Filed electronically with the Securities and Exchange Commission on

                           April 29, 2014

                                                       File No. 033-05724
                                                       File No. 811-04670

                SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, D.C. 20549

                             FORM N-1A

    REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933       |X|

                 Pre-Effective Amendment No.                      |__|
                Post-Effective Amendment No.118                   |X|
                                            ---
                              and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940   |X|

Amendment No. 121

DWS Global/International Fund, Inc.
(Exact name of Registrant as Specified in Charter)

345 Park Avenue
New York, NY 10154
(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (617) 295-1000

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

Copy to:
Thomas Hiller, Esq.
Ropes & Gray
Prudential Tower, 800 Boylston Street
Boston, MA 02199-3600

It is proposed that this filing will become effective

| __|    Immediately upon filing pursuant to paragraph (b)
|X|      On May 1, 2014 pursuant to paragraph (b)
|__|     60 days after filing pursuant to paragraph (a)(1)
|__|     On _________ pursuant to paragraph (a)(1)
|__|     75 days after filing pursuant to paragraph (a)(2) 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.


EXPLANATORY NOTE

This Post-Effective Amendment contains the Prospectus and Statement of Additional Information of, and relates solely to, the following series and classes of the Registrant:

o DWS RREEF Global Infrastructure Fund -- Class A, Class C, Institutional Class and Class S

This Post-Effective Amendment is not intended to update or amend any other Prospectuses or Statements of Additional Information of the Registrant's other series or classes.

1

Deutsche Asset

& Wealth Management

Prospectus
May 1, 2014

DWS Communications Fund
CLASS/TICKER             A   TISHX    B   FTEBX    C   FTICX    INST   FLICX

..............................................................................

DWS RREEF Real Estate Securities Fund
CLASS/TICKER                           A   RRRAX    B   RRRBX    C   RRRCX    R   RRRSX    INST   RRRRX    S   RRREX

..............................................................................

DWS RREEF Real Estate Securities Income Fund
CLASS/TICKER                                  A   REFAX    C   REFCX    INST   REFIX    S   REFSX

..............................................................................

DWS RREEF Global Infrastructure Fund
CLASS/TICKER                          A   TOLLX    C   TOLCX    INST   TOLIX    S   TOLSX

..............................................................................

DWS RREEF Global Real Estate Securities Fund
CLASS/TICKER                                  A   RRGAX    C   RRGCX    INST   RRGIX    S   RRGTX

(Class B shares are closed to new investment)

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.

[DB Logo]


[GRAPHIC APPEARS HERE]

Table of Contents

DWS COMMUNICATIONS FUND
Investment Objective...............................  1
Fees and Expenses of the Fund......................  1
Principal Investment Strategy......................  2
Main Risks.........................................  2
Past Performance...................................  3
Management.........................................  4
Purchase and Sale of Fund Shares...................  4
Tax Information....................................  4
Payments to Broker-Dealers and
Other Financial Intermediaries.....................  4
DWS RREEF REAL ESTATE SECURITIES
FUND
Investment Objective...............................  5
Fees and Expenses of the Fund......................  5
Principal Investment Strategy......................  6
Main Risks.........................................  6
Past Performance...................................  7
Management.........................................  7
Purchase and Sale of Fund Shares...................  7
Tax Information....................................  8
Payments to Broker-Dealers and
Other Financial Intermediaries.....................  8
DWS RREEF REAL ESTATE SECURITIES
INCOME FUND
Investment Objective...............................  9
Fees and Expenses of the Fund......................  9
Principal Investment Strategy...................... 10
Main Risks......................................... 10
Past Performance................................... 12
Management......................................... 12
Purchase and Sale of Fund Shares................... 12
Tax Information.................................... 12
Payments to Broker-Dealers and
Other Financial Intermediaries..................... 13

DWS RREEF GLOBAL INFRASTRUCTURE
FUND
Investment Objective............................... 14
Fees and Expenses of the Fund...................... 14
Principal Investment Strategy...................... 14
Main Risks......................................... 15
Past Performance................................... 16
Management......................................... 17
Purchase and Sale of Fund Shares................... 17
Tax Information.................................... 17
Payments to Broker-Dealers and
Other Financial Intermediaries..................... 17
DWS RREEF GLOBAL REAL ESTATE
SECURITIES FUND
Investment Objective............................... 18
Fees and Expenses of the Fund...................... 18
Principal Investment Strategy...................... 19
Main Risks......................................... 19
Past Performance................................... 20
Management......................................... 20
Purchase and Sale of Fund Shares................... 21
Tax Information.................................... 21
Payments to Broker-Dealers and
Other Financial Intermediaries..................... 21
FUND DETAILS
Additional Information About Fund Strategies and
Risks.............................................. 22
DWS Communications Fund............................ 22
DWS RREEF Real Estate Securities Fund.............. 24
DWS RREEF Real Estate Securities Income Fund....... 26
DWS RREEF Global Infrastructure Fund............... 28
DWS RREEF Global Real Estate Securities Fund....... 31
Other Policies and Risks........................... 33
Who Manages and Oversees the Funds................. 34
Management......................................... 36


INVESTING IN THE FUNDS
Choosing a Share Class............................. 39
Buying, Exchanging and Selling Shares.............. 44
How to Buy Shares.................................. 45
How to Exchange Shares............................. 46
How to Sell Shares................................. 46
How to Buy, Sell and Exchange Class R Shares....... 47
Financial Intermediary Support Payments............ 47
Policies You Should Know About..................... 48
Policies About Transactions........................ 48
How each Fund Calculates Share Price............... 53
Other Rights We Reserve............................ 53
Understanding Distributions and Taxes.............. 54
FINANCIAL HIGHLIGHTS............................... 57
APPENDIX........................................... 79
Hypothetical Expense Summary....................... 79
Additional Index Information....................... 90


YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.


