESTMENTS IN FOREIGN SECURITIES BY A FUND MAY BE
           SUBJECT TO FOREIGN WITHHOLDING TAXES. In that case, a fund's yield
           on those securities would generally be decreased. Shareholders
           generally will not be entitled to claim a credit or deduction with
           respect to foreign taxes paid by a fund. In addition, any
           investments in foreign securities or foreign currencies may increase
           or accelerate a fund's recognition of ordinary income and may affect
           the timing or amount of the fund's distributions. If you invest in a
           fund through a taxable account, your after-tax return could be
           negatively affected.

           Investments in certain debt obligations or other securities may
           cause a fund to recognize taxable income in excess of the cash
           generated by them. Thus, a fund could be required at times to
           liquidate other investments in order to satisfy its distribution
           requirements.



64 | Understanding Distributions and Taxes
<PAGE>


           For taxable years beginning before January 1, 2011, distributions to
           individuals and other noncorporate shareholders of investment income
           designated by a fund as derived from qualified dividend income are
           eligible for taxation for federal income tax purposes at the more
           favorable long-term capital gain rates. Qualified dividend income
           generally includes dividends received by a fund from domestic and
           some foreign corporations. It does not include income from
           investments in debt securities. In addition, a fund must meet
           certain holding period and other requirements with respect to the
           dividend-paying stocks in its portfolio and the shareholder must
           meet certain holding period and other requirements with respect to a
           fund's shares for the lower tax rates to apply.


           Dividends received by a fund from a REIT may be treated as qualified
           dividend income only to the extent the dividends are attributable to
           qualified dividend income received by such REIT. Distributions
           received by a fund from REITs will not be eligible for the dividends
           received deduction.


           For taxable years beginning before January 1, 2011, the maximum
           federal income tax rate imposed on long-term capital gains
           recognized by individuals and other noncorporate shareholders has
           been temporarily reduced to 15%, in general, with lower rates
           applying to taxpayers in the 10% and 15% rate brackets. For taxable
           years beginning on or after January 1, 2011, the maximum long-term
           capital gain rate is scheduled to return to 20%.


           Certain types of income received by a fund from REITs, real estate
           mortgage investment conduits ("REMICs"), taxable mortgage pools or
           other investments may cause the fund to designate some or all of its
           distributions as "excess inclusion income." To fund shareholders
           such excess inclusion income may (1) constitute taxable income, as
           unrelated business taxable income ("UBTI") for those individual
           retirement accounts, 401(k) accounts, Keogh plans, pension plans and
           certain charitable entities; (2) not be offset by otherwise
           allowable deductions for tax purposes; (3) not be eligible for
           reduced US withholding for non-US shareholders even from tax treaty
           countries; and (4) cause the fund to be subject to tax if certain
           "disqualified organizations" are fund shareholders.


                                     Understanding Distributions and Taxes  | 65
<PAGE>

           YOUR FUND WILL SEND YOU DETAILED FEDERAL INCOME TAX INFORMATION
           EVERY JANUARY. These statements tell you the amount and the federal
           income tax classification of any dividends or distributions you
           received. They also have certain details on your purchases and sales
           of shares.

           Because the REITs invested in by DWS RREEF Real Estate Securities
           Fund do not provide complete information about the taxability of
           their distributions until after the calendar year-end, the fund may
           not be able to determine how much of the fund's distribution is
           taxable to shareholders until after the January 31 deadline for
           issuing Form 1099-DIV. As a result, the fund may request permission
           from the Internal Revenue Service each year for an extension of time
           until February 28 to issue Form 1099-DIV.


           IF YOU INVEST RIGHT BEFORE A FUND PAYS A DIVIDEND, you'll be getting
           some of your investment back as a taxable dividend. You can avoid
           this by investing after a fund pays a dividend. In tax-advantaged
           retirement accounts you generally do not need to worry about this.

           If a fund's distributions exceed its current and accumulated
           earnings and profits, the excess will be treated for federal income
           tax purposes as a tax-free return of capital to the extent of your
           basis in your shares and thereafter as a gain from the sale or
           exchange of your shares. Because a return of capital distribution
           reduces the basis of your shares, a return of capital distribution
           may result in a higher capital gain or a lower capital loss when you
           sell your shares.


           CORPORATIONS are taxed at the same rates on ordinary income and
           capital gains but may be eligible for a dividends-received deduction
           for a portion of the income dividends they receive from a fund,
           provided certain holding period and other requirements are met.

           The above discussion summarizes certain federal income tax
           consequences for shareholders who are US persons. If you are a
           non-US person, please consult your own tax advisor with respect to
           the US tax consequences to you of an investment in a fund. For more
           information, see "Taxes" in the Statement of Additional Information.



66 | Understanding Distributions and Taxes
<PAGE>

APPENDIX
--------------------------------------------------------------------------------
           Hypothetical Expense Summary



           Using the annual fund operating expense ratios presented in the fee
           tables in the fund prospectus, the Hypothetical Expense Summary
           shows the estimated fees and expenses, in actual dollars, that would
           be charged on a hypothetical investment of $10,000 in the fund held
           for the next 10 years and the impact of such fees and expenses on
           fund returns for each year and cumulatively, assuming a 5% return
           for each year. The historical rate of return for the fund may be
           higher or lower than 5% and, for money funds, is typically less than
           5%. The tables also assume that all dividends and distributions are
           reinvested and that Class B shares convert to Class A shares after
           six years. The annual fund expense ratios shown are net of any
           contractual fee waivers or expense reimbursements, if any, for the
           period of the contractual commitment. The tables reflect the maximum
           initial sales charge, if any, but do not reflect any contingent
           deferred sales charge or redemption fees, if any, which may be
           payable upon redemption. If contingent deferred sales charges or
           redemption fees were shown, the "Hypothetical Year-End Balance After
           Fees and Expenses" amounts shown would be lower and the "Annual Fees
           and Expenses" amounts shown would be higher. Also, please note that
           if you are investing through a third party provider, that provider
           may have fees and expenses separate from those of the fund that are
           not reflected here. Mutual fund fees and expenses fluctuate over
           time and actual expenses may be higher or lower than those shown.


           The Hypothetical Expense Summary should not be used or construed as
           an offer to sell, a solicitation of an offer to buy or a
           recommendation or endorsement of any specific mutual fund. You
           should carefully review the fund's prospectus to consider the
           investment objectives, risks, expenses and charges of the fund prior
           to investing.


                                                                  Appendix  | 67
<PAGE>

                       DWS Communications Fund - Class A




<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               5.75%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER      ANNUAL FEES
              FEES AND        EXPENSE        FEES AND           FEES AND            AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        1.79%             -2.72%       $  9,727.54        $   746.42
   2           10.25%        1.79%              0.40%       $ 10,039.80        $   176.92
   3           15.76%        1.79%              3.62%       $ 10,362.07        $   182.60
   4           21.55%        1.79%              6.95%       $ 10,694.70        $   188.46
   5           27.63%        1.79%             10.38%       $ 11,038.00        $   194.51
   6           34.01%        1.79%             13.92%       $ 11,392.32        $   200.75
   7           40.71%        1.79%             17.58%       $ 11,758.01        $   207.20
   8           47.75%        1.79%             21.35%       $ 12,135.44        $   213.85
   9           55.13%        1.79%             25.25%       $ 12,524.99        $   220.71
  10           62.89%        1.79%             29.27%       $ 12,927.04        $   227.80
  TOTAL                                                                        $ 2,559.22
</TABLE>



DWS Communications Fund - Class B





<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER        ANNUAL
              FEES AND        EXPENSE        FEES AND           FEES AND         FEES AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        2.66%              2.34%       $ 10,234.00        $   269.11
   2           10.25%        2.66%              4.73%       $ 10,473.48        $   275.41
   3           15.76%        2.66%              7.19%       $ 10,718.55        $   281.85
   4           21.55%        2.66%              9.69%       $ 10,969.37        $   288.45
   5           27.63%        2.66%             12.26%       $ 11,226.05        $   295.20
   6           34.01%        2.66%             14.89%       $ 11,488.74        $   302.11
   7           40.71%        1.79%             18.58%       $ 11,857.53        $   208.95
   8           47.75%        1.79%             22.38%       $ 12,238.16        $   215.66
   9           55.13%        1.79%             26.31%       $ 12,631.00        $   222.58
  10           62.89%        1.79%             30.36%       $ 13,036.46        $   229.72
  TOTAL                                                                        $ 2,589.04
</TABLE>




68 | Appendix
<PAGE>

                       DWS Communications Fund - Class C




<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                  ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                       OF RETURN:
               0.00%                   $10,000                             5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER          BALANCE           ANNUAL
              FEES AND        EXPENSE        FEES AND        AFTER FEES AND       FEES AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES          EXPENSES
<S>       <C>                <C>          <C>               <C>                 <C>
   1            5.00%        2.70%              2.30%       $ 10,230.00         $   273.11
   2           10.25%        2.70%              4.65%       $ 10,465.29         $   279.39
   3           15.76%        2.70%              7.06%       $ 10,705.99         $   285.81
   4           21.55%        2.70%              9.52%       $ 10,952.23         $   292.39
   5           27.63%        2.70%             12.04%       $ 11,204.13         $   299.11
   6           34.01%        2.70%             14.62%       $ 11,461.83         $   305.99
   7           40.71%        2.70%             17.25%       $ 11,725.45         $   313.03
   8           47.75%        2.70%             19.95%       $ 11,995.13         $   320.23
   9           55.13%        2.70%             22.71%       $ 12,271.02         $   327.59
  10           62.89%        2.70%             25.53%       $ 12,553.25         $   335.13
  TOTAL                                                                         $ 3,031.78
</TABLE>



DWS RREEF Real Estate Securities Fund - Class A





<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               5.75%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER      ANNUAL FEES
              FEES AND        EXPENSE        FEES AND           FEES AND            AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        0.94%             -1.92%       $  9,807.66        $   665.39
   2           10.25%        0.94%              2.06%       $ 10,205.85        $    94.06
   3           15.76%        0.94%              6.20%       $ 10,620.20        $    97.88
   4           21.55%        0.94%             10.51%       $ 11,051.38        $   101.86
   5           27.63%        0.94%             15.00%       $ 11,500.07        $   105.99
   6           34.01%        0.94%             19.67%       $ 11,966.97        $   110.30
   7           40.71%        0.94%             24.53%       $ 12,452.83        $   114.77
   8           47.75%        0.94%             29.58%       $ 12,958.42        $   119.43
   9           55.13%        0.94%             34.85%       $ 13,484.53        $   124.28
  10           62.89%        0.94%             40.32%       $ 14,032.00        $   129.33
  TOTAL                                                                        $ 1,663.29
</TABLE>




                                                                  Appendix  | 69
<PAGE>


                DWS RREEF Real Estate Securities Fund - Class B





<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER        ANNUAL
              FEES AND        EXPENSE        FEES AND           FEES AND         FEES AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        1.82%              3.18%       $ 10,318.00        $   184.89
   2           10.25%        1.82%              6.46%       $ 10,646.11        $   190.77
   3           15.76%        1.82%              9.85%       $ 10,984.66        $   196.84
   4           21.55%        1.82%             13.34%       $ 11,333.97        $   203.10
   5           27.63%        1.82%             16.94%       $ 11,694.39        $   209.56
   6           34.01%        1.82%             20.66%       $ 12,066.27        $   216.22
   7           40.71%        0.94%             25.56%       $ 12,556.16        $   115.73
   8           47.75%        0.94%             30.66%       $ 13,065.94        $   120.42
   9           55.13%        0.94%             35.96%       $ 13,596.42        $   125.31
  10           62.89%        0.94%             41.48%       $ 14,148.44        $   130.40
  TOTAL                                                                        $ 1,693.24
</TABLE>



DWS RREEF Real Estate Securities Fund - Class C





<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER      ANNUAL FEES
              FEES AND        EXPENSE        FEES AND           FEES AND            AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        1.78%              3.22%       $ 10,322.00        $   180.87
   2           10.25%        1.78%              6.54%       $ 10,654.37        $   186.69
   3           15.76%        1.78%              9.97%       $ 10,997.44        $   192.70
   4           21.55%        1.78%             13.52%       $ 11,351.56        $   198.91
   5           27.63%        1.78%             17.17%       $ 11,717.08        $   205.31
   6           34.01%        1.78%             20.94%       $ 12,094.37        $   211.92
   7           40.71%        1.78%             24.84%       $ 12,483.81        $   218.75
   8           47.75%        1.78%             28.86%       $ 12,885.78        $   225.79
   9           55.13%        1.78%             33.01%       $ 13,300.71        $   233.06
  10           62.89%        1.78%             37.29%       $ 13,728.99        $   240.56
  TOTAL                                                                        $ 2,094.56
</TABLE>




70 | Appendix
<PAGE>

                DWS RREEF Real Estate Securities Fund - Class R




<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER        ANNUAL
              FEES AND        EXPENSE        FEES AND           FEES AND         FEES AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        1.14%              3.86%       $ 10,386.00        $   116.20
   2           10.25%        1.14%              7.87%       $ 10,786.90        $   120.69
   3           15.76%        1.14%             12.03%       $ 11,203.27        $   125.34
   4           21.55%        1.14%             16.36%       $ 11,635.72        $   130.18
   5           27.63%        1.14%             20.85%       $ 12,084.86        $   135.21
   6           34.01%        1.14%             25.51%       $ 12,551.33        $   140.43
   7           40.71%        1.14%             30.36%       $ 13,035.82        $   145.85
   8           47.75%        1.14%             35.39%       $ 13,539.00        $   151.48
   9           55.13%        1.14%             40.62%       $ 14,061.60        $   157.32
  10           62.89%        1.14%             46.04%       $ 14,604.38        $   163.40
  TOTAL                                                                        $ 1,386.10
</TABLE>




                                                                  Appendix  | 71
<PAGE>

TO GET MORE INFORMATION

SHAREHOLDER REPORTS - These include commentary from a fund's management team
about recent market conditions and the effects of a fund's strategies on its
performance. They also have detailed performance figures, a list of everything
a fund owns, and its financial statements. Shareholders get these reports
automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about a fund's
features and policies, including additional risk information. The SAI is
incorporated by reference into this document (meaning that it's legally part of
this prospectus).


For a free copy of any of these documents or to request other information about
a fund, call (800) 621-1048, or contact DWS Investments at the address listed
below. Each fund's SAI and shareholder reports are also available through the
DWS Investments Web site at www.dws-investments.com. These documents and other
information about each fund are available from the EDGAR Database on the SEC's
Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about each fund,
including each fund's SAI, 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.




<TABLE>
<CAPTION>
DWS INVESTMENTS      SEC                     DISTRIBUTOR
-----------------    --------------------    ------------------------------
<S>                  <C>                     <C>
PO Box 219151        100 F Street, N.E.      DWS Investments Distributors,
Kansas City, MO      Washington, D.C.        Inc.
64121-9151           20549-0102              222 South Riverside Plaza
WWW.DWS-             WWW.SEC.GOV             Chicago, IL 60606-5808
INVESTMENTS.COM      (800) SEC-0330          (800) 621-1148
(800) 621-1048
</TABLE>




<TABLE>
<S>                    <C>                                        <C>
SEC FILE NUMBER:
                                       DWS Communications Fund    811-03883
DWS Advisor Funds        DWS RREEF Real Estate Securities Fund    811-04760
</TABLE>







(05/01/09) DSECF3-1
[RECYCLE GRAPHIC APPEARS HERE]
                                                          [DWS INVESTMENTS LOGO]
                                                             Deutsche Bank Group
<PAGE>



                                  MAY 1, 2009








                                   PROSPECTUS
                              ------------------
                              INSTITUTIONAL CLASS


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

                            DWS COMMUNICATIONS FUND


                     DWS RREEF REAL ESTATE SECURITIES FUND


As with all mutual funds, the Securities and Exchange Commission (SEC) does not
approve or disapprove these shares or determine whether the information in this
prospectus is truthful or complete. It is a criminal offense for anyone to
inform you otherwise.


                                     RESHAPING INVESTING. [DWS INVESTMENTS LOGO]
                                                             Deutsche Bank Group


<PAGE>

CONTENTS





<TABLE>
<S>      <C>
HOW EACH FUND WORKS
  4      DWS Communications Fund
 13      DWS RREEF Real Estate
         Securities Fund
 21      Other Policies and Risks
 22      Who Manages and Oversees
         the Funds
 26      Financial Highlights


</TABLE>
<TABLE>
<S>      <C>
HOW TO INVEST IN THE FUNDS
 30      Buying and Selling
         Institutional Class Shares
 36      Policies You Should Know
         About
 47      Understanding Distributions
         and Taxes
 51      Appendix
</TABLE>


<PAGE>

HOW EACH FUND WORKS

On the next few pages, you'll find information about each fund's investment
objective, the main strategies each uses to pursue that objective and the main
risks that could affect performance.

Whether you are considering investing in a fund or are already a shareholder,
you'll want to LOOK THIS INFORMATION OVER CAREFULLY. You may want to keep it on
hand for reference as well.

Remember that mutual funds are investments, not bank deposits. They're not
insured or guaranteed by the FDIC or any other government agency. Their share
prices will go up and down, and you could lose money by investing in them.


You can find DWS prospectuses on the Internet at WWW.DWS-INVESTMENTS.COM (the
Web site does not form a part of this prospectus).

<PAGE>


<TABLE>
<S>                            <C>
                                 Institutional Class
  ticker symbol                  FLICX
    fund number                  532

    DWS COMMUNICATIONS FUND


</TABLE>

            THE FUND'S MAIN INVESTMENT STRATEGY

            The fund seeks to maximize total return.

            Under normal circumstances, the fund will invest at least 80% of
            its net assets, plus the amount of any borrowings for investment
            purposes (measured at the time of investment), in securities of
            companies in the communications field. The fund normally focuses on
            the securities of US and foreign companies that are engaged in the
            research, development, manufacture or sale of communications
            services, technology, equipment or products.

            The fund seeks to achieve its objective through a combination of
            long-term growth of capital and, to a lesser extent, current
            income. In selecting investments for the fund, the portfolio
            manager emphasizes investments in companies offering products and
            services that support both traditional communications and
            facilitate newer information-based applications. Examples of such
            companies include companies that offer outsourced communications
            billing and teleservices products or network computing technology
            that supports basic Internet functionality, such as Web site
            operations for electronic commerce and other Internet-based
            applications. The portfolio manager believes that worldwide
            telecommunications market expansion will create opportunities for
            both established and emerging providers of telecommunications
            products and services. As a result, the portfolio manager believes
            that investing in a portfolio of common stocks as well as dividend
            and interest-paying securities of companies in the communications
            field offers an attractive opportunity for maximizing total return,
            although there can be no guarantee that this result will be
            achieved.

            The fund may also invest in convertible securities and in bonds and
            short-term cash equivalents. Convertible securities are bonds or
            preferred stocks that give purchasers the right to exchange the
            convertible security for a specified number of


4 | DWS Communications Fund
<PAGE>

            shares of a company's common stock at specified prices within a
            certain period of time. Purchasers receive regular interest
            payments until they exercise their exchange right. The fund may
            also invest its assets without limit in stocks and other securities
            of companies not publicly traded in the United States, including
            securities of emerging markets.

            The portfolio manager employs a disciplined, research-based
            approach to investing in the communications industry. The portfolio
            manager utilizes Deutsche Asset Management's proprietary research
            platform to help identify opportunities and capture alpha (i.e.,
            return in excess of the fund's benchmark) across the globe. The
            portfolio manager employs cash flow return on investment (CFROI) as
            its principal basis for valuation. This investment approach allows
            the portfolio manager to find moneymaking opportunities across a
            company's life cycle, from early-stage growth to late-stage fade.


            DERIVATIVES AND OTHER INVESTMENTS. The fund is permitted, but not
            required, to use various types of derivatives (contracts whose
            value is based on, for example, indices, currencies or securities).
            Derivatives may be used for hedging and for risk management or for
            non-hedging purposes to seek to enhance potential gains. The fund
            may use derivatives in circumstances where portfolio management
            believes they offer an economical means of gaining exposure to a
            particular asset class or to keep cash on hand to meet shareholder
            redemptions or other needs while maintaining exposure to the
            market.


            In particular, the fund may use futures and options. To the extent
            the fund invests in foreign securities, the fund may enter into
            forward currency exchange contracts and buy and sell currency
            options to hedge against currency exchange rate fluctuations.

            SECURITIES LENDING. The fund may lend its investment securities in
            an amount up to 33 1/3% of its total assets to approved
            institutional borrowers who need to borrow securities in order to
            complete certain transactions.


            THE MAIN RISKS OF INVESTING IN THE FUND

            There are several risk factors that could hurt the fund's
            performance, cause you to lose money or cause the fund's
            performance to trail that of other investments.


                                                    DWS Communications Fund  | 5
<PAGE>

            STOCK MARKET RISK. The fund is affected by how the stock market
            performs. To the extent the fund invests in a particular
            capitalization or market sector, the fund's performance may be
            proportionately affected by that segment's general performance.
            When stock prices fall, you should expect the value of your
            investment to fall as well. Because a stock represents ownership in
            its issuer, stock prices can be hurt by poor management, shrinking
            product demand and other business risks. These factors may affect
            single companies as well as groups of companies. In addition,
            movements in financial markets may adversely affect a stock's
            price, regardless of how well the company performs. The market as a
            whole may not favor the types of investments the fund makes, which
            could affect the fund's ability to sell them at an attractive
            price.

            CONCENTRATION RISK. The fund concentrates its investments in common
            stocks of companies in the communications field. As a result,
            market price movements, regulatory or technological changes, or
            economic conditions affecting companies in this field will have a
            significant impact on the fund's performance.

            NON-DIVERSIFICATION RISK. The fund is classified as non-diversified
            under the Investment Company Act of 1940, as amended. This means
            that the fund may invest in securities of relatively few issuers.
            Thus, the performance of one or a small number of portfolio
            holdings can affect overall performance more than if the fund
            invested in a larger number of issuers.

            DERIVATIVES RISK. Risks associated with derivatives include the
            risk that the derivative is not well correlated with the security,
            index or currency to which it relates; the risk that derivatives
            may result in losses or missed opportunities; the risk that the
            fund will be unable to sell the derivative because of an illiquid
            secondary market; the risk that a counterparty is unwilling or
            unable to meet its obligation; and the risk that the derivative
            transaction could expose the fund to the effects of leverage, which
            could increase the fund's exposure to the market and magnify
            potential losses. There is no guarantee that derivatives, to the
            extent employed, will have the intended effect, and their use could
            cause lower returns or even losses to the fund. The use of
            derivatives by the fund to hedge risk may reduce the opportunity
            for gain by offsetting the positive effect of favorable price
            movements.


6 | DWS Communications Fund
<PAGE>

            FOREIGN INVESTMENT RISK. Foreign investments involve certain
            special risks, including:


            -  POLITICAL RISK. Some foreign governments have limited the
               outflow of profits to investors abroad, imposed restrictions on
               the exchange or export of foreign currency, extended diplomatic
               disputes to include trade and financial relations, seized
               foreign investments and imposed higher taxes.


            -  INFORMATION RISK. Companies based in foreign markets are usually
               not subject to accounting, auditing and financial reporting
               standards and practices as stringent as those in the US.
               Therefore, their financial reports may present an incomplete,
               untimely or misleading picture of a company, as compared to the
               financial reports required in the US.


            -  LIQUIDITY RISK. Investments that trade less frequently can be
               more difficult or more costly to buy, or to sell, than more
               liquid or active investments. This liquidity risk is a factor of
               the trading volume of a particular investment, as well as the
               size and liquidity of the entire local market. On the whole,
               foreign exchanges are smaller and less liquid than US exchanges.
               This can make buying and selling certain investments more
               difficult and costly. Relatively small transactions in some
               instances can have a disproportionately large effect on the
               price and supply of securities. In certain situations, it may
               become virtually impossible to sell an investment in an orderly
               fashion at a price that approaches portfolio management's
               estimate of its value. For the same reason, it may at times be
               difficult to value the fund's foreign investments.


            -  REGULATORY RISK. There is generally less government regulation
               of foreign markets, companies and securities dealers than in the
               US.

            -  CURRENCY RISK. The fund invests in securities denominated in
               foreign currencies. Changes in exchange rates between foreign
               currencies and the US dollar may affect the US dollar value of
               foreign securities or the income or gain received on these
               securities.

            -  LIMITED LEGAL RECOURSE RISK. Legal remedies for investors may be
               more limited than the legal remedies available in the US.

                                                    DWS Communications Fund  | 7
<PAGE>

           -   TRADING PRACTICE RISK. Brokerage commissions and other fees
               are generally higher for foreign investments than for US
               investments. The procedures and rules governing foreign
               transactions and custody may also involve delays in payment,
               delivery or recovery of money or investments.

            -  TAXES. Foreign withholding and certain other taxes may reduce
               the amount of income available to distribute to shareholders of
               the fund. In addition, special US tax considerations may apply
               to the fund's foreign investments.


            EMERGING MARKET RISK. All of the risks of investing in foreign
            securities are increased in connection with investments in emerging
            markets securities. In addition, profound social changes and
            business practices that depart from norms in developed countries'
            economies have hindered the orderly growth of emerging economies
            and their markets in the past and have caused instability. High
            levels of debt tend to make emerging economies heavily reliant on
            foreign capital and vulnerable to capital flight. Countries with
            emerging economies can be dependent upon exports, are vulnerable to
            falling demand from developed countries, and are more likely to
            experience high levels of inflation, deflation or currency
            devaluation, which could hurt their economies and securities
            markets. For these and other reasons, investments in emerging
            markets are often considered speculative.

            Some governments exercise substantial influence over the private
            economic sector and the social and political uncertainties that
            exist for many developing countries is significant. In adverse
            social and political circumstances, governments have been involved
            in policies of expropriation, confiscatory taxation,
            nationalization, intervention in the securities markets and trade
            settlement, and imposition of foreign investment restrictions and
            exchange controls.

            CREDIT RISK. A fund purchasing debt securities faces the risk that
            the creditworthiness of an issuer may decline, causing the value of
            the debt securities to decline. In addition, an issuer may not be
            able to make timely payments on the interest and/
            or principal on the debt security it has issued. Because the
            issuers of high-yield debt securities or junk bonds (debt
            securities rated below the fourth highest category) may be in
            uncertain financial health, the prices of their debt securities can
            be more vulnerable to bad economic news or even the expectation of
            bad news, than investment-grade debt



8 | DWS Communications Fund
<PAGE>


            securities. In some cases, debt securities, particularly high-yield
            debt securities, may decline in credit quality or go into default.
            Because the fund may invest in securities not paying current
            interest or in securities already in default, these risks may be
            more pronounced.


            PRICING RISK. At times, market conditions may make it difficult to
            value some investments, and the fund may use certain valuation
            methodologies for some of its investments, such as fair value
            pricing. Given the subjective nature of such valuation
            methodologies, it is possible that the value determined for an
            investment may be different than the value realized upon such
            investment's sale. If the fund has valued its securities too
            highly, you may pay too much for fund shares when you buy into the
            fund. If the fund has underestimated the price of its securities,
            you may not receive the full market value when you sell your fund
            shares.

            SECURITIES LENDING RISK. Any loss in the market price of securities
            loaned by the fund that occurs during the term of the loan would be
            borne by the fund and would adversely affect the fund's
            performance. Also, there may be delays in recovery of securities
            loaned or even a loss of rights in the collateral should the
            borrower of the securities fail financially while the loan is
            outstanding. However, loans will be made only to borrowers selected
            by the fund's delegate after a review of relevant facts and
            circumstances, including the creditworthiness of the borrower.

            Other factors that could affect performance include:


            -  portfolio management could be wrong in the analysis of
               industries, companies, economic trends, the relative
               attractiveness of different securities or other matters.



                                                    DWS Communications Fund  | 9
<PAGE>

THE FUND'S PERFORMANCE HISTORY

While a fund's past performance (before and after taxes) isn't necessarily a
sign of how it will do in the future, it can be valuable for an investor to
know.


The bar chart shows how the performance of the fund's Institutional Class
shares has varied from year to year, which may give some idea of risk. The
table on the following page shows how fund performance compares to relevant
index performance (which, unlike fund performance, does not reflect fees or
expenses). The performance of the fund and the index information varies over
time. All figures assume reinvestment of dividends and distributions (in the
case of after-tax returns, reinvested net of assumed tax rates).

The table shows returns for Institutional Class shares on a before-tax and
after-tax basis. After-tax returns are estimates calculated using the
historical highest marginal individual federal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend on
an investor's tax situation and may differ from those shown in the table.
After-tax returns shown are not relevant for investors who hold their shares
through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.


DWS Communications Fund

ANNUAL TOTAL RETURN (%) AS OF 12/31 EACH YEAR - Institutional Class

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]


<TABLE>
<S>        <C>         <C>         <C>         <C>        <C>        <C>        <C>        <C>        <C>
45.89       -34.37      -29.39      -39.17     23.39      21.60      15.24      21.46       -0.21     -57.25
1999        2000        2001        2002       2003       2004       2005       2006       2007       2008
</TABLE>







<TABLE>
<CAPTION>
2009 TOTAL RETURN AS OF MARCH 31: -0.44%
<S>                                        <C>
For the periods included in the bar chart:
BEST QUARTER: 27.32%, Q4 1999              WORST QUARTER: -29.81%, Q2 2002
</TABLE>




10 | DWS Communications Fund
<PAGE>


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2008




<TABLE>
<CAPTION>
                                               1 YEAR       5 YEARS      10 YEARS
<S>                                         <C>            <C>          <C>
 INSTITUTIONAL CLASS
   Return before Taxes                         -57.25        -6.23        -9.50
   Return after Taxes on Distributions         -57.49        -6.33        -9.95
   Return after Taxes on Distributions
   and Sale of Fund Shares                     -36.89*       -5.18*       -7.05*
 MSCI WORLD INDEX (reflects no
 deductions for fees, expenses or
 taxes)                                        -40.71        -0.51        -0.64
 MSCI WORLD TELECOM SERVICES INDEX
 (reflects no deductions for fees,
 expenses or taxes)                            -32.03        2.90         -4.24
</TABLE>




Total returns would have been lower if operating expenses hadn't been reduced.


 *   Return after Taxes on Distributions and Sale of Fund Shares is higher than
     other return figures for the same period due to a capital loss occurring
     upon redemption resulting in an assumed tax deduction for the shareholder.



 MSCI WORLD INDEX is an unmanaged capitalization-weighted measure of stock
 markets around the world, including North America, Europe, Australia and Asia.



 MSCI WORLD TELECOM SERVICES INDEX is an unmanaged index that tracks telecom
 securities from around the world.



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

Current performance may be higher or lower than the performance data quoted
above. For more recent performance information, call your financial advisor or
(800) 730-1313 or visit our Web site at www.dws-investments.com.



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

Return information assumes that fund shares were sold at the end of the period.


RETURN AFTER TAXES ON DISTRIBUTIONS reflects taxes only on the fund's
distributions and not on a shareholder's gain or loss from selling fund shares.


RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES reflects taxes on
both the fund's distributions and a shareholder's gain or loss from selling
fund shares.



                                                   DWS Communications Fund  | 11
<PAGE>

HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
Institutional Class shares of the fund. This information doesn't include any
fees that may be charged by your financial advisor.



<TABLE>
<CAPTION>
FEE TABLE
<S>                                        <C>
 SHAREHOLDER FEES, paid directly from your investment
_________________________________________________________________________
 Sales Charge                                         None
 Redemption/Exchange fee on shares
 owned less than 15 days (as % of
 redemption proceeds) 1                                2.00%
 ANNUAL OPERATING EXPENSES, deducted from fund assets
_________________________________________________________________________
 Management Fee                                        0.95%
 Distribution/Service (12b-1) Fee                      None
 Other Expenses 2                                      0.38
 TOTAL ANNUAL OPERATING EXPENSES 3,4,5                 1.33
</TABLE>



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


2        "Other Expenses" include an administrative services fee paid to the
         Advisor in the amount of 0.10% of average daily net assets.



3        Through September 30, 2009, the Advisor has contractually agreed to
         waive all or a portion of its management fee and reimburse or pay
         certain operating expenses of the fund to the extent necessary to
         maintain the fund's total operating expenses at 1.29% for Institutional
         Class shares, excluding certain expenses, such as extraordinary
         expenses, taxes, brokerage and interest.

4        From October 1, 2009 through April 30, 2010, the Advisor has
         contractually agreed to waive all or a portion of its management fee
         and reimburse or pay operating expenses of the fund to the extent
         necessary to maintain the fund's total operating expenses at a ratio no
         higher than 1.70% for Institutional Class shares, excluding certain
         expenses, such as extraordinary expenses, taxes, brokerage, and
         interest.

5   Except as otherwise noted, the information in the table is based on amounts
   incurred during the fund's most recent fiscal year. It is important for you
   to understand that a decline in the fund's average net assets during the
   current fiscal year due to recent unprecedented market volatility or other
   factors could cause the fund's expense ratios for the fund's current fiscal
   year to be higher than the expense information presented. Based on asset
   levels as of December 31, 2008, the gross annualized expense ratio of
   Institutional Class shares is estimated at 1.51%. For more current expense
   information, see "Financial Highlights" in the fund's future annual or
   semi-annual reports.


Based on the costs above, this example helps you compare this fund's
Institutional Class shares expenses to those of other mutual funds. The example
assumes the expenses above remain the same. It also assumes that you invested
$10,000, earned 5% annual returns, reinvested all dividends and distributions
and sold your shares at the end of each period. This is only an example; actual
expenses will be different.



<TABLE>
<CAPTION>
EXAMPLE                    1 YEAR      3 YEARS      5 YEARS      10 YEARS
<S>                       <C>         <C>          <C>          <C>
 Institutional Class        $135         $421         $729       $1,601
</TABLE>




12 | DWS Communications Fund
<PAGE>


<TABLE>
<S>                                          <C>
                                               Institutional Class
  ticker symbol                                RRRRX
    fund number                                595

    DWS RREEF REAL ESTATE SECURITIES FUND


</TABLE>

            THE FUND'S MAIN INVESTMENT STRATEGY

            The fund's investment objective is long-term capital
            appreciation and current income.

            The fund invests primarily in real estate securities. Under normal
            circumstances, the fund will invest at least 80% of its net assets,
            plus the amount of any borrowing for investment purposes
            (calculated at the time of any investment), in equity securities of
            real estate investment trusts ("REITs") and real estate companies.

            A company is considered to be a real estate company if, in the
            opinion of the portfolio managers, at least 50% of its revenues or
            50% of the market value of its assets at the time its securities
            are purchased by the fund are attributed to the ownership,
            construction, management or sale of real estate.

            The fund's equity investments are mainly common stocks, but may
            also include other types of equities, such as preferred or
            convertible stocks.

            The portfolio managers look for real estate securities they believe
            will provide superior returns to the fund over the long term and
            they attempt to focus on companies with the potential for stock
            price appreciation and a record of paying dividends.

            To find these issuers, the portfolio managers track economic
            conditions and real estate market performance in major metropolitan
            areas and analyze performance of various property types within
            those regions. To perform this analysis, the portfolio managers use
            information from a nationwide network of real estate professionals
            to evaluate the holdings of real estate companies and REITs in
            which the fund may invest. Their analysis also includes the
            companies' management structures, financial structures and business
            strategies. The goal of this analysis is to determine which of


                                     DWS RREEF Real Estate Securities Fund  | 13
<PAGE>

            the issuers the portfolio managers believe will be the most
            profitable to the fund over the long term. The portfolio managers
            also consider the effect of the real estate securities markets in
            general when making investment decisions.

            A REIT invests primarily in income-producing real estate or makes
            loans to persons involved in the real estate industry.

            Some REITs, called equity REITs, buy real estate and pay investors
            income from the rents received from the real estate owned by the
            REIT and from any profits on the sale of its properties. Other
            REITs, called mortgage REITs, lend money to building developers and
            other real estate companies and pay investors income from the
            interest paid on those loans. There are also hybrid REITs which
            engage in both owning real estate and making loans.

            Based on their recent practices, the portfolio managers expect that
            the fund's assets will be invested primarily in equity REITs. In
            changing market conditions, the fund may invest in other types of
            REITs.

            If a REIT meets certain requirements, it is not taxed on the income
            it distributes to its investors.


            The fund may realize some short-term gains or losses if the
            portfolio managers choose to sell a security. The portfolio
            managers may choose to sell a security for a variety of reasons,
            but typically the portfolio managers will sell if they believe that
            one or more of the following is true:


            -  a security is not fulfilling its investment purpose;

            -  a security has reached its optimum valuation; or


            -  a particular company or general economic conditions have
               changed.

            DERIVATIVES AND OTHER INVESTMENTS. When the portfolio managers
            believe that it is prudent, the fund may invest a portion of its
            assets in other types of securities. These securities may include
            short-term securities, bonds, notes, securities of companies not
            principally engaged in the real estate industry, non-leveraged
            stock index futures contracts and other similar securities. Stock
            index futures contracts, a type of derivative security, can help
            the fund's cash assets remain liquid while performing more like
            stocks. The fund has a policy governing stock index futures, which
            prohibits



14 | DWS RREEF Real Estate Securities Fund
<PAGE>

            leverage of the fund's assets by investing in a derivative
            security. For example, the portfolio managers cannot invest in a
            derivative security if it would be possible for the fund to lose
            more money than it invested.

            SECURITIES LENDING. The fund may lend its investment securities in
            an amount up to 33 1/3% of its total assets to approved
            institutional borrowers who need to borrow securities in order to
            complete certain transactions.


            THE MAIN RISKS OF INVESTING IN THE FUND

            There are several risk factors that could hurt the fund's
            performance, cause you to lose money or cause the fund's
            performance to trail that of other investments.

            STOCK MARKET RISK. The fund is affected by how the stock market
            performs. To the extent the fund invests in a particular
            capitalization or market sector, the fund's performance may be
            proportionately affected by that segment's general performance.
            When stock prices fall, you should expect the value of your
            investment to fall as well. Because a stock represents ownership in
            its issuer, stock prices can be hurt by poor management, shrinking
            product demand and other business risks. These factors may affect
            single companies as well as groups of companies. In addition,
            movements in financial markets may adversely affect a stock's
            price, regardless of how well the company performs. The market as a
            whole may not favor the types of investments the fund makes, which
            could affect the fund's ability to sell them at an attractive
            price.

            CONCENTRATION RISK. The fund concentrates its investments in
            real estate securities, including REITs. A fund with a concentrated
            portfolio is vulnerable to the risks of the industry in which it
            invests and is subject to greater risks and market fluctuations
            than funds investing in a broader range of industries. Real estate
            securities are susceptible to the risks associated with direct
            ownership of real estate, such as:

            -  general or local economic conditions;

            -  increases in property taxes and operating expenses;

            -  liability or losses due to environmental problems;

            -  falling rents due to poor demand, increased competition and/or
               overbuilding or limitation on rents;





THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

This fund is designed for investors interested in an investment that seeks
long-term capital growth and current income through investment in real estate
securities.








                                     DWS RREEF Real Estate Securities Fund  | 15
<PAGE>

            -  zoning changes;

            -  rising interest rates; and

            -  losses from casualty or condemnation.

            In addition, many real estate companies, including REITs, utilize
            leverage (and some may be highly leveraged), which increases
            investment risk. Further, REITs are dependent upon management
            skills and may not be diversified.

            DERIVATIVES RISK. Risks associated with derivatives include the
            risk that the derivative is not well correlated with the security,
            index or currency to which it relates; the risk that derivatives
            may result in losses or missed opportunities; the risk that the
            fund will be unable to sell the derivative because of an illiquid
            secondary market; the risk that a counterparty is unwilling or
            unable to meet its obligation; and the risk that the derivative
            transaction could expose the fund to the effects of leverage, which
            could increase the fund's exposure to the market and magnify
            potential losses. There is no guarantee that derivatives, to the
            extent employed, will have the intended effect, and their use could
            cause lower returns or even losses to the fund. The use of
            derivatives by the fund to hedge risk may reduce the opportunity
            for gain by offsetting the positive effect of favorable price
            movements.

            NON-DIVERSIFICATION RISK. The fund is classified as non-diversified
            under the Investment Company Act of 1940, as amended. This means
            that the fund may invest in securities of relatively few issuers.
            Thus, the performance of one or a small number of portfolio
            holdings can affect overall performance more than if the fund
            invested in a larger number of issuers.

            PRICING RISK. At times, market conditions may make it difficult to
            value some investments, and the fund may use certain valuation
            methodologies for some of its investments, such as fair value
            pricing. Given the subjective nature of such valuation
            methodologies, it is possible that the value determined for an
            investment may be different than the value realized upon such
            investment's sale. If the fund has valued its securities too
            highly, you may pay too much for fund shares when you buy into the
            fund. If the fund has underestimated the price of its securities,
            you may not receive the full market value when you sell your fund
            shares.


16 | DWS RREEF Real Estate Securities Fund
<PAGE>

            SECURITIES LENDING RISK. Any loss in the market price of securities
            loaned by the fund that occurs during the term of the loan would be
            borne by the fund and would adversely affect the fund's
            performance. Also, there may be delays in recovery of securities
            loaned or even a loss of rights in the collateral should the
            borrower of the securities fail financially while the loan is
            outstanding. However, loans will be made only to borrowers selected
            by the fund's delegate after a review of relevant facts and
            circumstances, including the creditworthiness of the borrower.

            Other factors that could affect performance include:


            -  portfolio management could be wrong in the analysis of
               industries, companies, economic trends, the relative
               attractiveness of different securities or other matters.



                                     DWS RREEF Real Estate Securities Fund  | 17
<PAGE>

THE FUND'S PERFORMANCE HISTORY

While a fund's past performance (before and after taxes) isn't necessarily a
sign of how it will do in the future, it can be valuable for an investor to
know.


The bar chart shows how the performance of the fund's Institutional Class
shares has varied from year to year, which may give some idea of risk. The
table on the following page shows how fund performance compares to relevant
index performance (which, unlike fund performance, does not reflect fees or
expenses). The performance of the fund and the index information varies over
time. All figures assume reinvestment of dividends and distributions (in the
case of after-tax returns, reinvested net of assumed tax rates).

The table shows returns for Institutional Class shares on a before-tax and
after-tax basis. After-tax returns are estimates calculated using the
historical highest marginal individual federal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend on
an investor's tax situation and may differ from those shown in the table.
After-tax returns shown are not relevant for investors who hold their shares
through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.


The performance data provided in the bar chart and quarterly returns below and
the risk return table on the following pages for periods prior to July 10, 2006
are those of the fund's predecessor fund, DWS RREEF Real Estate Securities
Fund, a series of DWS RREEF Securities Trust (the "Predecessor Fund"). On July
10, 2006, the Predecessor Fund transferred its assets to the fund, which was a
newly created series of DWS Advisor Funds. The fund acquired the Predecessor
Fund's liabilities.

The inception date for the Institutional Class shares of the Predecessor Fund
is December 1, 1999. In the bar chart and in the table, the performance figures
are based on the historical performance of the Predecessor Fund's Institutional
Class.

DWS RREEF Real Estate Securities Fund

ANNUAL TOTAL RETURN (%) AS OF 12/31 EACH YEAR - Institutional Class

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]


<TABLE>
<S>        <C>        <C>       <C>        <C>        <C>        <C>        <C>         <C>
29.23      14.32       7.77     38.91      31.88      12.19      38.14       -15.50     -38.99
2000       2001       2002      2003       2004       2005       2006       2007        2008
</TABLE>







<TABLE>
<CAPTION>
2009 TOTAL RETURN AS OF MARCH 31: -31.36%
<S>                                        <C>
For the periods included in the bar chart:
BEST QUARTER: 16.06%, Q4 2004              WORST QUARTER: -39.64%, Q4 2008
</TABLE>




18 | DWS RREEF Real Estate Securities Fund
<PAGE>


AVERAGE ANNUAL TOTAL RETURNS (%) as of 12/31/2008




<TABLE>
<CAPTION>
                                                                               SINCE
                                                1 YEAR         5 YEARS       INCEPTION*
<S>                                         <C>              <C>            <C>
 INSTITUTIONAL CLASS
   Return before Taxes                          -38.99           1.05          10.04
   Return after Taxes on Distributions          -39.91           -1.29          7.39
   Return after Taxes on Distributions
   and Sale of Fund Shares                      -25.04**         0.63**         7.86**
 STANDARD & POOR'S 500 INDEX
 (reflects no deductions for fees,
 expenses or taxes)                             -37.00           -2.19          -2.96
 MORGAN STANLEY US REAL ESTATE
 INVESTMENT TRUST (MSCI US REIT)
 INDEX
 (reflects no deductions for fees,
 expenses or taxes)                             -40.33           -0.29          8.28
</TABLE>



Total returns would have been lower if operating expenses hadn't been reduced.



*        Inception date for the Predecessor Fund was December 1, 1999. Index
         comparison begins November 30, 1999.



 **   Return after Taxes on Distributions and Sale of Fund Shares is higher
     than other return figures for the same period due to a capital loss
     occurring upon redemption resulting in an assumed tax deduction for the
     shareholder.

 STANDARD & POOR'S 500 INDEX (S&P 500) 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.


 MSCI US REIT INDEX (MSCI US REIT) is an unmanaged free float-adjusted market
 capitalization weighted index that is comprised of equity REITs that are
 included in the MSCI US Investable Market 2500 Index, with the exception of
 specialty equity REITs that do not generate a majority of their revenue and
 income from real estate rental and leasing operations.



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

Current performance may be higher or lower than the performance data quoted
above. For more recent performance information, call your financial advisor or
(800) 730-1313 or visit our Web site at www.dws-investments.com.



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

Return information assumes that fund shares were sold at the end of the period.


RETURN AFTER TAXES ON DISTRIBUTIONS reflects taxes only on the fund's
distributions and not on a shareholder's gain or loss from selling fund shares.


RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES reflects taxes on
both the fund's distributions and a shareholder's gain or loss from selling
fund shares.



                                     DWS RREEF Real Estate Securities Fund  | 19
<PAGE>

HOW MUCH INVESTORS PAY

This table describes the fees and expenses that you may pay if you buy and hold
Institutional Class shares of the fund. This information doesn't include any
fees that may be charged by your financial advisor.



<TABLE>
<CAPTION>
FEE TABLE
<S>                                      <C>
 SHAREHOLDER FEES, paid directly from your investment
______________________________________________________________________
 Sales Charge                                       None
 Redemption/Exchange fee on shares
 owned less than 15 days (as % of
 redemption proceeds) 1                             2.00%
 ANNUAL OPERATING EXPENSES, deducted
 from fund assets
_____________________________________              _____
 Management Fee                                     0.39%
 Distribution/Service (12b-1) Fee                  None
 Other Expenses 2                                   0.24
 TOTAL ANNUAL OPERATING EXPENSES 3                  0.63
</TABLE>



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


2        "Other Expenses" include an administrative services fee paid to the
         Advisor in the amount of 0.10% of average daily net assets.

3        Except as otherwise noted, the information in the table is based on
         amounts incurred during the fund's most recent fiscal year. It is
         important for you to understand that a decline in the fund's average
         net assets during the current fiscal year due to recent unprecedented
         market volatility or other factors could cause the fund's expense
         ratios for the fund's current fiscal year to be higher than the expense
         information presented. Based on asset levels as of December 31, 2008,
         the gross annualized expense ratio of Institutional Class shares is
         estimated at 0.68%. For more current expense information, see
         "Financial Highlights" in the fund's future annual or semi-annual
         reports.


Based on the costs above, this example helps you compare the expenses of the
fund's Institutional Class shares to those of other mutual funds. This example
assumes the expenses above remain the same. It also assumes that you invested
$10,000, earned 5% annual returns, reinvested all dividends and distributions
and sold your shares at the end of each period. This is only an example; actual
expenses will be different.



<TABLE>
<CAPTION>
EXAMPLE                    1 YEAR      3 YEARS      5 YEARS      10 YEARS
<S>                       <C>         <C>          <C>          <C>
 Institutional Class         $64         $202         $351         $786
</TABLE>




20 | DWS RREEF Real Estate Securities Fund
<PAGE>

OTHER POLICIES AND RISKS

           While the previous pages describe the main points of each fund's
           strategy and risks, there are a few other issues to know about:

           -  Although major changes tend to be infrequent, each fund's Board
              could change a fund's investment objective without seeking
              shareholder approval. However, the Board will provide
              shareholders with at least 60 days' notice prior to making any
              changes to each fund's 80% investment policy as described herein.


           -  As a temporary defensive measure, each fund could shift up to
              100% of its assets into investments such as money market
              securities and, with respect to DWS Communications Fund,
              investment-grade income producing securities. This could prevent
              losses, but, while engaged in a temporary defensive position, a
              fund will not be pursuing its investment objective. However,
              portfolio management may choose not to use these strategies for
              various reasons, even in volatile market conditions.


           -  Certain DWS funds-of-funds are permitted to invest in each fund.
              As a result, a fund may have large inflows or outflows of cash
              from time to time. This could have adverse effects on a fund's
              performance if a fund were required to sell securities or invest
              cash at times when it otherwise would not do so. This activity
              could also accelerate the realization of capital gains and
              increase a fund's transaction costs. The Advisor will monitor the
              impact of these transactions and a fund may discontinue such
              arrangements if they are not deemed to be in the best interests
              of a fund.



           For more information

           This prospectus doesn't tell you about every policy or risk of
           investing in each fund.

           If you want more information on each fund's allowable securities and
           investment practices and the characteristics and risks of each one,
           you may want to request a copy of the Statement of Additional
           Information (the back cover tells you how to do this).


           Keep in mind that there is no assurance that a fund will achieve its
           investment objective.



                                                  Other Policies and Risks  | 21
<PAGE>


           A complete list of each fund's portfolio holdings as of the
           month-end is posted on www.dws-investments.com on or about the 15th
           day of the following month. More frequent posting of portfolio
           holdings information may be made from time to time on
           www.dws-investments.com. The posted portfolio holdings information
           is available by fund and generally remains accessible at least until
           the date on which a fund files its Form N-CSR or N-Q with the
           Securities and Exchange Commission for the period that includes the
           date as of which the posted information is current. Each fund's
           Statement of Additional Information includes a description of a
           fund's policies and procedures with respect to the disclosure of a
           fund's portfolio holdings.



WHO MANAGES AND OVERSEES THE FUNDS


           The investment advisor


           Deutsche Investment Management Americas Inc. ("DIMA" or the
           "Advisor"), with headquarters at 345 Park Avenue, New York, NY
           10154, is the investment advisor for each fund. Under the oversight
           of the Board, the Advisoror a subadvisor makes investment decisions,
           buys and sells securities for each fund and conducts research that
           leads to these purchase and sale decisions. The Advisor provides a
           full range of global investment advisory services to institutional
           and retail clients.

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


           Deutsche Asset Management is a global asset management organization
           that offers a wide range of investing expertise and resources,
           including hundreds of portfolio managers and analysts and an office
           network that reaches the world's major investment centers. This
           well-resourced global investment platform brings together a wide
           variety of experience and investment insight across industries,
           regions, asset classes and investing styles.

           The Advisor is an indirect, wholly owned subsidiary of Deutsche Bank
           AG. Deutsche Bank AG is a major global banking institution that is
           engaged in a wide range of financial services, including investment
           management, mutual funds, retail, private and commercial banking,
           investment banking and insurance.


22 | Who Manages and Oversees the Funds
<PAGE>

           MANAGEMENT FEE. The Advisor receives a management fee from each
           fund. Below are the actual rates paid by each fund for the most
           recent fiscal year, as a percentage of each fund's average daily net
           assets.



<TABLE>
<CAPTION>
FUND NAME                                               FEE PAID
<S>                                                   <C>
           DWS Communications Fund                         0.84%*
           DWS RREEF Real Estate Securities Fund          0.39  %
</TABLE>




           *   Reflecting the effect of expense limitations and/or fee waivers
               then in effect.



           A discussion regarding the basis for the Board's approval of each
           fund's investment management agreement and, as applicable,
           subadvisory agreement, is contained in the most recent shareholder
           reports for the annual period ended December 31 (see "Shareholder
           reports" on the back cover).


           Under a separate administrative services agreement between each fund
           and the Advisor, each fund pays the Advisor a fee for providing most
           of each fund's administrative services.



           Subadvisor for DWS RREEF Real Estate Securities Fund


           RREEF America L.L.C. ("RREEF"), an indirect, wholly owned subsidiary
           of Deutsche Bank AG, is the subadvisor for DWS RREEF Real Estate
           Securities Fund. RREEF, a registered investment advisor, is located
           at 875 N. Michigan Avenue, Chicago, Illinois 60611. DIMA pays a fee
           to RREEF pursuant to an investment subadvisory agreement between
           DIMA and RREEF.


           RREEF makes the investment decisions, buys and sells securities for
           DWS RREEF Real Estate Securities Fund and conducts research that
           leads to these purchase and sale decisions.

           RREEF has provided real estate investment management services to
           institutional investors since 1975 across a diversified portfolio of
           industrial properties, office buildings, residential apartments and
           shopping centers. RREEF has also been an investment advisor of real
           estate securities since 1993.


                                        Who Manages and Oversees the Funds  | 23
<PAGE>

Portfolio management

DWS COMMUNICATIONS FUND is managed by a team of investment professionals who
collaborate to develop and implement the fund's investment strategy. The
portfolio manager on the team has authority over all aspects of the fund's
investment portfolio, including, but not limited to, purchase and sales of
individual securities, portfolio construction techniques, portfolio risk
assessment and the management of daily cash flows in accordance with the
portfolio holdings.

The following person handles the day-to-day management of the fund.

Ralf Oberbannscheidt
Portfolio Manager and Director of Deutsche Asset Management.
-  Global equity analyst for Technology and Telecoms sectors and Global
   (Telecom) sector coordinator: New York.

-  Joined Deutsche Asset Management in 1999 and the fund in 2008, having served
   as senior portfolio manager for Global Equities and Global Sector head for
   Telecommunication.

-  Previous positions include portfolio management at SEB Enskilda, Luxembourg
   and various roles at Dresdner Bank AG, Germany.
-  Masters Degree in International Business and Emerging Markets, University of
   Trier, Germany/University of Stirling, Scotland; Masters in International
   Finance, Monterey Institute of International
   Studies.


