SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES

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

                        DWS Gold & Precious Metals Fund


The following information supplements the section of the above-named fund's
prospectuses titled "The Fund's Main Investment Strategy"

DWS Gold & Precious Metals Fund (the "fund") intends to gain exposure to the
commodity markets by investing a portion of its assets in a wholly-owned
subsidiary organized under the laws of the Cayman Islands (the "Subsidiary").
Among other investments, the Subsidiary is expected to invest in gold coin and
bullion and other precious metals and commodity-linked derivative instruments,
such as swaps and futures. The Subsidiary will also invest in debt securities,
some of which are intended to serve as margin or collateral for the Subsidiary's
derivatives positions. The Subsidiary may also invest available cash in
affiliated money market funds. The Subsidiary is managed by the same portfolio
managers that manage the fund.

The following information supplements the section of the above-named fund's
prospectuses titled "Who Manages and Oversees the Fund -- The investment
advisor"

The fund may pursue its investment objective, in part, by investing in the
Subsidiary. The Subsidiary has entered into a separate contract with the Advisor
whereby the Advisor provides investment advisory and other services to the
Subsidiary. The Advisor does not receive separate compensation from the
Subsidiary for providing it with investment advisory and/or other services.
However, the fund pays the Advisor a fee based on the fund's assets, including
its investment in the Subsidiary.

The following information supplements the section of the above-named fund's
prospectuses titled "Understanding Distributions and Taxes"

In order to qualify for the special tax treatment accorded regulated investment
companies and their shareholders, the fund must, among




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                                                                   INVESTMENTS
                                                           Deutsche Bank Group
February 18, 2009
DSSF2-3601


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other things, derive at least 90% of its income from certain specified sources
(such income, "qualified income"). The Subsidiary will invest directly in gold
bullion and other precious metals, as well as commodity-linked swaps and certain
other commodity-linked derivatives. Neither (i) income from commodity-linked
swaps and certain other commodity-linked derivatives nor (ii) capital gains from
the sale of gold or other precious metals constitute qualifying income. However,
the Internal Revenue Service (the "IRS") has issued letter rulings stating that
income received from a wholly-owned subsidiary investing in such instruments
would constitute qualifying income. The fund has requested that the IRS issue a
private letter ruling to the fund confirming that income derived from the fund's
investment in the Subsidiary will constitute qualifying income to the fund. If
income derived from the fund's investment in its Subsidiary fails to constitute
qualifying income, the fund may fail to qualify as a regulated investment
company.

In addition, another requirement for qualifying for the special tax treatment
accorded regulated investment companies and their shareholders is that the fund
must satisfy several diversification requirements, including the requirement
that not more than 25% of the value of the Fund's total assets may be invested
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. Therefore, so long as the fund is subject to this limit, the fund
may not invest any more than 25% of the value of its assets in the Subsidiary.
Absent this diversification requirement, the fund would be permitted to invest
more than 25% of the value of its assets in the Subsidiary.







               Please Retain This Supplement for Future Reference



February 18, 2009
DSSF2-3601



                                       2
<PAGE>


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

DWS Gold & Precious Metals Fund
________________________________________________________________________________

The following disclosure under "Investment Restrictions" in the fund's Statement
of Additional Information is hereby deleted.

The Fund has adopted an  operating  policy of limiting to 10% the portion of the
Fund's total assets that may be invested directly in gold, silver,  platinum and
palladium bullion and in gold and silver coins.

The  following  disclosure   supplements  the  fund's  Statement  of  Additional
Information.

Effective February 2, 2009, the name of the fund's subsidiary was changed to DWS
Cayman Precious Metals Fund, Inc. (the "Subsidiary").  In monitoring  compliance
with its  investment  restrictions,  the Fund will  consider  the  assets of the
Subsidiary to be assets of the Fund. The Subsidiary must,  however,  comply with
the asset segregation requirements (described elsewhere in the SAI) with respect
to  its  investments  in  commodity-linked   swaps  and  other  commodity-linked
derivatives.

The following disclosure replaces the disclosure titled "Gold or Precious Metals
Custody" under the heading  "Investment  Policies and  Techniques" in the fund's
Statement of Additional Information.