Deutsche Asset

& Wealth Management
[DB Logo]

DWS Communications Fund

INVESTMENT OBJECTIVE

The fund seeks to maximize total return.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 39) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

                                                   A          B          C        INST
                                          ----------  ---------  ---------  ----------
Maximum sales charge (load) imposed on
purchases, as % of offering price              5.75     None       None        None
-----------------------------------------      ----     --         --          -
Maximum deferred sales charge (load), as
% of redemption proceeds                     None     4.00       1.00          None
-----------------------------------------    ------   ----       ----          -
Redemption/exchange fee on shares owned
less than 15 days, as % of redemption
proceeds                                       2.00   2.00       2.00           2.00
-----------------------------------------    ------   ----       ----          -----
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions)              $   20    $20        $20           None
-----------------------------------------   -------   ----       ----          -----

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)

                                                A          B          C        INST
                                        ---------  ---------  ---------  ----------
Management fee                              0.98       0.98       0.98       0.98
---------------------------------------     ----       ----       ----       ----
Distribution/service
(12b-1) fees                                0.23       0.98       1.00      None
---------------------------------------     ----       ----       ----      -----
Other expenses                              0.46       0.71       0.53       0.30
---------------------------------------     ----       ----       ----      -----
TOTAL ANNUAL FUND OPERATING EXPENSES        1.67       2.67       2.51       1.28
---------------------------------------     ----       ----       ----      -----
Fee waiver/expense reimbursement            0.04       0.29       0.13       0.00
---------------------------------------     ----       ----       ----      -----
TOTAL ANNUAL FUND OPERATING EXPENSES
AFTER FEE WAIVER/EXPENSE REIMBURSEMENT      1.63       2.38       2.38       1.28
---------------------------------------     ----       ----       ----      -----

The Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at ratios no higher than 1.63%, 2.38% and 2.38% for Class A, Class B and Class C, respectively. The agreement may only be terminated with the consent of the fund's Board.

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for Class A, Class B and Class C) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

YEARS           A         B         C      INST
-------  --------  --------  --------  --------
1        $ 731     $ 641     $ 341     $ 130
--       -----     -----     -----     -----
3        1,068     1,102       769       406
--       -----     -----     -----     -----
5        1,427     1,589     1,324       702
--       -----     -----     -----     -----
10       2,434     2,515     2,836     1,545
--       -----     -----     -----     -----

You would pay the following expenses if you did not redeem your shares:

YEARS           A         B         C      INST
-------  --------  --------  --------  --------
1        $ 731     $ 241     $ 241     $ 130
--       -----     -----     -----     -----
3        1,068       802       769       406
--       -----     -----     -----     -----
5        1,427     1,389     1,324       702
--       -----     -----     -----     -----
10       2,434     2,515     2,836     1,545
--       -----     -----     -----     -----

Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion.

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PROSPECTUS May 1, 2014 DWS Communications Fund


PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.

Portfolio turnover rate for fiscal year 2013: 23%.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of 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 may not invest less than 65% of its total assets in the communications field, except as described in the prospectus. 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 may invest in common stocks and other dividend or interest paying securities, such as convertible securities (both preferred stocks and bonds), bonds and short-term cash equivalents. The fund may invest without limit in stocks and other securities of companies not publicly traded in the United States, including securities traded mainly in emerging markets.

MANAGEMENT PROCESS. The fund seeks to achieve its objective through a combination of long-term growth of capital and, to a lesser extent, current income. In choosing securities, portfolio management emphasizes investments in companies offering products, services and enabling technologies in a wide spectrum from traditional communications to newer data-centric communications like the Internet and corporate networks.

DERIVATIVES. Portfolio management generally may use stock index futures contracts, which are a type of derivative (contracts whose values are based on, for example, indices, currencies or securities) as a substitute for direct investment in a particular asset class, for risk management or to keep cash on hand to meet shareholder redemptions and for hedging purposes.

The fund may also use various types of derivatives (i) for hedging purposes;
(ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class, or to keep cash on hand to meet shareholder redemptions. In addition, the fund may use foreign currency forward contracts, options, swaps and other similar instruments to hedge foreign currency risk in connection with its investments in securities of foreign companies.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may 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.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

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;

2

PROSPECTUS May 1, 2014 DWS Communications Fund


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.

PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

PAST PERFORMANCE

How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]

2004       2005       2006        2007      2008      2009       2010     2011       2012     2013
21.23      14.95      21.14       -0.51     -57.39    52.60      22.34     -1.62     17.10    30.93

Best Quarter: 31.90% Q2 2009          Worst Quarter: -26.25%, Q4 2008
Year-to-Date as of 3/31/2014: -2.70%

AVERAGE ANNUAL TOTAL RETURNS

(For periods ended 12/31/2013 expressed as a %)

After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.