24 | Who Manages and Oversees the Funds
<PAGE>

DWS RREEF REAL ESTATE SECURITIES FUND is managed by a team of investment
professionals who collaborate to develop and implement the fund's investment
strategy. Each portfolio manager on the team has authority over all aspects of
the fund's investment portfolio, including, but not limited to, purchases and
sales of individual securities, portfolio construction techniques, portfolio
risk assessment and the management of daily cash flows in accordance with
portfolio holdings.

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


John W. Vojticek
Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of
the fund.


- Joined RREEF, Deutsche Asset Management, Inc. and the fund in September 2004.


- Prior to that, Principal at KG Redding and Associates, March 2004-September
   2004.


- Prior to that, Managing Director of RREEF from 1996-March 2004, Deutsche
   Asset Management, Inc. from 2002-March 2004 and the fund from 1999-March
   2004.


- Over 12 years of investment industry experience.
- BS, University of Southern California.

Jerry W. Ehlinger, CFA
Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of
the fund.


- Joined RREEF, Deutsche Asset Management, Inc. and the fund in 2004.


- Prior to that, Senior Vice President at Heitman Real Estate Investment
   Management from 2000-2004.


- Prior to that, Senior Research Associate at Morgan Stanley Asset Management
   from 1996-2000.


- Over 12 years of investment industry experience.


- BA, University of Wisconsin - Whitewater; MS, University of Wisconsin -
   Madison.

John F. Robertson, CFA
Managing Director of Deutsche Asset Management and Portfolio Manager of the
fund.


- Joined RREEF in 1997, Deutsche Asset Management, Inc. in 2002 and the fund in
   1999. Global Head of RREEF Real Estate
     Securities.


- Prior to that, Assistant Vice President of Lincoln Investment Management
   responsible for REIT research.


- Over 17 years of investment industry experience.
- BA, Wabash College; MBA, Indiana
     University.

Asad Kazim
Director of Deutsche Asset Management and Portfolio Manager of the fund.

- Joined RREEF and Deutsche Asset Management, Inc. in 2002 and the fund in
   2005.
- Prior to that, Financial Analyst at Clarion CRA Securities from 2000-2002.

- Over 9 years of investment industry

     experience.
- BS, The College of New Jersey.

Each fund's Statement of Additional Information provides additional information
about a portfolio manager's investments in each fund, a description of the
portfolio management compensation structure and information regarding other
accounts managed.


                                        Who Manages and Oversees the Funds  | 25
<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights are designed to help you understand recent financial
performance. The figures in the first part of each table are for a single
share. The total return figures represent the percentage that an investor in a
fund would have earned (or lost), assuming all dividends and distributions were
reinvested. This information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report, along with each
fund's financial statements, is included in each fund's annual report (see
"Shareholder reports" on the back cover). On July 10, 2006, DWS RREEF Real
Estate Securities Fund acquired all the assets and assumed all the liabilities
of the Predecessor Fund. The information contained in the table for DWS RREEF
Real Estate Securities Fund for periods prior to July 10, 2006 has been derived
from the Predecessor Fund's financial statements.


26 | Financial Highlights
<PAGE>

DWS Communications Fund - Institutional Class




<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                 2008            2007            2006             2005            2004
<S>                                 <C>              <C>            <C>              <C>              <C>
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                             $  23.83        $  23.88        $  19.66         $  17.06        $  14.03
--------------------------------      --------        --------        --------         --------        --------
Income (loss) from
investment operations:
  Net investment income
  (loss)a                                  .35             .00             .02              .01          (  .05)
________________________________      ________        ________        ________         ________        ________
  Net realized and unrealized
  gain (loss)                           (14.00)         (  .05)           4.20             2.59            3.08
--------------------------------      --------        --------        --------         --------        --------
  TOTAL FROM INVESTMENT
  OPERATIONS                            (13.65)         (  .05)           4.22             2.60            3.03
________________________________      ________        ________        ________         ________        ________
Less distributions from:
  Net investment income                 (  .37)              -               -                -               -
________________________________      ________        ________        ________         ________        ________
Redemption fees                            .00*            .00*            .00*             .00*              -
--------------------------------      --------        --------        --------         --------        --------
NET ASSET VALUE, END OF
PERIOD                                $   9.81        $  23.83        $  23.88         $  19.66        $  17.06
--------------------------------      --------        --------        --------         --------        --------
Total Return (%)                        (57.25)b        (  .21)        21.46b           15.24b          21.60b
--------------------------------      --------        --------        --------         --------        --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                                 2               5               4                2               2
________________________________      ________        ________        ________         ________        ________
Ratio of expenses before
expense reductions (%)                    1.33            1.10            1.33             1.33            1.44
________________________________      ________        ________        ________         ________        ________
Ratio of expenses after
expense reductions (%)                    1.21            1.10            1.24             1.18            1.30
________________________________      ________        ________        ________         ________        ________
Ratio of net investment
income (loss) (%)                         2.11             .02             .12              .07          (  .31)
________________________________      ________        ________        ________         ________        ________
Portfolio turnover rate (%)                118              39              27               21              34
--------------------------------      --------        --------        --------         --------        --------
</TABLE>



a   Based on average shares outstanding during the period.

b   Total return would have been lower had certain expenses not been reduced.

*   Amount is less than $.005.

                                                      Financial Highlights  | 27
<PAGE>

DWS RREEF Real Estate Securities Fund - Institutional Class



<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                2008            2007             2006                  2005           2004
<S>                                 <C>            <C>              <C>              <C>   <C>            <C>
SELECTED PER SHARE DATA
-------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF PERIOD                            $  19.09        $  26.53         $  20.81              $  20.38       $  17.08
--------------------------------     --------        --------         --------       --     --------       --------
Income (loss) from
investment operations:
  Net investment income a                 .47             .49              .46                   .48            .53
________________________________     ________        ________         ________       __     ________       ________
  Net realized and unrealized
  gain (loss)                          ( 7.76)         ( 4.61)            7.33                  1.96           4.77
--------------------------------     --------        --------         --------       --     --------       --------
  TOTAL FROM INVESTMENT
  OPERATIONS                           ( 7.29)         ( 4.12)            7.79                  2.44           5.30
________________________________     ________        ________         ________       __     ________       ________
Less distributions from:
  Net investment income                (  .53)         (  .43)          (  .56)               (  .71)        (  .62)
________________________________     ________        ________         ________       __     ________       ________
  Net realized gains                   (  .09)         ( 2.89)          ( 1.51)               ( 1.30)        ( 1.38)
--------------------------------     --------        --------         --------       --     --------       --------
  Tax return of capital                (  .09)              -                -                     -              -
--------------------------------     --------        --------         --------       --     --------       --------
  TOTAL DISTRIBUTIONS                  (  .71)         ( 3.32)          ( 2.07)               ( 2.01)        ( 2.00)
--------------------------------     --------        --------         --------       --     --------       --------
Redemption fees                           .00*            .00*             .00*                  .00*             -
--------------------------------     --------        --------         --------       --     --------       --------
NET ASSET VALUE, END OF
PERIOD                               $  11.09        $  19.09         $  26.53              $  20.81       $  20.38
--------------------------------     --------        --------         --------       --     --------       --------
Total Return (%)                       (38.99)         (15.50)b        38.14b                  12.19          31.88
--------------------------------     --------        --------         --------       --     --------       --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
($ millions)                              296             409              720                   464            353
________________________________     ________        ________         ________       __     ________       ________
Ratio of expenses before
expense reductions (%)                    .63             .57              .58                   .53            .54
________________________________     ________        ________         ________       __     ________       ________
Ratio of expenses after
expense reductions (%)                    .63             .56              .54                   .53            .54
________________________________     ________        ________         ________       __     ________       ________
Ratio of net investment
income (%)                               2.73            1.91             1.90                  2.32           2.88
________________________________     ________        ________         ________       __     ________       ________
Portfolio turnover rate (%)                84              81               60                 66c               79
--------------------------------     --------        --------         --------       --     --------       --------
</TABLE>



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
         in-kind redemptions.


*   Amount is less than $.005.


28 | Financial Highlights
<PAGE>

HOW TO INVEST IN THE FUNDS
THE FOLLOWING PAGES TELL YOU HOW TO INVEST IN A FUND AND WHAT TO EXPECT AS A
SHAREHOLDER. The following pages also tell you about many of the services,
choices and benefits of being a shareholder. You'll also find information on
how to check the status of your account using the method that's most convenient
for you.


If you're investing directly with DWS Investments, all of this information
applies to you. If you're investing through a "third party provider" - for
example, a workplace retirement plan, financial supermarket or financial
advisor - your provider may have its own policies or instructions and you
should follow those.


You can find out more about the topics covered here by speaking with your
FINANCIAL ADVISOR OR A REPRESENTATIVE OF YOUR WORKPLACE RETIREMENT PLAN OR
OTHER INVESTMENT PROVIDER.

<PAGE>

Buying and Selling INSTITUTIONAL CLASS Shares


           You may buy Institutional Class shares through your securities
           dealer or through any financial institution that is authorized to
           act as a shareholder servicing agent ("financial advisor"). Contact
           them for details on how to place and pay for your order. Your
           financial advisor may also receive compensation from the Advisor
           and/or its affiliates. For more information, please see "Financial
           intermediary support payments."


           You may also buy Institutional Class shares by sending your check
           (along with a completed account application) directly to DWS
           Investments Service Company (the "transfer agent"). Your purchase
           order may not be accepted if a fund withdraws the offering of fund
           shares, the sale of fund shares has been suspended or if it is
           determined that your purchase would be detrimental to the interests
           of a fund's shareholders.



           Eligibility requirements

           You may buy Institutional Class shares if you are any of the
           following:

           -  An eligible institution (e.g., a financial institution,
              corporation, trust, estate or educational, religious or
              charitable institution).

           -  An employee benefit plan with assets of at least $50 million.

           -  A registered investment advisor or financial planner purchasing
              on behalf of clients and charging an asset-based or
              hourly fee.

           -  A client of the private banking division of Deutsche Bank AG.

           -  A current or former director or trustee of the Deutsche or DWS
              mutual funds.

           -  An employee, the employee's spouse or life partner and children
              or stepchildren age 21 or younger of Deutsche Bank or its
              affiliates or a subadvisor to any fund in the DWS family of funds
              or a broker-dealer authorized to sell shares in the funds.


30 | Buying and Selling Institutional Class Shares
<PAGE>

           Investment minimum

           Your initial investment must be for at least $1,000,000. There are
           no minimum subsequent investment requirements.

           The minimum initial investment is waived for:

           -  Shareholders with existing accounts prior to August 13, 2004 who
              met the previous minimum investment eligibility requirement.

           -  Investment advisory affiliates of Deutsche Bank Securities, Inc.,
              DWS funds or Deutsche funds purchasing shares for the accounts of
              their investment advisory clients.

           -  Employee benefit plans with assets of at least $50 million.

           -  Clients of the private banking division of Deutsche Bank AG.

           -  Institutional clients and qualified purchasers that are clients
              of a division of Deutsche Bank AG.

           -  A current or former director or trustee of the Deutsche or DWS
              funds.

           -  An employee, the employee's spouse or life partner and children
              or stepchildren age 21 or younger of Deutsche Bank or its
              affiliates or a subadvisor to any fund in the DWS family of funds
              or a broker-dealer authorized to sell shares of the funds.


           -  Registered investment advisors who trade through platforms
              approved by the Advisor and whose client assets in the aggregate
              meet or, in the Advisor's judgment, will meet within a reasonable
              period of time, the $1,000,000 minimum investment.



           -  Employee benefit plan platforms approved by the Advisor that
              invest in a fund through an omnibus account, and that meet or, in
              the Advisor's judgment, will meet within a reasonable period of
              time, the $1,000,000 minimum investment.

           Each fund reserves the right to modify the above eligibility
           requirements and investment minimum at any time. In addition, each
           fund, in its discretion, may waive the minimum initial investment
           for specific employee benefit plans (or family of plans) whose
           aggregate investment in Institutional Class shares of a fund equals
           or exceeds the minimum initial investment amount but where a
           particular account or program may not on its own meet such minimum
           amount.



                             Buying and Selling Institutional Class Shares  | 31
<PAGE>

           How to contact the transfer agent



<TABLE>
<S>                       <C>
  BY PHONE:               (800) 730-1313

  FIRST INVESTMENTS       DWS Investments Service Company
  BY MAIL:                P.O. Box 219210
                          Kansas City, MO 64121-9210

  ADDITIONAL              DWS Investments Service Company
  INVESTMENTS BY          P.O. Box 219210

  MAIL:                   Kansas City, MO 64121-9210
  BY OVERNIGHT MAIL:      DWS Investments Service Company
                          210 West 10th Street
                          Kansas City, MO 64105-1614
</TABLE>



           You can reach the automated information line, 24 hours a day,
           7 days a week by calling (800) 621-1048.



           How to open your account


<TABLE>
<S>                  <C>
  MAIL:              Complete and sign the account application that
                     accompanies this prospectus. (You may obtain
                     additional applications by calling the transfer agent.)
                     Mail the completed application along with a check
                     payable to the fund you have selected to the transfer
                     agent. Be sure to include the fund number. The
                     applicable addresses are shown under "How to
                     contact the transfer agent."

  WIRE:              Call the transfer agent to set up a wire account.

  FUND NAME AND      Please use the complete fund name. Refer to the
  FUND NUMBER:       start of "The Fund's Main Investment Strategy" above
                     for the fund number.
</TABLE>


           Please note that your account cannot become activated until we
           receive a completed account application.


           How to BUY and SELL shares

           MAIL:


           BUYING: Send your check, payable to the fund you have selected, to
           the transfer agent. Be sure to include the fund number and your
           account number on your check. If you are investing in more than one
           fund, make your check payable to "DWS Investments" and include your
           account number, the names and numbers of the fund you have selected,
           and the dollar amount or percentage you would like invested in each
           fund. Mailing addresses are shown under "How to contact the transfer
           agent."



32 | Buying and Selling Institutional Class Shares
<PAGE>

           SELLING: Send a signed letter to the transfer agent with your name,
           your fund number and account number, the fund's name, and either the
           number of shares you wish to sell or the dollar amount you wish to
           receive. In certain circumstances, a signature guarantee may be
           required to sell shares of the fund by mail. For information about a
           signature guarantee, see "Signature Guarantee." Unless exchanging
           into another DWS fund, you must submit a written authorization to
           sell shares in a retirement account.

           WIRE:

           BUYING: You may buy shares by wire only if your account is
           authorized to do so. Please note that you or your financial advisor
           must call Institutional Investment Services at (800) 730-1313 to
           notify us in advance of a wire transfer purchase. After you inform
           Institutional Investment Services of the amount of your purchase,
           you will receive a trade confirmation number. Instruct your bank to
           send payment by wire using the wire instructions noted below. All
           wires must be received by 4:00 p.m. Eastern time the next business
           day following your purchase. If your wire is not received by 4:00
           p.m. Eastern time on the next business day after the fund receives
           your request to purchase shares, your transaction will be canceled
           at your expense and risk.



<TABLE>
<S>                <C>
  BANK NAME:        State Street Bank Boston

  ROUTING NO:       011000028

  ATTN:             DWS Investments

  DDA NO:           9903-5552

  FBO:              (Account name) (Account number)

  CREDIT:           (Fund name, Fund number and, if applicable, class
                    name) (see "How to open your account")
</TABLE>



           Refer to your account statement for the account name and number.
           Wire transfers normally take two or more hours to complete. Wire
           transfers may be restricted on holidays and at certain other times.

           SELLING: You may sell shares by wire only if your account is
           authorized to do so. You will be paid for redeemed shares by wire
           transfer of funds to your financial advisor or bank upon receipt of
           a duly authorized redemption request as promptly as feasible. For
           your protection, you may not change the destination bank account
           over the phone. To sell by wire,


                             Buying and Selling Institutional Class Shares  | 33
<PAGE>

           contact your financial advisor or Institutional Investment Services
           at (800) 730-1313. After you inform Institutional Investment
           Services of the amount of your redemption, you will receive a trade
           confirmation number. The minimum redemption by wire is $1,000. We
           must receive your order by 4:00 p.m. Eastern time to wire your
           account the next business day.

           TELEPHONE TRANSACTIONS:


           You may place orders to buy and sell over the phone by calling your
           financial advisor or Institutional Investment Services at (800)
           730-1313. If your shares are in an account with the transfer agent,
           you may (1) redeem by check in an amount up to $100,000, or by wire
           (minimum $1,000), or (2) exchange the shares for Institutional Class
           shares of another DWS fund by calling the transfer agent.


           You may make regular investments from a bank checking account. For
           more information on setting up an automatic investment plan or
           payroll investment plan, call Institutional Investment Services at
           (800) 730-1313.


           Financial intermediary support payments


           The Advisor, DWS Investments Distributors, Inc. (the "Distributor")
           and/or their affiliates may pay additional compensation, out of
           their own assets and not as an additional charge to each fund, to
           selected affiliated and unaffiliated brokers, dealers, participating
           insurance companies or other financial intermediaries ("financial
           advisors") in connection with the sale and/or distribution of fund
           shares or the retention and/

           or servicing of fund investors and fund shares ("revenue sharing").
           Such revenue sharing payments are in addition to any distribution or
           service fees payable under any Rule 12b-1 or service plan of each
           fund, any record keeping/sub-transfer agency/networking fees payable
           by each fund (generally through the Distributor or an affiliate)
           and/or the Distributor to certain financial advisors for performing
           such services and any sales charge, commissions, non-cash
           compensation arrangements expressly permitted under applicable rules
           of the Financial Industry Regulatory Authority or other concessions
           described in the fee table or elsewhere in this prospectus or the
           Statement of Additional Information as payable to all financial
           advisors. For example, the Advisor, the Distributor and/or their
           affiliates may compensate financial advisors for providing a fund
           with "shelf space" or access to a third party platform or fund
           offering list or


34 | Buying and Selling Institutional Class Shares
<PAGE>

           other marketing programs, including, without limitation, inclusion
           of the fund on preferred or recommended sales lists, mutual fund
           "supermarket" platforms and other formal sales programs; granting
           the Distributor access to the financial advisor's sales force;
           granting the Distributor access to the financial advisor's
           conferences and meetings; assistance in training and educating the
           financial advisor's personnel; and obtaining other forms of
           marketing support.

           The level of revenue sharing payments made to financial advisors may
           be a fixed fee or based upon one or more of the following factors:
           gross sales, current assets and/or number of accounts of each fund
           attributable to the financial advisor, the particular fund or fund
           type or other measures as agreed to by the Advisor, the Distributor
           and/or their affiliates and the financial advisors or any
           combination thereof. The amount of these revenue sharing payments is
           determined at the discretion of the Advisor, the Distributor and/or
           their affiliates from time to time, may be substantial, and may be
           different for different financial advisors based on, for example,
           the nature of the services provided by the financial advisor.


           The Advisor, the Distributor and/or their affiliates currently make
           revenue sharing payments from their own assets in connection with
           the sale and/or distribution of DWS fund shares or the retention
           and/or servicing of investors and DWS fund shares to financial
           advisors in amounts that generally range from .01% up to .50% of
           assets of each fund serviced and maintained by the financial
           advisor, .05% to .25% of sales of each fund attributable to the
           financial advisor, a flat fee of $13,350 up to $500,000, or any
           combination thereof. These amounts are subject to change at the
           discretion of the Advisor, the Distributor and/or their affiliates.
           Receipt of, or the prospect of receiving, this additional
           compensation may influence your financial advisor's recommendation
           of each fund or of any particular share class of each fund. You
           should review your financial advisor's compensation disclosure
           and/or talk to your financial advisor to obtain more information on
           how this compensation may have influenced your financial advisor's
           recommendation of each fund. Additional information regarding these
           revenue sharing payments is included in each fund's Statement of
           Additional Information, which is available to you on request at no
           charge (see the back cover of this prospectus for more information
           on how to request a copy of the Statement of Additional
           Information).



                             Buying and Selling Institutional Class Shares  | 35
<PAGE>


           The Advisor, the Distributor and/or their affiliates may also make
           such revenue sharing payments to financial advisors under the terms
           discussed above in connection with the distribution of both DWS
           funds and non-DWS funds by financial advisors to retirement plans
           that obtain record keeping services from ADP, Inc. on the DWS
           Investments branded retirement plan platform (the "Platform") with
           the level of revenue sharing payments being based upon sales of both
           the DWS funds and the non-DWS funds by the financial advisor on the
           Platform or current assets of both the DWS funds and the non-DWS
           funds serviced and maintained by the financial advisor on the
           Platform.


           It is likely that broker-dealers that execute portfolio transactions
           for each fund will include firms that also sell shares of the DWS
           funds to their customers. However, the Advisor will not consider
           sales of DWS fund shares as a factor in the selection of
           broker-dealers to execute portfolio transactions for the DWS funds.
           Accordingly, the Advisor has implemented policies and procedures
           reasonably designed to prevent its traders from considering sales of
           DWS fund shares as a factor in the selection of broker-dealers to
           execute portfolio transactions for each fund. In addition, the
           Advisor, the Distributor and/or their affiliates will not use fund
           brokerage to pay for their obligation to provide additional
           compensation to financial advisors as described above.


POLICIES YOU SHOULD KNOW ABOUT

           Along with the information on the previous pages, the policies below
           may affect you as a shareholder. Some of this information, such as
           the section on distributions and taxes, applies to all investors,
           including those investing through a financial advisor.

           If you are investing through a financial advisor or through a
           retirement plan, check the materials you received from them about
           how to buy and sell shares because particular financial advisors or
           other intermediaries may adopt policies, procedures or limitations
           that are separate from those described by a fund. Please note that a
           financial advisor may charge fees separate from those charged by a
           fund and may be compensated by a fund.


36 | Policies You Should Know About
<PAGE>

           Keep in mind that the information in this prospectus applies only to
           the shares offered herein. Other share classes are described in
           separate prospectuses and have different fees, requirements and
           services.

           In order to reduce the amount of mail you receive and to help reduce
           expenses, we generally send a single copy of any shareholder report
           and prospectus to each household. If you do not want the mailing of
           these documents to be combined with those for other members of your
           household, please contact your financial advisor or call (800)
           730-1313.


           Policies about transactions

           EACH FUND IS OPEN FOR BUSINESS each day the New York Stock Exchange
           is open. Each fund calculates its share price for each class every
           business day, as of the close of regular trading on the New York
           Stock Exchange (typically 4:00 p.m. Eastern time, but sometimes
           earlier, as in the case of scheduled half-day trading or unscheduled
           suspensions of trading). You can place an order to buy or sell
           shares at any time.

           To help the government fight the funding of terrorism and money
           laundering activities, federal law requires all financial
           institutions to obtain, verify and record information that
           identifies each person who opens an account. What this means to you:
           When you open an account, we will ask for your name, address, date
           of birth and other information that will allow us to identify you.
           Some or all of this information will be used to verify the identity
           of all persons opening an account.

           We might request additional information about you (which may include
           certain documents, such as articles of incorporation for companies)
           to help us verify your identity and, in some cases, the information
           and/or documents may be required to conduct the verification. The
           information and documents will be used solely to verify your
           identity.

           We will attempt to collect any missing required and requested
           information by contacting you or your financial advisor. If we are
           unable to obtain this information within the time frames established
           by each fund, then we may reject your application and order.


                                            Policies You Should Know About  | 37
<PAGE>

           Each fund will not invest your purchase until all required and
           requested identification information has been provided and your
           application has been submitted in "good order." After we receive all
           the information, your application is deemed to be in good order and
           we accept your purchase, you will receive the net asset value per
           share next calculated.

           If we are unable to verify your identity within time frames
           established by each fund, after a reasonable effort to do so, you
           will receive written notification.

           With certain limited exceptions, only US residents may invest in
           each fund.

           Because orders placed through a financial advisor must be forwarded
           to the transfer agent before they can be processed, you'll need to
           allow extra time. Your financial advisor should be able to tell you
           approximately when your order will be processed. It is the
           responsibility of your financial advisor to forward your order to
           the transfer agent in a timely manner.

           SUB-MINIMUM BALANCES. Each fund may redeem your shares and close
           your account on 60 days' notice if it fails to meet the minimum
           account balance requirement of $1,000,000 for any reason.

           MARKET TIMING POLICIES AND PROCEDURES. Short-term and excessive
           trading of fund shares may present risks to long-term shareholders,
           including potential dilution in the value of fund shares,
           interference with the efficient management of a fund's portfolio
           (including losses on the sale of investments), taxable gains to
           remaining shareholders and increased brokerage and administrative
           costs. These risks may be more pronounced if a fund invests in
           certain securities, such as those that trade in foreign markets, are
           illiquid or do not otherwise have "readily available market
           quotations." Certain investors may seek to employ short-term trading
           strategies aimed at exploiting variations in portfolio valuation
           that arise from the nature of the securities held by a fund (e.g.,
           "time zone arbitrage"). Each fund discourages short-term and
           excessive trading and has adopted policies and procedures that are
           intended to detect and deter short-term and excessive trading.

           Pursuant to its policies, each fund will impose a 2% redemption fee
           on fund shares held for less than a specified holding period
           (subject to certain exceptions discussed below under "Redemption
           fees"). Each fund also reserves the right to reject


38 | Policies You Should Know About
<PAGE>

           or cancel a purchase or exchange order for any reason without prior
           notice. For example, a fund may in its discretion reject or cancel a
           purchase or an exchange order even if the transaction is not subject
           to the specific roundtrip transaction limitation described below if
           the Advisor believes that there appears to be a pattern of
           short-term or excessive trading activity by a shareholder or deems
           any other trading activity harmful or disruptive to a fund. Each
           fund, through its Advisor and transfer agent, will measure
           short-term and excessive trading by the number of roundtrip
           transactions within a shareholder's account during a rolling
           12-month period. A "roundtrip" transaction is defined as any
           combination of purchase and redemption activity (including
           exchanges) of the same fund's shares. Each fund may take other
           trading activity into account if a fund believes such activity is of
           an amount or frequency that may be harmful to long-term shareholders
           or disruptive to portfolio management.


           Shareholders are limited to four roundtrip transactions in the same
           DWS fund (excluding money market funds) over a rolling 12-month
           period. Shareholders with four or more roundtrip transactions in the
           same DWS fund within a rolling 12-month period generally will be
           blocked from making additional purchases of, or exchanges into, that
           DWS fund. Each fund has sole discretion whether to remove a block
           from a shareholder's account. The rights of a shareholder to redeem
           shares of a DWS fund are not affected by the four roundtrip
           transaction limitation, but all redemptions remain subject to each
           fund's redemption fee policy (see "Redemption fees" described
           below).

           Each fund may make exceptions to the roundtrip transaction policy
           for certain types of transactions if, in the opinion of the Advisor,
           the transactions do not represent short-term or excessive trading or
           are not abusive or harmful to a fund, such as, but not limited to,
           systematic transactions, required minimum retirement distributions,
           transactions initiated by a fund or administrator and transactions
           by certain qualified funds-of-funds.


           In certain circumstances where shareholders hold shares of a fund
           through a financial intermediary, the fund may rely upon the
           financial intermediary's policy to deter short-term or excessive
           trading if the Advisor believes that the financial intermediary's
           policy is reasonably designed to detect and deter transactions that
           are not in the best interests of a fund. A financial intermediary's
           policy relating to short-term or excessive


                                            Policies You Should Know About  | 39
<PAGE>


           trading may be more or less restrictive than the DWS funds' policy,
           may permit certain transactions not permitted by the DWS funds'
           policies, or prohibit transactions not subject to the DWS funds'
           policies.


           The Advisor may also accept undertakings from a financial
           intermediary to enforce short-term or excessive trading policies on
           behalf of a fund that provide a substantially similar level of
           protection for each fund against such transactions. For example,
           certain financial intermediaries may have contractual, legal or
           operational restrictions that prevent them from blocking an account.
           In such instances, the financial intermediary may use alternate
           techniques that the Advisor considers to be a reasonable substitute
           for such a block.

           In addition, if a fund invests some portion of its assets in foreign
           securities, it has adopted certain fair valuation practices intended
           to protect the fund from "time zone arbitrage" with respect to its
           foreign securities holdings and other trading practices that seek to
           exploit variations in portfolio valuation that arise from the nature
           of the securities held by a fund. (See "How each fund calculates
           share price.")

           There is no assurance that these policies and procedures will be
           effective in limiting short-term and excessive trading in all cases.
           For example, the Advisor may not be able to effectively monitor,
           detect or limit short-term or excessive trading by underlying
           shareholders that occurs through omnibus accounts maintained by
           broker-dealers or other financial intermediaries. The Advisor
           reviews trading activity at the omnibus level to detect short-term
           or excessive trading. If the Advisor has reason to suspect that
           short-term or excessive trading is occurring at the omnibus level,
           the Advisor will contact the financial intermediary to request
           underlying shareholder level activity. Depending on the amount of
           fund shares held in such omnibus accounts (which may represent most
           of a fund's shares) short-term and/or excessive trading of fund
           shares could adversely affect long-term shareholders in a fund. If
           short-term or excessive trading is identified, the Advisor will take
           appropriate action.

           Each fund's market timing policies and procedures may be modified or
           terminated at any time.

           REDEMPTION FEES. Each fund imposes a redemption fee of 2% of the
           total redemption amount (calculated at net asset value) on all fund
           shares redeemed or exchanged within 15 days of buying them (either
           by purchase or exchange). The redemption


40 | Policies You Should Know About
<PAGE>


           fee is paid directly to the fund and is designed to encourage
           long-term investment and to offset transaction and other costs
           associated with short-term or excessive trading. For purposes of
           determining whether the redemption fee applies, shares held the
           longest time will be treated as being redeemed first and shares held
           the shortest time will be treated as being redeemed last.

           The redemption fee is applicable to fund shares purchased either
           directly or through a financial intermediary, such as a
           broker-dealer. Transactions through financial intermediaries
           typically are placed with the fund on an omnibus basis and include
           both purchase and sale transactions placed on behalf of multiple
           investors. These purchase and sale transactions are generally netted
           against one another and placed on an aggregate basis; consequently
           the identities of the individuals on whose behalf the transactions
           are placed generally are not known to the fund. For this reason,the
           fund has undertaken to notify financial intermediaries of their
           obligation to assess the redemption fee on customer accounts and to
           collect and remit the proceeds to the fund. However, due to
           operational requirements, the intermediaries' methods for tracking
           and calculating the fee may be inadequate or differ in some respects
           from the fund's.


           The redemption fee will not be charged in connection with the
           following exchange or redemption transactions: (i) transactions on
           behalf of participants in certain research wrap programs; (ii)
           transactions on behalf of a shareholder to return any excess IRA
           contributions to the shareholder; (iii) transactions on behalf of a
           shareholder to effect a required minimum distribution on an IRA;
           (iv) transactions on behalf of any mutual fund advised by the
           Advisor and its affiliates (e.g., "funds of funds") or, in the case
           of a master/feeder relationship, redemptions by the feeder fund from
           the master portfolio; (v) transactions on behalf of certain
           unaffiliated mutual funds operating as funds of funds; (vi)
           transactions following death or disability of any registered
           shareholder, beneficial owner or grantor of a living trust with
           respect to shares purchased before death or disability; (vii)
           transactions involving hardship of any registered shareholder;
           (viii) systematic transactions with pre-defined trade dates for
           purchases, exchanges or redemptions, such as automatic account
           rebalancing, or loan origination and repayments; (ix) transactions
           involving shares purchased through the reinvestment of dividends or
           other distributions; (x) transactions


                                            Policies You Should Know About  | 41
<PAGE>


           involving shares transferred from another account in the same fund
           or converted from another class of the same fund (the redemption fee
           period will carry over to the acquired shares); (xi) transactions
           initiated by a fund or administrator (e.g., redemptions for not
           meeting account minimums, to pay account fees funded by share
           redemptions, or in the event of the liquidation or merger of the
           fund); or (xii) transactions in cases when there are legal or
           contractual limitations or restrictions on the imposition of the
           redemption fee (as determined by a fund or its agents in their sole
           discretion). It is the policy of the DWS funds to permit approved
           fund platform providers to execute transactions in shares of the
           funds without the imposition of a redemption fee if such providers
           have implemented alternative measures that are determined by the
           Advisor to provide controls on short-term and excessive trading that
           are comparable to the DWS funds' policies.

           THE AUTOMATED INFORMATION LINE IS AVAILABLE 24 HOURS A DAY BY
           CALLING (800) 621-1048. You can use our automated phone services to
           get information on DWS funds generally and on accounts held directly
           at DWS Investments.

           QUICKBUY AND QUICKSELL allow you to set up an electronic link
           between a DWS fund account and a bank account. Once this link is in
           place, you can move money between the two with a phone call. You'll
           need to make sure your bank has Automated Clearing House (ACH)
           services. Transactions take two to three days to be completed and
           there is a $50 minimum and a $250,000 maximum. To set up QuickBuy or
           QuickSell on a new account, see the account application; to add it
           to an existing account, call (800) 730-1313.






THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

The DWS Investments Web site can be a valuable resource for shareholders with
Internet access. Go to WWW.DWS-INVESTMENTS.COM to get up-to-date information,
review balances or even place orders for exchanges.



           TELEPHONE AND ELECTRONIC TRANSACTIONS. Generally, you are
           automatically entitled to telephone check redemption and exchange
           privileges, but you may elect not to have them when you open your
           account or by contacting Institutional Investment Services at (800)
           730-1313 at a later date.

           Since many transactions may be initiated by telephone or
           electronically, it's important to understand that as long as we take
           reasonable steps to ensure that an order to purchase or redeem
           shares is genuine, such as recording calls or requesting personal
           security information, we are not responsible for any



42 | Policies You Should Know About
<PAGE>

           losses that may occur as a result. For transactions conducted over
           the Internet, we recommend the use of a secure Internet browser. In
           addition, you should verify the accuracy of your confirmation
           statements immediately after you receive them.

           EACH FUND DOES NOT ISSUE SHARE CERTIFICATES. However, if you
           currently have shares in certificated form, you must include the
           share certificates properly endorsed or accompanied by a duly
           executed stock power when exchanging or redeeming shares. You may
           not exchange or redeem shares in certificate form by telephone or
           via the Internet.

           WHEN YOU ASK US TO SEND OR RECEIVE A WIRE, please note that while we
           don't charge a fee to send or receive wires, it's possible that your
           bank may do so. Wire transactions are generally completed within 24
           hours. Each fund can only send wires of $1,000 or more and accept
           wires of $50 or more.


           EACH FUND ACCEPTS PAYMENT FOR SHARES ONLY IN US DOLLARS by a check
           drawn on a US bank, a bank or Federal Funds wire transfer or an
           electronic bank transfer. Each fund does not accept third party
           checks. A third party check is a check made payable to one or more
           parties and offered as payment to one or more other parties (e.g., a
           check made payable to you that you offer as payment to someone
           else). Checks should normally be payable to DWS Investments and
           drawn by you or a financial institution on your behalf with your
           name or account number included with the check.

           SIGNATURE GUARANTEE. When you want to sell more than $100,000 worth
           of shares or send proceeds to a third party or to a new address,
           you'll usually need to place your order in writing and include a
           signature guarantee. However, if you want money transferred
           electronically a bank account that is already on file with us, you
           don't need a signature guarantee. Also, generally you don't need a
           signature guarantee for an exchange, although we may require one in
           certain other circumstances.


           A signature guarantee is simply a certification of your
           signature - a valuable safeguard against fraud. You can get a
           signature guarantee from an eligible guarantor institution,
           including commercial banks, savings and loans, trust companies,
           credit unions, member firms of a national stock exchange or any
           member or participant of an approved signature





THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

If you ever have difficulty placing an order by phone or Internet, you can send
us your order in writing.









                                            Policies You Should Know About  | 43
<PAGE>


           guarantor program. We recommend stamps from members of a medallion
           signature guarantee program. Note that you can't get a signature
           guarantee from a notary public and we must be provided the original
           guarantee.


           SELLING SHARES OF TRUST ACCOUNTS AND BUSINESS OR ORGANIZATION
           ACCOUNTS may require additional documentation. Please call (800)
           730-1313 or contact your financial advisor for more information.


           MONEY FROM SHARES YOU SELL is normally sent out within one business
           day of when your order is processed (not when it is received),
           although it could be delayed for up to seven days. There are
           circumstances when it could be longer, including, but not limited
           to, when you are selling shares you bought recently by check  or ACH
           (the funds will be placed under a 10 calendar day hold to ensure
           good funds) or when unusual circumstances prompt the SEC to allow
           further delays. Certain expedited redemption processes (e.g.,
           redemption proceeds by wire) may also be delayed or unavailable when
           you are selling shares recently purchased or in the event of the
           closing of the Federal Reserve wire payment system. Each fund
           reserves the right to suspend or postpone redemptions as permitted
           pursuant to Section 22(e) of the Investment Company Act of 1940.
           Generally, those circumstances are when 1) the New York Stock
           Exchange is closed other than customary weekend or holiday closings;
           2) trading on the New York Stock Exchange is restricted; 3) an
           emergency exists which makes the disposal of securities owned by a
           fund or the fair determination of the value of a fund's net assets
           not reasonably practicable; or 4) the SEC, by order, permits the
           suspension of the right of redemption. Redemption payments by wire
           may also be delayed in the event of a non-routine closure of the
           Federal Reserve wire payment system. For additional rights reserved
           by each fund, please see "Other rights we reserve."


           You may obtain additional information about other ways to sell your
           shares by contacting your financial advisor.


           How each fund calculates share price

           To calculate net asset value, or NAV, each share class uses the
           following equation:


<TABLE>
<S>                                                     <C> <C>
            TOTAL ASSETS - TOTAL LIABILITIES
           -----------------------------------------    =    NAV
               TOTAL NUMBER OF SHARES OUTSTANDING
</TABLE>



44 | Policies You Should Know About
<PAGE>


           The price at which you buy and sell shares is based on the NAV per
           share next calculated after the order is received and accepted by
           the transfer agent.

           EACH FUND CHARGES A REDEMPTION FEE EQUAL TO 2% of the value of
           shares redeemed or exchanged within 15 days of purchase. Please see
           "Policies about transactions - Redemption fees" for further
           information.

           WE TYPICALLY VALUE SECURITIES USING INFORMATION FURNISHED BY AN
           INDEPENDENT PRICING SERVICE OR MARKET QUOTATIONS, WHERE APPROPRIATE.
           However, we may use methods approved by the Board, such as a fair
           valuation model, which are intended to reflect fair value when
           pricing service information or market quotations are not readily
           available or when a security's value or a meaningful portion of the
           value of a fund's portfolio is believed to have been materially
           affected by a significant event, such as a natural disaster, an
           economic event like a bankruptcy filing, or a substantial
           fluctuation in domestic or foreign markets that has occurred between
           the close of the exchange or market on which the security is
           principally traded (for example, a foreign exchange or market) and
           the close of the New York Stock Exchange. In such a case, a fund's
           value for a security is likely to be different from the last quoted
           market price or pricing service information. In addition, due to the
           subjective and variable nature of fair value pricing, it is possible
           that the value determined for a particular asset may be materially
           different from the value realized upon such asset's sale. It is
           expected that the greater the percentage of fund assets that is
           invested in non-US securities, the more extensive will be a fund's
           use of fair value pricing. This is intended to reduce a fund's
           exposure to "time zone arbitrage" and other harmful trading
           practices. (See "Market timing policies and procedures.")


           TO THE EXTENT THAT A FUND INVESTS IN SECURITIES THAT ARE TRADED
           PRIMARILY IN FOREIGN MARKETS, the value of its holdings could change
           at a time when you aren't able to buy or sell fund shares. This is
           because some foreign markets are open on days or at times when a
           fund doesn't price its shares. (Note that prices for securities that
           trade on foreign exchanges can change significantly on days when the
           New York Stock Exchange is closed and you cannot buy or sell fund
           shares. Price changes in the securities a fund owns may ultimately
           affect the price of fund shares the next time the NAV is
           calculated.)


                                            Policies You Should Know About  | 45
<PAGE>

           Other rights we reserve

           You should be aware that we may do any of the following:

           -  withdraw or suspend the offering of shares at any time


           -  withhold a portion of your distributions and redemption proceeds
              if we have been notified by the IRS that you are subject to
              backup withholding or if you fail to provide us with the correct
              taxpayer ID number and certain certifications, including
              certification that you are not subject to backup withholding


           -  reject a new account application if you don't provide any
              required or requested identifying information, or for any other
              reason

           -  refuse, cancel, limit or rescind any purchase or exchange order,
              without prior notice; freeze any account (meaning you will not be
              able to purchase fund shares in your account); suspend account
              services; and/or involuntarily redeem your account if we think
              that the account is being used for fraudulent or illegal
              purposes; one or more of these actions will be taken when, at our
              sole discretion, they are deemed to be in a fund's best interests
              or when a fund is requested or compelled to do so by governmental
              authority or by applicable law


           -  close and liquidate your account if we are unable to verify your
              identity, or for other reasons; if we decide to close your
              account, your fund shares will be redeemed at the net asset value
              per share next calculated after we determine to close your
              account (less applicable redemption fee, if any); you may
              recognize a gain or loss on the redemption of your fund shares
              and you may incur a tax liability


           -  pay you for shares you sell by "redeeming in kind," that is, by
              giving you securities (which typically will involve brokerage
              costs for you to liquidate) rather than cash, but which will be
              taxable to the same extent as a redemption for cash; a fund
              generally won't make a redemption in kind unless your requests
              over a 90-day period total more than $250,000 or 1% of the value
              of a fund's net assets, whichever is less

           -  change, add or withdraw various services, fees and account
              policies (for example, we may adjust a fund's investment minimums
              at any time)


46 | Policies You Should Know About
<PAGE>

UNDERSTANDING DISTRIBUTIONS AND TAXES


           Each fund intends to distribute to its shareholders virtually all of
           its net earnings. Each fund can earn money in two ways: by receiving
           interest, dividends or other income from investments it holds and by
           selling investments for more than it paid for them. (Each fund's
           earnings are separate from any gains or losses stemming from your
           own purchase and sale of shares.) Each fund may not always pay a
           dividend or other distribution for a given period.


           DWS Communications Fund intends to pay distributions of
           substantially all of its income annually. DWS RREEF Real Estate
           Securities Fund intends to pay distributions of substantially all of
           its income quarterly. Each fund intends to pay distributions from
           realized capital gains annually, usually in December. If necessary
           each fund may make distributions at other times as needed.


           Dividends or distributions declared and payable to shareholders of
           record in the last quarter of a given calendar year are treated for
           federal income tax purposes as if they were received on December 31
           of that year, provided such dividends or distributions are paid by
           the end of the following January.


           For federal income tax purposes, income and capital gains
           distributions are generally taxable to shareholders. However,
           dividends and distributions received by retirement plans qualifying
           for tax exemption under federal income tax laws generally will not
           be taxable.


           YOU CAN CHOOSE HOW TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS. You
           can have them all automatically reinvested in fund shares (at NAV),
           all deposited directly to your bank account
           or all sent to you by check, have one type reinvested and the other
           sent to you by check or have them invested in a different fund. Tell
           us your preference on your application. If you don't indicate a
           preference, your dividends and distributions will all be reinvested
           in shares of the fund without a sales charge (if applicable).
           Distributions are treated the same for federal income tax purposes
           whether you receive them in cash or reinvest them in additional
           shares. Under the terms of employer-sponsored qualified plans, and
           retirement plans, reinvestment (at NAV) is the only option.






THE FOLLOWING SIDEBAR TEXT APPEARS NEXT TO THE PRECEDING PARAGRAPHS

Because each shareholder's tax situation is unique, ask your tax professional
about the tax consequences of your investments, including any state and local
tax consequences.



                                     Understanding Distributions and Taxes  | 47
<PAGE>

           BUYING, SELLING OR EXCHANGING FUND SHARES WILL USUALLY HAVE FEDERAL
           INCOME TAX CONSEQUENCES FOR YOU (except in employer-sponsored
           qualified plans, IRAs or other tax-advantaged accounts). Your sale
           of shares may result in a capital gain or loss. The gain or loss
           will be long-term or short-term depending on how long you owned the
           shares that were sold. For federal income tax purposes, an exchange
           is treated the same as a sale.

           THE FEDERAL INCOME TAX STATUS of a fund's earnings you receive and
           your own fund transactions generally depends on their type:


<TABLE>
<CAPTION>
GENERALLY TAXED AT LONG-TERM                       GENERALLY TAXED AT ORDINARY
CAPITAL GAIN RATES:                                INCOME RATES:
<S>                                                <C>
DISTRIBUTIONS FROM A FUND
- gains from the sale of                           -  gains from the sale of
  securities held (or treated as                      securities held by a fund for
  held) by a fund for more than                       one year or less
  one year                                         -  all other taxable income
- qualified dividend income

TRANSACTIONS INVOLVING FUND
SHARES
- gains from selling fund                          -  gains from selling fund
  shares held for more than                           shares held for one year or
  one year                                            less
</TABLE>



           ANY DIRECT INVESTMENTS IN FOREIGN SECURITIES BY A FUND MAY BE
           SUBJECT TO FOREIGN WITHHOLDING TAXES. In that case, a fund's yield
           on those securities would generally be decreased. Shareholders
           generally will not be entitled to claim a credit or deduction with
           respect to foreign taxes paid by a fund. In addition, any
           investments in foreign securities or foreign currencies may increase
           or accelerate a fund's recognition of ordinary income and may affect
           the timing or amount of the fund's distributions. If you invest in a
           fund through a taxable account, your after-tax return could be
           negatively affected.

           Investments in certain debt obligations or other securities may
           cause a fund to recognize taxable income in excess of the cash
           generated by them. Thus, a fund could be required at times to
           liquidate other investments in order to satisfy its distribution
           requirements.



48 | Understanding Distributions and Taxes
<PAGE>


           For taxable years beginning before January 1, 2011, distributions to
           individuals and other noncorporate shareholders of investment income
           designated by a fund as derived from qualified dividend income are
           eligible for taxation for federal income tax purposes at the more
           favorable long-term capital gain rates. Qualified dividend income
           generally includes dividends received by a fund from domestic and
           some foreign corporations. It does not include income from
           investments in debt securities. In addition, a fund must meet
           certain holding period and other requirements with respect to the
           dividend-paying stocks in its portfolio and the shareholder must
           meet certain holding period and other requirements with respect to a
           fund's shares for the lower tax rates to apply.


           Dividends received by a fund from a REIT may be treated as qualified
           dividend income only to the extent the dividends are attributable to
           qualified dividend income received by such REIT. Distributions
           received by a fund from REITs will not be eligible for the dividends
           received deduction.


           For taxable years beginning before January 1, 2011, the maximum
           federal income tax rate imposed on long-term capital gains
           recognized by individuals and other noncorporate shareholders has
           been temporarily reduced to 15%, in general, with lower rates
           applying to taxpayers in the 10% and 15% rate brackets. For taxable
           years beginning on or after January 1, 2011, the maximum long-term
           capital gain rate is scheduled to return to 20%.


           Certain types of income received by a fund from REITs, real estate
           mortgage investment conduits ("REMICs"), taxable mortgage pools or
           other investments may cause the fund to designate some or all of its
           distributions as "excess inclusion income." To fund shareholders
           such excess inclusion income may (1) constitute taxable income, as
           unrelated business taxable income ("UBTI") for those individual
           retirement accounts, 401(k) accounts, Keogh plans, pension plans and
           certain charitable entities; (2) not be offset by otherwise
           allowable deductions for tax purposes; (3) not be eligible for
           reduced US withholding for non-US shareholders even from tax treaty
           countries; and (4) cause the fund to be subject to tax if certain
           "disqualified organizations" are fund shareholders.


                                     Understanding Distributions and Taxes  | 49
<PAGE>

           YOUR FUND WILL SEND YOU DETAILED FEDERAL INCOME TAX INFORMATION
           EVERY JANUARY. These statements tell you the amount and the federal
           income tax classification of any dividends or distributions you
           received. They also have certain details on your purchases and sales
           of shares.

           Because the REITs invested in by DWS RREEF Real Estate Securities
           Fund do not provide complete information about the taxability of
           their distributions until after the calendar year-end, the fund may
           not be able to determine how much of the fund's distribution is
           taxable to shareholders until after the January 31 deadline for
           issuing Form 1099-DIV. As a result, the fund may request permission
           from the Internal Revenue Service each year for an extension of time
           until February 28 to issue Form 1099-DIV.


           IF YOU INVEST RIGHT BEFORE A FUND PAYS A DIVIDEND, you'll be getting
           some of your investment back as a taxable dividend. You can avoid
           this by investing after a fund pays a dividend. In tax-advantaged
           retirement accounts you generally do not need to worry about this.

           If a fund's distributions exceed its current and accumulated
           earnings and profits, the excess will be treated for federal income
           tax purposes as a tax-free return of capital to the extent of your
           basis in your shares and thereafter as a gain from the sale or
           exchange of your shares. Because a return of capital distribution
           reduces the basis of your shares, a return of capital distribution
           may result in a higher capital gain or a lower capital loss when you
           sell your shares.


           CORPORATIONS are taxed at the same rates on ordinary income and
           capital gains but may be eligible for a dividends-received deduction
           for a portion of the income dividends they receive from a fund,
           provided certain holding period and other requirements are met.

           The above discussion summarizes certain federal income tax
           consequences for shareholders who are US persons. If you are a
           non-US person, please consult your own tax advisor with respect to
           the US tax consequences to you of an investment in a fund. For more
           information, see "Taxes" in the Statement of Additional Information.



50 | Understanding Distributions and Taxes
<PAGE>

APPENDIX
--------------------------------------------------------------------------------
           Hypothetical Expense Summary



           Using the annual fund operating expense ratios presented in the fee
           tables in the fund prospectus, the Hypothetical Expense Summary
           shows the estimated fees and expenses, in actual dollars, that would
           be charged on a hypothetical investment of $10,000 in the fund held
           for the next 10 years and the impact of such fees and expenses on
           fund returns for each year and cumulatively, assuming a 5% return
           for each year. The historical rate of return for the fund may be
           higher or lower than 5% and, for money funds, is typically less than
           5%. The tables also assume that all dividends and distributions are
           reinvested. The annual fund expense ratios shown are net of any
           contractual fee waivers or expense reimbursements, if any, for the
           period of the contractual commitment. The tables do not reflect
           redemption fees, if any, which may be payable upon redemption. If
           redemption fees were shown, the "Hypothetical Year-End Balance After
           Fees and Expenses" amounts shown would be lower and the "Annual Fees
           and Expenses" amounts shown would be higher. Also, please note that
           if you are investing through a third party provider, that provider
           may have fees and expenses separate from those of the fund that are
           not reflected here. Mutual fund fees and expenses fluctuate over
           time and actual expenses may be higher or lower than those shown.


           The Hypothetical Expense Summary should not be used or construed as
           an offer to sell, a solicitation of an offer to buy or a
           recommendation or endorsement of any specific mutual fund. You
           should carefully review the fund's prospectus to consider the
           investment objectives, risks, expenses and charges of the fund prior
           to investing.


                                                                  Appendix  | 51
<PAGE>

                 DWS Communications Fund - Class Institutional




<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER      ANNUAL FEES
              FEES AND        EXPENSE        FEES AND           FEES AND            AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        1.33%              3.67%       $ 10,367.00        $   135.44
   2           10.25%        1.33%              7.47%       $ 10,747.47        $   140.41
   3           15.76%        1.33%             11.42%       $ 11,141.90        $   145.56
   4           21.55%        1.33%             15.51%       $ 11,550.81        $   150.91
   5           27.63%        1.33%             19.75%       $ 11,974.72        $   156.44
   6           34.01%        1.33%             24.14%       $ 12,414.20        $   162.19
   7           40.71%        1.33%             28.70%       $ 12,869.80        $   168.14
   8           47.75%        1.33%             33.42%       $ 13,342.12        $   174.31
   9           55.13%        1.33%             38.32%       $ 13,831.77        $   180.71
  10           62.89%        1.33%             43.39%       $ 14,339.40        $   187.34
  TOTAL                                                                        $ 1,601.45
</TABLE>



DWS RREEF Real Estate Securities Fund - Class Institutional




<TABLE>
<CAPTION>
              MAXIMUM           INITIAL HYPOTHETICAL                 ASSUMED RATE
           SALES CHARGE:             INVESTMENT:                      OF RETURN:
               0.00%                   $10,000                            5%
                                                              HYPOTHETICAL
             CUMULATIVE        ANNUAL       CUMULATIVE          YEAR-END
           RETURN BEFORE        FUND       RETURN AFTER      BALANCE AFTER      ANNUAL FEES
              FEES AND        EXPENSE        FEES AND           FEES AND            AND
YEAR          EXPENSES         RATIOS        EXPENSES           EXPENSES         EXPENSES
<S>       <C>                <C>          <C>               <C>                <C>
   1            5.00%        0.63%              4.37%       $ 10,437.00         $  64.38
   2           10.25%        0.63%              8.93%       $ 10,893.10         $  67.19
   3           15.76%        0.63%             13.69%       $ 11,369.13         $  70.13
   4           21.55%        0.63%             18.66%       $ 11,865.96         $  73.19
   5           27.63%        0.63%             23.84%       $ 12,384.50         $  76.39
   6           34.01%        0.63%             29.26%       $ 12,925.70         $  79.73
   7           40.71%        0.63%             34.91%       $ 13,490.55         $  83.21
   8           47.75%        0.63%             40.80%       $ 14,080.09         $  86.85
   9           55.13%        0.63%             46.95%       $ 14,695.39         $  90.64
  10           62.89%        0.63%             53.38%       $ 15,337.58         $  94.60
  TOTAL                                                                         $ 786.31
</TABLE>




52 | Appendix
<PAGE>

TO GET MORE INFORMATION

SHAREHOLDER REPORTS - These include commentary from a fund's management team
about recent market conditions and the effects of a fund's strategies on its
performance. They also have detailed performance figures, a list of everything
a fund owns, and its financial statements. Shareholders get these reports
automatically.

STATEMENT OF ADDITIONAL INFORMATION (SAI) - This tells you more about a fund's
features and policies, including additional risk information. The SAI is
incorporated by reference into this document (meaning that it's legally part of
this prospectus).


