DWS Alternative Asset Allocation Plus Fund


Supplement to the  currently  effective  Statements  of  Additional  Information
("SAIs") for the above-listed fund.

The following information  supplements information contained in "Risk Factors of
Underlying DWS Funds" section of the fund's SAIs:

DWS Floating Rate Plus Fund. The fund seeks to provide high current income.  The
fund invests,  under normal market conditions,  at least 80% of its total assets
in adjustable  rate loans that have a senior right to payment  ("Senior  Loans")
and other  floating rate debt  securities.  The fund may also borrow money in an
amount up to 33?% of the fund's total assets for a range of purposes,  including
to create investment  leverage.  In an attempt to enhance return,  the fund also
employs the iGAP strategy (discussed below).

The above fund is also added to the list of  Underlying  DWS Funds  contained in
the SAIs for DWS Alternative Asset Allocation Plus Fund.

The following information  supplements  information contained in the "Investment
Policies and Techniques of the Underlying DWS Funds" section of the fund's SAIs:

Senior  Loans.  Senior Loans are direct  obligations  of  corporations  or other
business  entities  and are  generally  arranged  by banks  or other  commercial
lending  institutions and made generally to finance  internal  growth,  mergers,
acquisitions,  stock repurchases and leveraged buyouts. Senior Loans may include
restrictive covenants which must be maintained by the borrower.  Such covenants,
in  addition  to the timely  payment of  interest  and  principal,  may  include
mandatory  prepayment  provisions  arising from free cash flow,  restrictions on
dividend  payments  and usually  state that a borrower  must  maintain  specific
minimum financial ratios as well as establishing  limits on total debt. A breach
of  covenant,  which  is not  waived  by the  agent,  is  normally  an  event of
acceleration, i.e., the agent has the right to call the outstanding Senior Loan.
In addition, loan covenants may include mandatory prepayment provisions stemming
from free  cash  flow.  Free  cash  flow is cash  that is in  excess of  capital
expenditures plus debt service requirements of principal and interest.  The free
cash flow shall be applied  to prepay  the Senior  Loan in an order of  maturity
described in the loan documents. Under certain interests in Senior Loans, a fund
may have an obligation to make additional  loans upon demand by the borrower.  A
fund  intends to reserve  against such  contingent  obligations  by  segregating
sufficient assets in high quality  short-term liquid investments or borrowing to
cover such obligations.

A fund's  investment  in  Senior  Loans  may take  the  form of  purchase  of an
assignment  or a portion of a Senior Loan from a third party  ("assignment")  or
acquiring a participation in a Senior Loan  ("participation").  A fund may pay a
fee  or  forego  a  portion  of  interest  payments  to  the  lender  selling  a
participation or assignment under the terms of such participation or assignment.
When a fund is a purchaser of an  assignment,  it typically  succeeds to all the
rights and  obligations  under the loan  agreement of the  assigning  lender and
becomes a lender under the loan agreement  with the same rights and  obligations
as the assigning  lender.  Assignments  are,  however,  arranged through private
negotiations between potential assignees and potential assignors, and the rights
and  obligations  acquired by the purchaser of an assignment may be more limited
than  those  held  by  the  assigning   lender.   A  fund  may  also  invest  in
participations  in Senior  Loans.  With respect to any given  Senior  Loan,  the
rights of a fund when it acquires a  participation  may be more limited than the
rights of the  original  lenders or of  investors  who  acquire  an  assignment.
Participations may entail certain risks relating to the  creditworthiness of the
parties from which the participations are obtained.

In a typical  interest in a Senior Loan, the agent  administers the loan and has
the right to monitor the collateral. The agent is also required to segregate the
principal  and interest  payments  received  from the borrower and to hold these
payments for the benefit of the lenders.  A fund normally  looks to the agent to
collect and distribute principal of and interest on a Senior Loan.  Furthermore,
a fund looks to the agent to use normal credit remedies, such as to foreclose on
collateral; monitor credit loan covenants; and notify the lenders of any adverse
changes in the borrower's financial condition or declarations of insolvency.  In
the event of a default by the borrower, it is possible,  though unlikely, that a
fund could receive a portion of the  borrower's  collateral.  If a fund receives
collateral  other than cash,

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such collateral will be liquidated and the cash received from such liquidation
will be available for investment as part of a fund's portfolio. At times a fund
may also negotiate with the agent regarding the agent's exercise of credit
remedies under a Senior Loan. The agent is compensated for these services by the
borrower as is set forth in the loan agreement. Such compensation may take the
form of a fee or other amount paid upon the making of the Senior Loan and/or an
ongoing fee or other amount.