                                    CLASS           1           5         10
                                INCEPTION        YEAR       YEARS      YEARS
                             ------------  ----------  ----------  ---------
CLASS A before tax            1/18/1984        23.40       21.56       6.62
---------------------------  ----------        -----       -----       ----
  After tax on
  distributions                                23.22       21.21       6.41
  After tax on distribu-
  tions and sale of fund
  shares                                       15.45       19.10       5.76
---------------------------  ----------        -----       -----       ----
CLASS B before tax             1/3/1995        27.00       22.00       6.50
---------------------------  ----------        -----       -----       ----
CLASS C before tax           10/28/1998        30.00       22.08       6.45
---------------------------  ----------        -----       -----       ----
INST CLASS before tax          6/4/1998        31.36       23.30       7.53
---------------------------  ----------        -----       -----       ----
MSCI WORLD INDEX
(reflects no deduction for
fees, expenses or taxes)                       26.68       15.02       6.97
---------------------------  ----------        -----       -----       ----
MSCI WORLD TELECOM
SERVICES INDEX (reflects
no deduction for fees or
expenses)                                      31.24       12.00       7.18
---------------------------  ----------        -----       -----       ----

The Advisor believes that the additional MSCI World Telecom Services Index reasonably represents the performance of the specific sector of the market in which the fund concentrates.

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PROSPECTUS May 1, 2014 DWS Communications Fund


MANAGEMENT

INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.

PORTFOLIO MANAGER(S)

WALTER HOLICK, DIRECTOR. Lead Portfolio Manager of the fund. Began managing the fund in 2010.

FREDERIC L. FAYOLLE, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2010.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

                                           AUTOMATIC
                                 UGMAS/   INVESTMENT
              NON-IRA    IRAS     UTMAS        PLANS
         ------------  ------  --------  -----------
A B C        1,000      500     1,000        500
-------      -----      ---     -----        ---
INST     1,000,000      N/A      N/A         N/A
-------  ---------      ---     -----        ---

For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A and C shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50.

TO PLACE ORDERS

MAIL           New Accounts             DWS Investments, PO Box 219356
                                        Kansas City, MO 64121-9356
               Additional Investments   DWS Investments, PO Box 219154
                                        Kansas City, MO 64121-9154
               Exchanges and            DWS Investments, PO Box 219557
               Redemptions              Kansas City, MO 64121-9557
EXPEDITED MAIL                          DWS Investments, 210 West 10th Street
                                        Kansas City, MO 64105-1614
WEB SITE                                dws-investments.com
TELEPHONE                               (800) 728-3337
                                        M - F 8 a.m. - 8 p.m. ET
TDD LINE                                (800) 972-3006, M - F 8 a.m. - 8 p.m. ET

Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Institutional Class shares are generally available only to qualified institutions.

TAX INFORMATION

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. Any withdrawals you make from such tax-deferred investment plans, however, may be taxable to you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend

the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

4

PROSPECTUS May 1, 2014 DWS Communications Fund


Deutsche Asset
& Wealth Management
                                                                       [DB Logo]

DWS RREEF Real Estate Securities Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 39) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

                                         A          B          C           R        INST          S
                                ----------  ---------  ---------  ----------  ----------  ---------
Maximum sales charge (load)
imposed on purchases, as %
of offering price                    5.75     None       None        None        None       None
-------------------------------      ----     --         --          -           -          --
Maximum deferred sales
charge (load), as % of
redemption proceeds                None     4.00       1.00          None        None       None
-------------------------------    ------   ----       ----          -           -          --
Redemption/exchange fee on
shares owned less than 15
days, as % of redemption
proceeds                             2.00   2.00       2.00           2.00        2.00    2.00
-------------------------------    ------   ----       ----          -----       -----    ----
Account Maintenance Fee
(annually, for fund account
balances below $10,000 and
subject to certain exceptions)    $   20    $20        $20           None        None     $20
-------------------------------   -------   ----       ----          -----       -----    ----

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)

                                     A          B          C          R        INST           S
                             ---------  ---------  ---------  ---------  ----------  ----------
Management fee                   0.39       0.39       0.39       0.39       0.39        0.39
----------------------------     ----       ----       ----       ----       ----        ----
Distribution/service
(12b-1) fees                     0.25       0.99       1.00       0.49      None        None
----------------------------     ----       ----       ----       ----      -----       -----
Other expenses                   0.32       0.41       0.29       0.38       0.23        0.38
----------------------------     ----       ----       ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING
EXPENSES                         0.96       1.79       1.68       1.26       0.62        0.77
----------------------------     ----       ----       ----       ----      -----       -----

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

YEARS           A         B         C         R    INST       S
-------  --------  --------  --------  --------  ------  ------
1        $ 667     $ 582     $ 271     $ 128     $63     $79
--       -----     -----     -----     -----     ---     ---
3          863       863       530       400     199     246
--       -----     -----     -----     -----     ---     ---
5        1,075     1,170       913       692     346     428
--       -----     -----     -----     -----     ---     ---
10       1,685     1,686     1,987     1,523     774     954
--       -----     -----     -----     -----     ---     ---

You would pay the following expenses if you did not redeem your shares:

YEARS           A         B         C         R    INST       S
-------  --------  --------  --------  --------  ------  ------
1        $ 667     $ 182     $ 171     $ 128     $63     $79
--       -----     -----     -----     -----     ---     ---
3          863       563       530       400     199     246
--       -----     -----     -----     -----     ---     ---
5        1,075       970       913       692     346     428
--       -----     -----     -----     -----     ---     ---
10       1,685     1,686     1,987     1,523     774     954
--       -----     -----     -----     -----     ---     ---

Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion.

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.

Portfolio turnover rate for fiscal year 2013: 108%.

5

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Fund


PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. 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 portfolio management, at least 50% of its revenues or 50% of the market value of its assets at the time of purchase are attributed to the ownership, construction, management or sale of real estate. The fund may invest without limitation in securities of companies engaged principally in the real estate industry.