For a free copy of any of these documents or to request other information about
a fund, call (800) 730-1313, or contact DWS Investments at the address listed
below. Each fund's SAI and shareholder reports are also available through the
DWS Investments Web site at www.dws-investments.com. These documents and other
information about each fund are available from the EDGAR Database on the SEC's
Internet site at www.sec.gov. If you like, you may obtain copies of this
information, after paying a copying fee, by e-mailing a request to
publicinfo@sec.gov or by writing the SEC at the address listed below. You can
also review and copy these documents and other information about each fund,
including each fund's SAI, 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.




<TABLE>
<CAPTION>
DWS INVESTMENTS      SEC                     DISTRIBUTOR
-----------------    --------------------    ------------------------------
<S>                  <C>                     <C>
PO Box 219210        100 F Street, N.E.      DWS Investments Distributors,
Kansas City, MO      Washington, D.C.        Inc.
64121-9210           20549-0102              222 South Riverside Plaza
WWW.DWS-             WWW.SEC.GOV             Chicago, IL 60606-5808
INVESTMENTS.COM      (800) SEC-0330          (800) 621-1148
(800) 730-1313
</TABLE>




<TABLE>
<S>                    <C>                                        <C>
SEC FILE NUMBER:
                                       DWS Communications Fund    811-03883
DWS Advisor Funds        DWS RREEF Real Estate Securities Fund    811-04760
</TABLE>







(05/01/09) DSECF3-1-IN
[RECYCLE GRAPHIC APPEARS HERE]
                                                          [DWS INVESTMENTS LOGO]
                                                             Deutsche Bank Group

<PAGE>







                          DWS COMMUNICATIONS FUND, INC.


                             DWS Communications Fund
                Class A, Class B, Class C and Institutional Class




                       STATEMENT OF ADDITIONAL INFORMATION


                                   May 1, 2009





This Statement of Additional Information (the "SAI") is not a prospectus and
should be read in conjunction with the prospectuses dated May 1, 2009, as
amended from time to time for DWS Communications Fund (the "Fund"), copies of
which may be obtained without charge by contacting DWS Investments, 222 South
Riverside Plaza, Chicago, Illinois 60606 or by calling (800) 621-1148 or from
the firm from which this SAI was obtained and are available along with other
materials on the Securities and Exchange Commission's ("SEC") Internet Web site
(http://www.sec.gov).

Portions of the Annual Report to Shareholders of the Fund, dated December 31,
2008, are incorporated herein by reference and are hereby deemed to be part of
this SAI. A copy of the Fund's Annual Report may be obtained without charge by
calling the Fund at the toll-free number (800)-621-1048.

This Statement of Additional Information ("SAI") is incorporated by reference
into the corresponding prospectuses for each class of shares of the Fund.






<PAGE>


                                                                   1
                                TABLE OF CONTENTS

                                                                         Page

INVESTMENT RESTRICTIONS.....................................................1

INVESTMENT POLICIES AND TECHNIQUES..........................................2

   Investment Techniques....................................................2


   Portfolio Holdings Information..........................................18

MANAGEMENT OF THE FUND.....................................................19

   Investment Advisor......................................................19

FUND SERVICE PROVIDERS.....................................................29

   Administrator...........................................................29

   Distributor.............................................................30

   Custodian...............................................................34

   Transfer Agent..........................................................34

   Legal Counsel...........................................................35

   Independent Registered Public Accounting Firm...........................35

PORTFOLIO TRANSACTIONS.....................................................35

PURCHASE AND REDEMPTION OF SHARES..........................................38

TAXES......................................................................61

NET ASSET VALUE............................................................72

BOARD MEMBERS AND OFFICERS.................................................73

FUND ORGANIZATION..........................................................93

PROXY VOTING GUIDELINES....................................................95

FINANCIAL STATEMENTS.......................................................96

ADDITIONAL INFORMATION.....................................................96

APPENDIX A -- PROXY VOTING GUIDELINES......................................97

APPENDIX B -- RATINGS OF INVESTMENTS......................................123




                             INVESTMENT RESTRICTIONS

The investment program for the Fund is subject to a number of investment
restrictions that reflect self-imposed standards as well as federal and state
regulatory limitations. The investment restrictions listed below are in addition
to those described in the Fund's Prospectuses, and are matters of fundamental
policy and may not be changed without the affirmative vote of a "majority of
outstanding voting securities" of the Fund which, under the Investment Company
Act of 1940, as amended (the "1940 Act") and the rules thereunder and as used in
this SAI, means the lesser of (1) 67% or more of the voting securities present
at such meeting, if the holders of more than 50% of the outstanding voting
securities of the Fund are present in person or represented by proxy, or (2)
more than 50% of the outstanding voting securities of the Fund. The percentage
limitations contained in these restrictions apply at the time of purchase of
securities. The Fund may not:

1.   Borrow money,  except as permitted  under the 1940 Act, as amended,  and as
     interpreted or modified by regulatory authority having  jurisdiction,  from
     time to time.

2.   Issue  senior  securities,  except as  permitted  under  the 1940  Act,  as
     amended,  and as  interpreted  or modified by regulatory  authority  having
     jurisdiction, from time to time.

3.   Invest  less than 65% of its  total  assets  in the  communications  field,
     except  as  described  in the  Prospectuses,  (otherwise  the Fund will not
     concentrate  more than 25% of its total assets in the securities of issuers
     in any industry).

4.   Engage in the business of underwriting  securities issued by others, except
     to  the  extent  that  the  Fund  may be  deemed  to be an  underwriter  in
     connection with the disposition of portfolio securities.

5.   Purchase or sell real estate, which term does not include (a) securities of
     companies which deal in real estate or mortgages or (b) investments secured
     by real estate or interests therein,  except that the Fund reserves freedom
     of  action  to hold and to sell  real  estate  acquired  as a result of the
     Fund's ownership of securities.

6.   Purchase  or sell  commodities,  except as  permitted  by the 1940 Act,  as
     amended,  and as interpreted or modified by the regulatory authority having
     jurisdiction, from time to time.

7.   Make loans  except as  permitted  under the 1940 Act,  as  amended,  and as
     interpreted or modified by regulatory authority having  jurisdiction,  from
     time to time.

Non-Fundamental Restrictions

The following investment restrictions may be changed by a vote of the majority
of the Board of Directors. The Fund will not:

1)   Invest in shares of any other investment  company registered under the 1940
     Act, except as permitted by federal law;

2)   Invest more than 10% of the value of its net assets in illiquid  securities
     (as defined under federal and state securities laws);

3)   Invest less than 80% of its assets in the communications  field,  except as
     described in the Prospectuses; and

4)   Acquire  securities  of  registered   open-end   investment   companies  or
     registered  unit  investment  trusts in reliance on Section  12(d)(1)(F) or
     12(d)(1)(G) of the 1940 Act.

                       INVESTMENT POLICIES AND TECHNIQUES

Investment Techniques


Descriptions in this SAI of a particular investment practice or technique in
which the Fund may engage (such as short selling, hedging, etc.) or a financial
instrument which the Fund may purchase (such as options, forward currency
contracts, etc.) are meant to describe the spectrum of investments that the
Advisor, in its discretion, might, but are not required to, use in managing the
Fund's portfolio assets. The Advisor may, in its discretion, at any time, employ
such practice, technique or instrument for one or more funds but not for all
funds advised by it. It is possible that certain types of financial instruments
or investment techniques described herein may not be available, permissible,
economically feasible or effective for their intended purposes in all markets.
Certain practices, techniques or instruments may not be principal activities of
the Fund, but, to the extent employed, could, from time to time, have a material
impact on the Fund's performance.

Asset Segregation

Certain investment transactions expose the Fund to an obligation to make future
payments to third parties. Examples of these types of transactions, include, but
are not limited to, reverse repurchase agreements, short sales, dollar rolls,
when-issued, delayed-delivery or forward commitment transactions and certain
derivatives such as swaps, futures, forwards, and options. To the extent that
the Fund engages in such transactions, the Fund will (to the extent required by
applicable law) either (1) segregate cash or liquid assets in the prescribed
amount or (2) otherwise "cover" its future obligations under the transaction,
such as by holding an offsetting investment. If the Fund segregates sufficient
cash or other liquid assets or otherwise "covers" its obligations under such
transactions, the Fund will not consider the transactions to be borrowings for
purposes of its investment restrictions or "senior securities" under the 1940
Act, and therefore, such transactions will not be subject to the 300% asset
coverage requirement under the 1940 Act otherwise applicable to borrowings by
the Fund.

In some cases (e.g., with respect to futures and forwards that are contractually
required to "cash-settle"), the Fund will segregate cash or other liquid assets
with respect to the amount of the daily net (marked-to-market) obligation
arising from the transaction, rather than the notional amount of the underlying
contract. By segregating assets in an amount equal to the net obligation rather
than the notional amount, the Fund will have the ability to employ leverage to a
greater extent than if it set aside cash or other liquid assets equal to the
notional amount of the contract, which may increase the risk associated with
such transactions.

The Fund may utilize methods of segregating assets or otherwise "covering"
transactions that are currently or in the future permitted under the 1940 Act,
the rules and regulation thereunder, or orders issued by the Securities and
Exchange Commission ("SEC") thereunder. For these purposes, interpretations and
guidance provided by the SEC staff may be taken into account when deemed
appropriate by the Fund.

Assets used as segregation or cover cannot be sold while the position in the
corresponding transaction is open, unless they are replaced with other
appropriate assets. As a result, the commitment of a large portion of the Fund's
assets for segregation and cover purposes could impede portfolio management or
the Fund's ability to meet redemption requests or other current obligations.

Segregating assets or otherwise "covering" for these purposes does not
necessarily limit the percentage of the assets of the Fund that may be at risk
with respect to certain derivative transactions.


Covered Call Options

In an attempt to earn additional income, and as a means of protecting the Fund's
assets against market declines, the Fund may, to a limited extent, write covered
call option contracts on certain of its securities and purchase call options for
the purpose of eliminating outstanding contracts.


When the Fund writes a call option on securities that it owns, it gives the
purchaser of the option the right to buy the securities at the price specified
in the option (the "Exercise Price") at any time prior to the expiration of the
option. In the strategy to be employed by the Fund, the Exercise Price, plus the
option premium paid by the purchaser, is almost always greater than the market
price of the underlying security at the time the option is written. If any
option is exercised, the Fund will realize the long-term or short-term gain or
loss from the sale of the underlying security and the proceeds of the sale will
be increased by the net premium originally received. By writing a covered
option, the Fund may forego, in exchange for the net premium, the opportunity to
profit from an increase in value of the underlying security above the Exercise
Price. Thus, options will be written when the Advisor believes the security
should be held for the long term but expect no appreciation or only moderate
appreciation within the option period. The Fund also may write covered options
on securities that have a current value above the original purchase price but
which, if then sold, would not normally qualify for long-term capital gains
treatment. Such activities will normally take place during periods when market
volatility is expected to be high.


Only call options that are traded on a national securities exchange will be
written. Call options are issued by the Options Clearing Corporation ("OCC"),
which also serves as the clearinghouse for transactions with respect to options.
The price of a call option is paid to the writer without refund on expiration or
exercise, and no portion of the price is retained by the OCC or the exchanges.
Writers and purchasers of options pay the transaction costs, which may include
commissions charged or incurred in connection with such option transactions.

The Fund may write options contracts on its securities up to 20% of the value of
its net assets at the time such options are written. The Fund will not sell the
securities against which options have been written (uncover the options) until
after the option period has expired, the option has been exercised or a closing
purchase has been executed.


Call options may be purchased by the Fund, but only to terminate an obligation
as a writer of a call option. This is accomplished by making a closing purchase
transaction, that is, the purchase of a call option on the same security with
the same Exercise Price and expiration date as specified in the existing call
option. A closing purchase transaction with respect to calls traded on a
national securities exchange has the effect of extinguishing the obligation of a
writer. Although the cost to the Fund of such a transaction may be greater than
the net premium received by the Fund upon writing the original option, the Board
of Directors believes that it is appropriate for the Fund to have the ability to
make closing purchase transactions in order to prevent its portfolio securities
from being purchased pursuant to the exercise of a call. The Advisor may also
permit the call option to be exercised. A profit or loss from a closing purchase
transaction will be realized depending on whether the amount paid to purchase a
call to close a position is less or more than the amount received from writing
the call. A profit or loss from an option exercised will be realized depending
upon whether the cost of the securities sold through the exercise, minus the
premium received on the option, is less or more than the proceeds of the
exercise.


Depositary Receipts

The Fund may invest in sponsored or unsponsored American Depositary Receipts
("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts
("GDRs"), International Depositary Receipts ("IDRs") and other types of
Depositary Receipts (which, together with ADRs, EDRs, GDRs and IDRs are
hereinafter referred to as "Depositary Receipts"). Depositary Receipts provide
indirect investment in securities of foreign issuers. Prices of unsponsored
Depositary Receipts may be more volatile than if they were sponsored by the
issuer of the underlying securities. Depositary Receipts may not necessarily be
denominated in the same currency as the underlying securities into which they
may be converted. In addition, the issuers of the stock of unsponsored
Depositary Receipts are not obligated to disclose material information in the
United States and, therefore, there may not be a correlation between such
information and the market value of the Depositary Receipts. ADRs are Depositary
Receipts which are bought and sold in the United States and are typically issued
by a US bank or trust company and which evidence ownership of underlying
securities by a foreign corporation. GDRs, IDRs and other types of Depositary
Receipts are typically issued by foreign banks or trust companies, although they
may also be issued by United States banks or trust companies, and evidence
ownership of underlying securities issued by either a foreign or a United States
corporation. Generally, Depositary Receipts in registered form are designed for
use in the United States securities markets and Depositary Receipts in bearer
form are designed for use in securities markets outside the United States. For
purposes of the Fund's investment policies, the Fund's investments in ADRs, GDRs
and other types of Depositary Receipts will be deemed to be investments in the
underlying securities. Depositary Receipts, including those denominated in US
dollars will be subject to foreign currency exchange rate risk. However, by
investing in US dollar-denominated ADRs rather than directly in foreign issuers'
stock, the Fund avoids currency risks during the settlement period. In general,
there is a large, liquid market in the United States for most ADRs. However,
certain Depositary Receipts may not be listed on an exchange and therefore may
be illiquid securities.

Eurodollar Instruments

 The Fund may make investments in Eurodollar instruments for hedging purposes or
to enhance potential gain. Eurodollar instruments are US dollar-denominated
futures contracts or options thereon which are linked to the London Interbank
Offered Rate ("LIBOR"), although foreign currency-denominated instruments are
available from time to time. Eurodollar futures contracts enable purchasers to
obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate
for borrowings. The Fund might use Eurodollar futures contracts and options
thereon to hedge against changes in LIBOR, to which many interest rate swaps and
fixed income instruments are linked.

Eurodollar Obligations

Eurodollar bank obligations are US dollar-denominated certificates of deposit
and time deposits issued outside the US capital markets by foreign branches of
US banks and US branches of foreign banks. Eurodollar obligations are subject to
the same risks that pertain to domestic issues, notably credit risk, market risk
and liquidity risk. Additionally, Eurodollar obligations are subject to certain
sovereign risks.

Foreign Currencies

When investing in foreign securities, the Fund's portfolio manager may invest in
foreign securities denominated in local foreign currencies, as opposed to ADRs.
Because such investments in foreign securities involve currencies of foreign
countries, and because the Fund may hold foreign currencies and forward
contracts, futures contracts and options on foreign currencies and foreign
currency futures contracts, the value of the assets of the Fund as measured in
US dollars may be affected favorably or unfavorably by changes in foreign
currency exchange rates and exchange control regulations, and the Fund may incur
costs and experience conversion difficulties and uncertainties in connection
with conversions between various currencies. Fluctuations in exchange rates may
also affect the earning power and asset value of the foreign entity issuing the
security.

The strength or weakness of the US dollar against these currencies is
responsible for part of the Fund's investment performance. If the dollar falls
in value relative to the Japanese yen, for example, the dollar value of a
Japanese stock held in the portfolio will rise even though the price of the
stock remains unchanged. Conversely, if the dollar rises in value relative to
the yen, the dollar value of the Japanese stock will fall. Many foreign
currencies have experienced significant devaluation relative to the dollar.

Although the Fund values its assets daily in terms of US dollars, it does not
intend to convert its holdings of foreign currencies into US dollars on a daily
basis. It will do so from time to time, and investors should be aware of the
costs of currency conversion. Although foreign exchange dealers do not charge a
fee for conversion, they do realize a profit based on the difference (the
"spread") between the prices at which they are buying and selling various
currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at
one rate, while offering a lesser rate of exchange should the Fund desire to
resell that currency to the dealer. The Fund will conduct its foreign currency
exchange transactions either on a spot (i.e., cash) basis at the spot rate
prevailing in the foreign currency exchange market, or through entering into
options or forward or futures contracts to purchase or sell foreign currencies.

Foreign Fixed Income Securities

Since most foreign fixed income securities are not rated, the Fund will invest
in foreign fixed income securities based on the Advisor's analysis without
relying on published ratings. Since such investments will be based upon the
Advisor's analysis rather than upon published ratings, achievement of the Fund's
goals may depend more upon the abilities of the Advisor than would otherwise be
the case.

The value of the foreign fixed income securities held by the Fund, and thus the
net asset value of the Fund's shares, generally will fluctuate with (a) changes
in the perceived creditworthiness of the issuers of those securities, (b)
movements in interest rates, and (c) changes in the relative values of the
currencies in which the Fund's investments in fixed income securities are
denominated with respect to the US Dollar. The extent of the fluctuation will
depend on various factors, such as the average maturity of the Fund's
investments in foreign fixed income securities, and the extent to which the Fund
hedges its interest rate, credit and currency exchange rate risks. A longer
average maturity generally is associated with a higher level of volatility in
the market value of such securities in response to changes in market conditions.

Investments in sovereign debt, including Brady Bonds (Brady Bonds are debt
securities issued under a plan implemented to allow debtor nations to
restructure their outstanding commercial bank indebtedness), involve special
risks. Foreign governmental issuers of debt or the governmental authorities that
control the repayment of the debt may be unable or unwilling to repay principal
or pay interest when due. In the event of default, there may be limited or no
legal recourse in that, generally, remedies for defaults must be pursued in the
courts of the defaulting party. Political conditions, especially a sovereign
entity's willingness to meet the terms of its fixed income securities, are of
considerable significance. Also, there can be no assurance that the holders of
commercial bank loans to the same sovereign entity may not contest payments to
the holders of sovereign debt in the event of default under commercial bank loan
agreements. In addition, there is no bankruptcy proceeding with respect to
sovereign debt on which a sovereign has defaulted, and the Fund may be unable to
collect all or any part of its investment in a particular issue. Foreign
investment in certain sovereign debt is restricted or controlled to varying
degrees, including requiring governmental approval for the repatriation of
income, capital or proceed of sales by foreign investors. These restrictions or
controls may at times limit or preclude foreign investment in certain sovereign
debt or increase the costs and expenses of the Fund.

Sovereign debt of emerging market governmental issuers is to be considered
speculative. Emerging market governmental issuers are among the largest debtors
to commercial banks, foreign governments, international financial organizations
and other financial institutions. Certain emerging market governmental issuers
have not been able to make payments of interest on or principal of debt
obligations as those payments have come due. There is a history of defaults with
respect to commercial bank loans by public and private entities issuing
sovereign debt. All or a portion of the interest payments and/or principal
repayment with respect to sovereign debt may be uncollateralized. Obligations
arising from past restructuring agreements may affect the economic performance
and political and social stability of those issuers.

The ability of emerging market country governmental issuers to make timely
payments on their obligations is likely to be influenced strongly by the
issuer's balance of payments, including export performance, and its access to
international credits and investments. An emerging market whose exports are
concentrated in a few commodities could be vulnerable to a decline in the
international prices of one or more of those commodities. Increased
protectionism on the part of an emerging market's trading partners could also
adversely affect the country's exports and diminish its trade account surplus,
if any. To the extent that emerging markets receive payment for its exports in
currencies other than dollars or non-emerging market currencies, its ability to
make debt payments denominated in dollars or non-emerging market currencies
could be affected.

Another factor bearing on the ability of emerging market countries to repay debt
obligations is the level of international reserves of the country. Fluctuations
in the level of these reserves affect the amount of foreign exchange readily
available for external debt payments and thus could have a bearing on the
capacity of emerging market countries to make payments on these debt
obligations.

To the extent that an emerging market country cannot generate a trade surplus,
it must depend on continuing loans from foreign governments, multilateral
organizations or private commercial banks, aid payments from foreign governments
and inflows of foreign investment. The access of emerging markets to these forms
of external funding may not be certain, and a withdrawal of external funding
could adversely affect the capacity of emerging market country governmental
issuers to make payments on their obligations. In addition, the cost of
servicing emerging market debt obligations can be affected by a change in
international interest rates since the majority of these obligations carry
interest rates that are adjusted periodically based upon international rates.

Foreign Investment

Foreign securities are normally denominated and traded in foreign currencies. As
a result, the value of the fund's foreign investments and the value of its
shares may be affected favorably or unfavorably by changes in currency exchange
rates relative to the US dollar. There may be less information publicly
available about a foreign issuer than about a US issuer, and foreign issuers may
not be subject to accounting, auditing and financial reporting standards and
practices comparable to those in the US. The securities of some foreign issuers
are less liquid and at times more volatile than securities of comparable US
issuers. Foreign brokerage commissions and other fees are also generally higher
than in the US. Foreign settlement procedures and trade regulations may involve
certain risks (such as delay in payment or delivery of securities or in the
recovery of the fund's assets held abroad) and expenses not present in the
settlement of investments in US markets. Payment for securities without delivery
may be required in certain foreign markets.

In addition, foreign securities may be subject to the risk of nationalization or
expropriation of assets, imposition of currency exchange controls or
restrictions on the repatriation of foreign currency, confiscatory taxation,
political or financial instability and diplomatic developments which could
affect the value of the fund's investments in certain foreign countries.
Governments of many countries have exercised and continue to exercise
substantial influence over many aspects of the private sector through the
ownership or control of many companies, including some of the largest in these
countries. As a result, government actions in the future could have a
significant effect on economic conditions which may adversely affect prices of
certain portfolio securities. There is also generally less government
supervision and regulation of stock exchanges, brokers, and listed companies
than in the US. Dividends or interest on, or proceeds from the sale of, foreign
securities may be subject to foreign withholding taxes, and special US tax
considerations may apply. Moreover, foreign economies may differ favorably or
unfavorably from the US economy in such respects as growth of gross national
product, rate of inflation, capital reinvestment, resource self-sufficiency and
balance of payments position.

Legal remedies available to investors in certain foreign countries may be more
limited than those available with respect to investments in the US or in other
foreign countries. The laws of some foreign countries may limit the fund's
ability to invest in securities of certain issuers organized under the laws of
those foreign countries.

Of particular importance, many foreign countries are heavily dependent upon
exports, particularly to developed countries, and, accordingly, have been and
may continue to be adversely affected by trade barriers, managed adjustments in
relative currency values, and other protectionist measures imposed or negotiated
by the US and other countries with which they trade. These economies also have
been and may continue to be negatively impacted by economic conditions in the US
and other trading partners, which can lower the demand for goods produced in
those countries.

The risks described above, including the risks of nationalization or
expropriation of assets, typically are increased in connection with investments
in "emerging markets." For example, political and economic structures in these
countries may be in their infancy and developing rapidly, and such countries may
lack the social, political and economic stability characteristic of more
developed countries (including amplified risk of war and terrorism). Certain of
these countries have in the past failed to recognize private property rights and
have at times nationalized and expropriated the assets of private companies.
Investments in emerging markets may be considered speculative.

The currencies of certain emerging market countries have experienced
devaluations relative to the US dollar, and future devaluations may adversely
affect the value of assets denominated in such currencies. In addition, currency
hedging techniques may be unavailable in certain emerging market countries. Many
emerging market countries have experienced substantial, and in some periods
extremely high, rates of inflation or deflation for many years, and future
inflation may adversely affect the economies and securities markets of such
countries.

In addition, unanticipated political or social developments may affect the value
of investments in emerging markets and the availability of additional
investments in these markets. Any change in the leadership or politics of
emerging market countries, or the countries that exercise a significant
influence over those countries, may halt the expansion of or reverse the
liberalization of foreign investment policies now occurring and adversely affect
existing investment opportunities. The small size, limited trading volume and
relative inexperience of the securities markets in these countries may make
investments in securities traded in emerging markets illiquid and more volatile
than investments in securities traded in more developed countries. For example,
limited market size may cause prices to be unduly influenced by traders who
control large positions. In addition, the fund may be required to establish
special custodial or other arrangements before making investments in securities
traded in emerging markets. There may be little financial or accounting
information available with respect to issuers of emerging market securities, and
it may be difficult as a result to assess the value of prospects of an
investment in such securities.

The risk also exists that an emergency situation may arise in one or more
emerging markets as a result of which trading of securities may cease or may be
substantially curtailed and prices for the Fund's securities in such markets may
not be readily available. The Fund may suspend redemption of its shares for any
period during which an emergency exists, as determined by the SEC. Accordingly
if the Fund believes that appropriate circumstances exist, it will promptly
apply to the SEC for a determination that an emergency is present. During the
period commencing from the Fund's identification of such condition until the
date of the SEC action, the Fund's securities in the affected markets will be
valued at fair value determined in good faith by or under the direction of the
Fund's Board.

Certain of the foregoing risks may also apply to some extent to securities of US
issuers that are denominated in foreign currencies or that are traded in foreign
markets, or securities of US issuers having significant foreign operations.


General Characteristics of Options.

Put options and call options typically have similar structural characteristics
and operational mechanics regardless of the underlying instrument on which they
are purchased or sold. Thus, the following general discussion relates to each of
the particular types of options discussed in greater detail below. In addition,
many Strategic Transactions involving options require segregation of the Fund's
assets in special accounts, as described in the section entitled "Asset
Segregation."

A put option gives the purchaser of the option, upon payment of a premium, the
right to sell, and the writer the obligation to buy, the underlying security,
commodity, index, currency or other instrument at the exercise price. For
instance, the Fund's purchase of a put option on a security might be designed to
protect its holdings in the underlying instrument (or, in some cases, a similar
instrument) against a substantial decline in the market value by giving the Fund
the right to sell such instrument at the option exercise price. A call option,
upon payment of a premium, gives the purchaser of the option the right to buy,
and the seller the obligation to sell, the underlying instrument at the exercise
price. The Fund's purchase of a call option on a security, financial future,
index, currency or other instrument might be intended to protect the Fund
against an increase in the price of the underlying instrument that it intends to
purchase in the future by fixing the price at which it may purchase such
instrument. An American style put or call option may be exercised at any time
during the option period while a European style put or call option may be
exercised only upon expiration or during a fixed period prior thereto. The Fund
is authorized to purchase and sell exchange listed options and over-the-counter
options ("OTC options"). Exchange listed options are issued by a regulated
intermediary such as the Options Clearing Corporation ("OCC"), which guarantees
the performance of the obligations of the parties to such options. The
discussion below uses the OCC as an example, but is also applicable to other
financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle
by physical delivery of the underlying security or currency, although in the
future cash settlement may become available. Index options and Eurodollar
instruments are cash settled for the net amount, if any, by which the option is
"in-the-money" (i.e., where the value of the underlying instrument exceeds, in
the case of a call option, or is less than, in the case of a put option, the
exercise price of the option) at the time the option is exercised. Frequently,
rather than taking or making delivery of the underlying instrument through the
process of exercising the option, listed options are closed by entering into
offsetting purchase or sale transactions that do not result in ownership of the
new option.

The Fund's ability to close out its position as a purchaser or seller of an OCC
or exchange listed put or call option is dependent, in part, upon the liquidity
of the option market. Among the possible reasons for the absence of a liquid
option market on an exchange are: (i) insufficient trading interest in certain
options; (ii) restrictions on transactions imposed by an exchange; (iii) trading
halts, suspensions or other restrictions imposed with respect to particular
classes or series of options or underlying securities including reaching daily
price limits; (iv) interruption of the normal operations of the OCC or an
exchange; (v) inadequacy of the facilities of an exchange or OCC to handle
current trading volume; or (vi) a decision by one or more exchanges to
discontinue the trading of options (or a particular class or series of options),
in which event the relevant market for that option on that exchange would cease
to exist, although outstanding options on that exchange would generally continue
to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during
which the underlying financial instruments are traded. To the extent that the
option markets close before the markets for the underlying financial
instruments, significant price and rate movements can take place in the
underlying markets that may not be reflected in the option markets.

OTC options are purchased from or sold to securities dealers, financial
institutions or other parties ("Counterparties") through direct bilateral
agreement with the Counterparty. In contrast to exchange listed options, which
generally have standardized terms and performance mechanics, all the terms of an
OTC option, including such terms as method of settlement, term, exercise price,
premium, guarantees and security, are set by negotiation of the parties. The
Fund expects generally to enter into OTC options that have cash settlement
provisions, although it is not required to do so.

Unless the parties provide for it, there is no central clearing or guaranty
function in an OTC option. As a result, if the Counterparty fails to make or
take delivery of the security, currency or other instrument underlying an OTC
option it has entered into with the Fund or fails to make a cash settlement
payment due in accordance with the terms of that option, the Fund will lose any
premium it paid for the option as well as any anticipated benefit of the
transaction. Accordingly, the Advisor must assess the creditworthiness of each
such Counterparty or any guarantor or credit enhancement of the Counterparty's
credit to determine the likelihood that the terms of the OTC option will be
satisfied. The Fund will engage in OTC option transactions only with US
government securities dealers recognized by the Federal Reserve Bank of New York
as "primary dealers" or broker/dealers, domestic or foreign banks or other
financial institutions which have received (or the guarantors of the obligation
of which have received) a short-term credit rating of A-1 from S&P or P-1 from
Moody's or an equivalent rating from any other NRSRO or, in the case of OTC
currency transactions, are determined to be of equivalent credit quality by the
Advisor. The staff of the SEC currently takes the position that OTC options
purchased by the Fund, and portfolio securities "covering" the amount of the
Fund's obligation pursuant to an OTC option sold by it (the cost of any
sell-back plus the in-the-money amount, if any) are illiquid, and are subject to
the Fund's limitation on investing no more than 15% of its net assets in
illiquid securities.

If the Fund sells a call option, the premium that it receives may serve as a
partial hedge, to the extent of the option premium, against a decrease in the
value of the underlying securities or instruments in its portfolio or will
increase the Fund's income. The sale of put options can also provide income.

The Fund may purchase and sell call options on securities including, but not
limited to, US Treasury and agency securities, mortgage-backed securities,
foreign sovereign debt, corporate debt securities, equity securities (including
convertible securities), Eurodollar instruments that are traded on US and
foreign securities exchanges and in the over-the-counter markets, and on
securities indices, currencies and futures contracts. All calls sold by the Fund
must be "covered" (i.e., the Fund must own the securities or futures contract
subject to the call) or must meet the asset segregation requirements described
below as long as the call is outstanding. Even though the Fund will receive the
option premium to help protect it against loss, a call sold by the Fund exposes
the Fund during the term of the option to possible loss of opportunity to
realize appreciation in the market price of the underlying security or
instrument and may require the Fund to hold a security or instrument which it
might otherwise have sold.

The Fund may purchase and sell put options on securities including, but not
limited to, US Treasury and agency securities, mortgage-backed securities,
foreign sovereign debt, corporate debt securities, equity securities (including
convertible securities), Eurodollar instruments (whether or not it holds the
above securities in its portfolio), and on securities indices, currencies and
futures contracts other than futures on individual corporate debt and individual
equity securities. The Fund will not sell put options if, as a result, more than
50% of the Fund's total assets would be required to be segregated to cover its
potential obligations under such put options other than those with respect to
futures and options thereon. In selling put options, there is a risk that the
Fund may be required to buy the underlying security at a disadvantageous price
above the market price.


Impact of Large Redemptions and Purchases of Fund Shares. From time to time,
shareholders of the Fund (which may include affiliated and/or non-affiliated
registered investment companies that invest in the Fund may make relatively
large redemptions or purchases of Fund shares. These transactions may cause the
Fund to have to sell securities or invest additional cash, as the case may be.
While it is impossible to predict the overall impact of these transactions over
time, there could be adverse effects on the Fund's performance to the extent
that the Fund may be required to sell securities or invest cash at times when it
would not otherwise do so. These transactions could also accelerate the
realization of taxable income if sales of securities resulted in capital gains
or other income and could also increase transaction costs, which may impact the
Fund's expense ratio.


Impact of Sub-Prime Mortgage Market. The Fund may invest in mortgage-backed,
asset-backed and other fixed-income securities whose value and liquidity may be
adversely affected by the critical downturn in the sub-prime mortgage lending
market in the US. Sub-prime loans, which, have higher interest rates, are made
to borrowers with low credit ratings or other factors that increase the risk of
default. Concerns about widespread defaults on sub-prime loans have also created
heightened volatility and turmoil in the general credit markets. As a result,
the Fund's investments in certain fixed-income securities may decline in value,
their market value may be more difficult to determine, and the Fund may have
more difficulty disposing of them.


Investment of Uninvested Cash Balances

The Fund may have cash balances that have not been invested in portfolio
securities ("Uninvested Cash"). Uninvested Cash may result from a variety of
sources, including dividends or interest received from portfolio securities,
unsettled securities transactions, reserves held for investment strategy
purposes, scheduled maturity of investments, liquidation of investment
securities to meet anticipated redemptions or dividend payments and new cash
received from investors. Uninvested Cash may be invested directly in money
market instruments or other short-term debt obligations. Pursuant to an
exemptive order issued by the SEC, the Fund may use Uninvested Cash to purchase
shares of affiliated funds, including money market funds and Cash Management QP
Trust, or entities for which the Advisor may act as investment advisor now or in
the future that operate as cash management investment vehicles but are excluded
from the definition of investment company pursuant to Section 3(c)(1) or 3(c)(7)
of the 1940 Act (collectively, the "Central Funds") in excess of the limitations
of Section 12(d)(1) of the 1940 Act. Investment by the Fund in shares of the
Central Funds will be in accordance with the Fund's investment policies and
restrictions as set forth in its registration statement.

Investment in Securities of Foreign Issuers


The Fund may invest directly in debt and equity securities of issuers not
publicly traded in the United States, when the Advisor believes that such
investments provide good opportunities for achieving income and capital gains
without undue risk. The Fund may also achieve indirect foreign exposure through
ADRs.


Initial Public Offerings (IPOs)

The Fund may invest in IPOs but historically has not done so to a significant
degree. IPOs may be very volatile, rising and falling rapidly based on, among
other reasons, investor perceptions rather than economic reasons. Additionally,
IPOs may have a magnified effect on Fund performance depending on market
conditions.

Investments in Investment-Grade Securities


In general, the Fund will invest in investment-grade debt obligations that are
rated, at the time of purchase, BBB or higher by Standard and Poor's Ratings
Services ("S&P") or Baa or higher by Moody's Investors Service, Inc.
("Moody's"), or, if unrated, determined to be of comparable quality by the
Advisor, under criteria approved by the Fund's Board of Directors.
Investment-grade securities (securities rated BBB or higher by S&P or Baa or
higher by Moody's) are generally thought to provide the highest credit quality
and the smallest risk of default. Securities rated BBB by S&P or Baa by Moody's
have speculative characteristics.


Below Investment-Grade Securities


Up to 10% of the Fund's total assets (measured at the time of the investment)
may be invested in lower quality debt obligations (securities rated BB or lower
by S&P or Ba or lower by Moody's and unrated securities determined to be of
comparable quality by the Advisor). Securities that were investment-grade at
the time of purchase but are subsequently downgraded to BB/Ba or lower will be
included in the 10% category. In the event any security owned by the Fund is
downgraded, the Advisor will review the situation and take appropriate action,
but will not automatically be required to sell the security. If such a downgrade
causes the 10% limit to be exceeded, the Fund will be precluded from investing
further in non-convertible securities that are below investment-grade. These
ratings range in descending order of quality from AAA to D (though the Fund will
not purchase securities rated, at the time of purchase, below C), in the case of
S&P, and from Aaa to C, in the case of Moody's. The Fund may purchase debt
obligations that carry ratings lower than those assigned to investment-grade
bonds by Moody's or S&P, or that are unrated if such bonds, in the Advisor's
judgment, meet the quality criteria established by the Board of Directors. These
bonds are generally known as "junk bonds." These securities may trade at
substantial discounts from their face values. Accordingly, if the Fund is
successful in meeting its objectives, investors may receive a total return
consisting of both income and capital gains. Appendix A to this SAI sets forth a
description of the S&P and Moody's rating categories, which indicate the rating
agency's opinion as to the probability of timely payment of interest and
principal.


Ratings of S&P and Moody's represent their opinions of the quality of bonds and
other debt securities they undertake to rate at the time of issuance. However,
these ratings are not absolute standards of quality and may not reflect changes
in an issuer's creditworthiness. Accordingly, the Advisor does not rely
exclusively on ratings issued by S&P or Moody's in selecting portfolio
securities but supplement such ratings with independent and ongoing review of
credit quality. In addition, the total return the Fund may earn from investments
in high-yield securities will be significantly affected not only by credit
quality but also by fluctuations in the markets in which such securities are
traded. Accordingly, selection and supervision by the Advisors of investments in
lower rated securities involves continuous analysis of individual issuers,
general business conditions, activities in the high-yield bond market and other
factors. The analysis of issuers may include, among other things, historic and
current financial conditions, strength of management, responsiveness to business
conditions, credit standing and current and anticipated results of operations.
Analysis of general business conditions and other factors may include
anticipated changes in economic activity in interest rates, the availability of
new investment opportunities and the economic outlook for specific industries.

Investing in higher yield, lower rated bonds entails substantially greater risk
than investing in investment-grade bonds, including not only credit risk, but
potentially greater market volatility and lower liquidity. Yields and market
values of high-yield bonds will fluctuate over time, reflecting not only
changing interest rates but also the bond market's perception of credit quality
and the outlook for economic growth. When economic conditions appear to be
deteriorating, lower rated bonds may decline in value due to heightened concern
over credit quality, regardless of prevailing interest rates. In addition,
adverse economic developments could disrupt the high-yield market, affecting
both price and liquidity, and could also affect the ability of issuers to repay
principal and interest, thereby leading to a default rate higher than has been
the case historically. Even under normal conditions, the market for junk bonds
may be less liquid than the market for investment-grade corporate bonds. There
are fewer securities dealers in the high-yield market and purchasers of
high-yield bonds are concentrated among a smaller group of securities dealers
and institutional investors. In periods of reduced market liquidity, the market
for junk bonds may become more volatile and there may be significant disparities
in the prices quoted for high-yield securities by various dealers. Under
conditions of increased volatility and reduced liquidity, it would become more
difficult for the Fund to value its portfolio securities accurately because
there might be less reliable objective data available.

Lending of Portfolio Securities


The Fund may lend its investment securities to approved institutional borrowers
who need to borrow securities in order to complete certain transactions, such as
covering short sales, avoiding failures to deliver securities or completing
arbitrage operations. By lending its investment securities, the Fund attempts to
increase its net investment income through the receipt of interest on the loan.
Any gain or loss in the market price of the securities loaned that might occur
during the term of the loan would belong to the Fund. The Fund may lend its
investment securities so long as the terms, structure and the aggregate amount
of such loans are not inconsistent with the 1940 Act or the rules and
regulations or interpretations of the SEC thereunder, which currently require
that (a) the borrower pledge and maintain with the Fund collateral consisting of
liquid, unencumbered assets having a value at all times not less than 100% of
the value of the securities loaned, (b) the borrower add to such collateral
whenever the price of the securities loaned rises (i.e., the borrower "marks to
the market" on a daily basis), (c) the loan be made subject to termination by
the Fund at any time, and (d) the Fund receives reasonable interest on the loan
(which may include the Fund investing any cash collateral in interest bearing
short-term investments), and distributions on the loaned securities and any
increase in their market value. The Fund will bear any losses incurred from the
investment of the collateral it receives. There may be risks of delay in
recovery of the securities or even loss of rights in the collateral should the
borrower of the securities fail financially. However, loans will be made only to
borrowers selected by the Fund's delegate after a commercially reasonable review
of relevant facts and circumstances, including the creditworthiness of the
borrower.


Repurchase Agreements

The Fund may enter into repurchase agreements with domestic banks or
broker-dealers deemed to be creditworthy by the Advisors. A repurchase agreement
is a short-term investment in which the Fund acquires ownership of a debt
security and the seller agrees to repurchase the obligation at a future time and
set price, usually not more than seven days from the date of purchase, thereby
determining the yield during the Fund's holding period. The value of the
collateral will be at least equal at all times to the total amount of the
repurchase obligation, including the interest factor. The Fund makes payment for
such securities only upon physical delivery or evidence of book-entry transfer
to the account of a custodian or bank acting as agent. The underlying
securities, which in the case of the Fund are securities of the US Government
only, may have maturity dates exceeding one year. The Fund does not bear the
risk of a decline in value of the underlying securities unless the seller
defaults under its repurchase obligation. In the event of a bankruptcy or other
default of a seller of a repurchase agreement, the Fund could experience both
delays in liquidating the underlying securities and loss including (a) possible
decline in the value of the underlying security while the Fund seeks to enforce
its rights thereto, (b) possible lower levels of income and lack of access to
income during this period, and (c) expenses of enforcing its rights.

Restricted Securities


The Fund may invest in securities eligible for resale pursuant to Rule 144A
("Rule 144A Securities") under the Securities Act of 1933, as amended (the "1933
Act") that have been determined to be liquid by the Advisor under standards
approved by the Fund's Board of Directors, and may invest up to 10% of its net
assets in Rule 144A Securities that are illiquid (see "Investment
Restrictions"). Rule 144A Securities may become illiquid if qualified
institutional buyers are not interested in acquiring the securities.


Strategic Transactions and Derivatives.

The Fund may, but is not required to, utilize various other investment
strategies as described below for a variety of purposes, such as hedging various
market risks, managing the effective maturity or duration of the fixed-income
securities in the Fund's portfolio or enhancing potential gain. These strategies
may be executed through the use of derivative contracts.


In the course of pursuing these investment strategies, the Fund may purchase and
sell exchange-listed and over-the-counter put and call options on securities,
equity and fixed-income indices and other instruments, purchase and sell futures
contracts and options thereon, enter into various transactions such as swaps,
caps, floors, collars, currency forward contracts, currency futures contracts,
currency swaps or options on currencies, or currency futures and various other
currency transactions (collectively, all the above are called "Strategic
Transactions"). In addition, strategic transactions may also include new
techniques, instruments or strategies that are permitted as regulatory changes
occur. Strategic Transactions may be used without limit (subject to certain
limits imposed by the 1940 Act and/or, potentially, the Internal Revenue Code of
1986, as amended (the "Code")) to attempt to protect against possible changes in
the market value of securities held in or to be purchased for the Fund's
portfolio resulting from securities markets or currency exchange rate
fluctuations, to protect the Fund's unrealized gains in the value of its
portfolio securities, to facilitate the sale of such securities for investment
purposes, to manage the effective maturity or duration of the Fund's portfolio,
or to establish a position in the derivatives markets as a substitute for
purchasing or selling particular securities. Some Strategic Transactions may
also be used to enhance potential gain although no more than 5% of the Fund's
assets will be committed to certain Strategic Transactions entered into for
non-hedging purposes. Any or all of these investment techniques may be used at
any time and in any combination, and there is no particular strategy that
dictates the use of one technique rather than another, as use of any Strategic
Transaction is a function of numerous variables including market conditions. The
ability of the Fund to utilize these Strategic Transactions successfully will
depend on the Advisor's ability to predict pertinent market movements, which
cannot be assured. The Fund will comply with applicable regulatory requirements
when implementing these strategies, techniques and instruments. Strategic
Transactions will not be used to alter fundamental investment purposes and
characteristics of the Fund, and the Fund will segregate assets (or as provided
by applicable regulations, enter into certain offsetting positions) to cover its
obligations under options, futures and swaps to limit leveraging of the Fund.


Strategic Transactions, including derivative contracts, have risks associated
with them including possible default by the other party to the transaction,
illiquidity and, to the extent the Advisor's view as to certain market movements
is incorrect, the risk that the use of such Strategic Transactions could result
in losses greater than if they had not been used. Use of put and call options
may result in losses to the Fund, force the sale or purchase of portfolio
securities at inopportune times or for prices higher than (in the case of put
options) or lower than (in the case of call options) current market values,
limit the amount of appreciation the Fund can realize on its investments or
cause the Fund to hold a security it might otherwise sell. The use of currency
transactions can result in the Fund incurring losses as a result of a number of
factors including the imposition of exchange controls, suspension of
settlements, or the inability to deliver or receive a specified currency. The
use of options and futures transactions entails certain other risks. In
particular, the variable degree of correlation between price movements of
futures contracts and price movements in the related portfolio position of the
Fund creates the possibility that losses on the hedging instrument may be
greater than gains in the value of the Fund's position. In addition, futures and
options markets may not be liquid in all circumstances and certain
over-the-counter options may have no markets. As a result, in certain markets,
the Fund might not be able to close out a transaction without incurring
substantial losses, if at all. Although the use of futures and options
transactions for hedging should tend to minimize the risk of loss due to a
decline in the value of the hedged position, at the same time they tend to limit
any potential gain which might result from an increase in value of such
position. Finally, the daily variation margin requirements for futures contracts
would create a greater ongoing potential financial risk than would purchases of
options, where the exposure is limited to the cost of the initial premium.
Losses resulting from the use of Strategic Transactions would reduce net asset
value, and possibly income, and such losses can be greater than if the Strategic
Transactions had not been utilized.



General Characteristics of Futures. The Fund may enter into futures contracts or
purchase or sell put and call options on such futures as a hedge against
anticipated interest rate, currency or equity market changes, and for duration
management, risk management and return enhancement purposes. Futures are
generally bought and sold on the commodities exchanges where they are listed
with payment of initial and variation margin as described below. The sale of a
futures contract creates a firm obligation by the Fund, as seller, to deliver to
the buyer the specific type of financial instrument called for in the contract
at a specific future time for a specified price (or, with respect to index
futures and Eurodollar instruments, the net cash amount). Options on futures
contracts are similar to options on securities except that an option on a
futures contract gives the purchaser the right in return for the premium paid to
assume a position in a futures contract and obligates the seller to deliver such
position.


The Fund has claimed exclusion from the definition of the term "commodity pool
operator" under the regulations of the Commodity Futures Trading Commission.
Therefore, the Fund is not subject to commodity pool operator registration and
regulation under the Commodity Exchange Act. Futures and options on futures may
be entered into for bona fide hedging, risk management (including duration
management) or other portfolio and return enhancement management purposes to the
extent consistent with the exclusion from commodity pool operator registration.
Typically, maintaining a futures contract or selling an option thereon requires
the Fund to deposit with a financial intermediary as security for its
obligations an amount of cash or other specified assets (initial margin) which
initially is typically 1% to 10% of the face amount of the contract (but may be
higher in some circumstances). Additional cash or assets (variation margin) may
be required to be deposited thereafter on a daily basis as the marked to market
value of the contract fluctuates. The purchase of an option on financial futures
involves payment of a premium for the option without any further obligation on
the part of the Fund. If the Fund exercises an option on a futures contract it
will be obligated to post initial margin (and potential subsequent variation
margin) for the resulting futures position just as it would for any position.
Futures contracts and options thereon are generally settled by entering into an
offsetting transaction but there can be no assurance that the position can be
offset prior to settlement at an advantageous price, nor that delivery will
occur.


Options on Securities Indices and Other Financial Indices. The Fund also may
purchase and sell call and put options on securities indices and other financial
indices and in so doing can achieve many of the same objectives they would
achieve through the sale or purchase of options on individual securities or
other instruments. Options on securities indices and other financial indices are
similar to options on a security or other instrument except that, rather than
settling by physical delivery of the underlying instrument, they settle by cash
settlement, i.e., an option on an index gives the holder the right to receive,
upon exercise of the option, an amount of cash if the closing level of the index
upon which the option is based exceeds, in the case of a call, or is less than,
in the case of a put, the exercise price of the option (except if, in the case
of an OTC option, physical delivery is specified). This amount of cash is equal
to the excess of the closing price of the index over the exercise price of the
option, which also may be multiplied by a formula value. The seller of the
option is obligated, in return for the premium received, to make delivery of
this amount. The gain or loss on an option on an index depends on price
movements in the instruments making up the market, market segment, industry or
other composite on which the underlying index is based, rather than price
movements in individual securities, as is the case with respect to options on
securities.

Currency Transactions. The Fund may engage in currency transactions with
Counterparties primarily in order to hedge, or manage the risk of the value of
portfolio holdings denominated in particular currencies against fluctuations in
relative value. Currency transactions include forward currency contracts,
exchange listed currency futures, exchange listed and OTC options on currencies,
and currency swaps. A forward currency contract involves a privately negotiated
obligation to purchase or sell (with delivery generally required) a specific
currency at a future date, which may be any fixed number of days from the date
of the contract agreed upon by the parties, at a price set at the time of the
contract. A currency swap is an agreement to exchange cash flows based on the
notional difference among two or more currencies and operates similarly to an
interest rate swap, which is described below. The Fund may enter into currency
transactions with Counterparties which have received (or the guarantors of the
obligations which have received) a credit rating of A-1 or P-1 by S&P or
Moody's, respectively, or that have an equivalent rating from a NRSRO or (except
for OTC currency options) are determined to be of equivalent credit quality by
the Advisor.

The Fund's dealings in forward currency contracts and other currency
transactions such as futures, options, options on futures and swaps generally
will be limited to hedging involving either specific transactions or portfolio
positions except as described below. Transaction hedging is entering into a
currency transaction with respect to specific assets or liabilities of the fund,
which will generally arise in connection with the purchase or sale of its
portfolio securities or the receipt of income therefrom. Position hedging is
entering into a currency transaction with respect to portfolio security
positions denominated or generally quoted in that currency.

The Funds generally will not enter into a transaction to hedge currency exposure
to an extent greater, after netting all transactions intended wholly or
partially to offset other transactions, than the aggregate market value (at the
time of entering into the transaction) of the securities held in its portfolio
that are denominated or generally quoted in or currently convertible into such
currency, other than with respect to proxy hedging or cross hedging as described
below.

The Funds may also cross-hedge currencies by entering into transactions to
purchase or sell one or more currencies that are expected to decline in value
relative to other currencies to which the fund has or in which the Funds expect
to have portfolio exposure.


To reduce the effect of currency fluctuations on the value of existing or
anticipated holdings of portfolio securities, the fund may also engage in proxy
hedging. Proxy hedging is often used when the currency to which the Fund's
portfolio is exposed is difficult to hedge or to hedge against the dollar. Proxy
hedging entails entering into a commitment or option to sell a currency whose
changes in value are generally considered to be correlated to a currency or
currencies in which some or all of the Fund's portfolio securities are or are
expected to be denominated, in exchange for US dollars. Currency hedging
involves some of the same risks and considerations as other transactions with
similar instruments. Currency transactions can result in losses to the Fund if
the currency being hedged fluctuates in value to a degree or in a direction that
is not anticipated. Further, there is the risk that the perceived correlation
between various currencies may not be present or may not be present during the
particular time that the Fund is engaging in proxy hedging. If the Fund enters
into a currency hedging transaction, the Fund will comply with the asset
segregation requirements described above.


Risks of Currency Transactions. Currency transactions are subject to risks
different from those of other portfolio transactions. Because currency control
is of great importance to the issuing governments and influences economic
planning and policy, purchases and sales of currency and related instruments can
be negatively affected by government exchange controls, blockages, and
manipulations or exchange restrictions imposed by governments. These can result
in losses to the Fund if it is unable to deliver or receive currency or funds in
settlement of obligations and could also cause hedges it has entered into to be
rendered useless, resulting in full currency exposure as well as incurring
transaction costs. Buyers and sellers of currency futures are subject to the
same risks that apply to the use of futures generally. Further, settlement of a
currency futures contract for the purchase of most currencies must occur at a
bank based in the issuing nation. Trading options on currency futures is
relatively new, and the ability to establish and close out positions on such
options is subject to the maintenance of a liquid market which may not always be
available. Currency exchange rates may fluctuate based on factors extrinsic to
that country's economy.

Risks of Strategic Transactions Outside the US. When conducted outside the US,
Strategic Transactions may not be regulated as rigorously as in the US, may not
involve a clearing mechanism and related guarantees, and are subject to the risk
of governmental actions affecting trading in, or the prices of, foreign
securities, currencies and other instruments. The value of such positions also
could be adversely affected by: (i) other complex foreign political, legal and
economic factors, (ii) lesser availability than in the US of data on which to
make trading decisions, (iii) delays in the Fund's ability to act upon economic
events occurring in foreign markets during non-business hours in the US, (iv)
the imposition of different exercise and settlement terms and procedures and
margin requirements than in the US, and (v) lower trading volume and liquidity.

Swaps, Caps, Floors and Collars. Among the Strategic Transactions into which the
Fund may enter are interest rate, currency, index and other swaps and the
purchase or sale of related caps, floors and collars. The Fund expects to enter
into these transactions primarily to preserve a return or spread on a particular
investment or portion of its portfolio, to protect against currency
fluctuations, as a duration management technique or to protect against any
increase in the price of securities the fund anticipates purchasing at a later
date. The Fund will not sell interest rate caps or floors where it does not own
securities or other instruments providing the income stream the fund may be
obligated to pay. Interest rate swaps involve the exchange by the fund with
another party of their respective commitments to pay or receive interest, e.g.,
an exchange of floating rate payments for fixed rate payments with respect to a
notional amount of principal. A currency swap is an agreement to exchange cash
flows on a notional amount of two or more currencies based on the relative value
differential among them and an index swap is an agreement to swap cash flows on
a notional amount based on changes in the values of the reference indices. The
purchase of a cap entitles the purchaser to receive payments on a notional
principal amount from the party selling such cap to the extent that a specified
index exceeds a predetermined interest rate or amount. The purchase of a floor
entitles the purchaser to receive payments on a notional principal amount from
the party selling such floor to the extent that a specified index falls below a
predetermined interest rate or amount. A collar is a combination of a cap and a
floor that preserves a certain return within a predetermined range of interest
rates or values.