The loan  agreement in  connection  with Senior Loans sets forth the standard of
care to be exercised by the agents on behalf of the lenders and usually provides
for the  termination  of the agent's agency status in the event that it fails to
act  properly,  becomes  insolvent,  enters  FDIC  receivership,  or if not FDIC
insured,  enters into bankruptcy or if the agent resigns.  In the event an agent
is unable to perform its  obligations as agent,  another lender would  generally
serve in that capacity.

The fund believes  that the  principal  credit risk  associated  with  acquiring
Senior Loans from another lender is the credit risk associated with the borrower
of the underlying Senior Loan. A fund may incur additional credit risk, however,
when a fund  acquires  a  participation  in a Senior  Loan from  another  lender
because a fund must assume the risk of  insolvency  or  bankruptcy  of the other
lender from which the Senior Loan was  acquired.  However,  in acquiring  Senior
Loans, a fund conducts an analysis and evaluation of the financial  condition of
each such  lender.  The fund has taken the  following  measures  in an effort to
reduce such risks.  A fund will only acquire  participations  in Senior Loans if
the lender  selling the  participation,  and any other  persons  interpositioned
between a Fund and the lender, at the time of investment has outstanding debt or
deposit  obligations rated investment grade (BBB or A-3 or higher by Standards &
Poor's  Ratings  Group  ("S&P")  or Baa or P-3 or  higher by  Moody's  Investors
Service  ("Moody's")) or determined by the Advisor to be of comparable  quality.
Long-term debt rated BBB by S&P is regarded by S&P as having  adequate  capacity
to pay interest and repay principal and debt rated Baa by Moody's is regarded by
Moody's as a medium grade  obligation,  i.e., it is neither highly protected nor
poorly secured.  Commercial  paper rated A-1 by S&P indicates that the degree of
safety regarding  timely payment is considered by S&P to be either  overwhelming
or very  strong and issues of  commercial  paper  rated  Prime-1 by Moody's  are
considered  by  Moody's  to have a  superior  ability  for  repayment  of senior
short-term debt obligations.

Senior Loans,  unlike certain bonds,  usually do not have call protection.  This
means that interests comprising a fund's portfolio, while having a stated one to
ten-year term, may be prepaid,  often without penalty.  The fund generally holds
Senior  Loans to  maturity  unless it has  become  necessary  to adjust a fund's
portfolio in accordance with the Advisor's view of current or expected  economic
or specific industry or borrower conditions.

Senior Loans frequently  require full or partial prepayment of a loan when there
are asset sales or a securities  issuance.  Prepayments on Senior Loans may also
be made by the borrower at its  election.  The rate of such  prepayments  may be
affected by, among other things,  general business and economic  conditions,  as
well as the financial status of the borrower.  Prepayment would cause the actual
duration of a Senior Loan to be shorter than its stated maturity.

Prepayment  may be deferred by a fund.  This  should,  however,  allow a fund to
reinvest in a new loan and recognize as income any  unamortized  loan fees. This
may result in a new facility fee payable to a fund.

Because  interest rates paid on these Senior Loans  periodically  fluctuate with
the market,  it is expected that the prepayment  and a subsequent  purchase of a
new Senior Loan by a fund will not have a material  adverse  impact on the yield
of the portfolio. See "Portfolio Transactions."

Under a Senior Loan,  the borrower  generally  must pledge as collateral  assets
which may  include  one or more of the  following:  cash;  accounts  receivable;
inventory; property, plant and equipment; both common and preferred stock in its
subsidiaries;  trademarks,  copyrights,  patent rights; and franchise value. The
fund may also receive guarantees as a form of collateral.  In some instances,  a
Senior Loan may be secured only by stock in a borrower or its affiliates. A fund
may also invest in Senior Loans not secured by any collateral.  The market value
of the assets serving as collateral (if any) will, at the time of investment, in
the opinion of the Advisor,  equal or exceed the principal  amount of the Senior
Loan.  The  valuations  of  these  assets  may be  performed  by an  independent
appraisal.  If the agent

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<PAGE>

becomes aware that the value of the collateral has declined, the agent may take
action as it deemed necessary for the protection of its own interests and the
interests of the other lenders, including, for example, giving the borrower an
opportunity to provide additional collateral or accelerating the loan. There is
no assurance, however, that the borrower would provide additional collateral or
that the liquidation of the existing collateral would satisfy the borrower's
obligation in the event of nonpayment of scheduled interest or principal, or
that such collateral could be readily liquidated.