The fund may also 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 and other similar securities.

MANAGEMENT PROCESS. Portfolio management looks for real estate securities it believes have the potential for stock price appreciation and a record of paying dividends.

In attempting to find these issuers, portfolio management tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. For this analysis, portfolio management uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs. Its analysis also considers the companies' management structures, financial structures and business strategies. Lastly, portfolio management considers the effect of the real estate securities markets in general when making investment decisions.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may 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.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

6

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Fund


LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.

PAST PERFORMANCE

How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]

2004       2005       2006        2007        2008       2009       2010     2011    2012       2013
31.57      11.89      37.73       -15.89      -39.34     29.98      28.66    8.99    17.04      -0.44

Best Quarter: 32.06%, Q3 2009         Worst Quarter: -39.88%, Q4 2008
Year-to-Date as of 3/31/2014: 10.22%

AVERAGE ANNUAL TOTAL RETURNS

(For periods ended 12/31/2013 expressed as a %)

After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.

                                   CLASS           1           5         10
                               INCEPTION        YEAR       YEARS      YEARS
                             -----------  ----------  ----------  ---------
CLASS A before tax            9/5/2002        -6.17       14.89       7.55
---------------------------  ---------       ------       -----       ----
  After tax on
  distributions                               -7.88       13.76       5.83
  After tax on distribu-
  tions and sale of fund
  shares                                      -3.13       12.53       5.79
---------------------------  ---------       ------       -----       ----
CLASS B before tax            9/5/2002        -4.04       15.26       7.33
---------------------------  ---------       ------       -----       ----
CLASS C before tax            9/5/2002        -1.16       15.47       7.41
---------------------------  ---------       ------       -----       ----
CLASS R before tax           10/1/2003        -0.74       15.93       7.91
---------------------------  ---------       ------       -----       ----
INST CLASS before tax        12/1/1999        -0.09       16.62       8.56
---------------------------  ---------       ------       -----       ----
CLASS S before tax            5/2/2005        -0.26       16.56       8.38
---------------------------  ---------       ------       -----       ----
STANDARD & POOR'S 500
INDEX (reflects no deduc-
tion for fees, expenses
or taxes)                                    32.39        17.94       7.41
---------------------------  ---------       ------       -----       ----
MSCI US REIT INDEX
(reflects no deduction for
fees, expenses or taxes)                      2.47        16.73       8.40
---------------------------  ---------       ------       -----       ----

The Advisor believes the additional MSCI US REIT Index represents the fund's overall investment process.

MANAGEMENT

INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.

SUBADVISOR

RREEF America L.L.C.

PORTFOLIO MANAGER(S)

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 1999.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2004.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

                                                                AUTOMATIC
                                              UGMAS/           INVESTMENT
                   NON-IRA            IRAS     UTMAS                PLANS
         -----------------  --------------  --------  -------------------
A B C        1,000                 500       1,000             500
-------      -----                 ---       -----             ---
R               None             None        None             None
-------      -----               -----       -----            ----
INST     1,000,000                N/A         N/A             N/A
-------  ---------               -----       -----            ----
S            2,500               1,000       1,000           1,000
-------  ---------               -----       -----           -----

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PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Fund


For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares and Class R shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50.

TO PLACE ORDERS

MAIL           New Accounts             DWS Investments, PO Box 219356
                                        Kansas City, MO 64121-9356
               Additional Investments   DWS Investments, PO Box 219154
                                        Kansas City, MO 64121-9154
               Exchanges and            DWS Investments, PO Box 219557
               Redemptions              Kansas City, MO 64121-9557
EXPEDITED MAIL                          DWS Investments, 210 West 10th Street
                                        Kansas City, MO 64105-1614
WEB SITE                                dws-investments.com
TELEPHONE                               (800) 728-3337
                                        M - F 8 a.m. - 8 p.m. ET
TDD LINE                                (800) 972-3006, M - F 8 a.m. - 8 p.m. ET

Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Class R shares are generally available only to certain retirement plans. Class S shares are only available to a limited group of investors.

Institutional Class is generally closed to new investors. Unless you fit into one of the investor eligibility categories described in Choosing a Share Class, you may not invest in the Class.

TAX INFORMATION

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. Any withdrawals you make from such tax-deferred investment plans, however, may be taxable to you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend

the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

8

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Fund


Deutsche Asset
& Wealth Management
                                                                       [DB Logo]

DWS RREEF Real Estate Securities Income Fund

INVESTMENT OBJECTIVE

The fund's investment objective is to seek current income with capital appreciation.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 39) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

                                                   A          C        INST          S
                                          ----------  ---------  ----------  ---------
Maximum sales charge (load) imposed on
purchases, as % of offering price              5.75     None        None       None
-----------------------------------------      ----     --          -          --
Maximum deferred sales charge (load), as
% of redemption proceeds                     None     1.00          None       None
-----------------------------------------    ------   ----          -          --
Redemption/exchange fee on shares owned
less than 15 days, as % of redemption
proceeds                                       2.00   2.00           2.00    2.00
-----------------------------------------    ------   ----          -----    ----
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions)              $   20    $20           None     $20
-----------------------------------------   -------   ----          -----    ----

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)

                                              A          C        INST           S
                                      ---------  ---------  ----------  ----------
Management fee                            0.65       0.65       0.65        0.65
-------------------------------------     ----       ----       ----        ----
Distribution/service
(12b-1) fees                              0.25       1.00      None        None
-------------------------------------     ----       ----      -----       -----
Other expenses(1)                         5.26       5.12       4.70        5.32
-------------------------------------     ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING EXPENSES      6.16       6.77       5.35        5.97
-------------------------------------     ----       ----      -----       -----
Fee waiver/expense reimbursement          4.76       4.62       4.20        4.72
-------------------------------------     ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING EXPENSES
AFTER WAIVER/EXPENSE REIMBURSEMENT        1.40       2.15       1.15        1.25
-------------------------------------     ----       ----      -----       -----

(1 )"Other Expenses" are based on estimated amounts for the current fiscal year.

The Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expense) at ratios no higher than 1.40%, 2.15%, 1.15% and 1.25% for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for each class) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

YEARS           A         C    INST        S
-------  --------  --------  ------  -------
1        $ 709     $ 318     $117    $127
-------  -----     -----     ----    ----
3        1,544     1,217      841     976
-------  -----     -----     ----    ----

You would pay the following expenses if you did not redeem your shares:

YEARS           A         C    INST        S
-------  --------  --------  ------  -------
1        $ 709     $ 218     $117    $127
-------  -----     -----     ----    ----
3        1,544     1,217      841     976
-------  -----     -----     ----    ----

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are

9

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Income Fund


investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.

Portfolio turnover rate for fiscal year 2013: 15%.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowing for investment purposes (calculated at the time of any investment), in 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 portfolio management, at least 50% of its revenues or 50% of the market value of its assets (in each case measured at the time of purchase) are attributed to the ownership, construction, management or sale of real estate or other activities primarily related to real estate. The fund will invest 25% or more of its total assets in securities of companies principally engaged in the real estate industry.

The fund typically invests in common and preferred stocks of REITs and real estate companies. The fund's REIT investments may include equity REITs, mortgage REITs and hybrid REITs. So-called equity REITs buy real estate and pay investors from the rents they receive and from any profits on the sale of their properties. So-called mortgage REITs lend money to real estate companies and pay investors from the interest they receive on those loans. So-called hybrid REITs engage in both owning real estate and making loans. While portfolio management expects that the fund's REIT investments will consist primarily of equity REITs, in changing market conditions, the fund may invest more significantly in other types of REITs.

The fund primarily invests in securities of US issuers, but may also invest in securities of Canadian issuers. The fund may invest to a lesser extent in non-US and non-Canadian issuers.

The fund may also invest a portion of its assets in other types of securities. These securities may include debt securities of REITs and real estate companies of any credit quality; securities of companies not principally engaged in the real estate industry, including companies principally engaged in infrastructure related activities; bonds, notes and short-term securities; and other similar securities. In addition, the fund may invest in commercial and other types of mortgage-backed securities and master limited partnerships (MLPs).

DERIVATIVES. The fund may write (sell) covered call options on its portfolio securities with the goal of generating additional income from premiums received in connection with the options. Under specified circumstances, a call option gives the option buyer the right to buy, and obligates the option seller to sell, a security at an agreed-upon price (the strike price). Generally, a written call option is covered if the fund owns the security or instrument underlying the call option or has an absolute right to acquire that security or instrument without additional cash consideration. Portfolio management expects that the fund will typically write covered calls with respect to 20% to 50% of its assets. The fund is not subject to any limitations on its use of covered calls, however, and may use covered calls to a significantly greater or lesser extent, as determined by portfolio management.

When the fund sells a covered call option on a particular portfolio security, it may also buy a corresponding call option on the same security at a higher strike price. The purchased call option would typically expire in the same month as the original call option sold by the fund. By buying this second option, the fund preserves its ability to participate in any future appreciation of the underlying portfolio security above the second option's strike price. The premium the fund pays to purchase the second option would offset, however, the premium income it receives when it sells the original covered call option.

MANAGEMENT PROCESS. Portfolio management looks for real estate securities it believes have the potential for stock price appreciation due to a relative mispricing between the private market value of the portfolio and the equity trading value and have a record of paying dividends.

In attempting to find these issuers, portfolio management tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. For this analysis, portfolio management uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs. Its analysis also considers the companies' management structures, financial structures and business strategies. Portfolio management also considers the effect of the real estate securities markets in general when making investment decisions. Lastly, portfolio management will look for securities portfolio management believes offer above-average yield opportunities.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the

10

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Income Fund


stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

In particular, real estate companies can be affected by 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 owing to environmental problems, falling rents (whether owing to poor demand, increased competition, overbuilding, or limitations on rents), 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.

DIVIDEND-PAYING STOCK RISK. As a category, dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. In addition, issuers of dividend-paying stocks may have discretion to defer or stop paying dividends for a stated period of time. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund's ability to generate income may be adversely affected.

Preferred stocks, a type of dividend-paying stock, present certain additional risks. These risks include credit risk, interest rate risk, subordination to bonds and other debt securities in a company's capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the fund may be forced to reinvest in lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the fund.

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.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

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.

Writing covered call options entails a number of risks. As a general matter, when the fund writes (sells) a covered call option, it agrees to deliver a security it already owns at a specified strike price on or before a predetermined date in the future in return for a premium. By writing a covered call option, the fund foregoes, during the option's life, the opportunity to benefit from an increase in the price of the underlying security above the option's strike price, but continues to bear the risk of a decline in the value of the underlying security. The price the fund realizes from the sale of the security upon exercise of the option could be substantially below its prevailing market price. Moreover, if a liquid market does not exist for a covered call option, the fund may be unable to close out the option transaction prior to its expiration date. Consequently, the fund may be unable to sell the underlying security until the option expires or is exercised. Lastly, by writing call options on its portfolio securities, the fund may be less likely to sell those securities to take advantage of new investment opportunities.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health,

11

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Income Fund


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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

PREPAYMENT AND EXTENSION RISK. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

PAST PERFORMANCE

Since the fund is newly offered, performance information is not available.