Combined Transactions. The Fund may enter into multiple transactions, including
multiple options transactions, multiple futures transactions, multiple currency
transactions (including forward currency contracts) and multiple interest rate
transactions and any combination of futures, options, currency and interest rate
transactions ("component" transactions), instead of a single Strategic
Transaction, as part of a single or combined strategy when, in the opinion of
the Advisor, it is in the best interests of the Fund to do so. A combined
transaction will usually contain elements of risk that are present in each of
its component transactions. Although combined transactions are normally entered
into based on the Advisor's judgment that the combined strategies will reduce
risk or otherwise more effectively achieve the desired portfolio management
goal, it is possible that the combination will instead increase such risks or
hinder achievement of the portfolio management objective.



Supranational Entities


Supranational entities are international organizations designated or supported
by governmental entities to promote economic reconstruction or development and
international banking institutions and related government agencies. Examples
include the International Bank for Reconstruction and Development (the World
Bank), the European Coal and Steel Community (now the European Union), The Asian
Development Bank and the InterAmerican Development Bank. Obligations of
supranational entities are backed by the guarantee of one or more foreign
governmental parties which sponsor the entity.


Participation Notes

The fund may purchase participation notes to gain single stock or broader market
exposure when direct local market investment is not possible.

Portfolio Holdings Information

In addition to the public disclosure of Fund portfolio holdings through required
SEC quarterly filings, the Fund may make its portfolio holdings information
publicly available on the DWS Funds' Web site as described in the Fund's
prospectus. The Fund does not disseminate non-public information about portfolio
holdings except in accordance with policies and procedures adopted by the Fund.


The Fund's procedures permit non-public portfolio holdings information to be
shared with Deutsche Asset Management and its affiliates (collectively "DeAM"),
subadvisors, if any, custodians, independent registered public accounting firms,
attorneys, officers and trustees/directors and each of their respective
affiliates and advisers who require access to this information to fulfill their
duties to the Fund and are subject to the duties of confidentiality, including
the duty not to trade on non-public information, imposed by law or contract, or
by the Fund's procedures. This non-public information may also be disclosed,
subject to the requirements described below, to certain third parties, such as
securities lending agents, financial printers, proxy voting firms, mutual fund
analysts and rating and tracking agencies, or to shareholders in connection with
in-kind redemptions (collectively, "Authorized Third Parties").


Prior to any disclosure of the Fund's non-public portfolio holdings information
to Authorized Third Parties, a person authorized by the Fund's Directors must
make a good faith determination in light of the facts then known that the Fund
has a legitimate business purpose for providing the information, that the
disclosure is in the best interest of the Fund, and that the recipient assents
or otherwise has a duty to keep the information confidential and to not trade
based on the information received while the information remains non-public. No
compensation is received by the Fund or DeAM for disclosing non-public holdings
information. Periodic reports regarding these procedures will be provided to the
Fund's Directors.


Portfolio holdings information distributed by the trading desks of DeAM or a
subadvisor for the purpose of facilitating efficient trading of such securities
and receipt of relevant research is not subject to the foregoing requirements.
Non-public portfolio holding information does not include portfolio
characteristics (other than holdings or subsets of holdings) about the Fund and
information derived therefrom, including, but not limited to, how the Fund's
investments are divided among various sectors, industries, countries, value and
growth stocks, bonds, currencies and cash, types of bonds, bond maturities,
duration, bond coupons and bond credit quality ratings so long as the identity
of the Fund's holdings could not be derived from such information.


Registered investment companies that are subadvised by DeAM may be subject to
different portfolio holdings disclosure policies, and neither DeAM nor the
Fund's Directors exercise control over such policies. In addition, separate
account clients of DeAM have access to their portfolio holdings and are not
subject to the Fund's portfolio holdings disclosure policy. The portfolio
holdings of some of the funds subadvised by DeAM and some of the separate
accounts managed by DeAM may substantially overlap with the portfolio holdings
of the Fund.

DeAM also manages certain unregistered commingled trusts and creates model
portfolios, the portfolio holdings of which may substantially overlap with the
portfolio holdings of the Fund. To the extent that investors in these commingled
trusts or recipients of model portfolio holdings information may receive
portfolio holdings information of their trust or of a model portfolio on a
different basis from that on which Fund portfolio holdings information is made
public, DeAM has implemented procedures reasonably designed to encourage such
investors and recipients to keep such information confidential, and to prevent
those investors from trading on the basis of non-public holdings information.

There is no assurance that the Fund's policies and procedures with respect to
the disclosure of portfolio holdings information will protect the Fund from the
potential misuse of portfolio holdings information by those in possession of
that information.

                             MANAGEMENT OF THE FUND

Investment Advisor


DIMA, which is part of DeAM, is the investment advisor for the Fund. Under the
supervision of the Board of Directors of the Fund, with headquarters at 345 Park
Avenue, New York, New York, DIMA makes the Fund's investment decisions, buys and
sells securities for the Funds and conducts research that leads to these
purchase and sale decisions. The Advisor manages the Fund's daily investment and
business affairs subject to the policies established by the Fund's Board of
Directors. DIMA and its predecessors have more than 80 years of experience
managing mutual funds. DIMA provides a full range of investment advisory
services to institutional and retail clients. The Fund's investment advisor is
also responsible for selecting brokers and dealers and for negotiating brokerage
commissions and dealer charges.

DeAM is the marketing name in the US for the asset management activities of
Deutsche Bank AG, DIMA, Deutsche Bank Trust Company Americas and DWS Trust
Company. DeAM is a global asset management organization that offers a wide range
of investing expertise and resources, including hundreds of portfolio managers
and analysts and an office network that reaches the world's major investment
centers. This well-resourced global investment platform brings together a wide
variety of experience and investment insight, across industries, regions, asset
classes and investing styles. DIMA is an indirect, wholly-owned subsidiary of
Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is
engaged in a wide range of financial services, including investment management,
mutual fund, retail, private and commercial banking, investment banking and
insurance. DWS Investments is part of Deutsche Bank's Asset Management division
and, within the US, represents the retail asset management activities of
Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment
Management Americas Inc. and DWS Trust Company.


The Advisor provides investment counsel for many individuals and institutions,
including insurance companies, industrial corporations, and financial and
banking organizations, as well as providing investment advice to open- and
closed-end SEC registered funds.

Investment Management Agreement


Pursuant to the investment management agreement between DIMA and the Corporation
on behalf of the Fund (the "Investment Management Agreement"), the Advisor
provides continuing investment management of the assets of the Fund. In addition
to the investment management of the assets of the Fund, the Advisor determines
the investments to be made for the Fund, including what portion of its assets
remain uninvested in cash or cash equivalents, and with whom the orders for
investments are placed, consistent with the Fund's policies or as adopted by the
Fund's Board of Directors. The Advisor will also monitor, to the extent not
monitored by the Fund's administrator or other agent, the Fund's compliance with
its investment and tax guidelines and other compliance policies. Prior to March
31, 2007, Investment Company Capital Corporation ("ICCC") was the investment
advisor to the Fund. Effective March 31, 2007, ICCC merged into DIMA. As a
result of the merger, DIMA is now the investment advisor to the Fund.


The Advisor provides assistance to the Fund's Board in valuing the securities
and other instruments held by the Fund, to the extent reasonably required by
valuation policies and procedures that may be adopted by the Fund.

Pursuant to the Investment Management Agreement, (unless otherwise provided in
the agreement or as determined by the Fund's Board and to the extent permitted
by applicable law), the Advisor pays the compensation and expenses of all the
Board members, officers, and executive employees of the Fund, including the
Fund's share of payroll taxes, who are affiliated persons of the Advisor.

The Investment Management Agreement provides that the Fund is generally
responsible for expenses that include: fees payable to the Advisor; outside
legal, accounting or auditing expenses including with respect to expenses
related to negotiation, acquisition or distribution of portfolio investments;
maintenance of books and records that are maintained by the Fund, the Fund's
custodian, or other agents of the Fund; taxes and governmental fees; fees and
expenses of the Fund's accounting agent, custodian, sub-custodians,
depositories, transfer agents, dividend reimbursing agents and registrars;
payment for portfolio pricing or valuation services to pricing agents,
accountants, bankers and other specialists, if any; brokerage commissions or
other costs of acquiring or disposing of any portfolio securities or other
instruments of the Fund; and litigation expenses and other extraordinary
expenses not incurred in the ordinary course of the Fund's business.

The Investment Management Agreement allows the Advisor to delegate any of its
duties under the Agreement to a sub-advisor, subject to a majority vote of the
Board of the Corporation, including a majority of the Board of Directors who are
not interested persons of the Fund, and, if required by applicable law, subject
to a majority vote of the Fund's shareholders.

The Investment Management Agreement provides that the Advisor shall 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 agreement relates, except a
loss resulting from willful malfeasance, bad faith or gross negligence on the
part of the Advisor in the performance of its duties or from reckless disregard
by the Advisor of its obligations and duties under the agreement. The Investment
Management Agreement may be terminated at any time, without payment of penalty,
by either party or by vote of a majority of the outstanding voting securities of
the Fund on 60 days' written notice.

The Advisor provides investment counsel for many individuals and institutions,
including insurance companies, industrial corporations, and financial and
banking organizations, as well as providing investment advice to open- and
closed-end SEC registered funds.

In certain cases, the investments for the Fund are managed by the same
individuals who manage one or more other mutual funds advised by the Advisor
that have similar names, objectives and investment styles. You should be aware
that the Fund is likely to differ from these other mutual funds in size, cash
flow pattern and tax matters. Accordingly, the holdings and performance of the
Fund can be expected to vary from those of these other mutual funds.


From time to time, Deutsche Bank or an affiliate (collectively, "DB") may at its
sole discretion invest its own assets in shares of the Fund ("proprietary
investment") for such purposes it deems appropriate, including investments
designed to assist in the management of the Fund's portfolio. Any proprietary
investment may be hedged and, in that event, the return on the proprietary
investment, net of the effect of the hedge, would be expected to differ from the
return of the Fund. DB has no obligation to make any proprietary investments and
the amount of any proprietary investment this is made may or may not be
significant in comparison to the level of assets of the Fund. In the event that
a proprietary investment is made, except as otherwise required under the
Investment Company Act of 1940, DB would be permitted to redeem the investment
at such time that it deems appropriate.


The Board and shareholders have approved a new subadvisor approval policy for
the Fund (the "Sub-advisor Approval Policy"). The Sub-advisor Approval Policy
permits the Advisor, subject to the approval of the Board, including a majority
of its independent board members, to appoint and replace sub-advisors and to
amend sub-advisory contracts without obtaining shareholder approval. Under the
Sub-advisor Approval Policy, the Board, including its independent board members,
will continue to evaluate and approve all new sub-advisory contracts between the
Advisor and any subadvisor, as well as all changes to any existing sub-advisory
contract. The Fund cannot implement the Sub-advisor Approval Policy without the
SEC either adopting revisions to current rules (as it proposed to do in October
2003) or granting the Fund exemptive relief from existing rules. The Fund and
the Advisor would be subject to certain conditions imposed by the SEC (and
certain conditions that may be imposed in the future within either exemptive
relief or a rule) to ensure that the interests of the Fund and its shareholders
are adequately protected whenever the Advisor acts under the Sub-advisor
Approval Policy, including any shareholder notice requirements.


In reviewing the terms of the Investment Management Agreement and in discussions
with the Advisor concerning such Agreement, the Directors of the Corporation who
are not "interested persons" of the Advisor are represented by independent
counsel at the Fund's expense.


As compensation for its services, the Advisor is entitled to receive a fee from
the Fund, calculated daily and paid monthly, at the following annual rates based
upon the Fund's average daily net assets: 1.00% of the first $100 million, 0.90%
of the next $100 million, 0.85% of the next $100 million, 0.80% of the next $200
million, 0.73% of the next $500 million, 0.68% of the next $500 million and
0.65% of that portion exceeding $1.5 billion.


For the year ended December 31, 2006, the investment management fee aggregated
$3,102,175, which was equivalent to an annual effective rate of 0.90% of the
Fund's average daily net assets. For the year ended December 31, 2007, the
investment management fee aggregated $3,196,146, which was equivalent to an
annual effective rate of 0.90% of the Fund's average daily net assets. For the
year ended December 31, 2008, the investment management fee aggregated
$1,735,274, of which $198,469 was waived, which was equivalent to an annual
effective rate of 0.84% of the Fund's average daily net assets.


The Advisor may enter into arrangements with affiliates and third party service
providers to perform various administrative, back-office and other services
relating to client accounts. Such service providers may be located in the US or
in non-US jurisdictions.

Under a separate agreement between Deutsche Bank AG and the Fund, Deutsche Bank
AG has granted a license to the Fund to utilize the trademark "DWS."



Termination of Subadvisor

On March 5, 2008, the Fund's Board Members approved the termination of Alex.
Brown Investment Management ("ABIM") as the Fund's Subadvisor. Effective March
15, 2008, the Advisor assumed all day-to-day responsibilities that were
previously delegated to ABIM.


The Advisor paid ABIM subadvisory fees of $2,020,220 and $2,079,522 for the
fiscal years ended December 31, 2006, and 2007, respectively. For the period
from January 1, 2008 through March 15, 2008, the Advisor paid ABIM a subadvisory
fee of $377,376.


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
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 Fund's portfolio manager 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 the Fund's most recent fiscal year
end.

                                Dollar Range of        Dollar Range of All DWS
Name of Portfolio Manager      Fund Shares Owned          Fund Shares Owned
-------------------------      -----------------          -----------------

Ralf Oberbannscheidt                   $0                         $0

Conflicts of Interest

In addition to managing the assets of the Fund, the Fund's portfolio manager may
have responsibility for managing other client accounts of the Advisor or its
affiliates. The tables below show, for the 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 the portfolio manager. Total assets attributed to the
portfolio managers in the tables below include total assets of each account
managed by them, although the managers 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 provided as of
the Fund's most recent fiscal year end.

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>

Ralf Oberbannscheidt                       3             $589,631,020                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
-------------------------             --------             --------              ---------             --------

Ralf Oberbannscheidt                      5             $1,493,612,487               0                    $0

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

Ralf Oberbannscheidt                      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 Fund
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 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.




Code of Ethics

The Fund, the Advisor, and the Distributor have each adopted codes of ethics
under Rule 17j-1 under the 1940 Act. Board members, officers of the Fund and
employees of the Advisor and Distributor are permitted to make personal
securities transactions, including transactions in securities that may be
purchased or held by the Fund, subject to requirements and restrictions set
forth in the applicable Code of Ethics. The Advisor's Code of Ethics contains
provisions and requirements designed to identify and address certain conflicts
of interest between personal investment activities and the interests of the
Fund. Among other things, the Advisor's Code of Ethics prohibits certain types
of transactions absent prior approval, imposes time periods during which
personal transactions may not be made in certain securities, and requires the
submission of duplicate broker confirmations and quarterly reporting of
securities transactions. Additional restrictions apply to portfolio managers,
traders, research analysts and others involved in the investment advisory
process. Exceptions to these and other provisions of the Advisor's Code of
Ethics may be granted in particular circumstances after review by appropriate
personnel.

Regulatory Matters and Legal Proceedings


On December 21, 2006, DeAM settled proceedings with the SEC and the New York
Attorney General on behalf of Deutsche Asset Management, Inc. ("DAMI") and DIMA,
the investment advisors to many of the DWS Investments funds, regarding
allegations of improper trading of fund shares at DeAM and at the legacy Scudder
and Kemper organizations prior to their acquisition by DeAM in April 2002. These
regulators alleged that although the prospectuses for certain funds in the
regulators' view indicated that the funds did not permit market timing, DAMI and
DIMA breached their fiduciary duty to those funds in that their efforts to limit
trading activity in the funds were not effective at certain times. The
regulators also alleged that DAMI and DIMA breached their fiduciary duty to
certain funds by entering into certain market timing arrangements with
investors. These trading arrangements originated in businesses that existed
prior to the currently constituted DeAM organization, which came together as a
result of various mergers of the legacy Scudder, Kemper and Deutsche fund
groups, and all of the arrangements were terminated prior to the start of the
regulatory investigations that began in the summer of 2003. No current DeAM
employee approved these trading arrangements. Under the terms of the
settlements, DAMI and DIMA neither admitted nor denied any wrongdoing.


The terms of the SEC settlement, which identified improper trading in the legacy
Deutsche and Kemper mutual funds only, provide for payment of disgorgement in
the amount of $17.2 million. The terms of the settlement with the New York
Attorney General provide for payment of disgorgement in the amount of $102.3
million, which is inclusive of the amount payable under the SEC settlement, plus
a civil penalty in the amount of $20 million. The total amount payable by DeAM,
approximately $122.3 million, will be distributed to shareholders of the
affected funds in accordance with a distribution plan to be developed by a
distribution consultant. The funds' investment advisors do not believe these
amounts will have a material adverse financial impact on them or materially
affect their ability to perform under their investment management agreements
with the DWS funds. The above-described amounts are not material to Deutsche
Bank, and have already been reserved.

Among the terms of the settled orders, DeAM is subject to certain undertakings
regarding the conduct of its business in the future, including formation of a
Code of Ethics Oversight Committee to oversee all matters relating to issues
arising under the advisors' Code of Ethics; establishment of an Internal
Compliance Controls Committee having overall compliance oversight responsibility
of the advisors; engagement of an Independent Compliance Consultant to conduct a
comprehensive review of the advisors' supervisory compliance and other policies
and procedures designed to prevent and detect breaches of fiduciary duty,
breaches of the Code of Ethics and federal securities law violations by the
advisors and their employees; and commencing in 2008, the advisors shall undergo
a compliance review by an independent third party.

In addition, DeAM is subject to certain further undertakings relating to the
governance of the mutual funds, including that at least 75% of the members of
the Boards of Trustees/Directors overseeing the DWS Funds continue to be
independent of DeAM; the Chairmen of the DWS Funds' Boards of Trustees/Directors
continue to be independent of DeAM; DeAM maintain existing management fee
reductions for certain funds for a period of five years and not increase
management fees for these certain funds during this period; the funds retain a
senior officer (or independent consultants, as applicable) responsible for
assisting in the review of fee arrangements and monitoring compliance by the
funds and the investment advisors with securities laws, fiduciary duties, codes
of ethics and other compliance policies, the expense of which shall be borne by
DeAM; and periodic account statements, fund prospectuses and the mutual funds'
web site contain additional disclosure and/or tools that assist investors in
understanding the fees and costs associated with an investment in the funds and
the impact of fees and expenses on fund returns.

DeAM has also settled proceedings with the Illinois Secretary of State regarding
market timing matters. The terms of the Illinois settlement provide for investor
education contributions totaling approximately $4 million and a payment in the
amount of $2 million to the Securities Audit and Enforcement Fund.


On September 28, 2006, the SEC and the National Association of Securities
Dealers ("NASD") (now known as the Financial Industry Regulatory Authority, or
"FINRA") announced final agreements in which Deutsche Investment Management
Americas Inc. ("DIMA"), Deutsche Asset Management, Inc. ("DAMI") and DWS Scudder
Distributors, Inc. (now known as DWS Investments Distributors, Inc. ("DIDI"))
settled administrative proceedings regarding disclosure of brokerage allocation
practices in connection with sales of the DWS Funds' (now known as the DWS
Investments Funds) shares during 2001-2003. The agreements with the SEC and NASD
are reflected in orders which state, among other things, that DIMA and DAMI
failed to disclose potential conflicts of interest to the funds' Boards and to
shareholders relating to DIDI's use of certain funds' brokerage commissions to
reduce revenue sharing costs to broker-dealer firms with whom it had
arrangements to market and distribute DWS Fund shares. These directed brokerage
practices were discontinued in October 2003.





Under the terms of the settlements, in which DIMA, DAMI and DIDI neither
admitted nor denied any of the regulators' findings, DIMA, DAMI and DIDI agreed
to pay disgorgement, prejudgment interest and civil penalties in the total
amount of $19.3 million. The portion of the settlements distributed to the funds
was approximately $17.8 million and was paid to the funds as prescribed by the
settlement orders based upon the amount of brokerage commissions from each fund
used to satisfy revenue sharing agreements with broker-dealers who sold fund
shares.

As part of the settlements, DIMA, DAMI and DIDI also agreed to implement certain
measures and undertakings relating to revenue sharing payments including making
additional disclosures in the funds' Prospectuses or Statements of Additional
Information, adopting or modifying relevant policies and procedures and
providing regular reporting to the fund Boards.

Additional information announced by DeAM regarding the terms of the settlements
is available at www.dws-investments.com/regulatory_settlements.


The matters alleged in the regulatory settlements described above also serve as
the general basis of a number of private class action lawsuits involving the DWS
funds. These lawsuits name as defendants various persons, including certain DWS
funds, the funds' investment advisors and their affiliates, and certain
individuals, including in some cases fund Trustees/Directors, officers, and
other parties. Each DWS fund's investment advisor has agreed to indemnify the
applicable DWS funds in connection with these lawsuits, or other lawsuits or
regulatory actions that may be filed making similar allegations.

Based on currently available information, the funds' investment advisors believe
the likelihood that the pending lawsuits will have a material adverse financial
impact on a DWS fund is remote and such actions are not likely to materially
affect their ability to perform under their investment management agreements
with the DWS funds.

                             FUND SERVICE PROVIDERS

Administrator

The Fund has entered into an administrative services agreement with DIMA (the
"Administrative Services Agreement"), pursuant to which the Advisor provides
administrative services to the Fund including, among others, providing the Fund
with personnel, preparing and making required filings on behalf of the Fund,
maintaining books and records for the Fund, and monitoring the valuation of Fund
securities. For all services provided under the Administrative Services
Agreement, the Fund pays the Advisor a fee, computed daily and paid monthly, of
0.100% of the Fund's net assets.

Under the Administrative Services Agreement, the Advisor is obligated on a
continuous basis to provide such administrative services as the Board of the
Fund reasonably deems necessary for the proper administration of the Fund. The
Advisor provides the Fund with personnel; arranges for the preparation and
filing of the Fund's tax returns; prepares and submits reports and meeting
materials to the Board and the shareholders; prepares and files updates to the
Fund's Prospectuses and Statement of Additional Information as well as other
reports required to be filed by the SEC; maintains the Fund's records; provides
the Fund with office space, equipment and services; supervises, negotiates the
contracts of and monitors the performance of third parties contractors; oversees
the tabulation of proxies; monitors the valuation of portfolio securities and
monitors compliance with Board-approved valuation procedures; assists in
establishing the accounting and tax policies of the Fund; assists in the
resolution of accounting issues that may arise with respect to the Fund;
establishes and monitors the Fund's operating expense budgets; reviews and
processes the Fund's bills; assists in determining the amount of dividends and
distributions available to be paid by the Fund, prepares and arranges dividend
notifications and provides information to agents to effect payments thereof;
provides to the Board periodic and special reports; provides assistance with
investor and public relations matters; and monitors the registration of shares
under applicable federal and state law. The Advisor also performs certain fund
accounting services under the Administrative Services Agreement. The
Administrative Services Agreement provides that the Advisor will not be liable
under the Administrative Services Agreement except for willful misfeasance, bad
faith or negligence in the performance of its duties or from the reckless
disregard by it of its duties and obligations thereunder.

Pursuant to an agreement between the Administrator and State Street Bank and
Trust Company ("SSB"), the Administrator has delegated certain administrative
functions to SSB. The costs and expenses of such delegation are borne by the
Administrator, not by the Fund.


Prior to July 1, 2006, ICCC was the Administrator for the Fund. . For the year
the period from January 1, 2006 through June 30, 2006, fees paid to ICCC
aggregated $255,669, all of which was waived. For the period July 1, 2006
through December 31, 2006, DIMA received an administration fee of $173,576. For
the year ended December 31, 2007, DIMA received an administration fee of
$355,796 of which $25,444 was unpaid. For the year ended December 31, 2008, DIMA
received an administration fee of $182,705, of which $7,787 is unpaid.

Pursuant to DeAM procedures approved by the Boards on behalf of the DWS funds,
proof of claim forms are routinely filed on behalf of the DWS funds by a third
party service provider, with certain limited exceptions. The Boards of the DWS
funds receive periodic reports regarding the implementation of these procedures.


Distributor


DIDI, an affiliate of the Advisor, serves as the distributor of the Fund's
shares pursuant to the Distribution Agreement. The terms and conditions of the
Distribution Agreement are exactly the same as the Distribution Agreement with
ICC Distributors, Inc., the former distributor of the Fund. DIDI has entered
into a Selling Group Agreement with certain broker-dealers (each a
"Participating Dealer"). If a Participating Dealer previously had agreements in
place with DIDI and ICC Distributors, Inc., the DIDI Agreement will control. If
the Participating Dealer did not have an agreement with DIDI, then the terms of
the assigned ICC Distributors, Inc. agreement will remain in effect. These
Selling Group Agreements may be terminated by their terms or by the terms of the
Distribution Agreement, as applicable. DIDI is a wholly-owned subsidiary of
Deutsche Bank AG. The address for DIDI is 222 South Riverside Plaza, Chicago, IL
60606.

The Distribution Agreement provides that DIDI shall; (i) use reasonable efforts
to sell Shares upon the terms and conditions contained in the Distribution
Agreement and the Fund's then current Prospectuses; (ii) use its best efforts to
conform with the requirements of all federal and state laws relating to the sale
of the Shares; (iii) adopt and follow procedures as may be necessary to comply
with the requirements of the NASD and any other applicable self-regulatory
organization; (iv) perform its duties under the supervision of and in accordance
with the directives of the Fund's Board of Directors and the Fund's Articles of
Incorporation and By-Laws; and (v) provide the Fund's Board of Directors with a
written report of the amounts expended in connection with the Distribution
Agreement. DIDI shall devote reasonable time and effort to effect sales of
Shares but shall not be obligated to sell any specific number of Shares. The
services of DIDI are not exclusive, and DIDI shall not be liable to the Fund or
its shareholders for any error of judgment or mistake of law, for any losses
arising out of any investment, or for any action or inaction of DIDI in the
absence of bad faith, willful misfeasance or gross negligence in the performance
of its duties or obligations under the Distribution Agreement or by reason of
its reckless disregard of its duties and obligations under the Distribution
Agreement. The Distribution Agreement further provides that the Fund and DIDI
will mutually indemnify each other for losses relating to disclosures in the
Fund's registration statement.


The Distribution Agreement may be terminated at any time upon 60 days' written
notice by the Fund, without penalty, by the vote of a majority of the Fund's
Independent Directors or by a vote of a majority of the Fund's outstanding
shares of the related class (as defined under "Investment Restrictions") or upon
60 days' written notice by the Distributor and shall automatically terminate in
the event of an assignment. The Distribution Agreement has an initial term of
one year from the date of effectiveness. It shall continue in effect thereafter
with respect to each class of the Fund provided that it is approved at least
annually by (i) a vote of a majority of the outstanding voting securities of the
related class of the Fund or (ii) a vote of a majority of the Fund's Board of
Directors including a majority of the Independent Directors and, with respect to
each class of the Fund for which there is a plan of distribution, so long as
such plan of distribution is approved at least annually by the Independent
Directors in person at a meeting called for the purpose of voting on such
approval.


DIDI and certain Participating Dealers have entered into Sub-Distribution
Agreements under which such broker-dealers have agreed to process investor
purchase and redemption orders and respond to inquiries from Fund shareholders
concerning the status of their accounts and the operations of the Fund. Any
Sub-Distribution Agreement may be terminated or assigned by either party,
without penalty, upon ten days' written notice to the other party. Any
Sub-Distribution Agreement may also be terminated at any time without penalty by
the vote of a majority of the Fund's Independent Directors or by the vote of a
majority of the outstanding voting securities of the Fund in the same manner as
the Distribution Agreement.


Class A, B and C Shares Only. With respect to Class A, B and C shares of the
Fund, these classes may enter into shareholder servicing agreements with certain
financial institutions to act as shareholder servicing agents, pursuant to which
the Distributor will allocate a portion of its distribution fee as compensation
for such financial institutions' ongoing shareholder services. The Fund may also
enter into shareholder servicing agreements pursuant to which the Advisor or its
affiliates will provide compensation out of its own resources for ongoing
shareholder services. Currently, banking laws and regulations do not prohibit a
financial holding company affiliate from acting as distributor or shareholder
servicing agent or in other capacities for investment companies. Should future
legislative, judicial or administrative action prohibit or restrict the
activities of the shareholder servicing agents in connection with the
shareholder servicing agreements, the Fund may be required to alter materially
or discontinue its arrangements with the shareholder servicing agents. Such
financial institutions may impose separate fees in connection with these
services and investors should review the Prospectuses and this SAI in
conjunction with any such institution's fee schedule.

As compensation for providing distribution and shareholder services as described
above for the Class A shares, the Distributor receives an annual fee, paid
monthly, equal to 0.25% of the average daily net assets of the Class A shares.
With respect to the Class A shares, the Distributor expects to allocate up to
all of its fee to Participating Dealers and shareholder servicing agents.
Shareholders of Class B and Class C of the Funds have recently approved Amended
and Restated Rule 12b-1 Plans (each, an "Amended Plan") for those classes. Under
the Amended Plan, the Fund will pay a shareholder servicing fee at an annual
rate of up to 0.25% of the average daily net assets of its Class B and Class C
shares to its Distributor in addition to a distribution fee at an annual rate of
up to 0.75% of such assets. Pursuant to each Amended Plan, shareholder and
administrative services are provided to the Fund on behalf of its Class B and C
shareholders under the Fund's Services Agreement with its Distributor. Because
12b-1 fees are paid out of Fund assets on an ongoing basis, they will, over
time, increase the cost of an investment and may cost more than other types of
sales charges.

The Amended Plans for Class B and Class C shares provide alternative methods for
paying sales charges and may help the Fund grow or maintain asset levels to
provide operational efficiencies and economies of scale. Rule 12b-1 service
plans provide compensation to the Fund's Distributor for post-sales servicing.
Since each Distribution Agreement provides for fees payable as an expense of the
Class B shares and the Class C shares that are used by the Distributor to pay
for distribution and services for those classes, the agreement is approved and
reviewed separately for the Class B shares and the Class C shares in accordance
with Rule 12b-1 under the 1940 Act, which regulates the manner in which an
investment company may, directly or indirectly, bear the expenses of
distributing its shares. The Distribution Agreement may not be amended to
increase the fee to be paid by a Fund with respect to a class without approval
by a majority of the outstanding voting securities of such class of the Fund.
Similarly, the Services Agreement is approved and reviewed separately for the
Class A shares, Class B shares and Class C shares in accordance with Rule 12b-1.

In approving the 12b-1 Plans, the Directors concluded, in the exercise of
reasonable business judgment, that there was a reasonable likelihood that the
12b-1 Plans would benefit the Fund and its shareholders. The 12b-1 Plans will be
renewed only if the Directors make a similar determination in each subsequent
year. The 12b-1 Plans may not be amended to increase materially the fee to be
paid pursuant to the Distribution Agreement without the approval of the
shareholders of the respective class. The 12b-1 Plans may be terminated at any
time by the vote of a majority of the Independent Directors or by a vote of a
majority of the Fund's outstanding shares.

During the continuance of the 12b-1 Plans, the Directors will be provided for
their review, at least quarterly, a written report concerning the payments made
under the 12b-1 Plans to the Distributor pursuant to the Distribution Agreement
and to Participating Dealers pursuant to any Sub-Distribution Agreements. Such
reports shall be made by the persons authorized to make such payments. In
addition, as long as the 12b-1 Plans are in effect, the selection and nomination
of the Independent Directors will be committed to the discretion of the
Independent Directors then in office.


If a Rule 12b-1 Plan is terminated in accordance with its terms, the obligation
of the Fund to make payments to DIDI pursuant to the Rule 12b-1 Plan will cease
and the Fund will not be required to make any payments not previously accrued
past the termination date. Thus, there is no legal obligation for the Fund to
pay any expenses incurred by DIDI other than fees previously accrued and payable
under a Rule 12b-1 Plan, if for any reason the Rule 12b-1 Plan is terminated in
accordance with its terms. Future fees under the Rule 12b-1 Plan may or may not
be sufficient to cover DIDI for its expenses incurred. On the other hand, under
certain circumstances, DIDI might collect in the aggregate over certain periods
more in fees under the Rule 12b-1 Plan than it has expended over that same
period in providing distribution services for the Fund. In connection with Class
B shares, for example, if shares of the Fund were to appreciate (resulting in
greater asset base against which Rule 12b-1 fees are charged) and sales of the
Fund's shares were to decline (resulting in lower expenditures by DIDI under the
Rule 12b-1 Plan), fees payable could exceed expenditures. This may also happen
over certain periods shorter than the life of the Rule 12b-1 Plan simply due to
the timing of expenses incurred by DIDI that is not matched to the timing of
revenues received (e.g., a sales commission may be paid by DIDI related to an
investment in year 1, while the Rule 12b-1 fee to DIDI related to that
investment may accrue during year 1 through year 6 prior to conversion of the
investment to Class A shares). As a result, if DIDI's expenses are less than the
Rule 12b-1 fees, DIDI will retain its full fees and make a profit.


Expenses of the Fund paid in connection with the Rule 12b-1 Plan for each class
of shares are set forth below for the most recent year for which information is
available. A portion of the marketing and sales and operating expenses shown
below could be considered overhead expenses.





------------------- ------------ -----------------------------------------------
                                   12b-1 Compensation to Underwriter and Firms
                                   for the Fiscal Year Ended December 31, 2008
------------------- ------------ -----------------------------------------------
                                     12b-1           12b-1            12b-1

                Distribution Shareholder Compensation Promotional
                                     Fees        Services Fees    Paid to Firms
------------------- ------------ -------------- ----------------- --------------
DWS                 Class A                 $0          $405,268        $419,380
Communications
Fund
------------------- ------------ -------------- ----------------- --------------
                    Class B            $17,474            $5,206         $12,516
------------------- ------------ -------------- ----------------- --------------
                    Class C            $52,584           $13,871         $67,581
------------------- ------------ -------------- ----------------- --------------




<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
                      Other Expenses Paid by Underwriter for the
                         Fiscal Year Ended December 31, 2008
---------------------------------------------------------------------------------------
<S>                     <C>           <C>              <C>            <C>
Advertising, Sales,
   Literature and
    Promotional        Prospectus    Marketing and    Postage and
     Materials          Printing     Sales Expenses     Mailing       Imputed Interest
--------------------- -------------- --------------- --------------- ------------------
          $50,034            $3,158        $276,427          $5,455                 $0
--------------------- -------------- --------------- --------------- ------------------
             $875               $53          $2,398            $111         $1,125,451
--------------------- -------------- --------------- --------------- ------------------
           $1,130               $69          $2,409            $184                 $0
--------------------- -------------- --------------- --------------- ------------------

</TABLE>


The Fund's distributor received deferred sales charges which were assessed on
certain redemptions of Class A shares and contingent deferred sales charges on
the Class B and Class C shares in the following amounts:

<TABLE>
<CAPTION>

Class                                            Fiscal Year Ended    Fiscal Year Ended       Fiscal Year
                                                      12/31/08             12/31/07          Ended 12/31/06
                                                      --------             --------          --------------

                                                                           Received            Received
                                                                           --------            --------


<S>                                                         <C>                 <C>               <C>
Class A Contingent Deferred Sales Charge                    $47                 $114              $8,782
Class B Contingent Deferred Sales Charge                $13,234              $12,287             $48,207
Class C Contingent Deferred Sales Charge                   $910               $1,123                $995

</TABLE>



The Fund pays for all costs associated with its organization and registration
under the 1933 Act and the 1940 Act. Except as described elsewhere, the Fund
pays or causes to be paid all continuing expenses of the Fund, including,
without limitation: investment advisory and distribution fees; the charges and
expenses of any registrar, any custodian or depository appointed by the Fund for
the safekeeping of cash, portfolio securities and other property, and any
transfer, dividend or accounting agent or agents appointed by the Fund; brokers'
commissions chargeable to the Fund in connection with portfolio securities
transactions to which the Fund is a party; all taxes, including securities
issuance and transfer taxes, and fees payable by the Fund to federal, state or
other governmental agencies; the costs and expenses of engraving or printing of
certificates representing shares; all costs and expenses in connection with the
registration and maintenance of the Fund and its shares with the SEC and various
states and other jurisdictions (including filing fees, legal fees and
disbursements of counsel); the costs and expenses of printing, including
typesetting and distributing prospectuses and statements of additional
information of the Fund and supplements thereto to the Fund's shareholders; all
expenses of shareholders' and Directors' meetings and of preparing, printing and
mailing proxy statements and reports to shareholders; fees and travel expenses
of Directors and Director members of any advisory board or committee; all
expenses incident to the payment of any dividend, distribution, withdrawal or
redemption, whether in shares or in cash; charges and expenses of any outside
service used for pricing of the shares; fees and expenses of legal counsel,
including counsel to the Independent Directors, and of independent certified
public accountants, in connection with any matter relating to the Fund;
membership dues of industry associations; interest payable on Fund borrowings;
postage; insurance premiums on property or personnel (including Officers and
Directors) of the Fund that inure to its benefit; extraordinary expenses
(including, but not limited to, legal claims and liabilities and litigation
costs and any indemnification related thereto); and all other charges and costs
of the Fund's operation unless otherwise explicitly assumed by DIMA, ABIM or
DIDI.


Custodian

The Fund employs SSB, 225 Franklin Street, Boston, Massachusetts 02110, as
custodian. SSB has entered into agreements with foreign subcustodians approved
by the Directors pursuant to Rule 17f-5 under the 1940 Act. SSB uses Deutsche
Bank AG, an affiliate of the Investment Advisor, as subcustodian ("DB
Subcustodian") in certain countries. To the extent the Fund holds any securities
in the countries in which SSB uses DB Subcustodian as a subcustodian, those
securities will be held by DB Subcustodian as part of a larger omnibus account
in the name of SSB (the "Omnibus Account"). For its services, DB Subcustodian
receives (1) an annual fee based on a percentage of the average daily net assets
of the Omnibus Account and (2) transaction charges with respect to transactions
that occur within the Omnibus Account.

Transfer Agent


DWS Investments Services Company ("DISC" or the "Transfer Agent"), 210 W. 10th
Street, Kansas City, Missouri 64105-1614, an affiliate of the Advisor, serves as
transfer agent of the Fund pursuant to a transfer agency agreement. Under its
transfer agency agreement with the Corporation, DISC maintains the shareholder
account records for the Fund, handles certain communications between
shareholders and the Fund and causes to be distributed any dividends and
distributions payable by the Fund.

The Transfer Agent receives an annual service fee for each account of the Fund,
based on the type of account. For open retail accounts, the fee is a flat fee
ranging from $20.00 to $27.50 per account, for open wholesale money funds the
fee is $35.05 per account, while for certain retirement accounts serviced on the
recordkeeping system of ADP, Inc., the fee is a flat fee up to $3.80 per account
(as of 2008, indexed to inflation) plus an asset based fee of up to 0.25% of
average net assets. 1/12th of the annual service charge for each account is
charged and payable to the Transfer Agent each month. A fee is charged for any
account which at any time during the month had a share balance in the Fund.
Smaller fees are also charged for closed accounts for which information must be
retained on the Transfer Agent's system for up to 18 months after closing for
tax reporting purposes.




Certain out-of-pocket expenses incurred by the Transfer Agent, including
expenses of printing and mailing routine fund disclosure documents, costs of
record retention and transaction processing costs are reimbursed by the Fund or
are paid directly by the Fund. Certain additional out-of-pocket expenses,
including costs of computer hardware and software, third party record-keeping
and processing of proxy statements, may only be reimbursed by the Fund with the
prior approval of the Fund's Board.


For the fiscal year ended December 31, 2008, the amount charged to the Fund by
DISC aggregated $391,758 of which $391,758 was waived. For the fiscal year ended
December 31, 2007, the amount charged to the Fund by DISC aggregated $546,144 of
which $234,679 was waived. For the fiscal year ended December 31, 2006, the
amount charged to the Fund by DISC aggregated $534,968, of which $219,301 was
waived.

Pursuant to a sub-transfer  agency agreement  between DISC and DST Systems,
Inc. ("DST"),  DISC has delegated certain transfer agent,  dividend paying agent
and  shareholder  servicing  functions  to DST.  The costs and  expenses of such
delegation are borne by DISC, not by the Fund.


Legal Counsel


Ropes & Gray LLP, One International Place, Boston, MA 02110-2624, serves as
legal counsel to the Fund and to the Independent Directors.




Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP, 125 High Street, Boston, MA 02110, acts as the
Independent Registered Public Accounting Firm of the Fund.

                             PORTFOLIO TRANSACTIONS

The Advisor is generally responsible for placing the orders for the purchase and
sale of portfolio securities, including the allocation of brokerage.

The policy of the Advisor in placing orders for the purchase and sale of
securities for the Fund is to seek best execution, taking into account such
factors, among others, as price; commission (where applicable); the
broker-dealer's ability to ensure that securities will be delivered on
settlement date; the willingness of the broker-dealer to commit its capital and
purchase a thinly traded security for its own inventory; whether the
broker-dealer specializes in block orders or large program trades; the
broker-dealer's knowledge of the market and the security; the broker-dealer's
ability to maintain confidentiality; the broker-dealer's ability to provide
access to new issues; the broker-dealer's ability to provide support when
placing a difficult trade; the financial condition of the broker-dealer; and
whether the broker-dealer has the infrastructure and operational capabilities to
execute and settle the trade. The Advisor seeks to evaluate the overall
reasonableness of brokerage commissions with commissions charged on comparable
transactions and compares the brokerage commissions (if any) paid by the Fund to
reported commissions paid by others. The Advisor routinely reviews commission
rates, execution and settlement services performed and makes internal and
external comparisons.

Commission rates on transactions in equity securities on US securities exchanges
are subject to negotiation. Commission rates on transactions in equity
securities on foreign securities exchanges are generally fixed. Purchases and
sales of fixed-income securities and certain over-the-counter securities are
effected on a net basis, without the payment of brokerage commissions.
Transactions in fixed income and certain over-the-counter securities are
generally placed by the Advisor with the principal market makers for these
securities unless the Advisor reasonably believes more favorable results are
available elsewhere. Transactions with dealers serving as market makers reflect
the spread between the bid and asked prices. Purchases of underwritten issues
will include an underwriting fee paid to the underwriter. Money market
instruments are normally purchased in principal transactions directly from the
issuer or from an underwriter or market maker.

It is likely that the broker-dealers selected based on the considerations
described in this section will include firms that also sell shares of the Fund
to their customers. However, the Advisor does not consider sales of shares of
the Fund as a factor in the selection of broker-dealers to execute portfolio
transactions for the Fund and, accordingly, has implemented policies and
procedures reasonably designed to prevent its traders from considering sales of
shares of the Fund as a factor in the selection of broker-dealers to execute
portfolio transactions for the Fund.

The Advisor is permitted by Section 28(e) of the Securities Exchange Act of
1934, as amended ("1934 Act"), when placing portfolio transactions for the Fund,
to cause the Fund to pay brokerage commissions in excess of that which another
broker-dealer might charge for executing the same transaction in order to obtain
research and brokerage services if the Advisor determines that such commissions
are reasonable in relation to the overall services provided. The Advisor may
from time to time, in reliance on Section 28(e) of the 1934 Act, execute
portfolio transactions with broker-dealers that provide research and brokerage
services to the Advisor. Consistent with the Advisor's policy regarding best
execution, where more than one broker is believed to be capable of providing
best execution for a particular trade, the Advisor may take into consideration
the receipt of research and brokerage services in selecting the broker-dealer to
execute the trade. Although certain research and brokerage services from
broker-dealers may be useful to the Fund and to the Advisor, it is the opinion
of the Advisor that such information only supplements its own research effort
since the information must still be analyzed, weighed and reviewed by the
Advisor's staff. To the extent that research and brokerage services of value are
received by the Advisor, the Advisor may avoid expenses that it might otherwise
incur. Research and brokerage services received from a broker-dealer may be
useful to the Advisor and its affiliates in providing investment management
services to all or some of its clients, which includes the Fund. Services
received from broker-dealers that executed securities transactions for a
Portfolio will not necessarily be used by the Advisor specifically to service
such Fund.

Research and brokerage services provided by broker-dealers may include, but are
not limited to, information on the economy, industries, groups of securities,
individual companies, statistical information, accounting and tax law
interpretations, political developments, legal developments affecting portfolio
securities, technical market action, pricing and appraisal services, credit
analysis, risk measurement analysis, performance analysis and measurement and
analysis of corporate responsibility issues. Research and brokerage services are
typically received in the form of written or electronic reports, access to
specialized financial publications, telephone contacts and personal meetings
with security analysts, but may also be provided in the form of access to
various computer software and meetings arranged with corporate and industry
representatives.

The Advisor may also select broker-dealers and obtain from them research and
brokerage services that are used in connection with executing trades provided
that such services are consistent with interpretations under Section 28(e) of
the 1934 Act. Typically, these services take the form of computer software
and/or electronic communication services used by the Advisor to facilitate
trading activity with those broker-dealers.

Research and brokerage services may include products obtained from third parties
if the Advisor determines that such product or service constitutes brokerage and
research as defined in Section 28(e) and interpretations thereunder. Currently,
it is the Advisor's policy that Sub-Advisors may not execute portfolio
transactions on behalf of the Fund to obtain third party research and brokerage
services. The Advisor may, in the future, change this policy. Regardless,
certain Sub-Advisors may, as matter of internal policy, limit or preclude third
party research and brokerage services.

The Advisor may use brokerage commissions to obtain certain brokerage products
or services that have a mixed use (i.e., it also serves a function that does not
relate to the investment decision-making process). In those circumstances, the
Advisor will make a good faith judgment to evaluate the various benefits and
uses to which it intends to put the mixed use product or service and will pay
for that portion of the mixed use product or service that it reasonably believes
does not constitute research and brokerage services with its own resources.

DIMA will monitor regulatory developments and market practice in the use of
client commissions to obtain research and brokerage services and may adjust its
portfolio transactions policies in response thereto.

Investment decisions for the Fund and for other investment accounts managed by
the Advisor are made independently of each other in light of differing
conditions. However, the same investment decision may be made for two or more of
such accounts. In such cases, simultaneous transactions are inevitable. To the
extent permitted by law, the Advisor may aggregate the securities to be sold or
purchased for the Fund with those to be sold or purchased for other accounts in
executing transactions. Purchases or sales are then averaged as to price and
commission and allocated as to amount in a manner deemed equitable to each
account. While in some cases this practice could have a detrimental effect on
the price paid or received by, or on the size of the position obtained or
disposed of for, the Fund, in other cases it is believed that the ability to
engage in volume transactions will be beneficial to the Fund.

DIMA and its affiliates and the Fund's management team manage other mutual funds
and separate accounts, some of which use short sales of securities as a part of
its investment strategy. 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.

DIMA has adopted procedures that it believes are reasonably designed to mitigate
these potential conflicts of interest. Incorporated in the procedures are
specific guidelines developed to ensure fair and equitable treatment for all
clients. DIMA and the investment team have established monitoring procedures and
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.

Deutsche Bank AG or one of its affiliates (or in the case of a Sub-Advisor, the
Sub-Advisor or one of its affiliates) may act as a broker for the Fund and
receive brokerage commissions or other transaction-related compensation from the
Fund in the purchase and sale of securities, options or futures contracts when,
in the judgment of the Advisor, and in accordance with procedures approved by
the Fund's Board, the affiliated broker will be able to obtain a price and
execution at least as favorable as those obtained from other qualified brokers
and if, in the transaction, the affiliated broker charges the Fund a rate
consistent with that charged to comparable unaffiliated customers in similar
transactions.


During the fiscal years ended December 31, 2008, December 31, 2007, and December
31, 2006, the Fund paid brokerage commissions equal to $933,600, $323,915 and
$388,099, respectively, to broker dealers.


<TABLE>
<CAPTION>
                                                                   Percentage of
                                         Percentage of         Transactions Involving    Dollar Amount of Commissions
                                     Commissions Paid to        Commissions Paid to           Paid to Brokers for
Fund                                  Affiliated Brokers         Affiliated Brokers            Research Services
----                                  ------------------         ------------------            -----------------

<S>                                           <C>                        <C>                          <C>
DWS Communications Fund                       0%                         0%                           0%
</TABLE>


Securities of Regular Broker-Dealers. The Fund is required to identify any
securities of its "regular brokers or dealers" (as such term is defined in the
1940 Act) that the Fund has acquired during the most recent fiscal year. As of
December 31, 2008, the Fund held the following securities of its regular brokers
or dealers.

<TABLE>
<CAPTION>
                                                                            Value of Securities Owned as of
                                                                                     December, 2008
Name of Regular Broker or Dealer or Parent (Issuer)                                  (in thousands)
---------------------------------------------------                                  --------------


<S>                                                                                    <C>
Countrywide Financial Corp.                                                            $2,548,000
</TABLE>

Portfolio Turnover


The Fund's annual portfolio turnover rate (the lesser of the value of the
purchases or sales for the year divided by the average monthly market value of
the portfolio during the year, excluding US Government securities and securities
with maturities of one year or less) may vary from year to year, as well as
within a year, depending on market conditions. For the fiscal years ended
December 31, 2008 and December 31, 2007, the Fund's portfolio turnover rate was
118% and 39%, respectively.


                        PURCHASE AND REDEMPTION OF SHARES

General Information


Shares of the Fund are distributed by DIDI (the "Distributor"). The Fund offers
four classes of shares, Classes A, B, C and Institutional shares. General
information on how to buy shares of the Fund is set forth in "Buying and Selling
Fund Shares" in the Fund's Prospectuses. The following supplements that
information.


Investors may invest in Institutional Class shares by establishing a shareholder
account with the Fund or through an authorized shareholder servicing agent.
Investors may invest in Class A, B and C Shares by establishing a shareholder
account directly with the Fund's transfer agent or a securities dealer or any
financial institution that is authorized to act as a shareholder servicing
agent. Additionally, the Fund has authorized brokers to accept purchase and
redemption orders for Institutional Class shares, as well as Class A, B and C
Shares. Brokers, including authorized brokers of service organizations, are, in
turn, authorized to designate other intermediaries to accept purchase and
redemption orders on the Fund's behalf. Investors, who invest through brokers,
service organizations or their designated intermediaries, may be subject to
minimums established by their broker, service organization or designated
intermediary.

Policies and procedures affecting transactions in Fund shares can be changed at
any time without notice, subject to applicable law. Transactions may be
contingent upon proper completion of application forms and other documents by
shareholders and their receipt by the Fund's agents. Transaction delays in
processing (and changing account features) due to circumstances within or beyond
the control of the Fund and its agents may occur. Shareholders (or their
financial service firms) are responsible for all losses and fees resulting from
bad checks, cancelled orders or the failure to consummate transactions effected
pursuant to instructions reasonably believed to be genuine.

A distribution by the Fund will be reinvested in shares of the same class of the
Fund if the distribution check is returned as undeliverable.


Orders will be confirmed at a price based on the net asset value of the Fund
(including applicable sales charges) next determined after receipt in good order
by DIDI of the order accompanied by payment. Orders received by dealers or other
financial services firms prior to the determination of net asset value and
received in good order by DIDI prior to the determination of net asset value
will be confirmed at a price based on the net asset value next determined after
receipt by DIDI ("trade date").


Certificates. Share certificates will not be issued. Share certificates now in a
shareholder's possession may be sent to the transfer agent for cancellation and
book-entry credit to such shareholder's account. Certain telephone and other
procedures require book-entry holdings. Shareholders with outstanding
certificates bear the risk of loss.


Use of Financial Services Firms. Investment dealers and other firms provide
varying arrangements for their clients to purchase and redeem the Fund's shares,
including higher minimum investments, and may assess transaction or other fees.
Firms may arrange with their clients for other investment or administrative
services. Such firms may independently establish and charge additional amounts
to their clients for such services. Firms also may hold the Fund's shares in
nominee or street name as agent for and on behalf of their customers. In such
instances, the Fund's transfer agent, DISC, will have no information with
respect to or control over the accounts of specific shareholders. Such
shareholders may obtain access to their accounts and information about their
accounts only from their firm. Certain of these firms may receive compensation
from the Fund through the shareholder service agent for record-keeping and other
expenses relating to these nominee accounts. In addition, certain privileges
with respect to the purchase and redemption of shares or the reinvestment of
dividends may not be available through such firms. Some firms may participate in
a program allowing them access to their clients' accounts for servicing
including, without limitation, transfers of registration and dividend payee
changes; and may perform functions such as generation of confirmation statements
and disbursement of cash dividends. Such firms, including affiliates of DIDI,
may receive compensation from the Fund through the shareholder service agent for
these services.

The Fund has authorized one or more financial service institutions, including
certain members of FINRA other than the Distributor ("financial institutions"),
to accept purchase and redemption orders for the Fund's shares. Such financial
institutions may also designate other parties, including plan administrator
intermediaries, to accept purchase and redemption orders on the Fund's behalf.
Orders for purchases or redemptions will be deemed to have been received by the
Fund when such financial institutions or, if applicable, their authorized
designees accept the orders. Subject to the terms of the contract between the
Fund and the financial institution, ordinarily orders will be priced at the
Fund's net asset value next computed after acceptance by such financial
institution or its authorized designees and accepted by the Fund. Further, if
purchases or redemptions of the Fund's shares are arranged and settlement is
made at an investor's election through any other authorized financial
institution, that financial institution may, at its discretion, charge a fee for
that service. The Board of Directors and the Distributor, also the Fund's
principal underwriter, each has the right to limit the amount of purchases by,
and to refuse to sell to, any person. The Directors and the Distributor may
suspend or terminate the offering of shares of the Fund at any time for any
reason.