Gold or Precious Metals.  Gold and other precious metals held by or on behalf of
the Fund may be held on either an  allocated or an  unallocated  basis inside or
outside the US. Placing gold or precious metals in an allocated  custody account
gives the Fund a direct  interest in  specified  gold bars or  precious  metals,
whereas an unallocated  deposit does not and instead gives the Fund a right only
to compel the  counterparty  to deliver a  specific  amount of gold or  precious
metals,  as applicable.  Consequently,  the Fund could  experience a loss if the
counterparty to an unallocated  depository arrangement becomes bankrupt or fails
to deliver  the gold or  precious  metals as  requested.  An  allocated  gold or
precious metals custody account also involves the risk that the gold or precious
metals  will  be  stolen  or  damaged  while  in  transit.  Both  allocated  and
unallocated  arrangements require the Fund as seller to deliver,  either by book
entry or physically,  the gold or precious metals sold in advance of the receipt
of payment.  These custody  risks will apply to the  Subsidiary to the extent it
holds gold or precious metals.

In  addition,  in  order to  qualify  for the  special  tax  treatment  accorded
regulated  investment  companies and their  shareholders,  the Fund must,  among
other things,  derive at least 90% of its income from certain  specified sources
("qualifying  income").  Capital  gains from the sale of gold or other  precious
metals will not constitute  qualifying  income. As a result, the Fund may not be
able to sell or  otherwise  dispose of all or a portion of its gold or  precious
metal holdings without realizing significant adverse tax consequences, including
the failure to qualify as a regulated  investment  company under Subchapter M of
the Code. Rather than incur those tax consequences,  the Fund may choose to hold
some amount of gold or precious metal that it would  otherwise sell. See "Taxes"
below for more information.

The following  disclosure  replaces and  supplements  similar  disclosure  under
"Taxes" in the fund's Statement of Additional Information.

The Fund's use of options,  futures contracts,  forward contracts (to the extent
permitted) and certain other Strategic  Transactions  will be subject to special
tax rules (including  mark-to-market,  constructive sale,  straddle,  wash sale,
short sale and other rules), the effect of which may be to accelerate the Fund's
income,  defer losses,  cause  adjustments  in the holding  periods of portfolio
securities,  convert capital gains into ordinary  income and convert  short-term
capital losses into long-term capital losses. These rules could therefore affect
the amount, timing and character of distributions to investors.

The means by which the Fund seeks  exposure to  commodities,  both  directly and
indirectly,  including  through  derivatives,  may  be  limited  by  the  Fund's
intention to qualify as a regulated investment company under Subchapter M of the
Code. In order to do so, the Fund must, among other things,  derive at least 90%
of its income from "qualifying income," which includes (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  deprived from  interests in "qualified  publicly
traded partnerships," as defined above.

Capital  gains from the sale of gold or other  precious  metals held directly by
the Fund are not qualifying income. Therefore, since the Fund intends to qualify
as a regulated  investment company, it may be limited in its ability to sell any
direct holdings in gold and precious metals, in order to limit the amount of its
income  attributable to capital gain from such sales.  In addition,  income from
commodity-linked swaps and certain other  commodity-linked  derivatives does not
constitute  qualifying  income.  The IRS has,  however,  issued  letter  rulings
stating  that  income  received  from a  wholly-owned  subsidiary  investing  in
commodity-linked  swaps and certain  other  commodity-linked  derivatives  would
constitute qualifying income.

The Subsidiary may invest in (i) gold coin and bullion and other precious metals
and (ii) commodity-linked swaps and certain other commodity-linked  derivatives.
The Fund has  requested  that the IRS issue a private  letter ruling to the Fund
concluding that income derived from the Fund's investment in the Subsidiary will
constitute  qualifying  income to the Fund.  If income  derived  from the Fund's
investment in its Subsidiary fails to constitute qualifying income, the Fund may
fail to qualify as a regulated investment company.

In addition,  another  requirement  for qualifying for the special tax treatment
accorded regulated  investment  companies and their shareholders,  the Fund must
satisfy several diversification requirements, including the requirement that not
more than 25% of the value of the Fund's  total  assets may be  invested  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.
Therefore,  the Fund may not invest any more than 25% of the value of its assets
in the Subsidiary.  Absent this diversification  requirement,  the fund would be
permitted to invest more than 25% of the value of its assets in the Subsidiary.


               Please Retain This Supplement for Future Reference


February 18, 2009