The fund may be required to pay and may receive  various fees and commissions in
the process of purchasing,  selling and holding Senior Loans.  The fee component
may include any, or a combination of, the following elements:  arrangement fees,
non-use fees, facility fees, letter of credit fees and ticking fees. Arrangement
fees are paid at the  commencement of a loan as compensation  for the initiation
of the  transaction.  A non-use fee is paid based upon the amount  committed but
not used  under  the  loan.  Facility  fees are  on-going  annual  fees  paid in
connection  with a loan.  Letter of credit  fees are paid if a loan  involves  a
letter of credit.  Ticking fees are paid from the initial commitment  indication
until loan closing if for an extended  period.  The amount of fees is negotiated
at the time of transaction.

If legislation or state or federal regulators impose additional  requirements or
restrictions  on the ability of  financial  institutions  to make loans that are
considered highly leveraged  transactions,  the availability of Senior Loans for
investment by a fund may be adversely affected.  In addition,  such requirements
or  restrictions  could  reduce or eliminate  sources of  financing  for certain
borrowers. This would increase the risk of default. If legislation or federal or
state regulators require financial  institutions to dispose of Senior Loans that
are considered  highly  leveraged  transactions  or subject such Senior Loans to
increased regulatory scrutiny, financial institutions may determine to sell such
Senior  Loans.  Such sales could  result in prices  that,  in the opinion of the
Advisor,  do not represent fair value.  If a fund attempts to sell a Senior Loan
at a time when a financial  institution  is engaging in such a sale, the price a
fund could get for the Senior Loan may be adversely affected.

Advance  Refunded  Bonds.  A fund may  purchase  Municipal  Securities  that are
subsequently refunded by the issuance and delivery of a new issue of bonds prior
to the date on which the outstanding issue of bonds can be redeemed or paid. The
proceeds  from the new issue of bonds  are  typically  placed in an escrow  fund
consisting  of US  Government  obligations  that are  used to pay the  interest,
principal  and call  premium  on the  issue  being  refunded.  The Fund may also
purchase  Municipal  Securities  that have been refunded  prior to purchase by a
fund.

Direct Debt  Instruments.  Direct debt instruments are interests in amounts owed
by a corporate,  governmental or other borrower to lenders  (direct  loans),  to
suppliers of goods or services  (trade claims or other  receivables) or to other
parties.

When a fund  participates  in a direct loan it will be lending money directly to
an issuer.  Direct loans generally do not have an underwriter or agent bank, but
instead,  are  negotiated  between a company's  management  team and a lender or
group of lenders.  Direct loans  typically  offer better security and structural
terms than other types of high yield  securities.  Direct debt  obligations  are
often  the most  senior-obligations  in an  issuer's  capital  structure  or are
well-collateralized so that overall risk is lessened.

Trade claims are unsecured rights of payment arising from obligations other than
borrowed funds.  Trade claims include vendor claims and other  receivables  that
are   adequately   documented   and  available  for  purchase  from  high  yield
broker-dealers.  Trade claims  typically may sell at a discount.  In addition to
the risks otherwise associated with low-quality  obligations,  trade claims have
other  risks,  including  the  possibility  that the  amount of the claim may be
disputed by the obligor.  Trade claims normally would be considered illiquid and
pricing can be volatile.

Direct debt instruments  involve a risk of loss in case of default or insolvency
of the borrower.  A fund will rely  primarily upon the  creditworthiness  of the
borrower  and/or  the  collateral  for  payment of  interest  and  repayment  of
principal.  The value of the fund's  investments  may be  adversely  affected if
scheduled interest or principal payments are not made. Because most direct loans
will be secured,  there will be a smaller  risk of loss with  direct  loans than
with an investment in unsecured  high yield bonds or trade claims.  Indebtedness
of borrowers whose creditworthiness is poor involves substantially greater risks
and may be highly speculative. Borrowers that are in


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<PAGE>

bankruptcy or restructuring may never pay off their indebtedness or may pay only
a small fraction of the amount owed. Investments in direct debt instruments also
involve interest rate risk and liquidity risk. However, interest rate risk is
lessened by the generally short-term nature of direct debt instruments and their
interest rate structure, which typically floats. To the extent the direct debt
instruments in which the fund invests are considered illiquid, the lack of a
liquid secondary market (1) will have an adverse impact on the value of such
instruments, (2) will have an adverse impact on the fund's ability to dispose of
them when necessary to meet the fund's liquidity needs or in response to a
specific economic event, such as a decline in creditworthiness of the issuer,
and (3) may make it more difficult for the fund to assign a value of these
instruments for purposes of valuing the fund's portfolio and calculating its net
asset value. In order to lessen liquidity risk, the fund anticipates investing
primarily in direct debt instruments that are quoted and traded in the high
yield market and will not invest in these instruments if it would cause more
than 15% of the fund's net assets to be illiquid. Trade claims may also present
a tax risk to the fund.