DIDI has adopted an Incentive Plan (the "Plan") covering wholesalers that are
regional vice presidents ("DWS Investments Wholesalers"). Generally, DWS
Investments Wholesalers market shares of the DWS funds to financial advisors,
who in turn may recommend that investors purchase shares of a DWS fund. The Plan
is an incentive program that combines a monthly incentive component with a
quarterly strategic bonus component. Under the Plan, DWS Investments Wholesalers
will receive a monetary monthly incentive based on the amount of sales generated
from their marketing of the funds, and that incentive will differ depending on
the product category of the fund. Each fund is assigned to one of three product
categories -- "Focus list funds," "Extended list funds" or "Index funds" --
taking into consideration, among other things, the following criteria, where
applicable:

o    The  Fund's  consistency  with  DWS  Investments'  branding  and  long-term
     strategy.

o    The Fund's competitive performance;

o    The Fund's Morningstar rating;

o    The  length  of  time  the  Fund's  Portfolio  Managers  have  managed  the
     Fund/Strategy o Market size for the fund category;

o    The Fund's size, including sales and redemptions of the Fund's shares

This information and other factors are presented to a committee comprised of
representatives from various groups within DWS Investments, who review on a
quarterly basis the funds assigned to each product category described above, and
make any changes to those assignments at that time. No one factor, whether
positive or negative, determines a fund's placement in a given category; all
these factors together are considered, and the designation of funds on the Focus
list and Extended list represents management's judgment based on the above
criteria. In addition, management may consider a fund's profile over the course
of several review periods before making a change to its category assignment.
These category assignments will be posted quarterly to the DWS funds' Web site
at www.dws-investments.com, approximately one month after the end of each
quarter. DWS Investments Wholesalers receive the highest compensation for Focus
list funds, less for Extended list funds and the lowest for Index funds. The
level of compensation among these categories may differ significantly.

In the normal course of business, DWS Investments will from time to time
introduce new funds into the DWS family of funds. As a general rule, new funds
will be assigned to the Focus list compensation category. As described above,
the fund category assignments are reviewed periodically and are subject to
change.

The prospect of receiving, or the receipt of, additional compensation by a DWS
Investments Wholesaler under the Plan may provide an incentive to favor
marketing the Focus list or Extended list funds over Index funds. The Plan,
however, will not change the price that investors pay for shares of a fund. The
DWS Investments Compliance Department monitors DWS Investments Wholesaler sales
and other activity in an effort to detect unusual activity in the context of the
compensation structure under the Plan. However, investors may wish to take the
Plan and the product category of the fund into account when considering
purchasing a fund or evaluating any recommendations relating to fund shares.




Telephone and Electronic Transaction Procedures. Shareholders have various
telephone, Internet, wire and other electronic privileges available. The Fund or
its agents will not be liable for any losses, expenses or costs arising out of
fraudulent or unauthorized instructions pursuant to these privileges if the Fund
or its agents reasonably believe, based upon reasonable verification procedures,
that the instructions were genuine. Verification procedures include recording
instructions, requiring certain identifying information before acting upon
instructions and sending written confirmations. During periods when it is
difficult to contact the Shareholder Service Agent, it may be difficult to use
telephone, wire and other privileges.



QuickBuy and QuickSell. QuickBuy and QuickSell permits the transfer of money via
the Automated Clearing House System (minimum $50 and maximum $250,000) from or
to a shareholder's bank, savings and loan, or credit union account in connection
with the purchase or redemption of Fund shares. Shares purchased by check or
through QuickBuy and QuickSell or Direct Deposit may not be redeemed under this
privilege until such Shares have been owned for at least 10 calendar days.
QuickBuy and QuickSell cannot be used with passbook savings accounts or for
certain tax-deferred plans.


Dividend Payment Option. Investors may have dividends and distributions
automatically deposited to their predesignated bank account through DWS
Investments' Dividend Payment Option request form. Shareholders whose
predesignated checking account of record is with a member bank of Automated
Clearing House Network (ACH) can have income and capital gain distributions
automatically deposited to their personal bank account usually within three
business days after the Fund pays its distribution. A Dividend Payment Option
request form can be obtained by visiting our Web site at:
www.dws-investments.com or calling (800) 621-1048. Confirmation Statements will
be mailed to shareholders as notification that distributions have been
deposited.


Minimum Subsequent Investment Policies. For current shareholders of Class A, B,
and C shares there is a $50 minimum investment requirement for subsequent
investments in the Fund. There is no minimum subsequent investment requirement
in Class A shares for investments on behalf of participants in certain fee-based
and wrap programs offered through financial intermediaries approved by the
Advisor. There is no minimum subsequent investment required for Institutional
Class Shares.




Tax-Sheltered Retirement Plans. The Shareholder Service Agent provides
retirement plan services and documents and DIDI can establish investor accounts
in any of the following types of retirement plans:


o    Traditional, Roth and Education IRAs. This includes Savings Incentive Match
     Plan for  Employees  of Small  Employers  ("SIMPLE"),  Simplified  Employee
     Pension Plan ("SEP") IRA accounts and prototype documents.

o    403(b)(7) Custodial  Accounts.  This type of plan is available to employees
     of most non-profit organizations.

o    Prototype money purchase pension and profit-sharing plans may be adopted by
     employers.

Brochures describing these plans as well as model defined benefit plans, target
benefit plans, 457 plans, 401(k) plans, simple 401(k) plans and materials for
establishing them are available from the Shareholder Service Agent upon request.
Additional fees and transaction policies and procedures may apply to such plans.
Investors should consult with their own tax advisors before establishing a
retirement plan.

Purchases

The Fund reserves the right to withdraw all or any part of the offering made by
its Prospectuses and to reject purchase orders for any reason. Also, from time
to time, the Fund may temporarily suspend the offering of any class of its
shares to new investors. During the period of such suspension, persons who are
already shareholders of such class of the Fund may be permitted to continue to
purchase additional shares of such class and to have dividends reinvested.

To help the government fight the funding of terrorism and money laundering
activities, federal law requires all financial institutions to obtain, verify
and record information that identifies each person who opens an account. For
more information, please see "Policies You Should Know About" in the Fund's
Prospectuses.

The Fund may waive any minimum for purchases by a current or former director or
trustee of the DWS mutual funds, an employee, the employee's spouse or life
partner and children or step-children age 21 or younger of Deutsche Bank or its
affiliates, or a sub-advisor to any fund in the DWS family of funds, or a
broker-dealer authorized to sell shares of the funds.


Financial Services Firms' Compensation. Banks and other financial services firms
may provide administrative services related to order placement and payment to
facilitate transactions in shares of the Fund for their clients, and DIDI may
pay them a transaction fee up to the level of the discount or commission
allowable or payable to dealers.

In addition to the discounts or commissions described herein and the
Prospectuses, DIDI, the Advisor or its affiliates may pay or allow additional
discounts, commissions or promotional incentives, in the form of cash, to firms
that sell shares of the Fund. In some instances, such amounts may be offered
only to certain firms that sell or are expected to sell during specified time
periods certain minimum amounts of shares of the Fund, or other funds
underwritten by DIDI.

Upon notice to all dealers, DIDI may re-allow to dealers up to the full
applicable Class A sales charge during periods and for transactions specified in
such notice and such re-allowances may be based upon attainment of minimum sales
levels. During periods when 90% or more of the sales charge is re-allowed, such
dealers may be deemed to be underwriters as that term is defined in the 1933
Act.

DIDI may at its discretion compensate investment dealers or other financial
services firms in connection with the sale of Class A shares of the Funds in
accordance with the Large Order NAV Purchase Privilege and one of the two
compensation schedules up to the following amounts:

             Compensation Schedule #1: Retail Sales and DWS Flex Plan(1)

Amount of Shares Sold                     As a Percentage of Net Asset Value
---------------------                     ----------------------------------

$1,000,000 but less than $3,000,000                     1.00%
$3,000,000 but less than $50,000,000                    0.50%
$50,000,000 and greater                                 0.25%

                  Compensation Schedule #2: DWS Retirement Plans(2)

Amount of Shares Sold                     As a Percentage of Net Asset Value
---------------------                     ----------------------------------

$3,000,000 and greater                              0.00% - 0.50%

 (1)      For purposes of determining the appropriate commission percentage to
          be applied to a particular sale under the foregoing schedule, DIDI
          will consider the cumulative amount invested by the purchaser in a
          Fund and other Funds listed under "Special Features -- Class A Shares
          -- Combined Purchases," including purchases pursuant to the "Combined
          Purchases," "Letter of Intent" and "Cumulative Discount" features
          referred to above.

(2)       Compensation Schedule 2 applies to employer sponsored employee benefit
          plans using the OmniPlus subaccount record keeping system made
          available through ADP, Inc. under an alliance with DIDI and its
          affiliates.





DIDI compensates firms for sales of Class B shares at the time of sale at a
commission rate of up to 3.75% of the amount of Class B shares purchased. DIDI
is compensated by the Fund for services as distributor and principal underwriter
for Class B shares. Except as provided below, for sales of Class C shares, DIDI
advances to firms the first year distribution fee at a rate of 0.75% of the
purchase price of such shares, and, for periods after the first year, DIDI
currently pays firms for sales of Class C shares a distribution fee, payable
quarterly, at an annual rate of 0.75% of net assets attributable to Class C
shares maintained and serviced by the firm. For sales of Class C shares to
employer sponsored employee benefit plans using the OmniPlus subaccount record
keeping system made available through ADP, Inc. under an alliance with DIDI and
its affiliates, DIDI does not advance the first year distribution fee and for
periods after the date of sale, DIDI currently pays firms a distribution fee,
payable quarterly, at an annual rate of 0.75% based on net assets as of the last
business day of the month attributable to Class C shares maintained and serviced
by the firm. DIDI is compensated by the Fund for services as distributor and
principal underwriter for Class C shares.


Revenue Sharing


In light of recent regulatory developments, the Advisor, the Distributor and
their affiliates have undertaken to furnish certain additional information below
regarding the level of payments made by them to selected affiliated and
unaffiliated brokers, dealers, participating insurance companies or other
financial intermediaries ("financial advisors") in connection with the sale
and/or distribution of Fund shares or the retention and/or servicing of
investors and Fund shares ("revenue sharing").

The Advisor, the Distributor and/or their affiliates may pay additional
compensation, out of their own assets and not as an additional charge to each
Fund, to financial advisors in connection with the sale and/or distribution of
Fund shares or the retention and/or servicing of Fund investors and Fund shares.
Such revenue sharing payments are in addition to any distribution or service
fees payable under any Rule 12b-1 or service plan of any fund, any record
keeping/sub-transfer agency/networking fees payable by each Fund (generally
through the Distributor or an affiliate) and/or the Distributor to certain
financial advisors for performing such services and any sales charges,
commissions, non-cash compensation arrangements expressly permitted under
applicable rules of FINRA or other concessions described in the fee table or
elsewhere in the Prospectuses or the SAI as payable to all financial advisors.
For example, the Advisor, the Distributor and/or their affiliates may compensate
financial advisors for providing each Fund with "shelf space" or access to a
third party platform or fund offering list, or other marketing programs
including, without limitation, inclusion of each Fund on preferred or
recommended sales lists, mutual fund "supermarket" platforms and other formal
sales programs; granting the Distributor access to the financial advisor's sales
force; granting the Distributor access to the financial advisor's conferences
and meetings; assistance in training and educating the financial advisor's
personnel; and, obtaining other forms of marketing support. The level of revenue
sharing payments made to financial advisors may be a fixed fee or based upon one
or more of the following factors: gross sales, current assets and/or number of
accounts of each Fund attributable to the financial advisor, the particular fund
or fund type or other measures as agreed to by the Advisor, the Distributor
and/or their affiliates and the financial advisors or any combination thereof.
The amount of these payments is determined at the discretion of the Advisor, the
Distributor and/or their affiliates from time to time, may be substantial, and
may be different for different financial advisors based on, for example, the
nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue
sharing payments from their own assets in connection with the sale and/or
distribution of DWS fund shares, or the retention and/or servicing of investors,
to financial advisors in amounts that generally range from .01% up to .50% of
assets of the Fund serviced and maintained by the financial advisor, .05% to
..25% of sales of the Fund attributable to the financial advisor, a flat fee of
$13,350 up to $500,000, or any combination thereof. These amounts are annual
figures typically paid on a quarterly basis and are subject to change at the
discretion of the Advisor, the Distributor and/or their affiliates. Receipt of,
or the prospect of receiving, this additional compensation, may influence your
financial advisor's recommendation of this Fund or of any particular share class
of the Fund. You should review your financial advisor's compensation disclosure
and/or talk to your financial advisor to obtain more information on how this
compensation may have influenced your financial advisor's recommendation of this
Fund.

The Advisor, the Distributor and/or their affiliates may also make such revenue
sharing payments to financial advisors under the terms discussed above in
connection with the distribution of both DWS funds and non-DWS funds by
financial advisors to retirement plans that obtain record keeping services from
ADP, Inc. on the DWS Investments branded retirement plan platform (the
"Platform") with the level of revenue sharing payments being based upon sales of
both the DWS funds and the non-DWS funds by the financial advisor on the
Platform or current assets of both the DWS funds and the non-DWS funds serviced
and maintained by the financial advisor on the Platform.

As of the date hereof, each Fund has been advised that the Advisor, the
Distributor and their affiliates expect that the following firms will receive
revenue sharing payments at different points during the coming year as described
above:

Channel: Broker-Dealers and Financial Advisors
----------------------------------------------
AIG Advisors Group
Ameriprise
Cadaret, Grant & Co. Inc.
Capital Analyst, Incorporated
Citigroup Global Markets, Inc. (dba Smith Barney)
Commonwealth Equity Services, LLP (dba Commonwealth Financial Network)
Deutsche Bank Group
Ensemble Financial Services
First Allied Securities
First Clearing/Wachovia Securities
HD Vest Investment Securities, Inc.
ING Advisors Network
John Hancock Distributors LLC
LPL Financial
M.L. Stern & Co.
Meridien Financial Group
Merrill Lynch, Pierce, Fenner & Smith Inc.
Morgan Stanley
Oppenheimer & Co., Inc.
PlanMember Services
Prime Capital Inc.
Raymond James & Associates
Raymond James Financial Services
RBC Dain Rauscher, Inc
Securities America, Inc.
UBS Financial Services
Wells Fargo Investments, LLC


Channel: Cash Product Platform
------------------------------
Allegheny Investments LTD
Bank of America
Bank of New York (Hare & Co.)
BMO Capital Markets
Brown Brothers Harriman
Brown Investment Advisory & Trust Company
Cadaret Grant & Co.
Chicago Mercantile Exchange
D.A. Davidson & Company
Deutsche Bank Group
Emmett A. Larkin Company
Fiduciary Trust Co. - International
First Southwest Company
J.P. Morgan Clearing Corp.
Legent Clearing LLC
Lincoln Investment Planning
LPL Financial
Mellon Financial Markets LLC
Mesirow Financial, Inc.
Penson Financial Services
Pershing Choice Platform
ProFunds Distributors, Inc.
Ridge Clearing & Outsourcing Solutions
Robert W. Baird & Co.
Romano Brothers and Company
SAMCO Capital Markets
Smith Moore & Company
Sungard Institutional Brokerage Inc.
Treasury Curve LLC
US Bancorp
UBS Financial Services
William Blair & Company

Channel: Third Party Insurance Platforms
----------------------------------------

Allstate Life Insurance Company of New York
Ameritas Life Insurance Group
Annuity Investors Life Insurance Company
Columbus Life Insurance Company
Commonwealth Annuity and Life Insurance Company
Companion Life Insurance Company
Connecticut General Life Insurance Company
EquiTrust Life Insurance Company
Farm Bureau Life Insurance Company
Farmers New World Life Insurance Company
Fidelity Security Life Insurance Company
First Allmerica Financial Life Insurance Company
First Great West Life and Annuity Company
Genworth Life Insurance Company of New York
Genworth Life and Annuity Insurance Company
Great West Life and Annuity Insurance Company
Hartford Life Insurance Company
Integrity Life Insurance Company
John Hancock Life Insurance companies
Kemper Investors Life Insurance Company
Lincoln Benefit Life Insurance Company
Lincoln Life & Annuity Company of New York
Lincoln National Life Insurance Company
Massachusetts Mutual Life Insurance Group
MetLife Group
Minnesota Life Insurance Company
National Life Insurance Company
National Integrity Life Insurance Company
Nationwide Group
New York Life Insurance and Annuity Corporation
Phoenix Life Insurance Company
Protective Life Insurance
Provident Mutual Life Insurance
Prudential Insurance Company of America
Sun Life Group
Symetra Life Insurance Company
Transamerica Life Insurance Company
Union Central Life Insurance Company
United of Omaha Life Insurance Company
United Investors Life Insurance Company
Western Southern Life Assurance Company

Any additions, modifications or deletions to the financial advisors identified
above that have occurred since the date hereof are not reflected.

The Advisor, the Distributor or their affiliates may enter into additional
revenue sharing arrangements or change or discontinue existing arrangements with
financial advisors at any time without notice.

The prospect of receiving, or the receipt of additional compensation or
promotional incentives described above by financial advisors may provide such
financial advisors and/or their salespersons with an incentive to favor sales of
shares of the DWS funds or a particular DWS fund over sales of shares of mutual
funds (or non-mutual fund investments) with respect to which the financial
advisor does not receive additional compensation or promotional incentives, or
receives lower levels of additional compensation or promotional incentives.
Similarly, financial advisors may receive different compensation or incentives
that may influence their recommendation of any particular share class of the
Fund or of other funds. These payment arrangements, however, will not change the
price that an investor pays for Fund shares or the amount that the Fund receives
to invest on behalf of an investor and will not increase Fund expenses. You may
wish to take such payment arrangements into account when considering and
evaluating any recommendations relating to Fund shares and you should discuss
this matter with your financial advisor and review your financial advisor's
disclosures.

It is likely that broker-dealers that execute portfolio transactions for the
Fund will include firms that also sell shares of the DWS funds to their
customers. However, the Advisor will not consider sales of DWS fund shares as a
factor in the selection of broker-dealers to execute portfolio transactions for
the DWS funds. Accordingly, the Advisor has implemented policies and procedures
reasonably designed to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to execute portfolio
transactions for the Fund. In addition, the Advisor, the Distributor and/or
their affiliates will not use fund brokerage to pay for their obligation to
provide additional compensation to financial advisors as described above.




Class A Purchases. The public offering price of Class A shares for purchasers
choosing the initial sales charge alternative is the net asset value plus a
sales charge, as set forth below.

<TABLE>
<CAPTION>
                                                                   Sales Charge
                                                                                         Allowed to Dealers
                                           As a Percentage of    As a Percentage of     as a Percentage of
Amount of Purchase                           Offering Price*      Net Asset Value**        Offering Price
------------------                           --------------       ---------------          --------------

<S>                                               <C>                   <C>                   <C>
Less than $50,000                                 5.75%                 6.10%                 5.20%
$50,000 but less than $100,000                    4.50                  4.71                  4.00
$100,000 but less than $250,000                   3.50                  3.63                  3.00
$250,000 but less than $500,000                   2.60                  2.67                  2.25
$500,000 but less than $1 million                 2.00                  2.04                  1.75
$1 million and over                                .00**                 .00***               ****

*        The Offering Price includes the sales charge.

**       Rounded to the nearest one-hundredth percent.

***      Redemption of shares may be subject to a contingent deferred sales charge as discussed below.


****     Commission is payable by DIDI as discussed below.

</TABLE>



Class A Quantity Discounts. An investor or the investor's dealer or other
financial services firm must notify the Shareholder Service Agent or DIDI
whenever a quantity discount or reduced sales charge is applicable to a
purchase. In order to qualify for a lower sales charge, all orders from an
organized group will have to be placed through a single investment dealer or
other firm and identified as originating from a qualifying purchaser.


Combined Purchases. The Fund's Class A shares may be purchased at the rate
applicable to the sales charge discount bracket attained by combining same day
investments in Class A shares of any DWS Funds that bear a sales charge.


Letter of Intent. The reduced sales charges for Class A shares, as shown in the
applicable prospectus, also apply to the aggregate amount of purchases of Class
A shares of DWS Funds that bear a sales charge made by any purchaser within a
24-month period under a written Letter of Intent ("Letter") provided by DIDI.
The Letter, which imposes no obligation to purchase or sell additional Class A
shares, provides for a price adjustment depending upon the actual amount
purchased within such period. The Letter provides that the first purchase
following execution of the Letter must be at least 5% of the amount of the
intended purchase, and that 5% of the amount of the intended purchase normally
will be held in escrow in the form of shares pending completion of the intended
purchase. If the total investments under the Letter are less than the intended
amount and thereby qualify only for a higher sales charge than actually paid,
the appropriate number of escrowed shares are redeemed and the proceeds used
toward satisfaction of the obligation to pay the increased sales charge. The
Letter for an employer-sponsored employee benefit plan maintained on the
subaccount record keeping system available through ADP, Inc. under an alliance
with DIDI and its affiliates may have special provisions regarding payment of
any increased sales charge resulting from a failure to complete the intended
purchase under the Letter. A shareholder may include the value (at the maximum
offering price, which is determined by adding the maximum applicable sales load
charged to the net asset value) of all Class A shares of such DWS Funds held of
record as of the initial purchase date under the Letter as an "accumulation
credit" toward the completion of the Letter, but no price adjustment will be
made on such shares.


Class A Cumulative Discount. Class A shares of the Fund may also be purchased at
the rate applicable to the discount bracket attained by adding to the cost of
shares being purchased, the value of all Class A shares of DWS Funds that bear a
sales charge (computed at the maximum offering price at the time of the purchase
for which the discount is applicable) already owned by the investor or his or
her immediate family member (including the investor's spouse or life partner and
children or stepchildren age 21 or younger).


For purposes of the Combined Purchases, Letter of Intent and Cumulative Discount
features described above, employer sponsored employee benefit plans using the
Flex subaccount record keeping system available through ADP, Inc. under an
alliance with DIDI and its affiliates may include: (a) Money Market Funds as
"DWS Funds", (b) all classes of shares of any DWS Fund and (c) the value of any
other plan investments, such as guaranteed investment contracts and employer
stock, maintained on such subaccount record keeping system. Once eligible plan
assets under this provision reach the $1,000,000 threshold, a later decline in
assets below the $1,000,000 threshold will not affect the plan's ability to
continue to purchase Class A shares at net asset value.


Class A NAV Sales. Class A shares may be sold at net asset value to:

(a)      a current or former director or trustee of Deutsche or DWS mutual
         funds;

(b)      an employee (including the employee's spouse or life partner and
         children or stepchildren age 21 or younger) of Deutsche Bank or its
         affiliates or of a subadvisor to any fund in the DWS family of funds or
         of a broker-dealer authorized to sell shares of the Fund or service
         agents of the Funds;


(c)      certain professionals who assist in the promotion of DWS mutual funds
         pursuant to personal services contracts with DIDI, for themselves or
         members of their families. DIDI in its discretion may compensate
         financial services firms for sales of Class A shares under this
         privilege at a commission rate of 0.50% of the amount of Class A shares
         purchased;


(d)      any trust, pension, profit-sharing or other benefit plan for only such
         persons listed under the preceding paragraphs (a) and (b);

(e)      persons who purchase such shares through bank trust departments that
         process such trades through an automated, integrated mutual fund
         clearing program provided by a third party clearing firm;


(f)      selected employees (including their spouses or life partners and
         children or stepchildren age 21 or younger) of banks and other
         financial services firms that provide administrative services related
         to order placement and payment to facilitate transactions in shares of
         the Fund for their clients pursuant to an agreement with DIDI or one of
         its affiliates. Only those employees of such banks and other firms who
         as part of their usual duties provide services related to transactions
         in Fund shares qualify;


(g)      unit investment trusts sponsored by Ranson & Associates, Inc. and
         unitholders of unit investment trusts sponsored by Ranson & Associates,
         Inc. or its predecessors through reinvestment programs described in the
         prospectuses of such trusts that have such programs;


(h)      through certain investment advisors registered under the Investment
         Advisers Act of 1940 and other financial services firms acting solely
         as agent for their clients, that adhere to certain standards
         established by DIDI, including a requirement that such shares be sold
         for the benefit of their clients participating in an investment
         advisory program or agency commission program under which such clients
         pay a fee to the investment advisor or other firm for portfolio
         management or agency brokerage services. Such shares are sold for
         investment purposes and on the condition that they will not be resold
         except through redemption or repurchase by the Fund;

(i)      employer sponsored employee benefit plans using the Flex subaccount
         recordkeeping system ("Flex Plans") made available through ADP under an
         alliance with DIDI and its affiliates, established prior to October 1,
         2003, provided that the Flex Plan is a participant-directed plan that
         has not less than 200 eligible employees;


(j)      investors investing $1 million or more, either as a lump sum or through
         the "Combined Purchases," "Letter of Intent" and "Cumulative Discount"
         features referred to above (collectively, the "Large Order NAV Purchase
         Privilege"). The Large Order NAV Purchase Privilege is not available if
         another net asset value purchase privilege is available;

(k)      defined  contribution  investment only plans with a minimum of
         $1,000,000 in plan assets regardless of the amount allocated to the
         DWS funds;

In addition, Class A shares may be sold at net asset value in connection with:


(l)      the acquisition of the assets of or merger or consolidation with
         another investment company, or to shareholders in connection with the
         investment or reinvestment of income and capital gain dividends, and
         under other circumstances deemed appropriate by DIDI and consistent
         with regulatory requirements; and

(m)      a direct "roll over" of a distribution from a Flex Plan or from
         participants in employer sponsored employee benefit plans maintained on
         the OmniPlus subaccount record keeping system made available through
         ADP, Inc. under an alliance with DIDI and its affiliates into a DWS
         Investments IRA;


(n)      reinvestment of fund dividends and distributions;

(o)      exchanging an investment in Class A shares of another fund in the DWS
         family of funds for an investment in the fund.


Class A shares also may be purchased at net asset value in any amount by members
of the plaintiff class in the proceeding known as Howard and Audrey Tabankin, et
al. v. Kemper Short-Term Global Income Fund, et al., Case No. 93 C 5231 (N.D.
IL). This privilege is generally non-transferable and continues for the lifetime
of individual class members and for a ten-year period for non-individual class
members. To make a purchase at net asset value under this privilege, the
investor must, at the time of purchase, submit a written request that the
purchase be processed at net asset value pursuant to this privilege specifically
identifying the purchaser as a member of the "Tabankin Class." Shares purchased
under this privilege will be maintained in a separate account that includes only
shares purchased under this privilege. For more details concerning this
privilege, class members should refer to the Notice of (i) Proposed Settlement
with Defendants; and (ii) Hearing to Determine Fairness of Proposed Settlement,
dated August 31, 1995, issued in connection with the aforementioned court
proceeding. For sales of Fund shares at net asset value pursuant to this
privilege, DIDI may in its discretion pay investment dealers and other financial
services firms a concession, payable quarterly, at an annual rate of up to 0.25%
of net assets attributable to such shares maintained and serviced by the firm. A
firm becomes eligible for the concession based upon assets in accounts
attributable to shares purchased under this privilege in the month after the
month of purchase and the concession continues until terminated by DIDI. The
privilege of purchasing Class A shares of the Fund at net asset value under this
privilege is not available if another net asset value purchase privilege also
applies.

Class B Purchases. Class B shares of the Fund are offered at net asset value. No
initial sales charge is imposed. Class B shares sold without an initial sales
charge allow the full amount of the investor's purchase payment to be invested
in Class B shares for his or her account. Class B shares have a contingent
deferred sales charge of 4.00% that declines over time (for shares sold within
six years of purchase) and Rule 12b-1 fees, as described in the Fund's
Prospectuses and SAI. Class B shares automatically convert to Class A shares
after six years.


Purchase of Class C Shares. Class C shares of the Fund are offered at net asset
value. No initial sales charge is imposed which allows the full amount of the
investor's purchase payment to be invested in Class C shares for his or her
account. Class C shares are subject to a contingent deferred sales charge of
1.00% (for shares sold within one year of purchase and Rule 12b-1 fees, as
described in the Fund's Prospectuses and this SAI.


Institutional Class Purchases. Information on how to buy Institutional Class
shares is set forth in the section entitled "Buying and Selling Shares" in the
Fund's prospectus. The following supplements that information. The minimum
initial investment for Institutional Class shares is $1,000,000. The minimum
initial investment may be waived in certain circumstances. The minimum amounts
may be changed at any time in management's discretion.


To sell shares in a retirement account other than an IRA, your request must be
made in writing, except for exchanges to other eligible funds in the DWS family
of funds, which can be requested by phone or in writing.


Multi-Class Suitability. DIDI has established the following procedures regarding
the purchase of Class A, Class B and Class C shares. Orders to purchase Class B
shares of $100,000 or more and orders to purchase Class C shares of $500,000 or
more will be declined with the exception of orders received from financial
representatives acting for clients whose shares are held in an omnibus account
and employer-sponsored employee benefit plans using the subaccount record
keeping system ("System") maintained for DWS Investments-branded plans on record
keeping systems made available through ADP, Inc. under an alliance with DIDI and
its affiliate ("DWS Investments Flex Plans").





The following provisions apply to DWS Investments Flex Plans.

a.        Class B Share DWS Investments Flex Plans. Class B shares have not been
          sold to DWS Investments Flex Plans that were established on the System
          after October 1, 2003. Orders to purchase Class B shares for a DWS
          Investments Flex Plan established on the System prior to October 1,
          2003 that has regularly been purchasing Class B shares will be
          invested instead in Class A shares at net asset value when the
          combined subaccount value in DWS Funds or other eligible assets held
          by the plan is $100,000 or more. This provision will be imposed for
          the first purchase after eligible plan assets reach the $100,000
          threshold. A later decline in assets below the $100,000 threshold will
          not affect the plan's ability to continue to purchase Class A shares
          at net asset value.

b.        Class C Share DWS Investments Flex Plans. Orders to purchase Class C
          shares for a DWS Investments Flex Plan, regardless of when such plan
          was established on the System, will be invested instead in Class A
          shares at net asset value when the combined subaccount value in DWS
          Funds or other eligible assets held by the plan is $1,000,000 or more.
          This provision will be imposed for the first purchase after eligible
          plan assets reach the $1,000,000 threshold. A later decline in assets
          below the $1,000,000 threshold will not affect the plan's ability to
          continue to purchase Class A shares at net asset value.




The procedures described above do not reflect in any way the suitability of a
particular class of shares for a particular investor and should not be relied
upon as such. A suitability determination must be made by investors with the
assistance of their financial representative.


Automatic Investment Plan. A shareholder may purchase shares of the Fund through
an automatic investment plan. Investments are made automatically (minimum $500
and maximum $250,000 for initial investments and a minimum of $50 and maximum
$250,000 for subsequent investments) from the shareholder's account at a bank,
savings and loan or credit union into the shareholder's Fund account.
Termination by a shareholder will become effective within thirty days after the
Shareholder Service Agent has received the request. The Fund may immediately
terminate a shareholder's automatic investment plan in the event that any item
is unpaid by the shareholder's financial institution.




Minimum Subsequent Investment Policies. For current shareholders of Class A, B
or C shares there is a $50 minimum investment requirement for subsequent
investments in the fund. There is no minimum subsequent investment requirement
in Class A shares for investments on behalf of participants in certain fee-based
and wrap programs offered through financial intermediaries approved by the
Advisor. There is no minimum subsequent investment required for Institutional
Class Shares.

Payroll Investment Plans. A shareholder may purchase shares through Payroll
Direct Deposit or Government Direct Deposit. Under these programs, all or a
portion of a shareholder's net pay or government check is invested each payment
period. A shareholder may terminate participation in these programs by giving
written notice to the shareholder's employer or government agency, as
appropriate. (A reasonable time to act is required.) The Fund is not responsible
for the efficiency of the employer or government agency making the payment or
any financial institutions transmitting payments.


Expedited Purchase Procedures for Existing Shareholders. Shareholders of other
DWS funds who have submitted an account application and have certified a tax
identification number, clients having a regular investment counsel account with
the Advisor or its affiliates and members of their immediate families, officers
and employees of the Advisor or of any affiliated organization and their
immediate families, members of FINRA, and banks may open an account by wire by
calling (800) 728-3337 for instructions. The investor must send a duly completed
and signed application to the Fund promptly. A subsequent purchase order may be
placed by established shareholders (except by DWS Investments Individual
Retirement Account (IRA), DWS Simplified Profit Sharing and Money Purchase
Pension Plans, DWS Investments 401(k) and DWS Investments 403(b) Plan holders),
members of FINRA, and banks.


It is our policy to offer purchase privileges to current or former directors or
trustees of the DWS mutual funds, employees, their spouses or life partners and
children or step-children age 21 or younger of Deutsche Bank or its affiliates
or a subadvisor to any fund in the DWS family of funds or a broker-dealer
authorized to sell shares of the Fund. Qualified individuals will generally be
allowed to purchase shares in the class with the lowest expense ratio, usually
the Institutional Class shares. If the Fund does not offer Institutional Class
shares, these individuals will be allowed to buy Class A shares at NAV. The Fund
also reserves the right to waive the minimum account balance requirement for
employee and director accounts. Fees generally charged to IRA accounts will be
charged to accounts of employees and directors.

Redemptions

Redemption fee. The Fund imposes a redemption fee of 2% of the total redemption
amount (calculated at net asset value, without regard to the effect of any
contingent deferred sales charge; any contingent deferred sales charge is also
assessed on the total redemption amount without regard to the assessment of the
2% redemption fee) on all Fund shares redeemed or exchanged within 15 days of
buying them (either by purchase or exchange). The redemption fee is paid
directly to the Fund, and is designed to encourage long-term investment and to
offset transaction and other costs associated with short-term or excessive
trading. For purposes of determining whether the redemption fee applies, shares
held the longest time will be treated as being redeemed first and shares held
the shortest time will be treated as being redeemed last. The redemption fee is
applicable to Fund shares purchased either directly or through a financial
intermediary, such as a broker-dealer. Transactions through financial
intermediaries typically are placed with the Fund on an omnibus basis and
include both purchase and sale transactions placed on behalf of multiple
investors. These purchase and sale transactions are generally netted against one
another and placed on an aggregate basis; consequently the identities of the
individuals on whose behalf the transactions are placed generally are not known
to the Fund. For this reason, the Fund has undertaken to notify financial
intermediaries of their obligation to assess the redemption fee on customer
accounts and to collect and remit the proceeds to the Fund. However, due to
operational requirements, the intermediaries' methods for tracking and
calculating the fee may be inadequate or differ in some respects from the
Fund's.

Policies and procedures affecting transactions in Fund shares can be changed at
any time without notice, subject to applicable law. Transactions may be
contingent upon proper completion of application forms and other documents by
shareholders and their receipt by the Fund's agents. Transaction delays in
processing (and changing account features) due to circumstances within or beyond
the control of the Fund and its agents may occur. Shareholders (or their
financial service firms) are responsible for all losses and fees resulting from
bad checks, cancelled orders or the failure to consummate transactions effected
pursuant to instructions reasonably believed to be genuine.

A distribution will be reinvested in shares of the same Fund and class if the
distribution check is returned as undeliverable.


Orders will be confirmed at a price based on the net asset value (including any
applicable sales charge) of the Fund next determined after receipt in good order
by DIDI of the order accompanied by payment. However, orders received by dealers
or other financial services firms prior to the determination of net asset value
and received in good order by DIDI prior to the close of its business day will
be confirmed at a price based on the net asset value effective on that day
("trade date").


The Fund may suspend the right of redemption or delay payment on a redemption
for more than seven days (a) during any period when the New York Stock Exchange
(the "Exchange") is closed other than customary weekend and holiday closings or
during any period in which trading on the Exchange is restricted, (b) during any
period when an emergency exists as a result of which (i) the Fund is prevented
from disposing of its investments, or (ii) the Fund is prevented from pricing
its shares, or (c) for such other periods as the SEC may by order permit for the
protection of the Fund's shareholders.


A request for repurchase (confirmed redemption) may be communicated by a
shareholder through a financial services firm to DIDI; firms must promptly
submit orders to be effective.


Redemption requests must be unconditional. Redemption requests (and a stock
power for certificated shares) must be duly endorsed by the account holder. As
specified in the prospectus, signatures may need to be guaranteed by a
commercial bank, trust company, savings and loan association, federal savings
bank, member firm of a national securities exchange or other financial
institution permitted by SEC rule. Additional documentation may be required,
particularly from institutional and fiduciary account holders, such as
corporations, custodians (e.g., under the Uniform Transfers to Minors Act),
executors, administrators, trustees or guardians.

If the proceeds of the redemption (prior to the imposition of any contingent
deferred sales charge) are $100,000 or less and the proceeds are payable to the
shareholder of record at the address of record, normally a telephone request or
a written request by any one account holder without a signature guarantee is
sufficient for redemptions by individual or joint account holders, and trust,
executor and guardian account holders, provided the trustee, executor or
guardian is named in the account registration. Other institutional account
holders may exercise this special privilege of redeeming shares by telephone
request or written request without signature guarantee subject to the same
conditions as individual account holders, provided that this privilege has been
pre-authorized by the institutional account holder by written instruction to the
Shareholder Service Agent with signatures guaranteed. This privilege may not be
used to redeem shares held in certificated form and may not be used if the
shareholder's account has had an address change within 15 days of the redemption
request.

Wires. Delivery of the proceeds of a wire redemption of $250,000 or more may be
delayed by the Fund for up to seven days if the Fund or the Shareholder Service
Agent deems it appropriate under then-current market conditions. The ability to
send wires is limited by the business hours and holidays of the firms involved.
The Fund is not responsible for the efficiency of the federal wire system or the
account holder's financial services firm or bank. The account holder is
responsible for any charges imposed by the account holder's firm or bank. To
change the designated account to receive wire redemption proceeds, send a
written request to the Shareholder Service Agent with signatures guaranteed as
described above or contact the firm through which Fund shares were purchased.

Automatic Withdrawal Plan. An owner of $5,000 or more of a class of the Fund's
shares at the offering price (net asset value plus, in the case of Class A
shares, the initial sales charge) may provide for the payment from the owner's
account of any requested dollar amount to be paid to the owner or a designated
payee monthly, quarterly, semiannually or annually. The $5,000 minimum account
size is not applicable to IRAs. The minimum periodic payment is $50. The maximum
annual rate at which shares subject to a CDSC, may be redeemed is 12% of the net
asset value of the account. Shares are redeemed so that the payee should receive
payment approximately on the first of the month. Investors using the Automatic
Withdrawal Plan must reinvest Fund distributions.

The purchase of Class A shares while participating in a systematic withdrawal
plan will ordinarily be disadvantageous to the investor because the investor
will be paying a sales charge on the purchase of shares at the same time that
the investor is redeeming shares upon which a sales charge may have already been
paid. Therefore, the Fund will not knowingly permit additional investments of
less than $2,000 if the investor is at the same time making systematic
withdrawals.

Contingent Deferred Sales Charge (CDSC). The following example will illustrate
the operation of the CDSC. Assume that an investor makes a single purchase of
$10,000 of the Fund's Class B shares and that 16 months later the value of the
shares has grown by $1,000 through reinvested dividends and by an additional
$1,000 of share appreciation to a total of $12,000. If the investor were then to
redeem the entire $12,000 in share value, the CDSC would be payable only with
respect to $10,000 because neither the $1,000 of reinvested dividends nor the
$1,000 of share appreciation is subject to the charge. The charge would be at
the rate of 3.00% ($300) because it was in the second year after the purchase
was made.


The rate of the CDSC is determined by the length of the period of ownership.
Investments are tracked on a monthly basis. The period of ownership for this
purpose begins the first day of the month in which the order for the investment
is received. For example, an investment made in March of the year of investment
will be eligible for the second year's charge if redeemed on or after March of
the following year. In the event no specific order is requested when redeeming
shares subject to a CDSC, the redemption will be made first from shares
representing reinvested dividends and then from the earliest purchase of shares.
DIDI receives any CDSC directly. The charge will not be imposed upon redemption
of reinvested dividends or share appreciation.


The Class A CDSC will be waived in the event of:

(a)      redemptions by a participant-directed qualified retirement plan
         described in Code Section 401(a), a participant-directed non-qualified
         deferred compensation plan described in Code Section 457 or a
         participant-directed qualified retirement plan described in Code
         Section 403(b)(7) which is not sponsored by a K-12 school district;


(b)      redemptions by employer-sponsored employee benefit plans using the
         subaccount record keeping system made available through ADP, Inc. under
         an alliance with DIDI and its affiliates;


(c)      redemption of shares of a shareholder (including a registered joint
         owner) who has died or is disabled (under certain circumstances);

(d)      redemption of shares of a shareholder (including a registered joint
         owner) who after purchase of the shares being redeemed becomes totally
         disabled (as evidenced by a determination by the federal Social
         Security Administration);

(e)      redemptions under the Fund's Automatic Withdrawal Plan at a maximum of
         12% per year of the net asset value of the account;


(f)      redemptions of shares whose dealer of record at the time of the
         investment notifies DIDI that the dealer waives the discretionary
         commission applicable to such Large Order NAV Purchase; and


(g)      redemptions for certain loan advances, hardship provisions or returns
         of excess contributions from retirement plans.

The Class B CDSC will be waived for the circumstances set forth in items (c),
(d), (e) and (g) for Class A shares. In addition, this CDSC will be waived:

(h)      for redemptions made pursuant to any IRA systematic withdrawal based on
         the shareholder's life expectancy including, but not limited to,
         substantially equal periodic payments described in Internal Revenue
         Code Section 72(t)(2)(A)(iv) prior to age 59 1/2;


(i)      for redemptions to satisfy required minimum distributions after age 70
         1/2 from an IRA account (with the maximum amount subject to this waiver
         being based only upon the shareholder's DWS Investments IRA accounts);
         and

(j)      in connection with the following redemptions of shares held by employer
         sponsored employee benefit plans maintained on the subaccount record
         keeping system made available through ADP under an alliance with DIDI
         and its affiliates: (1) to satisfy participant loan advances (note that
         loan repayments constitute new purchases for purposes of the CDSC and
         the conversion privilege), (2) in connection with retirement
         distributions (limited at any one time to 12% of the total value of
         plan assets invested in the Fund), (3) in connection with distributions
         qualifying under the hardship provisions of the Internal Revenue Code,
         (4) representing returns of excess contributions to such plans and (5)
         in connection with direct "roll over" distributions from a Flex Plan
         into a DWS Investments IRA under the Class A net asset value purchase
         privilege.


The Class C CDSC will be waived for the circumstances set forth in items (b),
(c), (d), (e) and (g) for Class A shares and for the circumstances set forth in
items (h) and (i) for Class B shares. In addition, this CDSC will be waived for:

(k)      redemption of shares by an employer sponsored employee benefit plan
         that offers funds in addition to DWS Funds and whose dealer of record
         has waived the advance of the first year administrative service and
         distribution fees applicable to such shares and agrees to receive such
         fees quarterly; and

(l)      redemption of shares purchased through a dealer-sponsored asset
         allocation program maintained on an omnibus record-keeping system
         provided the dealer of record had waived the advance of the first year
         administrative services and distribution fees applicable to such shares
         and has agreed to receive such fees quarterly.

In-kind Redemptions. The Fund reserves the right to honor any request for
redemption or repurchase by making payment in whole or in part in readily
marketable securities. These securities will be chosen by the Fund and valued as
they are for purposes of computing the Fund's net asset value. A shareholder may
incur transaction expenses in converting these securities to cash.

Exchanges


Shareholders may request a taxable exchange of their shares for shares of the
corresponding class of certain other DWS funds without imposition of a sales
charge, subject to the provisions below. For purposes of calculating any CDSC,
amounts exchanged retain their original cost and purchase date.

Shareholders who exchange their shares out of a DWS money market fund (not
including shares acquired by dividend reinvestment or by exchange from Class A
shares of another DWS fund) into Class A shares of certain other DWS funds, will
generally be subject to the applicable sales charge.

Certain DWS funds may not be available to shareholders on an exchange. To learn
more about which DWS funds may be available on exchange, please contact your
financial services firm or visit our Web site at: www.dws-investments.com or
call [(800) 621-1048 for A and Institutional; (800) 730-1313 for Institutional
Only; and (800) 728-3337 for S].

Shareholders may obtain prospectus(es) of the DWS fund they are exchanging into
from dealers, other firms or DIDI.




Automatic Exchange Plan. The owner of $1,000 or more of any class of shares of a
DWS Fund may authorize the automatic exchange of a specified amount ($50
minimum) of such shares for shares of the same class of another such DWS Fund.
Exchanges will be made automatically until the shareholder or a Fund terminates
the privilege. Exchanges are subject to the terms and conditions described
above.

Multi-Class Conversions. For purposes of conversion to Class A shares, shares
purchased through the reinvestment of dividends and other distributions paid
with respect to Class B shares in a shareholder's Fund account will be converted
to Class A shares on a pro rata basis.


Dividends

The Fund generally intends to distribute to its shareholders substantially all
of its net earnings, which includes net investment income and net realized
short-term and long-term capital gain. However, if the Fund determines that it
is in the interest of its shareholders, the Fund may retain all or part of its
net realized long-term capital gains for reinvestment, after paying the related
federal income and excise taxes. In such a case, shareholders will generally be
treated as having received their share of such gains, but will then be able to
claim a credit against their federal income tax liability for the federal income
tax the Fund pays on such gain. If the Fund does not distribute the amount of
ordinary income or capital gain required to be distributed by an excise tax
provision of the Code, the Fund may be subject to that excise tax on the
undistributed amounts. In certain circumstances, the Fund may determine that it
is in the interest of shareholders to distribute less than the required amount.
See "Taxes" below for more information.

The Fund intends to pay distributions of substantially all of its net earnings
annually. Any dividends or capital gains distributions declared in October,
November or December with a record date in such a month and paid during the
following January will be treated by shareholders for federal income tax
purposes as if received on December 31 of the calendar year declared.

Dividends paid by the Fund with respect to each class of its shares will be
calculated in the same manner, at the same time and on the same day.

The level of income dividends per share (as a percentage of net asset value)
will be lower for Class B and Class C Shares than for Class A Shares primarily
as a result of the distribution services fee applicable to Class B and Class C
Shares. Distributions of capital gains, if any, will be paid in the same amount
for each class.

Income and capital gain distributions, if any, of the Fund will be credited to
shareholder accounts in full and fractional shares of the same class of the Fund
at net asset value on the reinvestment date, except that, upon written request
to the Shareholder Service Agent, a shareholder may select one of the following
options:

1.       To receive income and short-term capital gain distributions in cash and
         long-term capital gain distributions in shares of the same class at net
         asset value; or

2.       To receive income and capital gain distributions in cash.

Distributions will be reinvested in shares of the same class of the Fund unless
shareholders indicate in writing that they wish to receive them in cash or in
shares of other DWS Funds with multiple classes of shares or DWS Funds as
provided in the prospectuses. To use this privilege of investing dividends of
the Fund in shares of another DWS Fund, shareholders must maintain a minimum
account value of $1,000 in the Fund distributing the dividends. The Fund will
reinvest dividend checks (and future dividends) in shares of that same Fund and
class if checks are returned as undeliverable. Dividends and other distributions
of the Fund in the aggregate amount of $10 or less are automatically reinvested
in shares of the same Fund and class unless the shareholder requests in writing
that a check be issued for that particular distribution.

If a shareholder has elected to reinvest any dividends and/or other
distributions, such distributions will be made in shares of the Fund and
confirmations will be mailed to the shareholder. If a shareholder has chosen to
receive cash, a check will be sent. Distributions of investment company taxable
income and net realized capital gains are taxable, whether made in shares or
cash.

Each distribution is accompanied by a brief explanation of the form and
character of the distribution. The characterization of distributions on such
correspondence may differ from the characterization for federal tax purposes. In
January of each year, the Fund issues to each shareholder a statement of the
federal income tax status of all distributions in the prior calendar year.

The Fund may at any time vary its foregoing distribution practices and,
therefore, reserves the right from time to time to either distribute or retain
for reinvestment such of its net investment income and its net short-term and
long-term capital gains as its Board determines appropriate under the then
current circumstances. In particular, and without limiting the foregoing, the
Fund may make additional distributions of net investment income or capital gain
net income in order to satisfy the minimum distribution requirements applicable
to regulated investment companies under the Code.




                                      TAXES


The following is intended to be a general summary of certain US federal income
tax consequences of investing in the Fund. It is not intended as a complete
discussion of all such consequences, it does not address foreign, state or local
taxes or the effects of possible changes in tax laws, nor does it deal with all
categories of investors. Investors are therefore advised to consult with their
tax advisors before making an investment in the Fund. This summary is based on
the Code, US Treasury Regulations, and other applicable authority, as of the
date of this SAI. These authorities are subject to change by legislative or
administrative action, possibly with retroactive effect.

Taxation of the Fund. The Fund intends to elect to be treated and to qualify
each year as a regulated investment company under Subchapter M of the Code. In
order to qualify for the special tax treatment accorded regulated investment
companies and their shareholders, the Fund must, among other things:

(a)       derive at least 90% of its gross income for each taxable year from (i)
          dividends,  interest,  payments  with  respect to  certain  securities
          loans,  and  gains  from  the  sale or  other  disposition  of  stock,
          securities or foreign  currencies,  or other income (including but not
          limited to gains from options,  futures, or forward contracts) derived
          with respect to its  business of investing in such stock,  securities,
          or currencies and (ii) net income derived from interests in "qualified
          publicly traded partnerships" (as defined below);

(b)       diversify  its  holdings  so that,  at the end of each  quarter of the
          Fund's  taxable  year,  (i) at least  50% of the  market  value of the
          Fund's  total  assets  is  represented  by cash  and  cash  items,  US
          government  securities,   securities  of  other  regulated  investment
          companies,  and other securities  limited in respect of any one issuer
          to a value not greater than 5% of the value of the Fund's total assets
          and not more than 10% of the  outstanding  voting  securities  of such
          issuer,  and (ii) not more than 25% of the value of the  Fund's  total
          assets is invested (x) in the  securities  (other than those of the US
          government or other regulated investment  companies) of any one issuer
          or of two or more  issuers  which  the Fund  controls  and  which  are
          engaged in the same, similar, or related trades or businesses,  or (y)
          in  the   securities  of  one  or  more  qualified   publicly   traded
          partnerships (as defined below); and

(c)       distribute  with  respect to each taxable year at least 90% of the sum
          of its investment  company  taxable income (as that term is defined in
          the  Code  without  regard  to the  deduction  for  dividends  paid --
          generally,  taxable  ordinary  income and the  excess,  if any, of net
          short-term  capital gains over net long-term  capital  losses) and net
          tax-exempt interest income, for such year.

In general, for purposes of the 90% gross income requirement described in
paragraph (a) above, income derived from a partnership will be treated as
qualifying income only to the extent such income is attributable to items of
income of the partnership which would be qualifying income if realized by a
regulated investment company. However, 100% of the net income derived from an
interest in a "qualified publicly traded partnership" (generally, a partnership
(x) interests in which are traded on an established securities market or readily
tradable on a secondary market or the substantial equivalent thereof, (y) that
is treated as a partnership for federal income tax purposes, and (z) that
derives less than 90% of its income from the qualifying income described in
paragraph (a)(i) above) will be treated as qualifying income. In addition,
although in general the passive loss rules of the Code do not apply to regulated
investment companies, such rules do apply to a regulated investment company with
respect to items attributable to an interest in a qualified publicly traded
partnership. For purposes of paragraph (b) above, the term "outstanding voting
securities of such issuer" will include the equity securities of a qualified
publicly traded partnership. Also, for purposes of the diversification test in
(b) above, identification of the issuer (or, in some cases, issuers) of a
particular Fund investment will depend on the terms and conditions of that
investment. In some cases, identification of the issuer (or issuers) is
uncertain under current law, and an adverse determination or future guidance by
the Internal Revenue Service ("IRS") with respect to issuer identification for a
particular type of investment may adversely affect the Fund's ability to meet
the diversification test in (b) above.

If the Fund qualifies as a regulated investment company that is accorded special
tax treatment, the Fund will not be subject to federal income tax on income
distributed in a timely manner to its shareholders in the form of dividends
(including Capital Gain Dividends, as defined below).

If for any taxable year the Fund were not to qualify for the special federal
income tax treatment accorded regulated investment companies, all of its taxable
income would be subject to federal income tax at regular corporate rates
(without any deduction for distributions to its shareholders), and all
distributions from earnings and profits, including any distributions of net
tax-exempt income and net long-term capital gains, would be taxable to
shareholders as ordinary income. Such distributions may be eligible (i) to be
treated as qualified dividend income in the case of shareholders taxed as
individuals and (ii) for the dividends received deduction in the case of
corporate shareholders. In addition, the Fund could be required to recognize
unrealized gains, pay substantial taxes and interest and make substantial
distributions before requalifying as a regulated investment company that is
accorded special federal income tax treatment.

As described in "Dividends" above, the Fund intends to distribute to its
shareholders, at least annually, substantially all of its net earnings,
including investment company taxable income (which generally includes taxable
ordinary income and any excess of net realized short-term capital gains over net
realized long-term capital losses) computed without regard to the dividends-paid
deduction, and net capital gain (that is, the excess of net realized long-term
capital gains over net realized short-term capital losses). Any investment
company taxable income retained by the Fund will be subject to federal income
tax at the Fund level at regular corporate rates. From time to time, the Fund
may determine to retain for reinvestment its net capital gain. If the Fund
retains any net capital gain, it will be subject to federal income tax at
regular corporate rates on the amount retained, but may designate the retained
amount as undistributed capital gains, in a notice to its shareholders who (i)
will be required to include in income for federal income tax purposes, as
long-term capital gain, their shares of such undistributed amount, and (ii) will
be entitled to credit their proportionate shares of the tax paid by the Fund on
such undistributed amount against their federal income tax liabilities, if any,
and to claim refunds on a properly filed US tax return to the extent the credit
exceeds such liabilities. For federal income tax purposes, the tax basis of
shares owned by a shareholder of the Fund will be increased by an amount equal
to the difference between the amount of undistributed capital gains included in
the shareholder's gross income under clause (i) of the preceding sentence and
the tax deemed paid by the shareholder under clause (ii) of the preceding
sentence.

In determining its net capital gain for Capital Gain Dividend (as defined below)
purposes, a regulated investment company generally must treat any net capital
loss or any net long-term capital loss incurred after October 31 as if it had
been incurred in the succeeding year. Treasury regulations permit a regulated
investment company, in determining its taxable income, to elect to treat all or
part of any net capital loss, any net long-term capital loss or any foreign
currency loss incurred after October 31 as if it had been incurred in the
succeeding year.