MANAGEMENT

INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.

SUBADVISOR

RREEF America L.L.C.

PORTFOLIO MANAGER(S)

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

HANS-JOACHIM WEBER, ASSISTANT VICE PRESIDENT. Portfolio Manager of the fund. Began managing the fund in 2013.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

                                                         AUTOMATIC
                                        UGMAS/          INVESTMENT
             NON-IRA            IRAS     UTMAS               PLANS
        ------------  --------------  --------  ------------------
A C         1,000            500       1,000             500
------      -----            ---       -----             ---
INST    1,000,000           N/A         N/A             N/A
------  ---------           ----       -----            ----
S           2,500          1,000       1,000           1,000
------  ---------          -----       -----           -----

For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.

TO PLACE ORDERS

MAIL           New Accounts             DWS Investments, PO Box 219356
                                        Kansas City, MO 64121-9356
               Additional Investments   DWS Investments, PO Box 219154
                                        Kansas City, MO 64121-9154
               Exchanges and            DWS Investments, PO Box 219557
               Redemptions              Kansas City, MO 64121-9557
EXPEDITED MAIL                          DWS Investments, 210 West 10th Street
                                        Kansas City, MO 64105-1614
WEB SITE                                dws-investments.com
TELEPHONE                               (800) 728-3337
                                        M - F 8 a.m. - 8 p.m. ET
TDD LINE                                (800) 972-3006, M - F 8 a.m. - 8 p.m. ET

Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Institutional Class shares are generally available only to qualified institutions. Class S shares are only available to a limited group of investors.

TAX INFORMATION

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. Any withdrawals you make from such tax-deferred investment plans, however, may be taxable to you.

12

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Income Fund


PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend

the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

13

PROSPECTUS May 1, 2014 DWS RREEF Real Estate Securities Income Fund


Deutsche Asset
& Wealth Management
                                                                       [DB Logo]

DWS RREEF Global Infrastructure Fund

INVESTMENT OBJECTIVE

The fund seeks total return from both capital appreciation and current income.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 39) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

                                                   A          C        INST          S
                                          ----------  ---------  ----------  ---------
Maximum sales charge (load) imposed on
purchases, as % of offering price              5.75     None        None       None
-----------------------------------------      ----     --          -          --
Maximum deferred sales charge (load), as
% of redemption proceeds                     None     1.00          None       None
-----------------------------------------    ------   ----          -          --
Redemption/exchange fee on shares owned
less than 15 days, as % of redemption
proceeds                                       2.00   2.00           2.00    2.00
-----------------------------------------    ------   ----          -----    ----
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions)              $   20    $20           None     $20
-----------------------------------------   -------   ----          -----    ----

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)

                                              A          C        INST           S
                                      ---------  ---------  ----------  ----------
Management fee                            0.90       0.90       0.90        0.90
-------------------------------------     ----       ----       ----        ----
Distribution/service
(12b-1) fees                              0.23       1.00      None        None
-------------------------------------     ----       ----      -----       -----
Other expenses                            0.29       0.29       0.20        0.35
-------------------------------------     ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING EXPENSES      1.42       2.19       1.10        1.25
-------------------------------------     ----       ----      -----       -----

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

YEARS           A         C      INST         S
-------  --------  --------  --------  --------
1        $ 711     $ 322     $ 112     $ 127
--       -----     -----     -----     -----
3          999       685       350       397
--       -----     -----     -----     -----
5        1,307     1,175       606       686
--       -----     -----     -----     -----
10       2,179     2,524     1,340     1,511
--       -----     -----     -----     -----

You would pay the following expenses if you did not redeem your shares:

YEARS           A         C      INST         S
-------  --------  --------  --------  --------
1        $ 711     $ 222     $ 112     $ 127
--       -----     -----     -----     -----
3          999       685       350       397
--       -----     -----     -----     -----
5        1,307     1,175       606       686
--       -----     -----     -----     -----
10       2,179     2,524     1,340     1,511
--       -----     -----     -----     -----

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.

Portfolio turnover rate for fiscal year 2013: 132%.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of net assets in the securities of US and non-US infrastructure-related companies. For purposes of the fund's 80% investment policy, the term "net assets" means the fund's net assets, plus the amount of

14

PROSPECTUS May 1, 2014 DWS RREEF Global Infrastructure Fund


any borrowings for investment purposes. The fund considers a company to be an infrastructure-related company if at least 50% of its non-cash assets are infrastructure assets or 50% of its gross income or net profits are derived, directly or indirectly, from the ownership, management, construction, operation, utilization or financing of infrastructure assets. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, airports and seaports), utility assets (such as generating stations, gas and electric lines, water and sewer facilities, and communications networks) and social assets (such as hospitals, schools, and subsidized housing). The fund will invest 25% or more of its total assets in securities of companies engaged principally in infrastructure-related companies. The fund may invest in companies of any market capitalization.

Under normal circumstances, the fund invests mainly in equity securities, though it may also invest in fixed-income securities without limitation. The fund allocates its assets among various regions and countries, including emerging market countries, and normally invests most of its assets in issuers that are organized or located outside the US or that do a substantial amount of business outside the US.