The fund will not invest in trade claims if it effects the fund's  qualification
as a regulated  investment  company under  Subchapter M of the Internal  Revenue
Code.

Indexed Securities. A fund may invest in indexed securities,  the value of which
is linked to currencies, interest rates, commodities, indices or other financial
indicators ("reference instruments"). Most indexed securities have maturities of
three years or less.

Indexed  securities differ from other types of debt securities in which the fund
may invest in several  respects.  First, the interest rate or, unlike other debt
securities,  the principal amount payable at maturity of an indexed security may
vary based on changes in one or more specified reference instruments, such as an
interest rate compared with a fixed interest rate or the currency exchange rates
between  two  currencies  (neither  of which need be the  currency  in which the
instrument is denominated).  The reference instrument need not be related to the
terms of the indexed security.  For example, the principal amount of a US dollar
denominated  indexed security may vary based on the exchange rate of two foreign
currencies.  An indexed security may be positively or negatively  indexed;  that
is, its value may increase or decrease if the value of the reference  instrument
increases.  Further,  the change in the principal amount payable or the interest
rate of an indexed security may be a multiple of the percentage change (positive
or negative) in the value of the underlying reference instrument(s).

Investment in indexed  securities  involves  certain  risks.  In addition to the
credit risk of the  security's  issuer and the normal risks of price  changes in
response  to  changes  in  interest  rates,  the  principal  amount  of  indexed
securities  may  decrease  as a result  of  changes  in the  value of  reference
instruments.  Further,  in the case of certain  indexed  securities in which the
interest  rate is linked to a reference  instrument,  the  interest  rate may be
reduced to zero, and any further  declines in the value of the security may then
reduce the principal amount payable on maturity. Finally, indexed securities may
be  more  volatile  than  the  reference  instruments   underlying  the  indexed
securities.

Lending of Portfolio  Securities.  A 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,  among other things, 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.



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<PAGE>

The fund may pay negotiated fees in connection with loaned securities,  pursuant
to  written  contracts.  In  addition,  voting  rights  may pass with the loaned
securities,  but if a material event occurs affecting an investment on loan, the
loan must be called and the  securities  voted.  Pursuant to an exemptive  order
granted by the SEC,  cash  collateral  received by the fund may be invested in a
money market fund managed by the Advisor (or one of its affiliates).

Short Sales Against the Box. A fund may make short sales of common stocks if, at
all times when a short position is open, a fund owns the stock or owns preferred
stocks or debt  securities  convertible  or  exchangeable,  without  payment  of
further  consideration,  into the shares of common stock sold short. Short sales
of this kind are referred to as short sales "against the box." The broker/dealer
that  executes a short sale  generally  invests cash  proceeds of the sale until
they are paid to a fund.  Arrangements  may be made  with the  broker/dealer  to
obtain a portion of the interest earned by the broker on the investment of short
sale  proceeds.  A fund  will  segregate  the  common  stock or  convertible  or
exchangeable  preferred  stock or debt  securities in a special account with the
custodian.  Uncertainty  regarding the tax effects of short sales of appreciated
investments  may limit the  extent to which a fund may enter  into  short  sales
against the box.

The  following   information  replaces  similar  information  contained  in  the
"Investment  Policies and Techniques of the Underlying DWS Funds" section of the
fund's SAIs:

Borrowing.  As a matter of  fundamental  policy,  a fund will not borrow  money,
except as  permitted  under the 1940 Act,  and as  interpreted  or  modified  by
regulatory  authority  having  jurisdiction,  from time to time. While each fund
(except DWS  Floating  Rate Plus Fund) does not  currently  intend to borrow for
investment  leveraging  purposes,  if such a strategy  were  implemented  in the
future  it  would  increase  the  funds'  volatility  and the  risk of loss in a
declining market.  Borrowing by a fund will involve special risk considerations.
Although the principal of a fund's borrowings will be fixed, a fund's assets may
change in value  during the time a borrowing  is  outstanding,  thus  increasing
exposure to capital risk.













               Please Retain This Supplement for Future Reference













September 29, 2008