The Fund is subject to a 4% nondeductible federal excise tax on amounts that
have been retained rather than distributed, as required, under a prescribed
formula. The formula requires payment to shareholders during a calendar year of
distributions representing at least 98% of the Fund's taxable ordinary income
for the calendar year and at least 98% of the excess of its capital gains over
capital losses realized during the one-year period ending October 31 (in most
cases) of such year, as well as amounts that were neither distributed nor taxed
to the Fund during the prior calendar year. Although the Fund's distribution
policies should enable it to avoid federal excise tax liability, the Fund may
retain (and be subject to income or excise tax on) a portion of its capital gain
or other income if it appears to be in the interest of the Fund. However, in any
event, the Fund intends to comply with the minimum distribution requirements
applicable to regulated investment companies under Subchapter M of the Code as
described above.

Taxation of Distributions Fund Distributions. For federal income tax purposes,
distributions of net investment income are generally taxable to shareholders as
ordinary income. Taxes on distributions of capital gains are determined by how
long the Fund owned (or is deemed to have owned) the investments that generated
them, rather than how long a shareholder has owned his or her shares. In
general, the Fund will recognize long-term capital gain or loss on assets it has
owned (or is deemed to have owned) for more than one year, and short-term
capital gain or loss on investments it has owned (or is deemed to have owned)
for one year or less. Distributions of net capital gains from the sale of
investments that the Fund owned and that are properly designated by the Fund as
capital gain dividends ("Capital Gain Dividends") will be taxable to
shareholders as long-term capital gains. Capital gains may be reduced if the
Fund has capital loss carryforwards available. Long-term capital gain rates
applicable to individuals and other noncorporate taxpayers have been temporarily
reduced, to a maximum rate of 15% with lower rates applying to taxpayers in the
10% and 15% rate brackets, for taxable years beginning before January 1, 2011.
Distributions derived from net short-term capital gain (the excess of net
short-term capital gain over net long-term capital loss) from the sale of
investments that the Fund owned will be taxable as ordinary income.

For taxable years beginning before January 1, 2011, distributions of net
investment income designated by the Fund as derived from "qualified dividend
income" will be taxed in the hands of individuals and other noncorporate
taxpayers at the rates applicable to long-term capital gain, provided certain
holding period and other requirements are met at both the shareholder and Fund
levels. In order for some portion of the dividends received by the Fund
shareholder to be "qualified dividend income," the Fund must meet holding period
and other requirements with respect to the dividend-paying stock in its
portfolio and the shareholder must meet holding period and other requirements
with respect to the Fund's shares. A dividend will not be treated as qualified
dividend income (at either the Fund or shareholder level) (i) if the dividend is
received with respect to any share of stock held for fewer than 61 days during
the 121-day period beginning on the date which is 60 days before the date on
which such share becomes ex-dividend with respect to such dividend (or, in the
case of certain preferred stock, 91 days during the 181-day period beginning 90
days before such date), (ii) to the extent that the recipient is under an
obligation (whether pursuant to a short sale or otherwise) to make related
payments with respect to positions in substantially similar or related property,
(iii) if the recipient elects to have the dividend income treated as investment
income for purposes of the limitation on deductibility of investment interest,
or (iv) if the dividend is received from a foreign corporation that is (a) not
eligible for the benefits of a comprehensive income tax treaty with the US (with
the exception of dividends paid on stock of a foreign corporation readily
tradable on an established securities market in the US) or (b) treated as a
passive foreign investment company.

Distributions are taxable whether shareholders receive them in cash or reinvest
them in additional shares through the reinvestment privilege. A shareholder
whose distributions are reinvested in shares will be treated as having received
a dividend equal to the fair market value of the new shares issued to the
shareholder.

If there are differences between the Fund's book income and the sum of its
taxable income (including capital gains) and net tax-exempt income (if any), the
Fund may be required to distribute amounts in excess of its book income or a
portion of Fund distributions may be treated as a return of capital to
shareholders. If the Fund's book income exceeds the sum of its taxable income
and net tax-exempt income (if any), the distribution (if any) of such excess
will be treated as (i) a dividend to the extent of the Fund's remaining earnings
and profits (including earnings and profits arising from tax-exempt income),
(ii) thereafter as a return of capital to the extent of the recipient's basis in
the shares, and (iii) thereafter as gain from the sale or exchange of a capital
asset. If the Fund's book income is less than its taxable income and tax-exempt
income (if any), the Fund could be required to make distributions exceeding book
income to qualify as a regulated investment company that is accorded special
federal income tax treatment. An investment by the Fund in securities
denominated in foreign currency may give rise to such differences.

All distributions by the Fund result in a reduction in the net asset value of
the Fund's shares. Should a distribution reduce the net asset value below a
shareholder's cost basis, such distribution would nevertheless be taxable to the
shareholder as ordinary income, qualified dividend income or capital gain as
described herein, even though, from an investment standpoint, it may constitute
a partial return of capital. In particular, investors should be careful to
consider the tax implications of buying shares just prior to a distribution. The
price of shares purchased at that time includes the amount of the forthcoming
distribution. Those purchasing Fund shares just prior to a distribution will
receive a partial return of capital upon the distribution, which will
nevertheless be taxable to them for federal income tax purposes.

Dividends Received Deduction. If dividends from domestic corporations constitute
a substantial portion of the Fund's gross income, a portion of the income
distributions of the Fund may be eligible for the 70% deduction for dividends
received by corporations. Shareholders will be informed of the portion of
dividends which so qualify. The dividends-received deduction is reduced to the
extent the shares of the Fund with respect to which the dividends are received
are treated as debt-financed under federal income tax law. The
dividends-received deduction is eliminated (i) if either the underlying shares
or the shares of the Fund are deemed to have been held by the Fund or the
shareholder, as the case may be, for less than 46 days during the 91-day period
beginning 45 days before the shares become ex-dividend (or, in the case of
certain preferred stock, 91 days during the 181-day period beginning 90 days
before such date), or (ii) to the extent that the Fund is under an obligation
(pursuant to a short sale or otherwise) to make related payments with respect to
positions in substantially similar or related property.

Transactions in Fund Shares. The sale, exchange or redemption of Fund shares may
give rise to a gain or loss. In general, any gain or loss realized upon a
taxable disposition of shares will be treated as long-term capital gain or loss
if the shares have been held for more than one year. Otherwise, the gain or loss
on the taxable disposition of Fund shares will be treated as short-term capital
gain or loss. However, any loss realized upon a taxable disposition of shares
held for six months or less will be treated as long-term, rather than
short-term, to the extent of any long-term capital gain distributions received
(or deemed received) by the shareholder with respect to the shares. All or a
portion of any loss realized upon a taxable disposition of Fund shares will be
disallowed if other substantially identical shares of the Fund are purchased
within 30 days before or after the disposition. In such a case, the basis of the
newly purchased shares will be adjusted to reflect the disallowed loss.

Under certain circumstances, shareholders of the Fund may exchange their shares
for shares of other funds (the "reinvested shares"). If a shareholder (other
than a shareholder who holds his or her shares in a tax-exempt account) makes
such an exchange, the shareholder will recognize a capital gain or loss for
federal income tax purposes measured by the difference between the value of the
reinvested shares and the basis of the exchanged shares. Upon the exchange of
shares (or the reinvestment in shares of the same Fund) that were purchased
subject to a sales charge and held for less than 91 days, the lesser of (i) the
sales charge incurred on the exchanged shares or (ii) the sales charge waived on
the reinvested shares is included in the basis of the reinvested shares and is
not included in the basis of the exchanged shares.

Securities Lending. To the extent that the Fund makes a distribution of income
received by the Fund in lieu of dividends (a "substitute payment") with respect
to securities on a loan pursuant to a securities lending transaction, such
income will not constitute qualified dividend income to individual and other
noncorporate shareholders and will not be eligible for the dividends received
deduction for corporate shareholders.

Foreign Taxation. Foreign withholding or other foreign taxes with respect to
income (possibly including, in some cases, capital gains) on certain foreign
securities may occur. These taxes may be reduced or eliminated under the terms
of an applicable US income tax treaty. Shareholders generally will not be
entitled to claim a credit or deduction with respect to foreign taxes incurred
by the Fund.

Taxation of Certain Investments. The Fund's transactions in foreign currencies,
foreign currency-denominated debt obligations and certain foreign currency
options, futures contracts and forward contracts (and similar instruments) may
give rise to ordinary income or loss to the extent such income or loss results
from fluctuations in the value of the foreign currency concerned. As described
above, such transactions may produce a difference between the Fund's book income
and taxable income. This difference may cause a portion of the Fund's
distributions to constitute returns of capital for tax purposes or may increase
or accelerate ordinary income distributions to shareholders.

Passive Foreign Investment Companies. Equity investments by the Fund in certain
"passive foreign investment companies" ("PFICs") could potentially subject the
Fund to a US federal income tax (including interest charges) on distributions
received from the company or on proceeds received from the disposition of shares
in the company, which tax cannot be eliminated by making distributions to Fund
shareholders. However, the Fund may elect to avoid the imposition of that tax.
For example, the Fund may elect to treat a PFIC as a "qualified electing fund"
(a "QEF election"), in which case the Fund would be required to include its
share of the company's income and net capital gains annually, regardless of
whether it receives any distribution from the company. The Fund also may make an
election to mark the gains (and to a limited extent losses) in PFIC holdings "to
the market" as though it had sold and repurchased its holdings in those PFICs on
the last day of the Fund's taxable year, with such gains and losses being
treated as ordinary income and loss. The QEF and mark-to-market elections may
accelerate the recognition of income (without the receipt of cash) and increase
the amount required to be distributed by the Fund to avoid taxation. Making
either of these elections therefore may require the Fund to liquidate other
investments (including when it is not advantageous to do so) to meet its
distribution requirement, which also may accelerate the recognition of gain and
affect the Fund's total return. As described above, dividends paid by PFICs will
not be eligible to be treated as "qualified dividend income."

Derivatives, Hedging and Other Related Transactions. The Fund's transactions in
certain derivative instruments (e.g., forward contracts and swap agreements),
options, and other hedging, short sale or similar transactions may be subject to
one or more special tax rules (e.g., mark-to-market, notional principal
contract, straddle, constructive sale, wash sale and short sale rules). These
rules may affect whether gains and losses recognized by the Fund are treated as
ordinary or capital or as short-term or long-term, accelerate the recognition of
income or gains to the Fund, defer losses to the Fund, and cause adjustments in
the holding periods of the Fund's securities. These rules could therefore affect
the amount, timing and/or character of distributions to shareholders. Because
the tax rules applicable to these types of transactions are in some cases
uncertain under current law, an adverse determination or future guidance by the
IRS with respect to these rules (which determination or guidance could be
retroactive) may affect whether the Fund has made sufficient distributions, and
otherwise satisfied the relevant requirements, to maintain its qualification as
a regulated investment company and avoid a Fund-level tax.

Certain of the Fund's hedging activities (including transactions, if any, in
foreign currencies or foreign currency-denominated instruments) will likely
produce a difference between its book income and its taxable income. As
described above, this difference may cause a portion of the Fund's distributions
to constitute returns of capital for tax purposes or require the Fund to make
distributions exceeding book income to qualify as a regulated investment company
for U.S. federal income tax purposes.

Debt Obligations. Some debt obligations with a fixed maturity date of more than
one year from the date of issuance (and zero-coupon debt obligations with a
fixed maturity date of more than one year from the date of issuance) that are
acquired by the Fund will be treated as debt obligations that are issued
originally at a discount. Generally, the amount of the original issue discount
("OID") is treated as interest income to the Fund and is included in taxable
income over the term of the debt security, even though payment of that amount is
not received until a later time, usually when the debt security matures. This
OID imputed income will comprise a part of the investment company taxable income
of the Fund, which must be distributed to shareholders in order to maintain the
qualification of the Fund as a regulated investment company and to avoid federal
income and/or excise tax at the Fund level. In addition, payment-in-kind
securities will give rise to income which is required to be distributed and is
taxable even though the Fund receives no interest payment in cash on the
security during the year from such debt obligations.

Some debt obligations with a fixed maturity date of more than one year from the
date of issuance that are acquired by the Fund in the secondary market may be
treated as having market discount. Generally, any gain recognized on the
disposition of, and any partial payment of principal on, a debt security having
market discount is treated as ordinary income to the extent the gain, or
principal payment, does not exceed the accrued (but as of yet unrecognized)
market discount on such debt security. Market discount generally accrues in
equal daily installments. The Fund may make one or more of the elections
applicable to debt obligations having market discount, which could affect the
character and timing of recognition of income from such debt obligations.

Some debt obligations with a fixed maturity date of one year or less from the
date of issuance that are acquired by the Fund may be treated as having
acquisition discount or OID. Generally, the Fund will be required to include the
acquisition discount or OID in income over the term of the debt security, even
though payment of that amount is not received until a later time, usually when
the debt security matures. The Fund may make one or more of the elections
applicable to debt obligations having acquisition discount or OID, which could
affect the character and timing of recognition of income from such debt
obligations.

If the Fund holds the foregoing kinds of securities, it may be required to pay
out as an income distribution each year an amount which is greater than the
total amount of cash interest the Fund actually received. Such distributions may
be made from the cash assets of the Fund or by liquidation of portfolio
securities, if necessary. The Fund may realize gains or losses from such
liquidations. In the event the Fund realizes net short-term or long-term capital
gains from such transactions, its shareholders may receive a larger distribution
from the Fund (which will be taxable to them) than they would in the absence of
such transactions.

Higher-Risk Securities. The Fund may also invest in debt obligations that are in
the lowest rating categories or are unrated, including debt obligations of
issuers not currently paying interest or who are in default. Investments in debt
obligations that are at risk of or in default present special tax issues for the
Fund. Federal income tax rules are not entirely clear about issues such as
whether or to what extent the Fund should recognize market discount on such a
debt obligation, when the Fund may cease to accrue interest, OID or market
discount, when and to what extent the Fund may take deductions for bad debts or
worthless securities and how the Fund should allocate payments received on
obligations in default between principal and income. These and other related
issues will be addressed by the Fund when, as and if it invests in such
securities, in order to seek to ensure that it distributes sufficient income to
preserve its status as a regulated investment company and does not become
subject to US federal income or excise tax.

Interest paid on debt obligations owned by the Fund that are considered for tax
purposes to be payable in the equity of the issuer or a related party will not
be deductible to the issuer, possibly affecting the cash flow of the issuer.

Tax-Exempt Shareholders. Under current law, the Fund generally serves to "block"
(that is, prevent the attribution to shareholders of) UBTI from being realized
by tax-exempt shareholders. Notwithstanding this "blocking" effect, a tax-exempt
shareholder could realize UBTI by virtue of its investment in the Fund if shares
in the Fund constitute debt-financed property in the hands of the tax-exempt
shareholder within the meaning of Code Section 514(b).

Backup Withholding. Under the backup withholding provisions of the Code,
redemption proceeds as well as distributions may be subject to federal income
tax withholding for certain shareholders, if (i) the shareholder fails to
furnish the Fund with a correct "taxpayer identification number" (TIN), (ii) the
shareholder underreports dividend or interest income, or (iii) the shareholder
has not certified to the Fund that withholding does not apply. The backup
withholding rate is 28% for amounts paid through 2010. This rate will expire and
the backup withholding rate will be 31% for amounts paid after December 31,
2010, unless Congress enacts tax legislation providing otherwise.

Backup withholding is not an additional tax. Any amounts withheld may be
credited against the shareholder's U.S. federal income tax liability, provided
the appropriate information is furnished to the IRS.

Tax Shelter Reporting Regulations. Under Treasury regulations, if a shareholder
recognizes a loss with respect to the Fund's shares of $2 million or more for an
individual shareholder or $10 million or more for a corporate shareholder, the
shareholder must file with the IRS a disclosure statement on Form 8886. Direct
shareholders of portfolio securities are in many cases excepted from this
reporting requirement, but under current guidance, shareholders of a regulated
investment company are not excepted. Future guidance may extend the current
exception from this reporting requirement to shareholders of most or all
regulated investment companies. The fact that a loss is reportable under these
regulations does not affect the legal determination of whether the taxpayer's
treatment of the loss is proper. Shareholders should consult their tax advisors
to determine the applicability of these regulations in light of their individual
circumstances.

Non-US Shareholders. Distributions properly designated as Capital Gain Dividends
generally will not be subject to withholding of federal income tax. In general,
dividends (other than Capital Gain Dividends) paid by the Fund to a shareholder
that is not a "US person" within the meaning of the Code (such shareholder, a
"foreign person") are subject to withholding of US federal income tax at a rate
of 30% (or lower applicable treaty rate) even if they are funded by income or
gains (such as portfolio interest, short-term capital gains, or foreign-source
dividend and interest income) that, if paid to a foreign person directly, would
not be subject to withholding.

However, effective for taxable years of the Fund beginning before January 1,
2010, the Fund will not be required to withhold any amounts (i) with respect to
distributions (other than distributions to a foreign person (w) that has not
provided a satisfactory statement that the beneficial owner is not a US person,
(x) to the extent that the dividend is attributable to certain interest on an
obligation if the foreign person is the issuer or is a 10% shareholder of the
issuer, (y) that is within certain foreign countries that have inadequate
information exchange with the US, or (z) to the extent the dividend is
attributable to interest paid by a person that is a related person of the
foreign person and the foreign person is a controlled foreign corporation) from
US-source interest income that would not be subject to US federal income tax if
earned directly by an individual foreign person, to the extent such
distributions are properly designated by the Fund ("interest-related
dividends"), and (ii) with respect to distributions (other than (a)
distributions to an individual foreign person who is present in the US for a
period or periods aggregating 183 days or more during the year of the
distribution and (b) distributions subject to special rules regarding
disposition of US real property interests) of net short-term capital gains in
excess of net long-term capital losses, to the extent such distributions are
properly designated by the Fund ("short-term capital gain dividends"). Absent
legislation extending these exemptions for taxable years beginning on or after
January 1, 2010, these special withholding exemptions for interest-related and
short-term capital gain dividends will expire and these dividends generally will
be subject to withholding as described above. It is currently unclear whether
Congress will extend these exemptions for tax years beginning on or after
January 1, 2010. The Fund does not intend to make designations of
interest-related dividends.

A beneficial holder of shares who is a foreign person is not, in general,
subject to US federal income tax on gains (and is not allowed a deduction for
losses) realized on the sale of shares of the Fund or on Capital Gain Dividends
unless (i) such gain or dividend is effectively connected with the conduct of a
trade or business carried on by such holder within the US or (ii) in the case of
an individual holder, the holder is present in the US for a period or periods
aggregating 183 days or more during the year of the sale or the receipt of the
Capital Gain Dividend and certain other conditions are met.

In order to qualify for any exemptions from withholding or for lower withholding
tax rates under income tax treaties, a foreign person will need to comply with
applicable certification requirements relating to its non-US status (including,
in general, furnishing an IRS Form W-8BEN or substitute form). In the case of
shares held through an intermediary, the intermediary may withhold even if the
Fund makes a designation with respect to a payment. Foreign persons should
contact their intermediaries regarding the application of these rules to their
accounts.

If a shareholder is eligible for the benefits of a tax treaty, any effectively
connected income or gain will generally be subject to U.S. federal income tax on
a net basis only if it is also attributable to a permanent establishment
maintained by the shareholder in the United States.

A beneficial holder of shares who is a foreign person may be subject to state
and local tax and to the U.S. federal estate tax in addition to the federal tax
on income referred to above.

Other Tax Considerations. Shareholders of the Fund may be subject to state and
local taxes on distributions received from the Fund and on redemptions of the
Fund's shares.

Special tax rules apply to investments though defined contribution plans and
other tax-qualified plans. Shareholders should consult their tax advisors to
determine the suitability of shares of the Fund as an investment through such
plans and the precise effect of such an investment on their particular tax
situation.

The US federal income tax discussion set forth above is for general information
only. Investors are advised to consult their own tax advisors with respect to
their own circumstances regarding the above-referenced federal income taxation
rules and with respect to other federal, state, local or foreign tax
consequences to them of an investment in shares of the Fund.




                                 NET ASSET VALUE

The net asset value of shares of the Fund is computed as of the close of regular
trading on the Exchange on each day the Exchange is open for trading (the "Value
Time"). The Exchange is scheduled to be closed on the following holidays: New
Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas, and on
the preceding Friday or subsequent Monday when one of these holidays falls on a
Saturday or Sunday, respectively. Net asset value per share is determined
separately for each class of shares by dividing the value of the total assets of
the Fund attributable to the shares of that class, less all liabilities
attributable to that class, by the total number of shares of that class
outstanding. The per share net asset value may be lower for certain classes of
the Fund because of higher expenses borne by these classes.

An equity security is valued at its most recent sale price on the security's
primary exchange or over-the-counter ("OTC") market as of the Value Time.
Lacking any sales, the security is valued at the calculated mean between the
most recent bid quotation and the most recent asked quotation (the "Calculated
Mean") on such exchange or OTC market as of the Value Time. If it is not
possible to determine the Calculated Mean, the security is valued at the most
recent bid quotation on such exchange or OTC market as of the Value Time. In the
case of certain foreign exchanges or OTC markets, the closing price reported by
the exchange or OTC market (which may sometimes be referred to as the "official
close" or the "official closing price" or other similar term) will be considered
the most recent sale price.

Debt securities are valued as follows. Money market instruments purchased with
an original or remaining maturity of 60 days or less, maturing at par, are
valued at amortized cost. Other money market instruments are valued based on
information obtained from an approved pricing agent or, if such information is
not readily available, by using matrix pricing techniques (formula driven
calculations based primarily on current market yields). Bank loans are valued at
prices supplied by an approved pricing agent (which are intended to reflect the
mean between the bid and asked prices), if available, and otherwise at the mean
of the most recent bid and asked quotations or evaluated prices, as applicable,
based on quotations or evaluated prices obtained from one or more
broker-dealers. Privately placed debt securities, other than Rule 144A debt
securities, initially are valued at cost and thereafter based on all relevant
factors, including type of security, size of holding and restrictions on
disposition. Municipal debt securities are valued at prices supplied by an
approved pricing agent (which are intended to reflect the mean between the bid
and asked prices), if available, and otherwise at the mean of the most recent
bid and asked quotations or evaluated price obtained from a broker-dealer. Other
debt securities not addressed above are valued at prices supplied by an approved
pricing agent, if available, and otherwise at the most recent bid quotation or
evaluated price, as applicable, obtained from one or more broker-dealers. If it
is not possible to value a particular debt security pursuant to the above
methods, the security is valued on the basis of factors including (but not
limited to) maturity, coupon, creditworthiness, currency denomination, and the
movement of the market in which the security is normally traded.

An exchange-traded option contract on securities, currencies and other financial
instruments is valued at its most recent sale price on the relevant exchange.
Lacking any sales, the option contract is valued at the Calculated Mean. If it
is not possible to determine the Calculated Mean, the option contract is valued
at the most recent bid quotation in the case of a purchased option contract or
the most recent asked quotation in the case of a written option contract, in
each case as of the Value Time. An option contract on securities, currencies and
other financial instruments traded in the OTC market is valued on the Value Date
at the evaluated price provided by the broker-dealer with which it was traded.
Futures contracts (and options thereon) are valued at the most recent settlement
price, if available, on the exchange on which they are traded most extensively.
With the exception of stock index futures contracts which trade on the Chicago
Mercantile Exchange, closing settlement times are prior to the close of trading
on the New York Stock Exchange. For stock index futures contracts which trade on
the Chicago Mercantile Exchange, closing settlement prices are normally
available at approximately 4:20 Eastern time. If no settlement price is
available, the last traded price on such exchange will be used.

If market quotations for a portfolio asset are not readily available or the
value of a portfolio asset as determined in accordance with Board approved
procedures does not represent the fair market value of the portfolio asset, the
value of the portfolio asset is taken to be an amount which, in the opinion of
the Fund's Pricing Committee (or, in some cases, the Board's Valuation
Committee), represents fair market value. The value of other portfolio holdings
owned by the Fund is determined in a manner which is intended to fairly reflect
the fair market value of the asset on the valuation date, based on valuation
procedures adopted by the Fund's Board and overseen primarily by the Fund's
Pricing Committee.


                           BOARD MEMBERS AND OFFICERS

The following table presents certain information regarding the Board Members of
the Corporation. Each Board Member's year of birth is set forth in parentheses
after his or her name. Unless otherwise noted, (i) each Board Member has engaged
in the principal occupation(s) noted in the table for at least the most recent
five years, although not necessarily in the same capacity, and (ii) the address
of each Board Member that is not an "interested person" (as defined in the 1940
Act) of the Corporation or the Advisor (each, an "Independent Board Member") is
c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. The term of office
for each Board Member is until the election and qualification of a successor, or
until such Board Member sooner dies, resigns, is removed or as otherwise
provided in the governing documents of the Corporation. Because the Fund does
not hold an annual meeting of shareholders, each Board Member will hold office
for an indeterminate period. The Board Members may also serve in similar
capacities with other funds in the DWS fund complex.

Independent Board Members
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------


<S>                               <C>                                                            <C>
 Name, Year of Birth, Position                                                                   Number of Funds
 with the Corporation and         Business Experience and                                        in DWS Fund
 Length of Time Served(1)         Directorships During the Past 5 Years                          Complex Overseen
--------------------------------------------------------------------------------------------------------------------
Paul K. Freeman                   Consultant, World Bank/Inter-American Development Bank;               129
(1950)                            Governing Council of the Independent Directors Council
Chairperson since 2009, and       (governance, executive committees); formerly: Project Leader,
Board Member since 1993           International Institute for Applied Systems Analysis
                                  (1998-2001); Chief Executive Officer, The Eric Group, Inc.
                                  (environmental insurance) (1986-1998)

--------------------------------------------------------------------------------------------------------------------
John W. Ballantine (1946)         Retired; formerly: Executive Vice President and Chief Risk            129
Board Member since 1999           Management Officer, First Chicago NBD Corporation/The First
                                  National Bank of Chicago (1996-1998); Executive Vice
                                  President and Head of International Banking (1995-1996);
                                  Directorships: Healthways Inc. (provider of disease and care
                                  management services); Portland General Electric (utility
                                  company); Stockwell Capital Investments PLC (private equity);
                                  former Directorships: First Oak Brook Bancshares, Inc. and
                                  Oak Brook Bank
--------------------------------------------------------------------------------------------------------------------
 Henry P. Becton, Jr. (1943)      Vice Chair, WGBH Educational Foundation; Directorships:               129
 Board Member since               Association of Public Television Stations; Becton Dickinson
 1990                             and Company(2) (medical technology company); Belo
                                  Corporation(2) (media company); Boston Museum
                                  of Science; Public Radio International; PRX,
                                  The Public Radio Exchange; The PBS Foundation;
                                  former Directorships: American Public
                                  Television; Concord Academy; New England
                                  Aquarium; Mass. Corporation for Educational
                                  Telecommunications; Committee for Economic
                                  Development; Public Broadcasting Service
--------------------------------------------------------------------------------------------------------------------
Dawn-Marie Driscoll (1946)        President, Driscoll Associates (consulting firm); Executive           129
Board Member since 1987           Fellow, Center for Business Ethics, Bentley University;
                                  formerly: Partner, Palmer & Dodge (1988-1990); Vice President
                                  of Corporate Affairs and General Counsel, Filene's
                                  (1978-1988); Directorships: Trustee of 20 open-end mutual
                                  funds managed by Sun Capital Advisers, Inc. (since 2007);
                                  Director of ICI Mutual Insurance Company (since 2007);
                                  Advisory Board, Center for Business Ethics,
                                  Bentley University; Trustee, Southwest Florida
                                  Community Foundation (charitable organization); former
                                  Directorships: Investment Company Institute (audit,
                                  executive, nominating committees) and Independent Directors
                                  Council (governance, executive committees)
--------------------------------------------------------------------------------------------------------------------
Keith R. Fox (1954)               Managing General Partner, Exeter Capital Partners (a series           129
Board Member since                of private equity funds); Directorships: Progressive Holding
1996                              Corporation (kitchen goods importer and distributor); Natural
                                  History, Inc. (magazine publisher); Box Top Media Inc.
                                  (advertising); The Kennel Shop (retailer)
--------------------------------------------------------------------------------------------------------------------
Kenneth C. Froewiss               Clinical Professor of Finance, NYU Stern School of Business           129
(1945)                            (1997-present); Member, Finance Committee, Association for
Board Member since                Asian Studies (2002-present); Director, Mitsui Sumitomo
2001                              Insurance Group (US) (2004-present); prior thereto, Managing
                                  Director, J.P. Morgan (investment banking firm) (until 1996)
--------------------------------------------------------------------------------------------------------------------
Richard J. Herring                Jacob Safra Professor of International Banking and Professor,         129
(1946)                            Finance Department, The Wharton School, University of
Board Member since                Pennsylvania (since July 1972); Co-Director, Wharton
1990                              Financial Institutions Center (since July 2000); Director,
                                  Japan Equity Fund, Inc. (since September 2007), Thai Capital
                                  Fund, Inc. (since September 2007), Singapore Fund, Inc.
                                  (since September 2007); formerly: Vice Dean and Director,
                                  Wharton Undergraduate Division (July 1995-June 2000);
                                  Director, Lauder Institute of International Management
                                  Studies (July 2000-June 2006)
--------------------------------------------------------------------------------------------------------------------
William McClayton (1944)          Managing Director, Diamond Management & Technology                    129
Board Member since 2004           Consultants, Inc. (global management consulting firm)
                                  (2001-present); Directorship: Board of Managers, YMCA of
                                  Metropolitan Chicago; formerly: Senior Partner, Arthur
                                  Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
                                  Festival
--------------------------------------------------------------------------------------------------------------------
Rebecca W. Rimel                  President and Chief Executive Officer, The Pew Charitable             129
(1951)                            Trusts (charitable organization) (1994 to present); Trustee,
Board Member since                Thomas Jefferson Foundation (charitable organization) (1994
1995                              to present); Trustee, Executive Committee, Philadelphia
                                  Chamber of Commerce (2001 to 2007); Trustee,
                                  Pro Publica (2007-present) (charitable organization); formerly:
                                  Executive Vice President, The Glenmede Trust Company
                                  (investment trust and wealth management) (1983 to 2004);
                                  Board Member, Investor Education (charitable organization)
                                  (2004-2005); Director, Viasys Health Care(2) (January 2007-June 2007)
--------------------------------------------------------------------------------------------------------------------
William N. Searcy, Jr.            Private investor since October 2003; Trustee of 20 open-end           129
(1946)                            mutual funds managed by Sun Capital Advisers, Inc. (since
Board Member since                October 1998); formerly: Pension & Savings Trust Officer,
1993                              Sprint Corporation(2) (telecommunications) (November
                                  1989-September 2003)
--------------------------------------------------------------------------------------------------------------------
Jean Gleason Stromberg            Retired; formerly: Consultant (1997-2001); Director, US               129
(1943)                            Government Accountability Office (1996-1997); Partner,
Board Member since                Fulbright & Jaworski, L.L.P. (law firm) (1978-1996);
1997                              Directorships: The William and Flora Hewlett Foundation;
                                  Business Leadership Council, Wellesley College; former
                                  Directorships: Service Source, Inc., Mutual Fund Directors
                                  Forum (2002-2004), American Bar Retirement Association
                                  (funding vehicle for retirement plans) (1987-1990 and
                                  1994-1996)
--------------------------------------------------------------------------------------------------------------------
Robert H. Wadsworth (1940)        President, Robert H. Wadsworth & Associates, Inc. (consulting         132
Board Member since 1999           firm) (1983 to present); Director, The Phoenix Boys Choir
                                  Association
--------------------------------------------------------------------------------------------------------------------

Interested Board Member

--------------------------------------------------------------------------------------------------------------------
 Name, Year of Birth, Position    Business Experience and                                        Number of Funds
 with the Corporation and                                                                        in DWS Fund
 Length of Time Served(1)         Directorships During the Past 5 Years                          Complex Overseen
--------------------------------------------------------------------------------------------------------------------
 Axel Schwarzer(3)                Managing Director(4), Deutsche Asset Management; Head of              129
 (1958)                           Deutsche Asset Management Americas; CEO of DWS Investments;
 Board Member since               formerly: board member of DWS Investments, Germany
 2006                             (1999-2005); Head of Sales and Product Management for the
                                  Retail and Private Banking Division of Deutsche Bank
                                  in Germany (1997-1999); various strategic and operational
                                  positions for Deutsche Bank Germany Retail and Private
                                  Banking Division in the field of investment funds, tax
                                  driven instruments and asset management for corporates
                                  (1989-1996)
--------------------------------------------------------------------------------------------------------------------

Officers((5))

--------------------------------------------------------------------------------------------------------------------
 Name, Year of Birth, Position
 with the Corporation and         Business Experience and
 Length of Time Served(6)         Directorships During the Past 5 Years
--------------------------------------------------------------------------------------------------------------------
 Michael G. Clark(7) (1965)       Managing Director(4), Deutsche Asset Management (2006-present); President of
 President, 2006-present          DWS family of funds; Director, ICI Mutual Insurance Company (since
                                  October 2007); formerly: Director of Fund Board Relations (2004-2006) and
                                  Director of Product Development (2000-2004), Merrill Lynch Investment Managers;
                                  Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
--------------------------------------------------------------------------------------------------------------------
 John Millette(8) (1962)          Director(4), Deutsche Asset Management
 Vice President and Secretary,
 1999-present
--------------------------------------------------------------------------------------------------------------------
 Paul H. Schubert(7) (1963)       Managing Director(4), Deutsche Asset Management (since July 2004); formerly:
 Chief Financial Officer,         Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family
 2004-present                     of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS
 Treasurer, 2005-present          Global Asset Management (1994-1998)
--------------------------------------------------------------------------------------------------------------------
 Caroline Pearson(8) (1962)       Managing Director(4), Deutsche Asset Management
 Assistant Secretary,
 1997-present
--------------------------------------------------------------------------------------------------------------------
 Rita Rubin(9) (1970)             Vice President and Counsel, Deutsche Asset Management (since October 2007);
 Assistant Secretary,             formerly, Vice President, Morgan Stanley Investment Management (2004-2007);
 2009-present                     Attorney, Shearman & Sterling LLP (2004); Vice President and Associate General
                                  Counsel, UBS Global Asset Management (2001-2004)
--------------------------------------------------------------------------------------------------------------------
 Paul Antosca(8)                  Director(4), Deutsche Asset Management (since 2006); formerly: Vice President,
 (1957)                           The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
 Assistant Treasurer,
 2007-present
--------------------------------------------------------------------------------------------------------------------
 Jack Clark (8)                   Director(4), Deutsche Asset Management (since 2007); formerly: Vice President,
 (1967)                           State Street Corporation (2002-2007)
 Assistant Treasurer,
 2007-present
--------------------------------------------------------------------------------------------------------------------
 Diane Kenneally(8)               Director(4), Deutsche Asset Management
 (1966)
 Assistant Treasurer,
 2007-present
--------------------------------------------------------------------------------------------------------------------
 Jason Vazquez(9) (1972)          Vice President, Deutsche Asset Management (since 2006); formerly: AML
 Anti-Money Laundering            Operations Manager for Bear Stearns (2004-2006); Supervising Compliance
 Compliance Officer,              Principal and Operations Manager for AXA Financial (1999-2004)
 2007-present
--------------------------------------------------------------------------------------------------------------------
 Robert Kloby(9) (1962)           Managing Director(4), Deutsche Asset Management (2004-present); formerly: Chief
 Chief Compliance Officer,        Compliance Officer/Chief Risk Officer, Robeco USA (2000-2004); Vice President,
 2006-present                     The Prudential Insurance Company of America (1988-2000); E.F. Hutton and
                                  Company (1984-1988)
--------------------------------------------------------------------------------------------------------------------
 J. Christopher Jackson(9)        Director(4), Deutsche Asset Management (2006-present); formerly: Director,
 (1951)                           Senior Vice President, General Counsel, and Assistant Secretary, Hansberger
 Chief Legal Officer,             Global Investors, Inc. (1996-2006); Director, National Society of Compliance
 2006-present                     Professionals (2002-2005) (2006-2009)

--------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)  The length of time served represents the year in which the Board Member
     joined the board of one or more DWS funds currently overseen by the Board.

(2)  A publicly held company with securities registered pursuant to Section 12
     of the Securities Exchange Act of 1934.

(3)  The mailing address of Axel Schwarzer is c/o Deutsche Investment Management
     Americas Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is
     an interested Board Member by virtue of his positions with Deutsche Asset
     Management. As an interested person, Mr. Schwarzer receives no compensation
     from the Fund.

(4)  Executive title, not a board directorship.

(5)  As a result of their respective positions held with the Advisor, these
     individuals are considered "interested persons" of the Advisor within the
     meaning of the 1940 Act. Interested persons receive no compensation from
     the Fund.

(6)  The length of time  served  represents  the year in which the  officer  was
     first elected in such capacity for one or more DWS funds.

(7)  Address: 345 Park Avenue, New York, New York 10154.

(8)  Address: One Beacon Street, Boston, Massachusetts 02108.

(9)  Address: 280 Park Avenue, New York, New York 10017.

Certain officers hold similar positions for other investment companies for which
DIMA or an affiliate serves as the Advisor.

Officer's Role with Principal Underwriter:  DWS Investments Distributors, Inc.

 Paul H. Schubert:                  Vice President
 Jason Vazquez:                     Vice President and AML Compliance Officer
 Caroline Pearson:                  Secretary

Board Members' Responsibilities. The officers of the Corporation manage its
day-to-day operations under the direction of the Board. The primary
responsibility of the Board is to represent the interests of the Fund and to
provide oversight of the management of the Fund.

Board Committees. The Board has established the following standing committees:
Audit Committee, Nominating and Governance Committee, Contract Committee, Equity
Oversight Committee, Fixed-Income and Quant Oversight Committee, Marketing and
Shareholder Services Committee, and Operations Committee. For each committee,
the Board has adopted a written charter setting forth each committee's
responsibilities. Each committee was reconstituted effective April 1, 2008.

Audit Committee: The Audit Committee, which consists entirely of Independent
Board Members, assists the Board in fulfilling its responsibility for oversight
of (1) the integrity of the financial statements, (2) the Fund's accounting and
financial reporting policies and procedures, (3) the Fund's compliance with
legal and regulatory requirements related to accounting and financial reporting
and (4) the qualifications, independence and performance of the independent
registered public accounting firm for the Fund. It also approves and recommends
to the Board the appointment, retention or termination of the independent
registered public accounting firm for the Fund, reviews the scope of audit and
internal controls, considers and reports to the Board on matters relating to the
Fund's accounting and financial reporting practices, and performs such other
tasks as the full Board deems necessary or appropriate. The Audit Committee
receives annual representations from the independent registered public
accounting firm as to its independence. The members of the Audit Committee are
William McClayton (Chair), Kenneth C. Froewiss (Vice Chair), John W. Ballantine,
Henry P. Becton, Jr., Keith R. Fox and William N. Searcy, Jr. During the
calendar year 2008, the Audit Committee of the Fund's Board held six (6)
meetings.

Nominating and Governance Committee: The Nominating and Governance Committee,
which consists entirely of Independent Board Members, recommends individuals for
membership on the Board, nominates officers, Board and committee chairs, vice
chairs and committee members, and oversees the operations of the Board. The
Nominating and Governance Committee also reviews recommendations by shareholders
for candidates for Board positions. Shareholders may recommend candidates for
Board positions by forwarding their correspondence by US mail or courier service
to Dawn-Marie Driscoll, P.O. Box 100176, Cape Coral, FL 33904. The members of
the Nominating and Governance Committee are Henry P. Becton, Jr. (Chair),
Rebecca W. Rimel (Vice Chair), Paul K. Freeman and William McClayton. During the
calendar year 2008, the Nominating and Governance Committee of the Fund's Board
held four (4) meetings.

Contract Committee: The Contract Committee, which consists entirely of
Independent Board Members, reviews at least annually, (a) the Fund's financial
arrangements with DIMA and its affiliates, and (b) the Fund's expense ratios.
The members of the Contract Committee are Robert H. Wadsworth (Chair), Keith R.
Fox (Vice Chair), Henry P. Becton, Jr., Richard J. Herring, William McClayton
and Jean Gleason Stromberg. During the calendar year 2008, the Contract Review
Committee of the Fund's Board held seven (7) meetings.

Equity Oversight Committee: The Equity Oversight Committee reviews the
investment operations of those funds that primarily invest in equity securities
(except for those funds managed by a quantitative investment team). The members
of the Equity Oversight Committee are John W. Ballantine (Chair), William
McClayton (Vice Chair), Henry P. Becton, Jr., Keith R. Fox, Richard J. Herring
and Rebecca W. Rimel. During the calendar year 2008, the Equity Oversight
Committee of the Fund's Board held five (5) meetings.

Fixed-Income and Quant Oversight Committee: The Fixed-Income and Quant Oversight
Committee reviews the investment operations of those funds that primarily invest
in fixed-income securities or are managed by a quantitative investment team. The
members of the Fixed-Income and Quant Oversight Committee are William N. Searcy,
Jr. (Chair), Jean Gleason Stromberg (Vice Chair), Dawn-Marie Driscoll, Kenneth
C. Froewiss and Robert H. Wadsworth. During the calendar year 2008, the
Fixed-Income Oversight Committee of the Fund's Board held five (5) meetings.

Marketing and Shareholder Services Committee: The Marketing and Shareholder
Services Committee reviews the Fund's marketing program, sales practices and
literature and shareholder services. The Marketing and Shareholder Services
Committee also considers matters relating to fund mergers and liquidations and
the organization of new funds. The members of the Marketing and Shareholder
Services Committee are Richard J. Herring (Chair), Dawn-Marie Driscoll (Vice
Chair), Rebecca W. Rimel, Jean Gleason Stromberg and Robert H. Wadsworth. During
the calendar year 2008, the Marketing/Distribution/Shareholder Service Committee
of the Fund's Board held four (4) meetings.

The Operations Committee: The Operations Committee reviews the administrative
operations, legal affairs and general compliance matters of the Fund. The
Operations Committee reviews administrative matters related to the operations of
the Fund, policies and procedures relating to portfolio transactions, custody
arrangements, fidelity bond and insurance arrangements, valuation of Fund assets
and securities and such other tasks as the full Board deems necessary or
appropriate. The Operations Committee also oversees the valuation of the Fund's
securities and other assets and determines, as needed, the fair value of Fund
securities or other assets under certain circumstances as described in the
Fund's Valuation Procedures. The Operations Committee has appointed a Valuation
Sub-Committee, which may make determinations of fair value required when the
Operations Committee is not in session. The members of the Operations Committee
are Dawn-Marie Driscoll (Chair), John W. Ballantine (Vice Chair), Kenneth C.
Froewiss, Rebecca W. Rimel and William N. Searcy, Jr. The members of the
Valuation Sub-Committee are Kenneth C. Froewiss (Chair), John W. Ballantine,
Dawn-Marie Driscoll (Alternate), Rebecca W. Rimel (Alternate) and William N.
Searcy, Jr. (Alternate). During the calendar year 2008, the Operations Committee
held four (4) meetings and the Valuation Sub-Committee held two (2) meetings.

Ad Hoc Committees. In addition to the standing committees described above, from
time to time the Board may also form ad hoc committees to consider specific
issues.

Remuneration. Each Independent Board Member receives compensation from the Fund
for his or her services, which includes retainer fees and specified amounts for
various committee services and for the Board Chairperson. No additional
compensation is paid to any Independent Board Member for travel time to
meetings, attendance at directors' educational seminars or conferences, service
on industry or association committees, participation as speakers at directors'
conferences or service on special fund industry director task forces or
subcommittees. Independent Board Members do not receive any employee benefits
such as pension or retirement benefits or health insurance from the Fund or any
fund in the DWS fund complex.

Board Members who are officers, directors, employees or stockholders of Deutsche
Asset Management or its affiliates receive no direct compensation from the Fund,
although they are compensated as employees of Deutsche Asset Management, or its
affiliates, and as a result may be deemed to participate in fees paid by the
Fund. The following tables show compensation from the Fund and aggregate
compensation from all of the funds in the DWS fund complex received by each
Independent Board Member during the calendar year 2008. Mr. Schwarzer is an
interested person of the Fund and received no compensation from the Fund or any
fund in the DWS fund complex during the relevant periods.

<TABLE>
<CAPTION>
                                                                               Total Compensation
                                          Aggregate Compensation                  from Fund and
  Name of Board Member                 from DWS Communications Fund            DWS Fund Complex(1)
  --------------------                 ----------------------------            -------------------

<S>                                                 <C>                               <C>
  John W. Ballantine                                $387                              $237,500
  Henry P. Becton, Jr.(2)                           $159                              $246,000
  Dawn-Marie Driscoll(2)((3))                       $173                              $292,500
  Keith R. Fox((2))                                 $156                              $229,500
  Paul K. Freeman                                   $408                              $255,000
  Kenneth C. Froewiss                               $156                              $226,750
  Richard J. Herring(2)                             $159                              $240,000
  William McClayton((4))                            $400                              $257,500
  Rebecca W. Rimel(2)                               $156                              $233,500
  William N. Searcy, Jr.                            $159                              $238,000
  Jean Gleason Stromberg                            $156                              $225,500
  Robert H. Wadsworth                               $400                              $273,500
</TABLE>

(1)  The DWS fund complex is composed of 136 funds as of December 31, 2008.

(2)  Aggregate compensation includes amounts paid to the Board Members for
     special meetings of ad hoc committees of the Board in connection with the
     consolidation of the DWS fund boards and various funds, meetings for
     considering fund expense simplification initiatives, and consideration of
     issues specific to the Fund's direct shareholders (i.e., those shareholders
     who did not purchase shares through financial intermediaries). Such amounts
     totaled $8,000 for Mr. Becton, $2,000 for Ms. Driscoll, $2,000 for Mr. Fox,
     $2,000 for Dr. Herring and $8,000 for Ms. Rimel. These meeting fees were
     borne by the funds.

(3)  Includes $70,000 in annual retainer fees received by Ms. Driscoll as
     Chairperson of DWS funds.

(4)  Includes $15,000 paid to Mr. McClayton for numerous special meetings of an
     ad hoc committee of the former Chicago Board in connection with board
     consolidation initiatives.

Board Member Ownership in the Fund
----------------------------------

The following table shows the dollar range of equity securities beneficially
owned by each Board Member in the Fund and DWS fund complex as of December 31,
2008.

<TABLE>
<CAPTION>
                                                                                     Aggregate Dollar Range of
                                             Dollar Range of Beneficial         Ownership in all Funds Overseen by
                                                      Ownership                            Board Member
Board Member                                 in DWS Communications Fund            in the DWS Fund Complex(1)
------------                                 --------------------------            --------------------------

Independent Board Member:
-------------------------

<S>                                                     <C>                                   <C>
John W. Ballantine                                      None                                  Over $100,000
Henry P. Becton, Jr.                                    None                                  Over $100,000
Dawn-Marie Driscoll                                     None                                  Over $100,000
Keith R. Fox                                            None                                  Over $100,000
Paul K. Freeman                                         None                                  Over $100,000
Kenneth C. Froewiss                                     None                                  Over $100,000
Richard J. Herring                                      None                                  Over $100,000
William McClayton                                       None                                  Over $100,000
Rebecca W. Rimel                                     $1-$10,000                               Over $100,000
William N. Searcy, Jr.                                  None                                  Over $100,000
Jean Gleason Stromberg                                  None                                  Over $100,000
Robert H. Wadsworth                                     None                                  Over $100,000

Interested Board Member:
------------------------

Axel Schwarzer                                          None                                  Over $100,000
</TABLE>

(1)  Securities beneficially owned as defined under the 1934 Act include direct
     and/or indirect ownership of securities where the Board Member's economic
     interest is tied to the securities, employment ownership and securities
     when the Board Member can exert voting power, and when the Board Member has
     authority to sell the securities. The dollar ranges are: None, $1-$10,000,
     $10,001-$50,000, $50,001-$100,000 and over $100,000.

Ownership in Securities of the Advisor and Related Companies

As reported to the Fund, the information in the following table reflects
ownership by the Independent Board Members and their immediate family members of
certain securities as of December 31, 2008. Immediate family members can be a
spouse, children residing in the same household including step and adoptive
children, and any dependents. The securities represent ownership in the Advisor
or principal underwriter of the Fund and any persons (other than a registered
investment company) directly or indirectly controlling, controlled by, or under
common control with the Advisor or principal underwriter of the Fund (including
Deutsche Bank AG).

<TABLE>
<CAPTION>

                                                                                   Value of        Percent of
                                   Owner and                                    Securities on     Class on an
Independent                     Relationship to                     Title of     an Aggregate      Aggregate
Board Member                      Board Member         Company        Class          Basis            Basis
<S>                                <C>                   <C>             <C>          <C>             <C>
John W. Ballantine                                      None
Henry P. Becton, Jr.                                    None
Dawn-Marie Driscoll                                     None
Keith R. Fox                                            None
Paul K. Freeman                                         None
Kenneth C. Froewiss                                     None
Richard J. Herring                                      None
William McClayton                                       None
Rebecca W. Rimel                                        None
William N. Searcy, Jr.                                  None
Jean Gleason Stromberg                                  None
Robert H. Wadsworth                                     None
</TABLE>

Securities Beneficially Owned

As of [April 14, 2009], the Board Members and officers of the Corporation owned,
as a group, less than 1% of the outstanding shares of the Fund.

To the best of the Fund's knowledge, as of April 14, 2009, no person owned of
record or beneficially 5% or more of any class of the Fund's outstanding shares,
except as noted below.

<TABLE>
<CAPTION>
DWS Communications Fund

<S>                                                             <C>                         <C>
Name and Address of Investor Ownership                          Shares                      % of Total Shares

CITIGROUP GLOBAL MARKETS INC                                  572,944.72                    5.97% of Class A
ATTN PETER BOOTH 7TH FL
NEW YORK NY  10001-2402

DWS TRUST COMPANY CUST                                         6,195.22                     5.98% of Class B
FOR THE SEP IRA OF
KAREN C YOUNG
ROCKVILLE MD  20855-1343

CITIGROUP GLOBAL MARKETS INC                                   6,026.30                     5.81% of Class B
ATTN PETER BOOTH 7TH FL
NEW YORK NY  10001-2402

GEARY B KATZ CUST                                              5,310.07                     5.12% of Class B
GARRETT B KATZ
UNIF TRANS MIN ACT - MD
POTOMAC MD  20854-5410

CITIGROUP GLOBAL MARKETS INC                                   46,483.11                    11.69% of Class C
ATTN PETER BOOTH 7TH FL
NEW YORK NY  10001-2402

MORGAN STANLEY & CO.                                           44,669.02                    11.23% of Class C
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ  07311

STATE STREET BANK & TRUST CO                                   95,017.64              41.32% of Institutional Class
CUST FBO
DWS LIFECOMPASS 2020 FUND
QUINCY MA  02171-2105

STATE STREET BANK & TRUST CO                                   69,890.95              30.4% of Institutional Class
CUST FBO
DWS LIFECOMPASS 2015 FUND
1 HERITAGE DR # P5S
QUINCY MA  02171-2105

STATE STREET BANK & TRUST CO                                   21,021.80              9.14% of Institutional Class
CUST FBO
DWS LIFECOMPASS 2030 FUND
QUINCY MA  02171-2105

STATE STREET BANK & TRUST CO                                   20,805.92              9.05% of Institutional Class
CUST FBO
DWS LIFECOMPASS RETIREMENT FUND
QUINCY MA  02171-2105
</TABLE>





Agreement to Indemnify Independent Directors for Certain Expenses


In connection with litigation or regulatory action related to possible improper
market timing or other improper trading activity or possible improper marketing
and sales activity in the Funds, the Fund's investment advisor has agreed,
subject to applicable law and regulation, to indemnify and hold harmless the
applicable Funds against any and all loss, damage, liability and expense,
arising from market timing or marketing and sales matters alleged in any
enforcement actions brought by governmental authorities involving or potentially
affecting the Funds or the investment advisor ("Enforcement Actions") or that
are the basis for private actions brought by shareholders of the Funds against
the Funds, their directors and officers, the Funds' investment advisor and/or
certain other parties ("Private Litigation"), or any proceedings or actions that
may be threatened or commenced in the future by any person (including
governmental authorities), arising from or similar to the matters alleged in the
Enforcement Actions or Private Litigation. In recognition of its undertaking to
indemnify the applicable Funds and in light of the rebuttable presumption
generally afforded to independent directors/trustees of investment companies
that they have not engaged in disabling conduct, the Fund's investment advisor
has also agreed, subject to applicable law and regulation, to indemnify the
applicable Funds' Independent Directors against certain liabilities the
Independent Directors may incur from the matters alleged in any Enforcement
Actions or Private Litigation or arising from or similar to the matters alleged
in the Enforcement Actions or Private Litigation, and advance expenses that may
be incurred by the Independent Director in connection with any Enforcement
Actions or Private Litigation. The applicable investment advisor is not,
however, required to provide indemnification and advancement of expenses: (1)
with respect to any proceeding or action with respect to which the applicable
Fund's Board determines that the Independent Director ultimately would not be
entitled to indemnification or (2) for any liability of the Independent Director
to the Funds or their shareholders to which the Independent Director would
otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of the Independent Director's duties as a
director or trustee of the Funds as determined in a final adjudication in such
action or proceeding. The estimated amount of any expenses that may be advanced
to the Independent Directors or indemnity that may be payable under the
indemnity agreements is currently unknown. These agreements by the Fund's
investment advisor will survive the termination of the investment management
agreements between the applicable investment advisor and the Funds.


                                FUND ORGANIZATION

The Fund is an open-end, management investment company that was originally
designed to provide both convenience and professional investment management to
shareholders of the former American Telephone and Telegraph Company ("AT&T")
after AT&T's divestiture and reorganization in January 1984. Prior to May 1,
1998, the Fund was known as the Flag Investors Telephone Income Fund, Inc.
Effective May 7, 2001, Deutsche Asset Management changed the name of its "Flag
Investors" family of mutual funds to "Deutsche Asset Management." This change
did not affect the operations of the Fund, but resulted in modifications to the
presentation of the Fund's Prospectuses, periodic reports and other publications
on behalf of the Fund.

Effective August 19, 2002, the Deutsche Asset Management funds were combined
with the Scudder family of funds under the Scudder Investments brand. This
change did not affect the operations of the Fund, but resulted in modifications
to the presentation of the Fund's Prospectuses, periodic reports and other
publications on behalf of the Fund.