MANAGEMENT PROCESS. In choosing securities, portfolio management uses a combination of two analytical disciplines:

TOP-DOWN RESEARCH. Portfolio management analyzes various factors, including infrastructure market dynamics (such as supply/demand conditions), the economic environment (such as interest rates, inflation and economic growth), expected capital flow dynamics and exchange rate conditions.

BOTTOM-UP RESEARCH. Portfolio management analyzes characteristics and investment prospects of a particular security relative to others in its local market to actively manage the fund's exposure to individual securities within each region. Disciplined valuation analysis drives this decision-making process, guiding portfolio management to invest in securities it believes can provide superior returns over the long-term, and to sell those that it believes no longer represent the strongest prospects.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These 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. To the extent that the fund invests in a particular geographic region or market sector, performance will be affected by that region's general performance.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

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.

SMALL COMPANY RISK. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

15

PROSPECTUS May 1, 2014 DWS RREEF Global Infrastructure Fund


EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.

PAST PERFORMANCE

How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These returns do not include sales charges, if any, and would be lower if they
did. Returns for other classes were different and are not shown here.

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]

2009       2010     2011       2012     2013
28.76      12.14    15.29      16.14    18.19

Best Quarter: 17.52%, Q3 2010        Worst Quarter: -8.84%, Q1 2009
Year-to-Date as of 3/31/2014: 5.81%

AVERAGE ANNUAL TOTAL RETURNS

(For periods ended 12/31/2013 expressed as a %)

After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Index comparison began on 6/30/08.

                                  CLASS           1           5       SINCE
                              INCEPTION        YEAR       YEARS   INCEPTION
                            -----------  ----------  ----------  ----------
CLASS A before tax          6/24/2008        11.39       16.58       7.53
--------------------------- ---------        -----       -----       ----
  After tax on
  distributions                              10.07       15.87       6.92
  After tax on distribu-
  tions and sale of fund
  shares                                      7.62       14.36       6.30
--------------------------- ---------        -----       -----       ----
CLASS C before tax          6/24/2008        17.21       17.10       7.85
--------------------------- ---------        -----       -----       ----
INST CLASS before tax       6/24/2008        18.52       18.34       8.96
--------------------------- ---------        -----       -----       ----
CLASS S before tax          6/24/2008        18.28       18.24       8.91
--------------------------- ---------        -----       -----       ----
MSCI WORLD INDEX
(reflects no deduction for
fees, expenses or taxes)                     26.68       15.02       5.38
--------------------------- ---------        -----       -----       ----
DOW JONES BROOKFIELD
GLOBAL INFRASTRUCTURE
INDEX (reflects no deduc-
tion for fees, expenses
or taxes)                                    15.89       18.22       9.25
--------------------------- ---------        -----       -----       ----

The Advisor believes the additional Dow Jones Brookfield Global Infrastructure Index represents the fund's overall investment process.

16

PROSPECTUS May 1, 2014 DWS RREEF Global Infrastructure Fund


MANAGEMENT

INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.

SUBADVISOR

RREEF America L.L.C.

PORTFOLIO MANAGER(S)

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

FRANCIS GREYWITT, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

MANOJ H. PATEL, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2011.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

                                                         AUTOMATIC
                                        UGMAS/          INVESTMENT
             NON-IRA            IRAS     UTMAS               PLANS
        ------------  --------------  --------  ------------------
A C         1,000            500       1,000             500
------      -----            ---       -----             ---
INST    1,000,000           N/A         N/A             N/A
------  ---------           ----       -----            ----
S           2,500          1,000       1,000           1,000
------  ---------          -----       -----           -----

For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.

TO PLACE ORDERS

MAIL           New Accounts             DWS Investments, PO Box 219356
                                        Kansas City, MO 64121-9356
               Additional Investments   DWS Investments, PO Box 219154
                                        Kansas City, MO 64121-9154
               Exchanges and            DWS Investments, PO Box 219557
               Redemptions              Kansas City, MO 64121-9557
EXPEDITED MAIL                          DWS Investments, 210 West 10th Street
                                        Kansas City, MO 64105-1614
WEB SITE                                dws-investments.com
TELEPHONE                               (800) 728-3337
                                        M - F 8 a.m. - 8 p.m. ET
TDD LINE                                (800) 972-3006, M - F 8 a.m. - 8 p.m. ET

Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Institutional Class shares are generally available only to qualified institutions. Class S shares are only available to a limited group of investors.

TAX INFORMATION

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. Any withdrawals you make from such tax-deferred investment plans, however, may be taxable to you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend

the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

17

PROSPECTUS May 1, 2014 DWS RREEF Global Infrastructure Fund


Deutsche Asset
& Wealth Management
                                                                       [DB Logo]

DWS RREEF Global Real Estate Securities Fund

INVESTMENT OBJECTIVE

The fund's investment objective is to seek total return through a combination of current income and long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in DWS funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 39) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15).

