Supplement to the currently  effective  Statement of Additional  Information for
the listed Fund:

DWS Alternative Asset Allocation Plus Fund

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

The  following  information  replaces  the related  disclosure  contained in the
"Investment  Policies  and  Techniques"  section  of  the  Fund's  Statement  of
Additional Information.

General. The Fund seeks capital appreciation.  The Fund will seek to achieve its
goal by investing in alternative asset categories.

The  Fund  is  a  fund-of-funds,  which  means  its  assets  are  invested  in a
combination of other DWS funds and Exchange Traded Funds ("ETFs") (collectively,
the "underlying  funds"),  certain other securities and derivative  instruments.
The Fund may invest in ETFs when the desired economic  exposure is not available
through a DWS Fund to a particular asset category or investment strategy.

The Fund  will  allocate  its  assets  among  underlying  funds  that  emphasize
alternative  or  non-traditional  asset  categories  or  investment  strategies.
Alternative  or  non-traditional  asset  categories  and  investment  strategies
generally  have a low  correlation  with the  broad US stock  and bond  markets.
Initially,  the Fund will  allocate  its  assets  among  underlying  funds  that
emphasize the following  strategies  and/or asset  categories:  market  neutral,
inflation-protection, commodities, real estate and emerging markets.

The Fund intends to make  allocations  ranging from  approximately  0-30% of its
assets  (exclusive of assets allocated to the iGAP strategy  discussed below) in
each of the underlying funds described below.

To maintain the target allocation, the Fund will be rebalanced periodically. The
portfolio  managers may change the target  allocation from time to time based on
market conditions.

From time to time,  the  underlying  funds may be evaluated  on their  continued
ability to deliver strong performance.  To maintain the investment  integrity of
the Fund,  alternate  underlying  funds may be added to obtain  exposure  to new
asset categories or strategies,  to replace underperforming  underlying funds or
to enhance returns.

The portfolio  managers may evaluate the possibility of adding  additional asset
categories  over time. A new asset  category would be added if the fund managers
determine that it will bring enhanced returns or additional  diversification  to
the fund. Investments in new asset categories will be implemented using existing
DWS funds or exchange-traded funds. Addition of a new asset category to the fund
would be subject to Board approval.

The Fund's investments in other DWS funds, ETFs, other securities and derivative
instruments and other  securities are in reliance on an exemptive order obtained
from the Securities and Exchange Commission.

Integrated Global Alpha Platform Strategy ("iGAP Strategy").  In addition to the
Fund's  main  investment  strategy,  the  Advisor  seeks to  enhance  returns by
employing  a global  tactical  asset  allocation  overlay  strategy.  The global
tactical  asset  allocation  strategy,  which the Advisor calls iGAP, is a total
return  strategy  designed  to add  value  by  benefiting  from  short-term  and
medium-term  mis-pricings within global equity, bond and currency markets.  iGAP
is expected to have a low correlation to the performance of underlying funds.

The  iGAP  strategy   combines  diverse  macro  investment  views  from  various
investment teams within Deutsche Asset  Management.  Because a single investment
approach  rarely  works in all  market  conditions,  the  teams  are  chosen  to
diversify  investment  approaches  thereby  enhancing the expected  return for a
given level of risk.  The  collective  views are then used to  determine  iGAP's
positions using a disciplined,  risk managed process. The result is a collection
of long and short investment  positions within global equity,  bond and currency
markets  designed to generate  excess  returns that have little  correlation  to
major markets.  The equity,  bond and currency positions are then implemented by
the iGAP portfolio managers using  exchange-traded  futures and over-the-counter
forward currency transactions. The iGAP portfolio managers consider factors such
as liquidity,  cost,  margin  requirement  and


<PAGE>

credit quality when selecting the  appropriate  derivative or other  instrument.
When used as a part of the iGAP  strategy,  derivatives  and  other  instruments
generally will not be used for hedging purposes.

The following  information  supplements  the "Management of the Fund" section of
the above Fund's current Statement of Additional Information.

Fund Ownership of Portfolio Managers

The following table shows the dollar range of shares owned  beneficially  and of
record  by Thomas  Picciochi  in the Fund as well as in all DWS Funds as a group
(i.e.,  those funds advised by Deutsche  Asset  Management  or its  affiliates),
including  investments  by  their  immediate  family  members  sharing  the same
household and amounts  invested  through  retirement  and deferred  compensation
plans. This information is provided as of December 31, 2007.



            Name of               Dollar Range of         Dollar Range of All
        Portfolio Manager       Fund Shares Owned       DWS Fund Shares Owned
        -----------------       -----------------       ---------------------

 Thomas Picciochi                       $0                 $50,001 - $100,000

Conflicts of Interest

In addition to managing the assets of the Fund,  the Fund's  portfolio  managers
may have responsibility for managing other client accounts of the Advisor or its
affiliates.  The tables below show, for Thomas  Picciochi,  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 Thomas Picciochi.  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 December 31, 2007.

Other SEC Registered Investment Companies Managed:

<TABLE>
<CAPTION>
                                                                      Number of
                                                                     Investment
                                 Number of     Total Assets of        Company        Total Assets of
                                Registered        Registered       Accounts with      Performance-
      Name of Portfolio         Investment        Investment        Performance-        Based Fee
           Manager               Companies        Companies          Based Fee          Accounts
           -------               ---------        ---------          ---------          --------
<S>                                 <C>        <C>                       <C>               <C>
 Thomas Picciochi                   10         $5,325,869,176            0                 $0





<PAGE>




Other Pooled Investment Vehicles Managed:


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

 Thomas Picciochi                    6         $588,157,482              4            $539,680,217



Other Accounts Managed:

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

 Thomas Picciochi                   11         $862,134,197              8            $232,996,735

</TABLE>




               Please Retain This Supplement for Future Reference

March 19, 2008