On February 6, 2006, the names of "Scudder Flag Investors Communications Fund,
Inc." and its series "Scudder Flag Investors Communications Fund, Inc." were
changed to "DWS Communications Fund, Inc." (the "Corporation") and "DWS
Communications Fund," respectively. This change did not affect the operations of
the Fund, but resulted in modifications to the presentation of the Fund's
Prospectuses, periodic reports and other publications on behalf of the Fund.

The Fund currently offers four classes of shares: DWS Communications Fund Class
A Shares ("Class A shares"), DWS Communications Fund Class B Shares ("Class B
shares"), DWS Communications Fund Class C Shares ("Class C shares") and DWS
Communications Fund Institutional Class Shares ("Institutional Class shares")
(collectively, the "Shares"). As used herein, the "Fund" refers to DWS
Communications Fund and specific references to any class of the Fund's shares
will be made using the name of such class.

The Fund was organized as a Maryland corporation on October 18, 1983 and began
operations on January 18, 1984. On May 20, 1985, the Fund reorganized as a
Massachusetts business trust and on January 19, 1989, it reorganized as a
Maryland corporation pursuant to an Agreement and Plan of Reorganization and
Liquidation approved by shareholders on December 6, 1988. The Fund began
offering Class B shares on January 3, 1995, Institutional Class shares on June
4, 1998 and Class C shares on October 28, 1998.

The Corporation is a Maryland corporation organized under the laws of Maryland
and is governed by Amended and Restated Articles of Incorporation dated June 23,
2006, that were approved by shareholders in the second quarter of 2006, as may
be further amended from time to time (the "Articles of Incorporation"). All
shares issued and outstanding are fully paid and non-assessable, transferable,
have no preemptive rights (except as may be determined by the Board of
Directors) or conversion rights (except as described below) and are redeemable
as described in the SAI and in the Fund's prospectus. Each share has equal
rights with each other share of the same class of the Fund as to voting,
dividends, exchanges and liquidation. Shareholders are entitled to one vote for
each share held and fractional votes for fractional shares held.

The Board of Directors may determine that shares of the Fund or a class of the
Fund shall be automatically converted into shares of another Fund of the
Corporation or of another class of the same or another Fund based on the
relative net assets of such Fund or class at the time of conversion. The Board
of Directors may also provide that the holders of shares of a Fund or a class of
a Fund shall have the right to convert or exchange their shares into shares of
one or more other funds or classes on terms established by the Board of
Directors.

Each share of the Corporation may be subject to such sales loads or charges,
expenses and fees, account size requirements, and other rights and provisions,
which may be the same or different from any other share of the Corporation or
any other share of any Fund or class of a Fund (including shares of the same
Fund or class as the share), as the Board of Directors of the Corporation may
establish or change from time to time and to the extent permitted under the 1940
Act.

The Corporation is not required to hold an annual meeting of shareholders in any
year in which the election of Directors is not required by the 1940 Act. If a
meeting of shareholders of the Corporation is required by the 1940 Act to take
action on the election of Directors, then an annual meeting shall be held to
elect Directors and take such other action as may come before the meeting.
Special meetings of the shareholders of the Corporation, or of the shareholders
of one or more Funds or classes thereof, for any purpose or purposes, may be
called at any time by the Board of Directors or by the President, and shall be
called by the President or Secretary at the request in writing of shareholders
entitled to cast a majority of the votes entitled to be cast at the meeting.

Except as provided in the 1940 Act, the presence in person or by proxy of the
holders of one-third of the shares entitled to vote at a meeting shall
constitute a quorum for the transaction of business at meetings of shareholders
of the Corporation or of a Fund or class.

On any matter submitted to a vote of shareholders, all shares of the Corporation
entitled to vote shall be voted in the aggregate as a single class without
regard to series or classes of shares, provided, however, that (a) when
applicable law requires that one or more series or classes vote separately, such
series or classes shall vote separately and, subject to (b) below, all other
series or classes shall vote in the aggregate; and (b) when the Board of
Directors determines that a matter does not affect the interests of a particular
series or class, such series or class shall not be entitled to any vote and only
the shares of the affected series or classes shall be entitled to vote.

Notwithstanding any provision of Maryland corporate law requiring authorization
of any action by a greater proportion than a majority of the total number of
shares entitled to vote on a matter, such action shall be effective if
authorized by the majority vote of the outstanding shares entitled to vote.

Subject to the requirements of applicable law and any procedures adopted by the
Board of Directors from time to time, the holders of shares of the Corporation
or any one or more series or classes thereof may take action or consent to any
action by delivering a consent, in writing or by electronic transmission, of the
holders entitled to cast not less than the minimum number of votes that would be
necessary to authorize or take the action at a formal meeting.

The Articles of Incorporation provide that the Board of Directors may, in its
discretion, establish minimum investment amounts for shareholder accounts,
impose fees on accounts that do not exceed a minimum investment amount and
involuntarily redeem shares in any such account in payment of such fees. The
Board of Directors, in its sole discretion, also may cause the Corporation to
redeem all of the shares of the Corporation or one or more series or classes
held by any shareholder for any reason, to the extent permissible by the 1940
Act, including (a) if the shareholder owns shares having an aggregate net asset
value of less than a specified minimum amount, (b) if the shareholder's
ownership of shares would disqualify a series from being a regulated investment
company, (c) upon a shareholder's failure to provide sufficient identification
to permit the Corporation to verify the shareholder's identity, (d) upon a
shareholder's failure to pay for shares or meet or maintain the qualifications
for ownership of a particular series or class, (e) if the Board of Directors
determines (or pursuant to policies established by the Board of Directors it is
determined) that share ownership by a shareholder is not in the best interests
of the remaining shareholders, (f) when the Corporation is requested or
compelled to do so by governmental authority or applicable law, or (g) upon a
shareholder's failure to comply with a request for information with respect to
the direct or indirect ownership of shares of the Corporation. By redeeming
shares the Corporation may terminate a Fund or any class without shareholder
approval, and the Corporation may suspend the right of shareholders to require
the Corporation to redeem shares to the extent permissible under the 1940 Act.
Payment for shares redeemed shall be made in cash or other property, or any
combination thereof; provided, however, that the composition of any such payment
(e.g., cash, securities and/or other assets) to any shareholder shall be
determined by the Corporation in its sole discretion, and may be different among
shareholders (including differences among shareholders in the same fund or
class).

Except as otherwise permitted by the Articles of Incorporation of the
Corporation, upon liquidation or termination of a Fund or class, shareholders of
such Fund or class of a Fund shall be entitled to receive, pro rata in
proportion to the number of shares of such Fund or class held by each of them, a
share of the net assets of such Fund or class, and the holders of shares of any
other particular Fund or class shall not be entitled to any such distribution,
provided, however, that the composition of any such payment (e.g., cash,
securities and/or other assets) to any shareholder shall be determined by the
Corporation in its sole discretion, and may be different among shareholders
(including differences among shareholders in the same Fund or class).

                             PROXY VOTING GUIDELINES


The Fund has delegated proxy voting responsibilities to the Advisor, subject to
the Board's general oversight. The Advisor votes proxies pursuant to the proxy
voting policy and guidelines set forth in Appendix A to this SAI).

You may obtain information about how a fund voted proxies related to its
portfolio securities during the 12-month period ended June 30 by visiting the
Securities and Exchange Commission's Web site at www.sec.gov or by visiting our
Web site at: www.dws-investments.com (click on "proxy voting" at the bottom of
the page).




                              FINANCIAL STATEMENTS


The audited financial statements for the Fund for the year ended December 31,
2008 are included in, and incorporated by reference into, this SAI in reliance
upon the report of PricewaterhouseCoopers LLP, the Fund's independent registered
public accounting firm, as experts in accounting and auditing.


A copy of the Fund's Annual Report and semi-annual report may be obtained
without charge by contacting Shareholder Services at 1-800-621-1048.



                             ADDITIONAL INFORMATION

Other Information

The CUSIP numbers for each class of the Fund are:

DWS Communications Fund                   Class A:  23339G 108
DWS Communications Fund                   Class B:  23339G 207
DWS Communications Fund                   Class C:  23339G 306
DWS Communications Fund                   Institutional Class:  23339G 405

DWS Communications Fund has a fiscal year ending December 31.

Many of the investment changes in the Fund will be made at prices different from
those prevailing at the time they may be reflected in a regular report to
shareholders of the Fund. These transactions will reflect investment decisions
made by the Advisor in light of the Fund's investment objective and policies,
its other portfolio holdings and tax considerations, and should not be construed
as recommendations for similar action by other investors.

The Fund's prospectuses and this Statement of Additional Information omit
certain information contained in the Registration Statement and its amendments
which the Fund has filed with the SEC under the Securities Act of 1933 and
reference is hereby made to the Registration Statement for further information
with respect to a Fund and the securities offered hereby. The Registration
Statement and its amendments are available for inspection by the public at the
offices of the SEC in Washington, D.C.




                      APPENDIX A -- PROXY VOTING GUIDELINES

       Deutsche Asset Management ("AM") Proxy Voting Policy and Guidelines


I.       INTRODUCTION

AM has adopted and implemented the following policies and procedures, which it
believes are reasonably designed to ensure that proxies are voted in the best
economic interest of clients, in accordance with its fiduciary duties and local
regulation. These Proxy Voting Policies, Procedures and Guidelines shall apply
to all accounts managed by US domiciled advisers and to all US client accounts
managed by non US regional offices. Non US regional offices are required to
maintain procedures and to vote proxies as may be required by law on behalf of
their non US clients. In addition, AM's proxy policies reflect the fiduciary
standards and responsibilities for ERISA accounts.

The attached guidelines represent a set of global recommendations that were
determined by the Global Proxy Voting Sub-Committee ("the GPVSC"). These
guidelines were developed to provide AM with a comprehensive list of
recommendations that represent how AM will generally vote proxies for its
clients. The recommendations derived from the application of these guidelines
are not intended to influence the various AM legal entities either directly or
indirectly by parent or affiliated companies. In addition, the organizational
structures and documents of the various AM legal entities allows, where
necessary or appropriate, the execution by individual AM subsidiaries of the
proxy voting rights independently of any DB parent or affiliated company. This
applies in particular to non U.S. fund management companies. The individuals
that make proxy voting decisions are also free to act independently, subject to
the normal and customary supervision by the management/boards of these AM legal
entities.


II.      AM'S PROXY VOTING RESPONSIBILITIES

Proxy votes are the property of AM's advisory clients.(1) As such, AM's
authority and responsibility to vote such proxies depend upon its contractual
relationships with its clients. AM has delegated responsibility for effecting
its advisory clients' proxy votes to Institutional Shareholder Services ("ISS"),
an independent third-party proxy voting specialist. ISS votes AM's advisory
clients' proxies in accordance with AM's proxy guidelines or AM's specific
instructions. Where a client has given specific instructions as to how a proxy
should be voted, AM will notify ISS to carry out those instructions. Where no
specific instruction exists, AM will follow the procedures in voting the proxies
set forth in this document. Certain Taft-Hartley clients may direct AM to have
ISS vote their proxies in accordance with Taft Hartley voting Guidelines

_____________________

(1)      For purposes of these Policies and Procedures, "clients" refers to
         persons or entities: for which AM serves as investment adviser or
         sub-adviser; for which AM votes proxies; and that have an economic or
         beneficial ownership interest in the portfolio securities of issuers
         soliciting such proxies.

Clients may in certain instances contract with their custodial agent and notify
AM that they wish to engage in securities lending transactions. In such cases,
it is the responsibility of the custodian to deduct the number of shares that
are on loan so that they do not get voted twice.


III.     POLICIES

1.       Proxy voting activities are conducted in the best economic interest of
         clients

AM has adopted the following policies and procedures to ensure that proxies are
voted in accordance with the best economic interest of its clients, as
determined by AM in good faith after appropriate review.

2.       The Global Proxy Voting Sub-Committee

The Global Proxy Voting Sub-Committee (the "GPVSC") is an internal working group
established by the applicable AM's Investment Risk Oversight Committee pursuant
to a written charter. The GPVSC is responsible for overseeing AM's proxy voting
activities, including:

(i)    adopting, monitoring and updating guidelines, attached as Exhibit A (the
       "Guidelines"), that provide how AM will generally vote proxies pertaining
       to a comprehensive list of common proxy voting matters;

(ii)   voting proxies where (A) the issues are not covered by specific client
       instruction or the Guidelines; (B) the Guidelines specify that the issues
       are to be determined on a case-by-case basis; or (C) where an exception
       to the Guidelines may be in the best economic interest of AM's clients;
       and

(iii)  monitoring the Proxy Vendor Oversight's proxy voting activities (see
       below).

AM's Proxy Vendor Oversight, a function of AM's Operations Group, is responsible
for coordinating with ISS to administer AM's proxy voting process and for voting
proxies in accordance with any specific client instructions or, if there are
none, the Guidelines, and overseeing ISS' proxy responsibilities in this regard.

3.       Availability of Proxy Voting Policies and Procedures and proxy voting
         record

Copies of these Policies and Procedures, as they may be updated from time to
time, are made available to clients as required by law and otherwise at AM's
discretion. Clients may also obtain information on how their proxies were voted
by AM as required by law and otherwise at AM's discretion; however, AM must not
selectively disclose its investment company clients' proxy voting records. The
Proxy Vendor Oversight will make proxy voting reports available to advisory
clients upon request. The investment companies' proxy voting records will be
disclosed to shareholders by means of publicly-available annual filings of each
company's proxy voting record for 12-month periods ended June 30 (see
"Recordkeeping" below), if so required by relevant law.


IV.      PROCEDURES

The key aspects of AM's proxy voting process are as follows:

1.       The GPVSC's Proxy Voting Guidelines

The Guidelines set forth the GPVSC's standard voting positions on a
comprehensive list of common proxy voting matters. The GPVSC has developed, and
continues to update the Guidelines based on consideration of current corporate
governance principles, industry standards, client feedback, and the impact of
the matter on issuers and the value of the investments.

The GPVSC will review the Guidelines as necessary to support the best economic
interests of AM's clients and, in any event, at least annually. The GPVSC will
make changes to the Guidelines, whether as a result of the annual review or
otherwise, taking solely into account the best economic interests of clients.
Before changing the Guidelines, the GPVSC will thoroughly review and evaluate
the proposed change and the reasons therefore, and the GPVSC Chair will ask
GPVSC members whether anyone outside of the AM organization (but within Deutsche
Bank and its affiliates) or any entity that identifies itself as a AM advisory
client has requested or attempted to influence the proposed change and whether
any member has a conflict of interest with respect to the proposed change. If
any such matter is reported to the GPVSC Chair, the Chair will promptly notify
the Conflicts of Interest Management Sub-Committee (see below) and will defer
the approval, if possible. Lastly, the GPVSC will fully document its rationale
for approving any change to the Guidelines.

The Guidelines may reflect a voting position that differs from the actual
practices of the public company(ies) within the Deutsche Bank organization or of
the investment companies for which AM or an affiliate serves as investment
adviser or sponsor. Investment companies, particularly closed-end investment
companies, are different from traditional operating companies. These differences
may call for differences in voting positions on the same matter. Further, the
manner in which AM votes investment company proxies may differ from proposals
for which a AM-advised or sponsored investment company solicits proxies from its
shareholders. As reflected in the Guidelines, proxies solicited by closed-end
(and open-end) investment companies are generally voted in accordance with the
pre-determined guidelines of ISS. See Section IV.3.B.

Funds ("Underlying Funds") in which Topiary Fund Management Fund of Funds (each,
a "Fund") invest, may from time to time seek to revise their investment terms
(i.e. liquidity, fees, etc.) or investment structure. In such event, the
Underlying Funds may require approval/consent from its investors to effect the
relevant changes. Topiary Fund Management has adopted Proxy Voting Procedures
which outline the process for these approvals.

2.       Specific proxy voting decisions made by the GPVSC

The Proxy Vendor Oversight will refer to the GPVSC all proxy proposals (i) that
are not covered by specific client instructions or the Guidelines; or (ii) that,
according to the Guidelines, should be evaluated and voted on a case-by-case
basis.

Additionally, if, the Proxy Vendor Oversight, the GPVSC Chair or any member of
the GPVSC, a portfolio manager, a research analyst or a sub-adviser believes
that voting a particular proxy in accordance with the Guidelines may not be in
the best economic interests of clients, that individual may bring the matter to
the attention of the GPVSC Chair and/or the Proxy Vendor Oversight.(2)

_____________________

(2)      The Proxy Vendor Oversight generally monitors upcoming proxy
         solicitations for heightened attention from the press or the industry
         and for novel or unusual proposals or circumstances, which may prompt
         the Proxy Vendor Oversight to bring the solicitation to the attention
         of the GPVSC Chair. AM portfolio managers, AM research analysts and
         sub-advisers also may bring a particular proxy vote to the attention of
         the GPVSC Chair, as a result of their ongoing monitoring of portfolio
         securities held by advisory clients and/or their review of the periodic
         proxy voting record reports that the GPVSC Chair distributes to AM
         portfolio managers and AM research analysts.

If the Proxy Vendor Oversight refers a proxy proposal to the GPVSC or the GPVSC
determines that voting a particular proxy in accordance with the Guidelines is
not in the best economic interests of clients, the GPVSC will evaluate and vote
the proxy, subject to the procedures below regarding conflicts.

The GPVSC endeavors to hold meetings to decide how to vote particular proxies
sufficiently before the voting deadline so that the procedures below regarding
conflicts can be completed before the GPVSC's voting determination.

3.       Certain proxy votes may not be cast

In some cases, the GPVSC may determine that it is in the best economic interests
of its clients not to vote certain proxies. If the conditions below are met with
regard to a proxy proposal, AM will abstain from voting:

o        Neither the Guidelines nor specific client instructions cover an issue;

o        ISS does not make a recommendation on the issue;

o        The GPVSC cannot convene on the proxy proposal at issue to make a
         determination as to what would be in the client's best interest. (This
         could happen, for example, if the Conflicts of Interest Management
         Sub-committee found that there was a material conflict or if despite
         all best efforts being made, the GPVSC quorum requirement could not be
         met).

In addition, it is AM's policy not to vote proxies of issuers subject to laws of
those jurisdictions that impose restrictions upon selling shares after proxies
are voted, in order to preserve liquidity. In other cases, it may not be
possible to vote certain proxies, despite good faith efforts to do so. For
example, some jurisdictions do not provide adequate notice to shareholders so
that proxies may be voted on a timely basis. Voting rights on securities that
have been loaned to third-parties transfer to those third-parties, with loan
termination often being the only way to attempt to vote proxies on the loaned
securities. Lastly, the GPVSC may determine that the costs to the client(s)
associated with voting a particular proxy or group of proxies outweighs the
economic benefits expected from voting the proxy or group of proxies.

The Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding any
specific proxies and any categories of proxies that will not or cannot be voted.
The reasons for not voting any proxy shall be documented.

4.       Conflict of Interest Procedures

A. Procedures to Address Conflicts of Interest and Improper Influence

Overriding Principle. In the limited circumstances where the GPVSC votes
proxies,(3) the GPVSC will vote those proxies in accordance with what it, in
good faith, determines to be the best economic interests of AM's clients.(4)

_____________________

(3)      As mentioned above, the GPVSC votes proxies (i) where neither a
         specific client instruction nor a Guideline directs how the proxy
         should be voted, (ii) where the Guidelines specify that an issue is to
         be determined on a case by case basis or (iii) where voting in
         accordance with the Guidelines may not be in the best economic
         interests of clients.

(4)      The Proxy Vendor Oversight, who serves as the non-voting secretary of
         the GPVSC, may receive routine calls from proxy solicitors and other
         parties interested in a particular proxy vote. Any contact that
         attempts to exert improper pressure or influence shall be reported to
         the Conflicts of Interest Management Sub-Committee.

Independence of the GPVSC. As a matter of Compliance policy, the GPVSC and the
Proxy Vendor Oversight are structured to be independent from other parts of
Deutsche Bank. Members of the GPVSC and the employee responsible for Proxy
Vendor Oversight are employees of AM. As such, they may not be subject to the
supervision or control of any employees of Deutsche Bank Corporate and
Investment Banking division ("CIB"). Their compensation cannot be based upon
their contribution to any business activity outside of AM without prior approval
of Legal and Compliance. They can have no contact with employees of Deutsche
Bank outside of the Private Client and Asset Management division ("PCAM")
regarding specific clients, business matters or initiatives without the prior
approval of Legal and Compliance. They furthermore may not discuss proxy votes
with any person outside of AM (and within AM only on a need to know basis).

Conflict Review Procedures. There will be a committee (the "Conflicts of
Interest Management Sub-Committee") established within AM that will monitor for
potential material conflicts of interest in connection with proxy proposals that
are to be evaluated by the GPVSC. Promptly upon a determination that a vote
shall be presented to the GPVSC, the GPVSC Chair shall notify the Conflicts of
Interest Management Sub-Committee. The Conflicts of Interest Management
Sub-Committee shall promptly collect and review any information deemed
reasonably appropriate to evaluate, in its reasonable judgment, if AM or any
person participating in the proxy voting process has, or has the appearance of,
a material conflict of interest. For the purposes of this policy, a conflict of
interest shall be considered "material" to the extent that a reasonable person
could expect the conflict to influence, or appear to influence, the GPVSC's
decision on the particular vote at issue. GPVSC should provide the Conflicts of
Interest Management Sub-Committee a reasonable amount of time (no less than 24
hours) to perform all necessary and appropriate reviews. To the extent that a
conflicts review can not be sufficiently completed by the Conflicts of Interest
Management Sub-Committee the proxies will be voted in accordance with the
standard guidelines.

The information considered by the Conflicts of Interest Management Sub-Committee
may include without limitation information regarding (i) AM client
relationships; (ii) any relevant personal conflict known by the Conflicts of
Interest Management Sub-Committee or brought to the attention of that
sub-committee; (iii) and any communications with members of the GPVSC (or anyone
participating or providing information to the GPVSC) and any person outside of
the AM organization (but within Deutsche Bank and its affiliates) or any entity
that identifies itself as a AM advisory client regarding the vote at issue. In
the context of any determination, the Conflicts of Interest Management
Sub-Committee may consult with, and shall be entitled to rely upon, all
applicable outside experts, including legal counsel.

Upon completion of the investigation, the Conflicts of Interest Management
Sub-Committee will document its findings and conclusions. If the Conflicts of
Interest Management Sub-Committee determines that (i) AM has a material conflict
of interest that would prevent it from deciding how to vote the proxies
concerned without further client consent or (ii) certain individuals should be
recused from participating in the proxy vote at issue, the Conflicts of Interest
Management Sub-Committee will so inform the GPVSC chair.

If notified that AM has a material conflict of interest as described above, the
GPVSC chair will obtain instructions as to how the proxies should be voted
either from (i) if time permits, the effected clients, or (ii) in accordance
with the standard guidelines. If notified that certain individuals should be
recused from the proxy vote at issue, the GPVSC Chair shall do so in accordance
with the procedures set forth below.

Note: Any AM employee who becomes aware of a potential, material conflict of
interest in respect of any proxy vote to be made on behalf of clients shall
notify Compliance. Compliance shall call a meeting of the conflict review
committee to evaluate such conflict and determine a recommended course of
action.

Procedures to be followed by the GPVSC. At the beginning of any discussion
regarding how to vote any proxy, the GPVSC Chair (or his or her delegate) will
inquire as to whether any GPVSC member (whether voting or ex officio) or any
person participating in the proxy voting process has a personal conflict of
interest or has actual knowledge of an actual or apparent conflict that has not
been reported to the Conflicts of Interest Management Sub-Committee.

The GPVSC Chair also will inquire of these same parties whether they have actual
knowledge regarding whether any director, officer or employee outside of the AM
organization (but within Deutsche Bank and its affiliates) or any entity that
identifies itself as a AM advisory client, has: (i) requested that AM, the Proxy
Vendor Oversight (or any member thereof) or a GPVSC member vote a particular
proxy in a certain manner; (ii) attempted to influence AM, the Proxy Vendor
Oversight (or any member thereof), a GPVSC member or any other person in
connection with proxy voting activities; or (iii) otherwise communicated with a
GPVSC member or any other person participating or providing information to the
GPVSC regarding the particular proxy vote at issue, and which incident has not
yet been reported to the Conflicts of Interest Management Sub- Committee.

If any such incidents are reported to the GPVSC Chair, the Chair will promptly
notify the Conflicts of Interest Management Sub-Committee and, if possible, will
delay the vote until the Conflicts of Interest Management Sub-Committee can
complete the conflicts report. If a delay is not possible, the Conflicts of
Interest Management Sub-Committee will instruct the GPVSC whether anyone should
be recused from the proxy voting process, or whether AM should vote the proxy in
accordance with the standard guidelines, seek instructions as to how to vote the
proxy at issue from ISS or, if time permits, the effected clients. These
inquiries and discussions will be properly reflected in the GPVSC's minutes.

Duty to Report. Any AM employee, including any GPVSC member (whether voting or
ex officio), that is aware of any actual or apparent conflict of interest
relevant to, or any attempt by any person outside of the AM organization (but
within Deutsche Bank and its affiliates) or any entity that identifies itself as
a AM advisory client to influence, how AM votes its proxies has a duty to
disclose the existence of the situation to the GPVSC Chair (or his or her
designee) and the details of the matter to the Conflicts of Interest Management
Sub-Committee. In the case of any person participating in the deliberations on a
specific vote, such disclosure should be made before engaging in any activities
or participating in any discussion pertaining to that vote.

Recusal of Members. The GPVSC will recuse from participating in a specific proxy
vote any GPVSC members (whether voting or ex officio) and/or any other person
who (i) are personally involved in a material conflict of interest; or (ii) who,
as determined by the Conflicts of Interest Management Sub-Committee, have actual
knowledge of a circumstance or fact that could effect their independent
judgment, in respect of such vote. The GPVSC will also exclude from
consideration the views of any person (whether requested or volunteered) if the
GPVSC or any member thereof knows, or if the Conflicts of Interest Management
Sub-Committee has determined, that such other person has a material conflict of
interest with respect to the particular proxy, or has attempted to influence the
vote in any manner prohibited by these policies.

If, after excluding all relevant GPVSC voting members pursuant to the paragraph
above, there are three or more GPVSC voting members remaining, those remaining
GPVSC members will determine how to vote the proxy in accordance with these
Policies and Procedures. If there are fewer than three GPVSC voting members
remaining, the GPVSC Chair will vote the proxy in accordance with the standard
guidelines, will obtain instructions as to how to have the proxy voted from, if
time permits, the effected clients and otherwise from ISS.

B.       Investment Companies and Affiliated Public Companies

Investment Companies. As reflected in the Guidelines, all proxies solicited by
open-end and closed-end investment companies are voted in accordance with the
pre-determined guidelines of ISS, unless the investment company client directs
AM to vote differently on a specific proxy or specific categories of proxies.
However, regarding investment companies for which AM or an affiliate serves as
investment adviser or principal underwriter, such proxies are voted in the same
proportion as the vote of all other shareholders (i.e., "mirror" or "echo"
voting). Master fund proxies solicited from feeder funds are voted in accordance
with applicable provisions of Section 12 of the Investment Company Act of 1940.

Subject to participation agreements with certain Exchange Traded Funds ("ETF")
issuers that have received exemptive orders from the U.S. Securities and
Exchange Commission allowing investing DWS funds to exceed the limits set forth
in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will
echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of
outstanding voting shares globally when required to do so by participation
agreements and SEC orders.

Affiliated Public Companies. For proxies solicited by non-investment company
issuers of or within the Deutsche Bank organization, e.g., Deutsche bank itself,
these proxies will be voted in the same proportion as the vote of other
shareholders (i.e., "mirror" or "echo" voting).

Note: With respect to the QP Trust (not registered under the Investment Company
Act of 1940), the Fund is not required to engage in echo voting and the
investment adviser will use these Guidelines, and may determine, with respect to
the QP Trust, to vote contrary to the positions in the Guidelines, consistent
with the Fund's best interest.

C.       Other Procedures That Limit Conflicts of Interest

AM and other entities in the Deutsche Bank organization have adopted a number of
policies, procedures and internal controls that are designed to avoid various
conflicts of interest, including those that may arise in connection with proxy
voting, including:

o        Deutsche Bank Americas Restricted Activities Policy. This policy
         provides for, among other things, independence of AM employees from
         CIB, and information barriers between AM and other affiliates.
         Specifically, no AM employee may be subject to the supervision or
         control of any employee of CIB. No AM employee shall have his or her
         compensation based upon his or her contribution to any business
         activity within the Bank outside of the business of AM, without the
         prior approval of Legal or Compliance. Further, no employee of CIB
         shall have any input into the compensation of a AM employee without the
         prior approval of Legal or Compliance. Under the information barriers
         section of this policy, as a general rule, AM employees who are
         associated with the investment process should have no contact with
         employees of Deutsche Bank or its affiliates, outside of PCAM,
         regarding specific clients, business matters, or initiatives. Further,
         under no circumstances should proxy votes be discussed with any
         Deutsche Bank employee outside of AM (and should only be discussed on a
         need-to-know basis within AM).

Other relevant internal policies include the Deutsche Bank Americas Code of
Professional Conduct, the Deutsche Asset Management Information Sharing
Procedures, the Deutsche Asset Management Code of Ethics, the Sarbanes-Oxley
Senior Officer Code of Ethics, and the Deutsche Bank Group Code of Conduct. The
GPVSC expects that these policies, procedures and internal controls will greatly
reduce the chance that the GPVSC (or, its members) would be involved in, aware
of or influenced by, an actual or apparent conflict of interest.


V.       RECORDKEEPING

At a minimum, the following types of records must be properly maintained and
readily accessible in order to evidence compliance with this policy.

o        AM will maintain a record of each vote cast by AM that includes among
         other things, company name, meeting date, proposals presented, vote
         cast and shares voted.

o        The Proxy Vendor Oversight maintains records for each of the proxy
         ballots it votes. Specifically, the records include, but are not
         limited to:

         -        The proxy statement (and any additional solicitation
                  materials) and relevant portions of annual statements.

         -        Any additional information considered in the voting process
                  that may be obtained from an issuing company, its agents or
                  proxy research firms.

         -        Analyst worksheets created for stock option plan and share
                  increase analyses.

         -        Proxy Edge print-screen of actual vote election.

o        AM will retain these Policies and Procedures and the Guidelines; will
         maintain records of client requests for proxy voting information; and
         will retain any documents the Proxy Vendor Oversight or the GPVSC
         prepared that were material to making a voting decision or that
         memorialized the basis for a proxy voting decision.

o        The GPVSC also will create and maintain appropriate records documenting
         its compliance with these Policies and Procedures, including records of
         its deliberations and decisions regarding conflicts of interest and
         their resolution.

o        With respect to AM's investment company clients, ISS will create and
         maintain records of each company's proxy voting record for 12-month
         periods ended June 30. AM will compile the following information for
         each matter relating to a portfolio security considered at any
         shareholder meeting held during the period covered by the report and
         with respect to which the company was entitled to vote:

         -        The name of the issuer of the portfolio security;

         -        The exchange ticker symbol of the portfolio security (if
                  symbol is available through reasonably practicable means);

         -        The Council on Uniform Securities Identification Procedures
                  number for the portfolio security (if the number is available
                  through reasonably practicable means);

         -        The shareholder meeting date;

         -        A brief identification of the matter voted on;

         -        Whether the matter was proposed by the issuer or by a security
                  holder;

         -        Whether the company cast its vote on the matter;

         -        How the company cast its vote (e.g., for or against proposal,
                  or abstain; for or withhold regarding election of directors);
                  and

         -        Whether the company cast its vote for or against management.

Note: This list is intended to provide guidance only in terms of the records
that must be maintained in accordance with this policy. In addition, please note
that records must be maintained in accordance with the applicable AM Records
Management Policy.

With respect to electronically stored records, "properly maintained" is defined
as complete, authentic (unalterable) usable and backed-up. At a minimum, records
should be retained for a period of not less than six years (or longer, if
necessary to comply with applicable regulatory requirements), the first three
years in an appropriate AM office.


VI.      THE GPVSC'S OVERSIGHT ROLE

In addition to adopting the Guidelines and making proxy voting decisions on
matters referred to it as set forth above, the GPVSC will monitor the proxy
voting process by reviewing summary proxy information presented by ISS. The
GPVSC will use this review process to determine, among other things, whether any
changes should be made to the Guidelines. This review will take place at least
quarterly and will be documented in the GPVSC's minutes.


Attachment A - Global Proxy Voting Guidelines







                            Deutsche Asset Management

                         Global Proxy Voting Guidelines



                             As Amended October 2008


                                [GRAPHIC OMITTED]
Table of contents

I        Board Of Directors And Executives

         A        Election Of Directors

         B        Classified Boards Of Directors

         C        Board And Committee Independence

         D        Liability And Indemnification Of Directors

         E        Qualifications Of Directors

         F        Removal Of Directors And Filling Of Vacancies

         G        Proposals To Fix The Size Of The Board

         H        Proposals to Restrict Chief Executive Officer's Service on

                  Multiple Boards

         I        Proposals to Restrict Supervisory Board Members Service on

                  Multiple Boards

         J        Proposals to Establish Audit Committees

II       Capital Structure

         A        Authorization Of Additional Shares

         B        Authorization Of "Blank Check" Preferred Stock

         C        Stock Splits/Reverse Stock Splits

         D        Dual Class/Supervoting Stock

         E        Large Block Issuance

         F        Recapitalization Into A Single Class Of Stock

         G        Share Repurchases

         H        Reductions In Par Value

III      Corporate Governance Issues

         A        Confidential Voting

         B        Cumulative Voting

         C        Supermajority Voting Requirements

         D        Shareholder Right To Vote

IV       Compensation

         A        Establishment of a Remuneration Committee

         B        Executive And Director Stock Option Plans

         C        Employee Stock Option/Purchase Plans

         D        Golden Parachutes

         E        Proposals To Limit Benefits Or Executive Compensation

         F        Option Expensing

         G        Management board election and motion

         H        Remuneration (variable pay)

         I        Long-term incentive plans

         J        Shareholder Proposals Concerning "Pay For Superior
                  Performance"

         K        Executive Compensation Advisory

V        Anti-Takeover Related Issues

         A        Shareholder Rights Plans ("Poison Pills")

         B        Reincorporation

         C        Fair-Price Proposals

         D        Exemption From State Takeover Laws

         E        Non-Financial Effects Of Takeover Bids

VI       Mergers & Acquisitions

VII      Social & Political Issues

         A        Labor & Human Rights

         B        Diversity & Equality

         C        Health & Safety

         D        Government/Military

         E        Tobacco

VIII     Environmental Issues

IX       Miscellaneous Items

         A        Ratification Of Auditors

         B        Limitation Of Non-Audit Services Provided By Independent
                  Auditor

         C        Audit Firm Rotation

         D        Transaction Of Other Business

         E        Motions To Adjourn The Meeting

         F        Bundled Proposals

         G        Change Of Company Name

         H        Proposals Related To The Annual Meeting

         I        Reimbursement Of Expenses Incurred From Candidate Nomination

         J        Investment Company Proxies

         K        International Proxy Voting


These Guidelines may reflect a voting position that differs from the actual
practices of the public company (ies) within the Deutsche Bank organization or
of the investment companies for which AM or an affiliate serves as investment
adviser or sponsor.

NOTE: Because of the unique structure and regulatory scheme applicable to
closed-end investment companies, the voting guidelines (particularly those
related to governance issues) generally will be inapplicable to holdings of
closed-end investment companies. As a result, determinations on the appropriate
voting recommendation for closed-end investment company shares will be made on a
case-by-case basis.


I.       Board of Directors and Executives

A.       Election of Directors

Routine: AM Policy is to vote "for" the uncontested election of directors. Votes
for a director in an uncontested election will be withheld in cases where a
director has shown an inability to perform his/her duties in the best interests
of the shareholders.

Proxy contest: In a proxy contest involving election of directors, a
case-by-case voting decision will be made based upon analysis of the issues
involved and the merits of the incumbent and dissident slates of directors. AM
will incorporate the decisions of a third party proxy research vendor,
currently, Institutional Shareholder Services ("ISS") subject to review by the
Proxy Voting Sub-Committee (GPVSC) as set forth in the AM's Proxy Voting
Policies and Procedures.

Rationale: The large majority of corporate directors fulfill their fiduciary
obligation and in most cases support for management's nominees is warranted. As
the issues relevant to a contested election differ in each instance, those cases
must be addressed as they arise.

B.       Classified Boards of Directors

AM policy is to vote against proposals to classify the board and for proposals
to repeal classified boards and elect directors annually.

Rationale: Directors should be held accountable on an annual basis. By
entrenching the incumbent board, a classified board may be used as an
anti-takeover device to the detriment of the shareholders in a hostile take-over
situation.

C.       Board and Committee Independence

AM policy is to vote:

1.       "For" proposals that require that a certain percentage (majority up to
         66 2/3%) of members of a board of directors be comprised of independent
         or unaffiliated directors.

2.       "For" proposals that require all members of a company's compensation,
         audit, nominating, or other similar committees be comprised of
         independent or unaffiliated directors.

3.       "Against" shareholder proposals to require the addition of special
         interest, or constituency, representatives to boards of directors.

4.       "For" separation of the Chairman and CEO positions.

5.       "Against" proposals that require a company to appoint a Chairman who is
         an independent director.

Rationale: Board independence is a cornerstone of effective governance and
accountability. A board that is sufficiently independent from management assures
that shareholders' interests are adequately represented. However, the Chairman
of the board must have sufficient involvement in and experience with the
operations of the company to perform the functions required of that position and
lead the company.

No director qualifies as 'independent' unless the board of directors
affirmatively determines that the director has no material relationship with the
listed company (either directly or as a partner, shareholder or officer of an
organization that has a relationship with the company).

Whether a director is in fact not "independent" will depend on the laws and
regulations of the primary market for the security and the exchanges, if any, on
which the security trades.

D.       Liability and Indemnification of Directors

AM policy is to vote "for" management proposals to limit directors' liability
and to broaden the indemnification of directors, unless broader indemnification
or limitations on directors' liability would effect shareholders' interests in
pending litigation.

Rationale: While shareholders want directors and officers to be responsible for
their actions, it is not in the best interests of the shareholders for them to
be to risk averse. If the risk of personal liability is too great, companies may
not be able to find capable directors willing to serve. We support expanding
coverage only for actions taken in good faith and not for serious violations of
fiduciary obligation or negligence.

E.       Qualifications of Directors

AM policy is to follow management's recommended vote on either management or
shareholder proposals that set retirement ages for directors or require specific
levels of stock ownership by directors.

Rationale: As a general rule, the board of directors, and not the shareholders,
is most qualified to establish qualification policies.

F.       Removal of Directors and Filling of Vacancies

AM policy is to vote "against" proposals that include provisions that directors
may be removed only for cause or proposals that include provisions that only
continuing directors may fill board vacancies.

Rationale: Differing state statutes permit removal of directors with or without
cause. Removal of directors for cause usually requires proof of self-dealing,
fraud or misappropriation of corporate assets, limiting shareholders' ability to
remove directors except under extreme circumstances. Removal without cause
requires no such showing.

Allowing only incumbent directors to fill vacancies can serve as an
anti-takeover device, precluding shareholders from filling the board until the
next regular election.

G.       Proposals to Fix the Size of the Board

AM policy is to vote:

1.       "For" proposals to fix the size of the board unless: (a) no specific
         reason for the proposed change is given; or (b) the proposal is part of
         a package of takeover defenses.

2.       "Against" proposals allowing management to fix the size of the board
         without shareholder approval.

Rationale: Absent danger of anti-takeover use, companies should be granted a
reasonable amount of flexibility in fixing the size of its board.

H.       Proposals to Restrict Chief Executive Officer's Service on Multiple
         Boards

AM policy is to vote "For" proposals to restrict a Chief Executive Officer from
serving on more than three outside boards of directors.

Rationale: Chief Executive Officer must have sufficient time to ensure that
shareholders' interests are represented adequately.

Note: A director's service on multiple closed-end fund boards within a fund
complex are treated as service on a single Board for the purpose of the proxy
voting guidelines.

I.       Proposals to Restrict Supervisory Board Members Service on Multiple
         Boards (For FFT Securities)

AM policy is to vote "for" proposals to restrict a Supervisory Board Member from
serving on more than five supervisory boards.

Rationale: We consider a strong, independent and knowledgeable supervisory board
as important counter-balance to executive management to ensure that the
interests of shareholders are fully reflected by the company.

Full information should be disclosed in the annual reports and accounts to allow
all shareholders to judge the success of the supervisory board controlling their
company.

Supervisory Board Member must have sufficient time to ensure that shareholders'
interests are represented adequately.

Note: A director's service on multiple closed-end fund boards within a fund
complex are treated as service on a single Board for the purpose of the proxy
voting guidelines.

J.       Proposals to Establish Audit Committees (For FFT and U.S. Securities)
         AM policy is to vote "for" proposals that require the establishment of
         audit committees.

Rationale: The audit committee should deal with accounting and risk management
related questions, verifies the independence of the auditor with due regard to
possible conflicts of interest. It also should determine the procedure of the
audit process.


II.      Capital Structure

A.       Authorization of Additional Shares (For U.S. Securities)

AM policy is to vote "for" proposals to increase the authorization of existing
classes of stock that do not exceed a 3:1 ratio of shares authorized to shares
outstanding for a large cap company, and do not exceed a 4:1 ratio of shares
authorized to shares outstanding for a small-midcap company (companies having a
market capitalization under one billion U.S. dollars.).

Rationale: While companies need an adequate number of shares in order to carry
on business, increases requested for general financial flexibility must be
limited to protect shareholders from their potential use as an anti-takeover
device. Requested increases for specifically designated, reasonable business
purposes (stock split, merger, etc.) will be considered in light of those
purposes and the number of shares required.

B.       Authorization of "Blank Check" Preferred Stock (For U.S. Securities)

AM policy is to vote:

1.   "Against" proposals to create blank check preferred stock or to increase
     the number of authorized shares of blank check preferred stock unless the
     company expressly states that the stock will not be used for anti-takeover
     purposes and will not be issued without shareholder approval.

2.   "For" proposals mandating shareholder approval of blank check stock
     placement.

Rationale: Shareholders should be permitted to monitor the issuance of classes
of preferred stock in which the board of directors is given unfettered
discretion to set voting, dividend, conversion and other rights for the shares
issued.

C.       Stock Splits/Reverse Stock Splits

AM policy is to vote "for" stock splits if a legitimate business purpose is set
forth and the split is in the shareholders' best interests. A vote is cast "for"
a reverse stock split only if the number of shares authorized is reduced in the
same proportion as the reverse split or if the effective increase in authorized
shares (relative to outstanding shares) complies with the proxy guidelines for
common stock increases (see, Section II.A, above.)

Rationale: Generally, stock splits do not detrimentally effect shareholders.
Reverse stock splits, however, may have the same result as an increase in
authorized shares and should be analyzed accordingly.

D.       Dual Class/Supervoting Stock

AM policy is to vote "against" proposals to create or authorize additional
shares of super-voting stock or stock with unequal voting rights.

Rationale: The "one share, one vote" principal ensures that no shareholder
maintains a voting interest exceeding their equity interest in the company.

E.       Large Block Issuance (For U.S. Securities)

AM policy is to address large block issuances of stock on a case-by-case basis,
incorporating the recommendation of an independent third party proxy research
firm (currently ISS) subject to review by the GPVSC as set forth in AM's Proxy
Policies and Procedures.

Additionally, AM supports proposals requiring shareholder approval of large
block issuances.

Rationale: Stock issuances must be reviewed in light of the business
circumstances leading to the request and the potential impact on shareholder
value.

F.       Recapitalization into a Single Class of Stock

AM policy is to vote "for" recapitalization plans to provide for a single class
of common stock, provided the terms are fair, with no class of stock being
unduly disadvantaged.

Rationale: Consolidation of multiple classes of stock is a business decision
that may be left to the board and/management if there is no adverse effect on
shareholders.

G.       Share Repurchases

AM policy is to vote "for" share repurchase plans provided all shareholders are
able to participate on equal terms.

Rationale: Buybacks are generally considered beneficial to shareholders because
they tend to increase returns to the remaining shareholders.

H.       Reductions in Par Value

AM policy is to vote "for" proposals to reduce par value, provided a legitimate
business purpose is stated (e.g., the reduction of corporate tax
responsibility.)

Rationale: Usually, adjustments to par value are a routine financial decision
with no substantial impact on shareholders.


III.     Corporate Governance Issues

A.       Confidential Voting

AM policy is to vote "for" proposals to provide for confidential voting and
independent tabulation of voting results and to vote "against" proposals to
repeal such provisions.

Rationale: Confidential voting protects the privacy rights of all shareholders.
This is particularly important for employee-shareholders or shareholders with
business or other affiliations with the company, who may be vulnerable to
coercion or retaliation when opposing management. Confidential voting does not
interfere with the ability of corporations to communicate with all shareholders,
nor does it prohibit shareholders from making their views known directly to
management.

B.       Cumulative Voting (For U.S. Securities)

AM policy is to vote "against" shareholder proposals requesting cumulative
voting and "for"management proposals to eliminate it. The protections afforded
shareholders by cumulative voting are not necessary when a company has a history
of good performance and does not have a concentrated ownership interest.
Accordingly, a vote is cast "against" cumulative voting and "for" proposals to
eliminate it if:

a)       The company has a five year return on investment greater than the
         relevant industry index,

b)       All directors and executive officers as a group beneficially own less
         than 10% of the outstanding stock, and

c)       No shareholder (or voting block) beneficially owns 15% or more of the
         company.

Thus, failure of any one of the three criteria results in a vote for cumulative
voting in accordance with the general policy.

Rationale: Cumulative voting is a tool that should be used to ensure that
holders of a significant number of shares may have board representation;
however, the presence of other safeguards may make their use unnecessary.

C.       Supermajority Voting Requirements

AM policy is to vote "against" management proposals to require a supermajority
vote to amend the charter or bylaws and to vote "for" shareholder proposals to
modify or rescind existing supermajority requirements.

*Exception made when company holds a controlling position and seeks to lower
threshold to maintain control and/or make changes to corporate by-laws.

Rationale: Supermajority voting provisions violate the democratic principle that
a simple majority should carry the vote. Setting supermajority requirements may
make it difficult or impossible for shareholders to remove egregious by-law or
charter provisions. Occasionally, a company with a significant insider held
position might attempt to lower a supermajority threshold to make it easier for
management to approve provisions that may be detrimental to shareholders. In
that case, it may not be in the shareholders interests to lower the
supermajority provision.

D.       Shareholder Right to Vote

AM policy is to vote "against" proposals that restrict the right of shareholders
to call special meetings, amend the bylaws, or act by written consent. Policy is
to vote "for" proposals that remove such restrictions.

Rationale: Any reasonable means whereby shareholders can make their views known
to management or effect the governance process should be supported.


IV.      Compensation

Annual Incentive Plans or Bonus Plans are often submitted to shareholders for
approval. These plans typically award cash to executives based on company
performance. Deutsche Bank believes that the responsibility for executive
compensation decisions rest with the board of directors and/or the compensation
committee, and its policy is not to second-guess the board's award of cash
compensation amounts to executives unless a particular award or series of awards
is deemed excessive. If stock options are awarded as part of these bonus or
incentive plans, the provisions must meet Deutsche Bank's criteria regarding
stock option plans, or similar stock-based incentive compensation schemes, as
set forth below.

A.       Establishment of a Remuneration Committee (For FFT Securities)

AM policy is to vote "for" proposals that require the establishment of a
remuneration committee.

Rationale: Corporations should disclose in each annual report or proxy statement
their policies on remuneration. Essential details regarding executive
remuneration including share options, long-term incentive plans and bonuses,
should be disclosed in the annual report, so that investors can judge whether
corporate pay policies and practices meet the standard.

The remuneration committee shall not comprise any board members and should be
sensitive to the wider scene on executive pay. It should ensure that
performance-based elements of executive pay are designed to align the interests
of shareholders.

B.       Executive and Director Stock Option Plans

AM policy is to vote "for" stock option plans that meet the following criteria:

(1)      The resulting dilution of existing shares is less than (a) 15 percent
         of outstanding shares for large capital corporations or (b) 20 percent
         of outstanding shares for small-mid capital companies (companies having
         a market capitalization under one billion U.S. dollars.)

(2)      The transfer of equity resulting from granting options at less than FMV
         is no greater than 3% of the over-all market capitalization of large
         capital corporations, or 5% of market cap for small-mid capital
         companies.

(3)      The plan does not contain express repricing provisions and, in the
         absence of an express statement that options will not be repriced; the
         company does not have a history of repricing options.

(4)      The plan does not grant options on super-voting stock.

AM will support performance-based option proposals as long as a) they do not
mandate that all options granted by the company must be performance based, and
b) only certain high-level executives are subject to receive the performance
based options.

AM will support proposals to eliminate the payment of outside director pensions.

Rationale: Determining the cost to the company and to shareholders of
stock-based incentive plans raises significant issues not encountered with
cash-based compensation plans. These include the potential dilution of existing
shareholders' voting power, the transfer of equity out of the company resulting
from the grant and execution of options at less than FMV and the authority to
reprice or replace underwater options. Our stock option plan analysis model
seeks to allow reasonable levels of flexibility for a company yet still protect
shareholders from the negative impact of excessive stock compensation.
Acknowledging that small mid-capital corporations often rely more heavily on
stock option plans as their main source of executive compensation and may not be
able to compete with their large capital competitors with cash compensation, we
provide slightly more flexibility for those companies.

C.       Employee Stock Option/Purchase Plans

AM policy is to vote for employee stock purchase plans (ESPP's) when the plan
complies with Internal Revenue Code 423, allowing non-management employees to
purchase stock at 85% of FMV.

AM policy is to vote "for" employee stock option plans (ESOPs) provided they
meet the standards for stock option plans in general. However, when computing
dilution and transfer of equity, ESOPs are considered independently from
executive and director option plans.

Rationale: ESOPs and ESPP's encourage rank-and-file employees to acquire an
ownership stake in the companies they work for and have been shown to promote
employee loyalty and improve productivity.

D.       Golden Parachutes

AM policy is to vote "for" proposals to require shareholder approval of golden
parachutes and for proposals that would limit golden parachutes to no more than
three times base compensation. Policy is to vote "against" more restrictive
shareholder proposals to limit golden parachutes.

Rationale: In setting a reasonable limitation, AM considers that an effective
parachute should be less attractive than continued employment and that the IRS
has opined that amounts greater than three times annual salary, are excessive.

E.       Proposals to Limit Benefits or Executive Compensation

AM policy is to vote "against"

1.   Proposals to limit benefits, pensions or compensation and

2.   Proposals that request or require disclosure of executive compensation
     greater than the disclosure required by Securities and Exchange Commission
     (SEC) regulations.

Rationale: Levels of compensation and benefits are generally considered to be
day-to-day operations of the company, and are best left unrestricted by
arbitrary limitations proposed by shareholders.

F.       Option Expensing

AM policy is to support proposals requesting companies to expense stock options.

Rationale: Although companies can choose to expense options voluntarily, the
Financial Accounting Standards Board (FASB) does not yet require it, instead
allowing companies to disclose the theoretical value of options as a footnote.
Because the expensing of stock options lowers earnings, most companies elect not
to do so. Given the fact that options have become an integral component of
compensation and their exercise results in a transfer of shareholder value, AM
agrees that their value should not be ignored and treated as "no cost"
compensation. The expensing of stock options would promote more modest and
appropriate use of stock options in executive compensation plans and present a
more accurate picture of company operational earnings.

G.        Management board election and motion (For FFT Securities)

AM policy is to vote "against":

o        the election of board members with positions on either remuneration or
         audit committees;

o        the election of supervisory board members with too many supervisory
         board mandates;

o        "automatic" election of former board members into the supervisory
         board.

Rationale: Management as an entity, and each of its members, are responsible for
all actions of the company, and are - subject to applicable laws and regulations
- accountable to the shareholders as a whole for their actions.

Sufficient information should be disclosed in the annual company report and
account to allow shareholders to judge the success of the company.

H.       Remuneration (variable pay): (For FFT Securities)

Executive remuneration for Management Board

AM policy is to vote "for" remuneration for Management Board that is transparent
and linked to results.

Rationale: Executive compensation should motivate management and align the
interests of management with the shareholders. The focus should be on criteria
that prevent excessive remuneration; but enable the company to hire and retain
first-class professionals.

Shareholder interests are normally best served when management is remunerated to
optimise long-term returns. Criteria should include suitable measurements like
return on capital employed or economic value added.

Interests should generally also be correctly aligned when management own shares
in the company - even more so if these shares represent a substantial portion of
their own wealth.

Its disclosure shall differentiate between fixed pay, variable (performance
related) pay and long-term incentives, including stock option plans with
valuation ranges as well as pension and any other significant arrangements.

Executive remuneration for Supervisory Board

AM policy is to vote "for" remuneration for Supervisory Board that is at least
50% in fixed form.

Rationale: It would normally be preferable if performance linked compensation
were not based on dividend payments, but linked to suitable result based
parameters. Consulting and procurement services should also be published in the
company report.

I.       Long-term incentive plans (For FFT Securities)

AM policy is to vote "for" long-term incentive plans for members of a management
board that reward for above average company performance.

Rationale: Incentive plans will normally be supported if they:

o        directly align the interests of members of management boards with those
         of shareholders;

o        establish challenging performance criteria to reward only above average
         performance;

o        measure performance by total shareholder return in relation to the
         market or a range of comparable companies;

o        are long-term in nature and encourage long-term ownership of the shares
         once exercised through minimum holding periods;

o        do not allow a repricing of the exercise price in stock option plans.

J.       Shareholder Proposals Concerning "Pay for Superior Performance"

AM policy is to address pay for superior performance proposals on a case-by-case
basis, incorporating the recommendation of an independent third party proxy
research firm (currently ISS) subject to review by the GPVSC as set forth in
AM's Proxy Policies and Procedures.

Rationale: While AM agrees that compensation issues are better left to the
discretion of management, they appreciate the need to monitor for excessive
compensation practices on a case by case basis. If, after a review of the ISS
metrics, AM is comfortable with ISS's applying this calculation and will vote
according to their recommendation.

K.       Executive Compensation Advisory

AM policy is to follow management's recommended vote on shareholder proposals to
propose an advisory resolution seeking to ratify the compensation of the
company's named executive officers (NEOs) on an annual basis.

Rationale: AM believes that controls exist within senior management and
corporate compensation committees, ensuring fair compensation to executives.
This might allow shareholders to require approval for all levels of management's
compensation.

V.       Anti-Takeover Related Issues

A.       Shareholder Rights Plans ("Poison Pills")

AM policy is to vote "for" proposals to require shareholder ratification of
poison pills or that request boards to redeem poison pills, and to vote
"against" the adoption of poison pills if they are submitted for shareholder
ratification.

Rationale: Poison pills are the most prevalent form of corporate takeover
defenses and can be (and usually are) adopted without shareholder review or
consent. The potential cost of poison pills to shareholders during an attempted
takeover outweighs the benefits.

B.       Reincorporation

AM policy is to examine reincorporation proposals on a case-by-case basis. The
voting decision is based on: (1) differences in state law between the existing
state of incorporation and the proposed state of incorporation; and (2)
differences between the existing and the proposed charter/bylaws/articles of
incorporation and their effect on shareholder rights. If changes resulting from
the proposed reincorporation violate the corporate governance principles set
forth in these guidelines, the reincorporation will be deemed contrary to
shareholder's interests and a vote cast "against."

Rationale: Reincorporations can be properly analyzed only by looking at the
advantages and disadvantages to their shareholders. Care must be taken that
anti-takeover protection is not the sole or primary result of a proposed change.

C.       Fair-Price Proposals

AM policy is to vote "for" management fair-price proposals, provided that: (1)
the proposal applies only to two-tier offers; (2) the proposal sets an objective
fair-price test based on the highest price that the acquirer has paid for a
company's shares; (3) the supermajority requirement for bids that fail the
fair-price test is no higher than two-thirds of the outstanding shares; (4) the
proposal contains no other anti-takeover provisions or provisions that restrict
shareholders rights.

A vote is cast for shareholder proposals that would modify or repeal existing
fair-price requirements that do not meet these standards.

Rationale: While fair price provisions may be used as anti-takeover devices, if
adequate provisions are included, they provide some protection to shareholders
who have some say in their application and the ability to reject those
protections if desired.

D.       Exemption from state takeover laws

AM policy is to vote "for" shareholder proposals to opt out of state takeover
laws and to vote "against" management proposals requesting to opt out of state
takeover laws.

Rationale: Control share statutes, enacted at the state level, may harm
long-term share value by entrenching management. They also unfairly deny certain
shares their inherent voting rights.

E.       Non-financial Effects of Takeover Bids

Policy is to vote "against" shareholder proposals to require consideration of
non-financial effects of merger or acquisition proposals.

Rationale: Non-financial effects may often be subjective and are secondary to
AM's stated purpose of acting in its client's best economic interest.


VI.      Mergers & Acquisitions

Evaluation of mergers, acquisitions and other special corporate transactions
(i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings
and recapitalizations) are performed on a case-by-case basis incorporating
information from an independent proxy research source (currently ISS.)
Additional resources including portfolio management and research analysts may be
considered as set forth in AM's Policies and Procedures.


VII.     Social, Environmental & Political Issues

Social and environmental issues are becoming increasingly important to corporate
success. We incorporate social and environmental considerations into both our
investment decisions and our proxy voting decisions - particularly if the
financial performance of the company could be impacted.

With increasing frequency, shareholder proposals are submitted relating to
social and political responsibility issues. Almost universally, the company
management will recommend a vote "against" these proposals. These types of
proposals cover an extremely wide range of issues. Many of the issues tend to be
controversial and are subject to more than one reasonable, yet opposing, theory
of support. More so than with other types of proxy proposals, social and
political responsibility issues may not have a connection to the economic and
corporate governance principles effecting shareholders' interests. AM's policy
regarding social and political responsibility issues, as with any other issue,
is designed to protect our client shareholders' economic interests.

Occasionally, a distinction is made between a shareholder proposal requesting
direct action on behalf of the board and a request for a report on (or
disclosure of) some information. In order to avoid unduly burdening any company
with reporting requirements, AM's policy is to vote against shareholder
proposals that demand additional disclosure or reporting than is required by the
Securities and Exchange Commission unless it appears there is a legitimate issue
and the company has not adequately addressed shareholders' concerns.

A.       Labor & Human Rights

AM policy is to vote "against" adopting global codes of conduct or workplace
standards exceeding those mandated by law.

Rationale: Additional requirements beyond those mandated by law are deemed
unnecessary and potentially burdensome to companies

B.       Diversity & Equality

1.       AM policy is to vote "against" shareholder proposals to force equal
         employment opportunity, affirmative action or board diversity.

Rationale: Compliance with State and Federal legislation along with information
made available through filings with the EEOC provides sufficient assurance that
companies act responsibly and make information public.

2.       AM policy is also to vote "against" proposals to adopt the Mac Bride
         Principles. The Mac Bride Principles promote fair employment,
         specifically regarding religious discrimination.

Rationale: Compliance with the Fair Employment Act of 1989 makes adoption of the
Mac Bride Principles redundant. Their adoption could potentially lead to charges
of reverse discrimination.

C.       Health & Safety

1.       AM policy is to vote "against" adopting a pharmaceutical price
         restraint policy or reporting pricing policy changes.

Rationale: Pricing is an integral part of business for pharmaceutical companies
and should not be dictated by shareholders (particularly pursuant to an
arbitrary formula.) Disclosing pricing policies may also jeopardize a company's
competitive position in the marketplace.

2.       AM policy is to vote "against" shareholder proposals to control the use
         or labeling of and reporting on genetically engineered products.

Rationale: Additional requirements beyond those mandated by law are deemed
unnecessary and potentially burdensome to companies.

D.       Government/Military

1.       AM policy is to vote against shareholder proposals regarding the
         production or sale of military arms or nuclear or space-based weapons,
         including proposals seeking to dictate a company's interaction with a
         particular foreign country or agency.

Rationale: Generally, management is in a better position to determine what
products or industries a company can and should participate in. Regulation of
the production or distribution of military supplies is, or should be, a matter
of government policy.

2.       AM policy is to vote "against" shareholder proposals regarding
         political contributions and donations.

Rationale: The Board of Directors and Management, not shareholders, should
evaluate and determine the recipients of any contributions made by the company.

3.       AM policy is to vote "against" shareholder proposals regarding
         charitable contributions and donations.

Rationale: The Board of Directors and Management, not shareholders, should
evaluate and determine the recipients of any contributions made by the company.

E.       Tobacco

1.       AM policy is to vote "against" shareholder proposals requesting
         additional standards or reporting requirements for tobacco companies as
         well as "against" requesting companies to report on the intentional
         manipulation of nicotine content.

Rationale: Where a tobacco company's actions meet the requirements of legal and
industry standards, imposing additional burdens may detrimentally effect a
company's ability to compete. The disclosure of nicotine content information
could affect the company's rights in any pending or future litigation.

2.       Shareholder requests to spin-off or restructure tobacco businesses will
         be opposed.

Rationale: These decisions are more appropriately left to the Board and
management, and not to shareholder mandate.


VIII.    Environmental Issues

AM policy is to follow management's recommended vote on CERES Principles or
other similar environmental mandates (e.g., those relating to Greenhouse gas
emissions or the use of nuclear power).

Rationale: Environmental issues are extensively regulated by outside agencies
and compliance with additional requirements often involves significant cost to
companies.


IX.      Miscellaneous Items

A.       Ratification of Auditors

AM policy is to vote "for" a) the management recommended selection of auditors
and b) proposals to require shareholder approval of auditors.

Rationale: Absent evidence that auditors have not performed their duties
adequately, support for management's nomination is warranted.

B.       Limitation of non-audit services provided by independent auditor

AM policy is to support proposals limiting non-audit fees to 50% of the
aggregate annual fees earned by the firm retained as a company's independent
auditor.

Rationale: In the wake of financial reporting problems and alleged audit
failures at a number of companies, AM supports the general principle that
companies should retain separate firms for audit and consulting services to
avoid potential conflicts of interest. However, given the protections afforded
by the recently enacted Sarbanes-Oxley Act of 2002 (which requires Audit
Committee pre-approval for non-audit services and prohibits auditors from
providing specific types of services), and the fact that some non-audit services
are legitimate audit-related services, complete separation of audit and
consulting fees may not be warranted. A reasonable limitation is appropriate to
help ensure auditor independence and it is reasonable to expect that audit fees
exceed non-audit fees.

C.       Audit firm rotation

AM policy is to support proposals seeking audit firm rotation unless the
rotation period sought is less than five years.

Rationale: While the Sarbanes-Oxley Act mandates that the lead audit partner be
switched every five years, AM believes that rotation of the actual audit firm
would provide an even stronger system of checks and balances on the audit
function.

D.       Transaction of Other Business

AM policy is to vote against "transaction of other business" proposals.

Rationale: This is a routine item to allow shareholders to raise other issues
and discuss them at the meeting. As the nature of these issues may not be
disclosed prior to the meeting, we recommend a vote against these proposals.
This protects shareholders voting by proxy (and not physically present at a
meeting) from having action taken at the meeting that they did not receive
proper notification of or sufficient opportunity to consider.

E.       Motions to Adjourn the Meeting

AM Policy is to vote against proposals to adjourn the meeting.

Rationale: Management may seek authority to adjourn the meeting if a favorable
outcome is not secured. Shareholders should already have had enough information
to make a decision. Once votes have been cast, there is no justification for
management to continue spending time and money to press shareholders for
support.

F.       Bundled Proposals

AM policy is to vote against bundled proposals if any bundled issue would
require a vote against it if proposed individually.

Rationale: Shareholders should not be forced to "take the good with the bad" in
cases where the proposals could reasonably have been submitted separately.

G.       Change of Company Name

AM policy is to support management on proposals to change the company name.

Rationale: This is generally considered a business decision for a company.

H.       Proposals Related to the Annual Meeting

AM Policy is to vote in favor of management for proposals related to the conduct
of the annual meeting (meeting time, place, etc.)

Rationale: These are considered routine administrative proposals.

I.       Reimbursement of Expenses Incurred from Candidate Nomination

AM policy is to follow management's recommended vote on shareholder proposals
related to the amending of company bylaws to provide for the reimbursement of
reasonable expenses incurred in connection with nominating one or more
candidates in a contested election of directors to the corporation's board of
directors.

Rationale: Corporations should not be liable for costs associated with
shareholder proposals for directors.

J.       Investment Company Proxies

Proxies solicited by investment companies are voted in accordance with the
recommendations of an independent third party, currently ISS. However, regarding
investment companies for which AM or an affiliate serves as investment adviser
or principal underwriter, such proxies are voted in the same proportion as the
vote of all other shareholders. Proxies solicited by master funds from feeder
funds will be voted in accordance with applicable provisions of Section 12 of
the Investment Company Act of 1940.

Investment companies, particularly closed-end investment companies, are
different from traditional operating companies. These differences may call for
differences in voting positions on the same matter. For example, AM could vote
"for" staggered boards of closed-end investment companies, although AM generally
votes "against" staggered boards for operating companies. Further, the manner in
which AM votes investment company proxies may differ from proposals for which a
AM-advised investment company solicits proxies from its shareholders. As
reflected in the Guidelines, proxies solicited by closed-end (and open-end)
investment companies are voted in accordance with the pre-determined guidelines
of an independent third-party.

Subject to participation agreements with certain Exchange Traded Funds ("ETF")
issuers that have received exemptive orders from the U.S. Securities and
Exchange Commission allowing investing DWS funds to exceed the limits set forth
in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will
echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of
outstanding voting shares globally when required to do so by participation
agreements and SEC orders.

Note: With respect to the QP Trust (not registered under the Investment Company
Act of 1940), the Fund is not required to engage in echo voting and the
investment adviser will use these Guidelines, and may determine, with respect to
the QP Trust, to vote contrary to the positions in the Guidelines, consistent
with the Fund's best interest.


K.       International Proxy Voting

The above guidelines pertain to issuers organized in the United States, Canada
and Germany. Proxies solicited by other issuers are voted in accordance with
international guidelines or the recommendation of ISS and in accordance with
applicable law and regulation.







--------------------------------------------------------------------------------
IMPORTANT: The information contained herein is the property of Deutsche Bank
Group and may not be copied, used or disclosed in whole or in part, stored in a
retrieval system or transmitted in any form or by any means (electronic,
mechanical, reprographic, recording or otherwise) without the prior written
permission of Deutsche Bank Group.
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                      APPENDIX B -- RATINGS OF INVESTMENTS


BOND AND COMMERCIAL PAPER RATINGS

Set forth below are descriptions of ratings which represent opinions as to the
quality of the securities. It should be emphasized, however, that ratings are
relative and subjective and are not absolute standards of quality.

MOODY'S INVESTORS SERVICE, INC. -- CORPORATE BOND RATINGS

Aaa: Bonds which are rated Aaa are judged to be of the highest quality. They
carry the smallest degree of investment risk and are generally referred to as
"gilt-edged." Interest payments are protected by a large or by an exceptionally
stable margin and principal is secure. While the various protective elements are
likely to change, such changes as can be visualized are most unlikely to impair
the fundamentally strong position of such issues.

Aa: Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as high grade
bonds. They are rated lower than the best bonds because margins of protection
may not be as large as in Aaa securities or fluctuations of protective elements
may be of greater amplitude or there may be other elements present which make
the long-term risk appear somewhat larger than in Aaa securities.

A: Bonds which are rated A possess many favorable investment attributes and are
to be considered as upper -medium grade obligations. Factors giving security to
principal and interest are considered adequate, but elements may be present
which suggest a susceptibility to impairment sometime in the future.

Baa: Bonds which are rated Baa are considered as medium grade obligations,
(i.e., they are neither highly protected nor poorly secured). Interest payments
and principal security appear adequate for the present, but certain protective
elements may be lacking or may be characteristically unreliable over any great
length of time. Such bonds lack outstanding investment characteristics and in
fact have speculative characteristics as well.

Ba: Bonds which are rated Ba are judged to have speculative elements; their
future cannot be considered as well assured. Often the protection of interest
and principal payments may be very moderate and thereby not well safe-guarded
during both good and bad times over the future. Uncertainty of position
characterizes bonds in this class.

B: Bonds which are rated B are considered speculative and generally lack
characteristics of the desirable investment. Assurance of interest and principal
payments or of maintenance of other terms of the contract over any long period
of time may be small.

Caa: Bonds which are rated Caa are of poor standing. Such issues may be in
default or there may be present elements of danger with respect to principal or
interest.

Ca: Bonds which are rated Ca represent obligations which are highly speculative.
Such issues are often in default or have other marked shortcomings.

C: Bonds which are rated C are the lowest rated class of bonds, typically are in
default and can be regarded as having extremely poor prospects of ever attaining
any real investment standing.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating
classification from Aa through Caa in its corporate bond rating system. The
modifier 1 indicates that the issue ranks in the higher end of its generic
rating category; the modifier 2 indicates a mid-range ranking; and the modifier
3 indicates that the issue ranks in the lower end of its generic rating
category.

MOODY'S INVESTORS SERVICE, INC. -- SHORT-TERM RATINGS

Moody's short-term debt ratings are opinions of the ability of issuers to honor
short-term financial obligations. Ratings may be assigned to issuers, short-term
programs or to individual short-term debt instruments. Such obligations
generally have an original maturity not exceeding thirteen months, unless
explicitly noted. Issuers rated Prime-1 or P-1 (or supporting institutions) have
a superior ability for repayment of short-term debt obligations. Prime-1 or P-1
repayment ability will often be evidenced by many of the following
characteristics:

o    Leading market positions in well established industries.

o    High rates of return on funds employed.

o    Conservative capitalization structure with moderate reliance on debt and
     ample asset protection.

o    Broad margins in earnings coverage of fixed financial charges and high
     internal cash generation.

o    Well established access to a range of financial markets and assured sources
     of alternate liquidity.

Issuers rated Prime-2 or P-2 (or supporting institutions) have a strong ability
for repayment of short-term debt obligations. This will normally be evidenced by
many of the characteristics cited above but to a lesser degree. Earnings trends
and coverage ratios, while sound, may be more subject to variation.
Capitalization characteristics, while still appropriate, may be more affected by
external conditions. Ample alternate liquidity is maintained.

STANDARD & POOR'S RATINGS SERVICES -- CORPORATE BOND RATINGS

INVESTMENT GRADE

AAA: Debt rated AAA has the highest rating assigned by S&P's to a debt
obligation. Capacity to pay interest and repay principal is extremely strong.

AA: Debt rated AA has a very strong capacity to pay interest and repay principal
and differs from the higher rated issues only in small degree.

A: Debt rated A has a strong capacity to pay interest and repay principal
although it is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than bonds in higher rated categories.

BBB: Debt rated BBB has an adequate capacity to pay interest and repay
principal. Whereas it normally exhibits adequate protection parameters, adverse
economic conditions or changing circumstances are more likely to lead to a
weakened capacity to pay interest and repay principal for debt in this category
than in higher rated categories.

SPECULATIVE GRADE

Debt rated BB, B, CCC, CC, and C has significant speculative characteristics
with respect to capacity to pay interest and repay principal. BB indicates the
least degree of speculation and C the highest. While such debt will likely have
some quality and protective characteristics, these may be outweighed by large
uncertainties or major exposures to adverse conditions.

BB: Debt rated BB has less near-term vulnerability to default than other
speculative issues. However, it faces major ongoing uncertainties or exposure to
adverse business, financial, or economic conditions which could lead to
inadequate capacity to meet timely interest and principal payments.

The BB rating category is also used for debt subordinated to senior debt that is
assigned an actual or implied BBB- rating.

B: Debt rated B has a greater vulnerability to default but currently has the
capacity to meet interest payments and principal repayments. Adverse business,
financial, or economic conditions will likely impair capacity or willingness to
pay interest and repay principal.

The B rating category is also used for debt subordinated to senior debt that is
assigned an actual or implied BB or BB- rating.

CCC: Debt rated CCC has a current vulnerability to default, and is dependent
upon favorable business, financial, and economic conditions to meet timely
payment of interest and repayment of principal. In the event of adverse
business, financial, or economic conditions, it is not likely to have the
capacity to pay interest and repay principal.

The CCC rating category is also used for debt subordinated to senior debt that
is assigned an actual or implied B or B- rating.

CC: Debt rated CC has a current high vulnerability to default, and is dependent
upon favorable business, financial, and economic conditions to meet timely
payment of interest and repayment of principal.

The rating CC is also applied to debt subordinated to senior debt which is
assigned an actual or implied CCC debt rating.

C: The rating C is typically applied to debt subordinated to senior debt which
is assigned an actual or implied CCC- debt rating. The C rating may be used to
cover a situation where a bankruptcy petition has been filed, but debt service
payments are continued.

C1: The Rating C1 is reserved for income bonds on which no interest is being
    paid.

D: Debt rated D is in payment default. The D rating category is used when
interest payments or principal payments are not made on the date due even if the
applicable grace period has not expired, unless Standard & Poor's believes that
such payments will be made during such grace period. The D rating also will be
used upon the filing of a bankruptcy petition if debt service payments are
jeopardized.

Plus (+) or Minus (-): The ratings from AA to CCC may be modified by the
addition of a plus or minus sign to show relative standing within the major
rating categories.

R: Debt rated 'R' is under regulatory supervision owing to its financial
condition. During the pendency of the regulatory supervision, the regulators may
have the power to favor one class of obligations over others or pay some
obligations and not others.

N.R.: Bonds may lack a S&P's rating because no public rating has been requested,
because there is insufficient information on which to base a rating, or because
S&P's does not rate a particular type of obligation as a matter of policy.

STANDARD & POOR'S RATINGS SERVICES -- SHORT-TERM RATINGS

S&P's commercial paper rating is a current assessment of the likelihood of
timely payment of debt considered short-term in the relevant market.

A-1: This highest category indicates that the degree of safety regarding timely
payment is strong. Those issues determined to possess extremely strong safety
characteristics are denoted with a plus (+) sign designation.

A-2: Capacity for timely payment on issues with this designation is
satisfactory. However, the relative degree of safety is not as high as for
issues designated A-1.

A-3: Issues carrying this designation have adequate capacity for timely payment.
However, adverse economic conditions or changing circumstances are more likely
to lead to a weakened capacity of the issuer to meet its financial commitments.

FITCH INVESTORS SERVICE, INC. -- BOND RATINGS

INVESTMENT GRADE

AAA: Bonds considered to be investment grade and of the highest credit quality.
The obligor has an exceptionally strong ability to pay interest and repay
principal, which is unlikely to be affected by reasonably foreseeable events.

AA: Bonds considered to be investment grade and of very high credit quality. The
obligor's ability to pay interest and repay principal is very strong, although
not quite as strong as bonds rated AAA. Bonds rated in the AAA and AA categories
are not significantly vulnerable to foreseeable events.

A: Bonds considered to be investment grade and of high credit quality. The
obligor's ability to pay interest and repay principal is considered to be
strong, but may be more vulnerable to adverse changes in economic conditions and
circumstances than bonds with higher ratings.

BBB: Bonds considered to be investment grade and of good credit quality. The
obligor's ability to pay interest and repay principal is considered to be
adequate. Adverse changes in economic conditions and circumstances, however, are
more likely to have adverse impact on these bonds, and therefore, impair timely
payment. The likelihood that the ratings of these bonds will fall below
investment grade is higher than for bonds with higher ratings.

SPECULATIVE GRADE

BB: Bonds are considered speculative. The obligor's ability to pay interest and
repay principal may be affected over time by adverse economic changes. However,
business or financial alternatives may be available which could assist the
obligor in satisfying its debt service requirements.

B: Bonds are considered highly speculative. While bonds in this class are
currently meeting debt service requirements, the probability of continued timely
payment of principal and interest reflects the obligor's limited margin of
safety and the need for reasonable business and economic activity throughout the
life of the issue.

CCC: Bonds have certain identifiable characteristics which, if not remedied, may
lead to default. The ability to meet obligations requires an advantageous
business and economic environment.

CC: Bonds are minimally protected.  Default in payment of interest and/or
principal seems probable over time.

C: Bonds are in imminent default in payment of interest or principal.

DDD, DD and D: Bonds are in default of interest and/or principal payments. Such
bonds are extremely speculative and should be valued on the basis of their
ultimate recovery value in liquidation or reorganization of the obligor. DDD
represents the highest potential for recovery on these bonds, and D represents
the lowest potential for recovery.

Plus (+) or Minus (-): The ratings from AA to CC may be appended by the addition
of a plus or minus sign to denote the relative status within the rating
category.

NR: Indicates that Fitch Rating does not publicly rate the specific issue.

FITCH INVESTORS SERVICE, INC. -- SHORT-TERM RATINGS

Fitch's short-term ratings apply to debt obligations that are payable on demand
or have original maturities of generally up to three years, including commercial
paper, certificates of deposit, medium-term notes, and municipal and investment
notes.

F-1+:  Exceptionally  Strong Credit  Quality.  Issues  assigned  this rating are
regarded as having the  strongest  capacity for timely payment.

F-1: Very Strong Credit  Quality.  Issues  assigned  this rating  reflect a
capacity for timely  payment only slightly less than issues rated F-1+.

F-2: Good Credit  Quality.  Issues assigned this rating have a satisfactory
capacity for timely  payment,  but the margin of safety is not as great as the
F-1+ and F-1 categories.

F-3:  Fair Credit  Quality.  Issues  assigned  this rating have  characteristics
suggesting  that the capacity  for timely  payment is adequate; however,
near-term adverse changes could cause these securities to be rated below
investment grade.

B:  Speculative.  Minimal capacity for timely payment of financial  commitments,
plus  vulnerability  to near-term  adverse changes in financial and economic
conditions.

C: High default risk.  Default is a real possibility.  Capacity for meeting
financial  commitments is solely reliant upon a sustained, favorable business
and economic environment.

D: Default. Denotes actual or imminent payment default.

<PAGE>

                            PART C. OTHER INFORMATION

<TABLE>
<CAPTION>
Item 23.          Exhibits
--------          --------

<S>      <C>      <C>          <C>
         (a)      (1)          Articles of Amendment and Restatement, as filed with the Maryland Department of
                               Assessments and Taxation on June 26, 2007, filed with the Securities and Exchange
                               Commission via EDGAR (Accession No. 0000088053-07-000541) on April 30, 2007.

         (b)      (1)          Amended and Restated By Laws, as amended through April 1, 2008, filed with the
                               Securities and Exchange Commission via EDGAR (Accession No. 0000088053-08-000434) on
                               April 28, 2008.

         (c)                   Incorporated by reference to Exhibit (a) above.

         (d)      (1)          Amended and Restated Investment Management Agreement dated July 1, 2006 and revised
                               as of April 1, 2007 between the Registrant and Deutsche Investment Management
                               Americas Inc., filed with the Securities and Exchange Commission via EDGAR
                               (Accession No. 0000088053-07-000541) on April 30, 2007.

         (e)      (1)          Distribution Agreement dated as of August 19, 2002 between Registrant and Scudder
                               Distributors, Inc.; filed with the Securities and Exchange Commission via EDGAR
                               (Accession No. 0000088053-04-000277) on April 29, 2004.

         (f)      (1)          Not Applicable.


         (g)      (1)          Master Custodian Agreement between the Registrant and State Street Bank and Trust
                               Company dated November 17, 2008 is filed herein.

         (h)      (1)          Group Purchase Plan Application incorporated by reference to Exhibit (9) to
                               Post-Effective Amendment No. 19 to Registrant's Registration Statement on Form N-1A
                               (Registration No. 2-87336), filed with the Securities and Exchange Commission via
                               EDGAR (Accession No. 950116-96-000068) on February 8, 1996.

                  (2)          Registrant's Securities Lending Agreement between Registrant and Deutsche Bank AG
                               dated September 25, 2001, incorporated by reference to Post-Effective Amendment No.
                               29 to Registrant's Registration Statement filed with the Securities and Exchange
                               Commission via EDGAR (Accession No. 0000950169-02-000093) on April 30, 2002.

                  (3)          Registrant' Subscription Agreement among Registrant, Deutsche Bank AG and ICC
                               Distributors Inc. dated September 25, 2001, incorporated by reference to
                               Post-Effective Amendment No. 29 to Registrant's Registration Statement filed with
                               the Securities and Exchange Commission via EDGAR (Accession No.
                               0000950169-02-000093) on April 30, 2002.

                  (4)          Registrant's License Agreement between Registrant and Deutsche Banc Alex. Brown LLC
                               dated September 1, 2000 as amended through May 1, 2001, incorporated by reference to
                               Post-Effective Amendment No. 29 to Registrant's Registration Statement filed with
                               the Securities and Exchange Commission via EDGAR (Accession No.
                               0000950169-02-000093) on April 30, 2002.



                                       3
<PAGE>

                  (5)          Agency Agreement between Scudder Investments Service Company and DST Systems, Inc.,
                               dated January 15, 2003, filed with the Securities and Exchange Commission via EDGAR
                               (Accession No. 0000088053-04-000277) on April 29, 2004.

                  (6)          Forms of indemnification agreements, dated October 8, 2004, filed with the
                                Securities and Exchange Commission via EDGAR (Accession No. 0000088053-05-000300)
                                on March 2, 2005.

                  (7)          Transfer Agency and Service Agreement dated June 1, 2006 with DWS Scudder
                               Investments Service Company; filed with the Securities and Exchange Commission via
                               EDGAR (Accession No. 0000088053-07-000541) on April 30, 2007.

                  (8)          Amended and Restated Administrative Services Agreement between the Registrant and
                               Deutsche Investment Management Americas Inc., dated October 1, 2008 is filed herein.

                  (9)          Form of Mutual Fund Rule 22c-2 Information Sharing Agreement between Registrant and
                               DWS Scudder Distributors, Inc. is filed herein.

                  (10)         Form of Expense Limitation Agreement, dated October 1, 2007, is filed herein.

         (i)      (1)          Opinion and Consent of Counsel incorporated by reference to Post-Effective Amendment
                               No. 34 to Registrant's Registration Statement filed with the Securities and Exchange
                               Commission via EDGAR (Accession No. 0000088053-04-000277) on April 29, 2004.

                  (2)          Opinion and Consent of Counsel incorporated by reference to Post-Effective Amendment
                               No. 34 to Registrant's Registration Statement filed with the Securities and Exchange
                               Commission via EDGAR (Accession No. 0000088053-04-000277) on April 29, 2004.

         (j)                   Consent of Independent Registered Public Accounting Firm is filed herein;

         (k)                   Not Applicable.

         (l)                   Subscription Agreement re: initial $100,000 capital incorporated by reference to
                               Exhibit (13) to Post-Effective Amendment No. 19 to Registrant's Registration
                               Statement on Form N-1A (Registration No. 2-87336), filed with the Securities and
                               Exchange Commission via EDGAR (Accession No. 950116-96-000068) on February 8, 1996.

         (m)      (1)          Rule 12b-1 Plan for Class A Shares of DWS Communications Fund dated June 27, 2006,
                               filed with the Securities and Exchange Commission via EDGAR (Accession No.
                               0000088053-07-000541) on April 30, 2007.

                  (2)          Rule 12b-1 Plan for Class B Shares of DWS Communications Fund dated July 1, 2006,
                               filed with the Securities and Exchange Commission via EDGAR (Accession No.
                               0000088053-07-000541) on April 30, 2007.

                  (3)          Rule 12b-1 Plan for Class C Shares of DWS Communications Fund dated July 1, 2006,
                               filed with the Securities and Exchange Commission via EDGAR (Accession No.
                               0000088053-07-000541) on April 30, 2007.

         (n)                   Amended and Restated Multi-Distribution System Plan with respect to DWS
                               Communications Fund, Inc., pursuant to Rule 18f-3, is filed herein



                                       4
<PAGE>

         (p)      (1)          Consolidated Fund Code of Ethics for, dated March 14, 2006, filed with the
                               Securities and Exchange Commission via EDGAR (Accession No. 0000088053-06-000455) on
                               April 27, 2006.

                  (2)          Code of Ethics for Deutsche Asset Management - U.S., dated January 1, 2009 is filed
                               herein.

         (q)                   Not Applicable


</TABLE>
Item 24.          Persons Controlled by or under Common Control with Registrant.
--------          --------------------------------------------------------------

                  None.

Item 25.          Indemnification.
--------          ----------------

         Deutsche Investment Management Americas Inc. ("DIMA"), the investment
advisor, has agreed, subject to applicable law and regulation, to indemnify and
hold harmless the Registrant against any loss, damage, liability and expense,
including, without limitation, the advancement and payment, as incurred, of
reasonable fees and expenses of counsel (including counsel to the Registrant and
counsel to the Non-interested Directors) and consultants, whether retained by
the Registrant or the Non-interested Directors, and other customary costs and
expenses incurred by the Registrant in connection with any litigation or
regulatory action related to possible improper market timing or other improper
trading activity or possible improper marketing and sales activity in the
Registrant ("Private Litigation and Enforcement Actions"). In the event that
this indemnification is unavailable to the Registrant for any reason, then DIMA
has agreed to contribute to the amount paid or payable by the Registrant as a
result of any loss, damage, liability or expense in such proportion as is
appropriate to reflect the relative fault of DIMA and the Registrant with
respect to the matters which resulted in such loss, damage, liability or
expense, as well as any other relevant equitable considerations; provided,
however, if no final determination is made in such action or proceeding as to
the relative fault of DIMA and the Registrant, then DIMA shall pay the entire
amount of such loss, damage, liability or expense.

         In recognition of its undertaking to indemnify the Registrant, DIMA has
also agreed, subject to applicable law and regulation, to indemnify and hold
harmless each of the Non-interested Directors against any and all loss, damage,
liability and expense, including without limitation the advancement and payment
as incurred of reasonable fees and expenses of counsel and consultants, and
other customary costs and expenses incurred by the Non-interested Directors,
arising from the Private Litigation and Enforcement, including without
limitation:

         1. all reasonable legal and other expenses incurred by the
         Non-interested Directors in connection with the Private Litigation and
         Enforcement Actions, and any actions that may be threatened or
         commenced in the future by any person (including any governmental
         authority), arising from or similar to the matters alleged in the
         Private Litigation and Enforcement Actions, including without
         limitation expenses related to the defense of, service as a witness in,
         or monitoring of such proceedings or actions;

         2. all liabilities and expenses incurred by any Non-interested Director
         in connection with any judgment resulting from, or settlement of, any
         such proceeding, action or matter;

         3. any loss or expense incurred by any Non-interested Director as a
         result of the denial of, or dispute about, any insurance claim under,
         or actual or purported rescission or termination of, any policy of
         insurance arranged by DIMA (or by a representative of DIMA acting as
         such, acting as a representative of the Registrant or of the
         Non-interested Directors or acting otherwise) for the benefit of the
         Non-interested Director, to the extent that such denial, dispute or
         rescission is based in whole or in part upon any alleged
         misrepresentation made in the application for such policy or any other
         alleged improper conduct on the part of DIMA, any of its corporate
         affiliates, or any of their directors, officers or employees;



                                       5
<PAGE>

         4. any loss or expense incurred by any Non-interested Director, whether
         or not such loss or expense is otherwise covered under the terms of a
         policy of insurance, but for which the Non-interested Director is
         unable to obtain advancement of expenses or indemnification under that
         policy of insurance, due to the exhaustion of policy limits which is
         due in whole or in part to DIMA or any affiliate thereof having
         received advancement of expenses or indemnification under that policy
         for or with respect to a matter which is the subject of the
         indemnification agreement; provided, however, the total amount which
         DIMA will be obligated to pay under this provision for all loss or
         expense, will not exceed the amount that DIMA and any of its affiliate
         actually receive under that policy or insurance for or with respect to
         a matter which is the subject of the indemnification agreement; and

         5. all liabilities and expenses incurred by any Non-interested Director
         in connection with any proceeding or action to enforce his or her
         rights under the agreement, unless DIMA prevails on the merits of any
         such dispute in a final, nonappealable court order.

         DIMA is not required to pay costs or expenses or provide
indemnification to or for any individual Non-interested Director (i) with
respect to any particular proceeding or action as to which the Board of the
Registrant has determined that such Non-interested Director ultimately will not
be entitled to indemnification with respect thereto, or (ii) for any liability
of the Non-interested Director to the Registrant or its shareholders to which
such Non-interested Director would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the
Non-interested Director's duties as a Director of the Registrant as determined
in a final adjudication in such proceeding or action. In addition, to the extent
that DIMA has paid costs or expenses under the agreement to any individual
Non-interested Director with respect to a particular proceeding or action, and
there is a final adjudication in such proceeding or action of the Non-interested
Director's liability to the Registrant or its shareholders by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the
Non-interested Director's duties as a Director of the Registrant, such
Non-interested Director has undertaken to repay such costs or expenses to DIMA.



Item 26.          Business and Other Connections of Investment Advisor
--------          ----------------------------------------------------

                  During the last two fiscal years, no director or officer of
                  Deutsche Investment Management Americas Inc., the investment
                  advisor, has engaged in any other business, profession,
                  vocation or employment of a substantial nature other than that
                  of the business of investment management and, through
                  affiliates, investment banking.

Item 27.          Principal Underwriters
--------          ----------------------

                  (a)

                  DWS Investments Distributors, Inc. acts as principal
                  underwriter of the Registrant's shares and acts as principal
                  underwriter for registered open-end management investment
                  companies other funds managed by Deutsche Investment
                  Management Americas Inc.



                                       6
<PAGE>

                  (b)

                  Information on the officers and directors of DWS Investments
                  Distributors, Inc., principal underwriter for the Registrant,
                  is set forth below. The principal business address is 222
                  South Riverside Plaza, Chicago, Illinois 60606.

<TABLE>
<CAPTION>
                      (1)                             (2)                                  (3)
          DWS Investments
          Distributors, Inc.
          Name and Principal             Positions and Offices with               Positions and
          Business Address               DWS Investments Distributors, Inc.       Offices with Registrant
          ----------------               ----------------------------------       -----------------------

<S>      <C>                            <C>                                       <C>
         Philipp Hensler                Director, Chairman of the Board and CEO   None
         345 Park Avenue
         New York, NY 10154

         Michael Colon                  Director and Chief Operating Officer      None
         345 Park Avenue
         New York, NY 10154

         Thomas Winnick                 Director and President                    None
         345 Park Avenue
         New York, NY 10154

         Cliff Goldstein                Chief Financial Officer and Treasurer     None
         100 Plaza One
         Jersey City, NJ 07311

         Paul Schubert                  Vice President                            Chief Financial Officer
         345 Park Avenue
         New York, NY 10154

         Mark Perrelli                  Vice President                            None
         345 Park Avenue
         New York, NY 10154

         Donna White                    Chief Compliance Officer                  None
         280 Park Avenue
         New York, NY 10017

         Jason Vazquez                  Vice President and AML Compliance Officer Anti-Money Laundering
         280 Park Avenue                                                          Compliance Officer
         New York, NY 10017

         Caroline Pearson               Secretary                                 Assistant Secretary
         One Beacon Street
         Boston, MA 02108

         Philip J. Collora              Assistant Secretary                       None
         222 South Riverside Plaza
         Chicago, IL 60606

         Patricia DeFilippis            Assistant Secretary                       None
         280 Park Avenue
         New York, NY 10017



                                       7
<PAGE>

                      (1)                             (2)                                  (3)
          DWS Investments
          Distributors, Inc.
          Name and Principal             Positions and Offices with               Positions and
          Business Address               DWS Investments Distributors, Inc.       Offices with Registrant
          ----------------               ----------------------------------       -----------------------

         Anjie LaRocca                  Assistant Secretary                       None
         280 Park Avenue
         New York, NY 10017


</TABLE>


         (c)      Not applicable

Item 28.          Location of Accounts and Records.
--------          ---------------------------------

All accounts and records required to be maintained by Section 31(a) of the
Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated
thereunder are maintained at one of the following locations:




<TABLE>
<S>                                              <C>
DWS  Investments Service Company                 222 South Riverside Plaza
(Transfer Agent)                                 Chicago, IL 60606

DWS Investments Distributors, Inc. (Distributor) 222 South Riverside Plaza
                                                 Chicago, IL 60606

Deutsche Investment Management Americas Inc.     345 Park Avenue
(Advisor, Administrator)                         New York, NY 10154

                                                 One Beacon Street, Boston, MA 02108

State Street Bank and                            225 Franklin Street
Trust Company (Custodian)                        Boston, MA 02110
</TABLE>

Item 29.          Management Services.
--------          --------------------

Not Applicable.

Item 30.          Undertakings.
--------          -------------

Not Applicable.


                                       8
<PAGE>

                                   SIGNATURES
                                   ----------


         Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment
to its Registration Statement to be signed on its behalf by the undersigned,
thereto duly authorized, in the City of New York and the State of New York on
the 17th day of April 2009.

                                       DWS COMMUNICATIONS FUND, INC.

                                            By:  /s/Michael G. Clark
                                                ---------------------------
                                            Michael G. Clark*

         Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to its Registration Statement has been signed below by
the following persons in the capacities and on the dates indicated:

<TABLE>
<CAPTION>
 SIGNATURE                                  TITLE                                        DATE
 ---------                                  -----                                        ----

<S>     <C>    <C>    <C>    <C>    <C>    <C>
 /s/Michael G. Clark
 -------------------------------------
 Michael G. Clark*                          President                                    April 17, 2009

 /s/Paul H. Schubert
 -------------------------------------
 Paul H. Schubert                           Chief Financial Officer and Treasurer        April 17, 2009

 /s/John W. Ballantine
 -------------------------------------
 John W. Ballantine*                        Director                                     April 17, 2009

 /s/Henry P. Becton, Jr.
 -------------------------------------
 Henry P. Becton, Jr.*                      Director                                     April 17, 2009

  /s/Dawn-Marie Driscoll
 -------------------------------------
 Dawn-Marie Driscoll*                       Director                                     April 17, 2009

 /s/Keith R. Fox
 -------------------------------------
 Keith R. Fox*                              Director                                     April 17, 2009

 /s/Paul K. Freeman
 -------------------------------------
 Paul K. Freeman*                           Chairperson and Director                     April 17, 2009

 /s/Kenneth C. Froewiss
 -------------------------------------
 Kenneth C. Froewiss*                       Director                                     April 17, 2009

 /s/Richard J. Herring
 -------------------------------------
 Richard J. Herring*                        Director                                     April 17, 2009

 /s/William McClayton
 -------------------------------------
 William McClayton*                         Director                                     April 17, 2009

 /s/Rebecca W. Rimel
 -------------------------------------
 Rebecca W. Rimel*                          Director                                     April 17, 2009


<PAGE>

 SIGNATURE                                  TITLE                                        DATE
 ---------                                  -----                                        ----

 /s/William N. Searcy, Jr.
 -------------------------------------
 William N. Searcy, Jr.*                    Director                                     April 17, 2009

 /s/Jean Gleason Stromberg
 -------------------------------------
 Jean Gleason Stromberg*                    Director                                     April 17, 2009

 /s/Robert H. Wadsworth
 -------------------------------------
 Robert H. Wadsworth*                       Director                                     April 17, 2009

 /s/Axel Schwarzer
 -------------------------------------
 Axel Schwarzer*                            Director                                     April 17, 2009
</TABLE>

*By:     /s/Caroline Pearson
         -----------------------------
         Caroline Pearson**
         Assistant Secretary

**       Attorney-in-fact pursuant to the power of attorney as filed on April
         28, 2008 in Post-Effective Amendment No. 41. Attorney-in-fact pursuant
         to the power of attorney as filed herein.



                                       2
<PAGE>

<TABLE>
<S>                                     <C>                                     <C>
Cash Account Trust                      DWS International Fund, Inc.            DWS Strategic Government
Cash Management Portfolio               DWS Investment Trust                            Securities Fund
Cash Reserve Fund, Inc.                 DWS Investments VIT Funds               DWS Strategic Income Fund
DWS Advisor Funds                       DWS Investors Funds, Inc.               DWS Strategic Municipal Income
DWS Balanced Fund                       DWS Money Funds                                 Trust
DWS Blue Chip Fund                      DWS Money Market Trust                  DWS Target Date Series
DWS Communications Fund, Inc.           DWS Multi-Market Income Trust           DWS Target Fund
DWS Dreman Value Income Edge            DWS Municipal Income Trust              DWS Tax Free Trust
        Fund, Inc.                      DWS Municipal Trust                     DWS Technology Fund
DWS Equity 500 Index Portfolio          DWS Mutual Funds, Inc.                  DWS Value Builder Fund, Inc.
DWS Equity Partners Fund, Inc.          DWS Portfolio Trust                     DWS Value Equity Trust
DWS Equity Trust                        DWS RREEF Real Esate Fund,              DWS Value Series, Inc.
DWS Global/International Fund,                  Inc.                            DWS Variable Series I
        Inc.                            DWS RREEF Real Estate Fund II,          DWS Variable Series II
DWS Global Commodities Stock                    Inc.                            Investors Cash Trust
        Fund, Inc.                      DWS RREEF World Real Estate &           Tax-Exempt California Money
DWS Global High Income Fund,                    Tactical Fund, Inc.                     Market Fund
        Inc.                            DWS Securities Trust                    The Central Europe & Russian
DWS High Income Series                  DWS State Tax Free Trust                        Fund, Inc.
DWS High Income Trust                   DWS State Tax-Free Income               The European Equity Fund, Inc.
DWS Income Trust                                Series                          The New Germany Fund, Inc.
DWS Institutional Funds                 DWS Strategic Income Trust
</TABLE>

                                 (each a "Fund")

                                Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that the following person, whose signature
appears below, does hereby constitute and appoint John Millette, Thomas Connors
and Caroline Pearson, and each of them, severally, with full powers of
substitution, his true and lawful attorney and agent to execute in his name,
place and stead (in such capacity) any and all amendments to enable the Fund to
comply with the Securities Act of 1933, as amended (the "1933 Act") and/or the
Investment Company Act of 1940, as amended (the "1940 Act"), and any rules,
regulations or requirements of the Securities and Exchange Commission in respect
thereof, in connection with the Fund's Registration Statement pursuant to the
1933 Act and/or the 1940 Act, together with any and all pre- and post-effective
amendments thereto, including specifically, but without limiting the generality
of the foregoing, the power and authority to sign in the name and on behalf of
the undersigned as President of the Fund such Registration Statement and any and
all such pre- and post-effective amendments filed with the Securities and
Exchange Commission under the 1933 Act and/or the 1940 Act, and any other
instruments or documents related thereto, and the undersigned does hereby ratify
and confirm all that each said attorney-in-fact and agent, or may substitute or
substitutes therefor, shall lawfully do or cause to be done by virtue hereof.

SIGNATURE                    TITLE                         DATE
---------                    -----                         ----
                             President                     September 25, 2008
/s/Michael G. Clark
-------------------
Michael G. Clark

<PAGE>

                                 DWS FUNDS BOARD
                                 ---------------

                     CERTIFICATE OF THE ASSISTANT SECRETARY

          I, Caroline Pearson, do hereby certify as follows:

1.       That I am the duly elected Assistant Secretary of the Funds listed on
         the attached Appendix A, (each a "Fund," and each Fund's underlying
         portfolios, if applicable, a "Series");

2.       I further certify that the following is a complete and correct copy of
         resolutions adopted by the members of the Board of Directors/Trustees
         of the Funds at meetings duly called, convened and held on September
         19, 2008, at which a quorum was present and acting throughout, and that
         such resolutions have not been amended and are in full force and
         effect:


                  WHEREAS, the President of the Fund, Michael Clark, desires to
                  execute a Power of Attorney and thereby delegate legal
                  authority to the below-designated individuals to sign
                  Registration Statements, including any amendments, on his
                  behalf:

                  NOW THEREFORE BE IT:

                  RESOLVED, that the following individuals be, and they hereby
                  are, and each of them hereby is, given a Power of Attorney in
                  substantially the form presented to this meeting, with such
                  changes as the officers, with the advice of counsel, shall
                  recommend, to sign the Fund's Registration Statements,
                  including any amendments:

                  Thomas Connors
                  John Millette
                  Caroline Pearson; and

                  FURTHER RESOLVED, that any Registration Statement signed
                  pursuant to such Power of Attorney shall comply with Rule 483
                  (b) of the Securities Act of 1933 as amended, including, but
                  not limited to the inclusion of: (1) a copy of the authorizing
                  Power of Attorney; and (2) a certified copy of the resolutions
                  of the Board authorizing such delegation as Exhibits thereto.

IN WITNESS WHEREOF, I hereunto set my hand this twenty-fourth day of September,
2008.


                                                 /s/Caroline Pearson
                                                 -------------------
                                                 Caroline Pearson
                                                 Assistant Secretary


<PAGE>

                                   APPENDIX A

CASH ACCOUNT TRUST, and its series:
Government & Agency Securities Portfolio
Money Market Portfolio
Tax-Exempt Portfolio

CASH MANAGEMENT PORTFOLIO

CASH RESERVE FUND, INC., and its series:
Prime Series

DWS ADVISOR FUNDS, and its series:
DWS Core Fixed Income Fund
DWS High Income Plus Fund
DWS International Select Equity Fund
DWS Lifecycle Long Range Fund
DWS Micro Cap Fund
DWS Mid Cap Growth Fund
DWS RREEF Real Estate Securities Fund
DWS RREEF Global Real Estate Securities Fund
DWS Short Duration Fund
DWS Short Duration Plus Fund
DWS Short-Term Municipal Bond Fund
DWS Small Cap Growth Fund
NY Tax Free Money Fund
Tax Free Money Fund Investment

DWS BALANCED FUND

DWS BLUE CHIP FUND

DWS COMMUNICATIONS FUND, INC.

DWS DREMAN VALUE INCOME EDGE FUND, INC.

DWS EQUITY 500 INDEX PORTFOLIO

DWS EQUITY PARTNERS FUND, INC.

DWS EQUITY TRUST, and its series:
DWS Alternative Asset Allocation Plus Fund
DWS Core Plus Allocation Fund
DWS Disciplined Long/Short Growth Fund
DWS Disciplined Long/Short Value Fund
DWS Disciplined Market Neutral Fund

DWS GLOBAL COMMODITIES STOCK FUND, INC.

DWS GLOBAL/INTERNATIONAL FUND, INC., and its series:
DWS Emerging Markets Fixed Income Fund
DWS Global Bond Fund
DWS Global Opportunities Fund
DWS Global Thematic Fund
DWS RREEF Global Infrastructure Fund

DWS GLOBAL HIGH INCOME FUND, INC.

DWS HIGH INCOME SERIES
DWS High Income Fund


<PAGE>

DWS HIGH INCOME TRUST

DWS INCOME TRUST, and its series:
DWS GNMA Fund

DWS INSTITUTIONAL FUNDS, and its series:
Cash Management Fund Institutional
Cash Reserves Fund Institutional
Daily Assets Fund Institutional
DWS Commodity Securities Fund
DWS EAFE Equity Index Fund
DWS Equity 500 Index Fund
DWS Inflation Protected Plus Fund
DWS U.S. Bond Index Fund

DWS INTERNATIONAL FUND, INC. , and its series:
DWS Emerging Markets Equity Fund
DWS Europe Equity Fund
DWS International Fund
DWS International Value Opportunities Fund
DWS Latin America Equity Fund

DWS INVESTMENT TRUST, and its series:
DWS Capital Growth Fund
DWS Growth & Income Fund
DWS Large Company Growth Fund
DWS S&P 500 Index Fund
DWS Small Cap Core Fund

DWS INVESTMENTS VIT TRUST, and its series:
DWS Equity 500 Index VIP
DWS Small Cap Index VIP

DWS INVESTORS FUNDS, INC., and its series:
DWS Japan Equity Fund

DWS MONEY FUNDS, and its series:
DWS Money Market Prime Series

DWS MONEY MARKET TRUST, and its series
DWS Money Market Series

DWS MULTI-MARKET INCOME TRUST

DWS MUNICIPAL INCOME TRUST

DWS MUNICIPAL TRUST, and its series:
DWS Strategic High Yield Tax-Free Fund
DWS Managed Municipal Bond Fund

DWS MUTUAL FUNDS, INC., and its series:
DWS Gold & Precious Metals Fund

DWS PORTFOLIO TRUST, and its series:
DWS Core Plus Income Fund
DWS Floating Rate Plus Fund

DWS RREEF REAL ESTATE FUND, INC.


<PAGE>

DWS RREEF REAL ESTATE FUND II, INC.

DWS RREEF WORLD REAL ESTATE & TACTICAL STRATEGIES FUND, INC.

DWS SECURITIES TRUST, and its series:
DWS Climate Change Fund
DWS Health Care Fund

DWS STATE TAX-FREE INCOME SERIES, and its series:
DWS California Tax-Free Income Fund
DWS New York Tax-Free Income Fund

DWS STATE TAX FREE TRUST, and its series:
DWS Massachusetts Tax-Free Fund

DWS STRATEGIC GOVERNMENT SECURITIES FUND

DWS STRATEGIC INCOME TRUST

DWS STRATEGIC INCOME FUND

DWS STRATEGIC MUNICIPAL INCOME TRUST

DWS TARGET DATE SERIES, and its series:
DWS LifeCompass Retirement Fund
DWS LifeCompass 2015 Fund
DWS LifeCompass 2020 Fund
DWS LifeCompass 2030 Fund
DWS LifeCompass 2040 Fund

DWS TARGET FUND, and its series:
DWS Target 2010 Fund
DWS Target 2011 Fund
DWS Target 2012 Fund
DWS Target 2013 Fund
DWS Target 2014 Fund
DWS LifeCompass Income Fund
DWS LifeCompass Protect Fund

DWS TAX FREE TRUST, and its series
DWS Intermediate Tax/AMT Free Fund

DWS TECHNOLOGY FUND

DWS VALUE BUILDER FUND, INC.


DWS VALUE EQUITY TRUST, and its series:
DWS Enhanced S&P 500 Index Fund
DWS Equity Income Fund

DWS VALUE SERIES, INC. and its series:
DWS Dreman Concentrated Value Fund
DWS Dreman High Return Equity Fund
DWS Dreman Mid Cap Value Fund
DWS Dreman Small Cap Value Fund
DWS Large Cap Value Fund


<PAGE>

DWS VARIABLE SERIES I, and its series
DWS Bond VIP
DWS Capital Growth VIP
DWS Global Opportunities VIP
DWS Growth & Income VIP
DWS Health Care VIP
DWS International VIP

DWS VARIABLE SERIES II, and its series
DWS Balanced VIP
DWS Blue Chip VIP
DWS Conservative Allocation VIP
DWS Core Fixed Income VIP
DWS Davis Venture Value VIP
DWS Dreman High Return Equity VIP
DWS Dreman Small Mid Cap Value VIP
DWS Global Thematic VIP
DWS Government & Agency Securities VIP
DWS Growth Allocation VIP
DWS High Income VIP
DWS International Select Equity VIP
DWS Janus Growth & Income VIP
DWS Large Cap Value VIP
DWS Mid Cap Growth VIP
DWS Moderate Allocation VIP
DWS Money Market VIP
DWS Small Cap Growth VIP
DWS Strategic Income VIP
DWS Technology VIP
DWS Turner Mid Cap Growth VIP

INVESTORS CASH TRUST, and its series:
Treasury Portfolio

TAX-EXEMPT CALIFORNIA MONEY MARKET FUND

<PAGE>


                                                     1933 Act File No. 002-87336
                                                      1940 Act File No. 811-3883


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    EXHIBITS

                                       TO

                                    FORM N-1A


                         POST-EFFECTIVE AMENDMENT NO. 42
                            TO REGISTRATION STATEMENT

                                      UNDER

                           THE SECURITIES ACT OF 1933

                                       AND

                                AMENDMENT NO. 44
                            TO REGISTRATION STATEMENT

                                      UNDER

                       THE INVESTMENT COMPANY ACT OF 1940



                          DWS COMMUNICATIONS FUND, INC.



                                       9
<PAGE>

                          DWS COMMUNICATIONS FUND, INC.

                                  Exhibit Index

                                     (g)(1)
                                     (h)(8)
                                     (h)(9)
                                     (h)(10)
                                       (j)
                                       (n)
                                     (p)(2)





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