SHAREHOLDER FEES (paid directly from your investment)

                                                     A          C        INST          S
                                            ----------  ---------  ----------  ---------
Maximum sales charge (load) imposed on
purchases, as % of offering price                5.75     None        None       None
-------------------------------------------      ----     --          -          --
Maximum deferred sales charge (load), as
% of redemption proceeds                       None     1.00          None       None
-------------------------------------------    ------   ----          -          --
Redemption/exchange fee on shares owned
less than 15 days, as % of redemption
proceeds                                         2.00   2.00           2.00    2.00
-------------------------------------------    ------   ----          -----    ----
Annual Maintenance Fee (annually, for fund
account balances below $10,000 and
subject to certain exceptions)                $   20    $20           None     $20
-------------------------------------------   -------   ----          -----    ----

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)

                                              A          C        INST           S
                                      ---------  ---------  ----------  ----------
Management fee                            0.99       0.99       0.99        0.99
-------------------------------------     ----       ----       ----        ----
Distribution/service
(12b-1) fees                              0.24       0.99      None        None
-------------------------------------     ----       ----      -----       -----
Other expenses                            0.32       0.36       0.20        0.37
-------------------------------------     ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING EXPENSES      1.55       2.34       1.19        1.36
-------------------------------------     ----       ----      -----       -----

EXAMPLE

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

YEARS           A         C      INST         S
-------  --------  --------  --------  --------
1        $ 724     $ 337     $ 121     $ 138
--       -----     -----     -----     -----
3        1,036       730       378       431
--       -----     -----     -----     -----
5        1,371     1,250       654       745
--       -----     -----     -----     -----
10       2,314     2,676     1,443     1,635
--       -----     -----     -----     -----

You would pay the following expenses if you did not redeem your shares:

YEARS           A         C      INST         S
-------  --------  --------  --------  --------
1        $ 724     $ 237     $ 121     $ 138
--       -----     -----     -----     -----
3        1,036       730       378       431
--       -----     -----     -----     -----
5        1,371     1,250       654       745
--       -----     -----     -----     -----
10       2,314     2,676     1,443     1,635
--       -----     -----     -----     -----

PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance.

Portfolio turnover rate for fiscal year 2013:107%.

18

PROSPECTUS May 1, 2014 DWS RREEF Global Real Estate Securities Fund


PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity and debt securities issued by real estate companies, such as real estate investment trusts (REITs), REIT-like structures or real estate operating companies. A company will be considered a real estate company if, in the opinion of the investment advisor or a subadvisor, at least 50% of its revenues or at least 50% of the market value of its assets at the time the security is purchased are attributable to the ownership, construction, financing, management or sale of real estate or such other activities that are primarily related to real estate. The fund may invest without limitation in securities of companies engaged principally in the real estate industry.

The fund may also 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 and other similar securities. The fund allocates its assets among various regions and countries, including potentially emerging market countries, and normally invests a significant amount of its assets in non-US issuers.

MANAGEMENT PROCESS. In choosing securities, portfolio management uses a combination of two analytical disciplines:

TOP-DOWN RESEARCH. Portfolio management analyzes market-wide investment conditions to arrive at the fund's weighting across regional markets (i.e., the portfolio weighting across investments in the Americas, Europe, Asia and Australia), and, within these regions, its strategy across investment sectors, such as office, industrial, retail, hospitality and residential apartment real estate sectors.

BOTTOM-UP RESEARCH. Portfolio management analyzes characteristics and investment prospects of a particular security relative to others in its local market to actively manage the fund's exposure to individual securities within each region. Disciplined valuation analysis drives this decision-making process, guiding portfolio management to invest in securities they believe can provide superior returns over the long-term, and to sell those that they believe no longer represent the strongest prospects.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

SMALL COMPANY RISK. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

19

PROSPECTUS May 1, 2014 DWS RREEF Global Real Estate Securities Fund


CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.

PAST PERFORMANCE

How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here.

[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]

2007       2008      2009     2010       2011       2012     2013
-7.84      -48.64    36.71    17.16       -7.85     28.68    2.92

Best Quarter: 35.70%, Q2 2009        Worst Quarter: -32.67%, Q4 2008
Year-to-Date as of 3/31/2014: 3.49%

AVERAGE ANNUAL TOTAL RETURNS

(For periods ended 12/31/2013 expressed as a %)

After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Index comparison begins on 6/30/06.

                                  CLASS           1           5       SINCE
                              INCEPTION        YEAR       YEARS   INCEPTION
                            -----------  ----------  ----------  ----------
CLASS A before tax           7/3/2006        -3.00       13.00      1.08
---------------------------  --------       ------       -----     -----
  After tax on
  distributions                              -4.21       10.93      -0.57
  After tax on distribu-
  tions and sale of fund
  shares                                     -1.95       10.07      -0.05
--------------------------- --------        ------       -----     ------
CLASS C before tax           7/3/2006        2.08        13.43      1.02
---------------------------  --------       ------       -----     ------
INST CLASS before tax        7/3/2006        3.29        14.76      2.24
---------------------------  --------       ------       -----     ------
CLASS S before tax           7/3/2006        3.01        14.62      2.11
---------------------------  --------       ------       -----     ------
MSCI WORLD INDEX
(reflects no deduction for
fees, expenses or taxes)                    26.68        15.02      5.30
--------------------------- --------        ------       -----     ------
FTSE EPRA/NAREIT
DEVELOPED INDEX
(reflects no deduction for
fees, expenses or taxes)                     4.39        16.06      3.38
--------------------------- --------        ------       -----     ------

The Advisor believes the additional FTSE EPRA/NAREIT Developed Index represents the fund's overall investment process.

MANAGEMENT

INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.

SUBADVISOR
RREEF America L.L.C.

20

PROSPECTUS May 1, 2014 DWS RREEF Global Real Estate Securities Fund


SUB-SUBADVISORS

Deutsche Alternatives Asset Management (Global) Limited and Deutsche Investments Australia Limited.

PORTFOLIO MANAGER(S)

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Lead Portfolio Manager of the fund. Began managing the fund in 2006.

DANIEL EKINS, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

JOHN HAMMOND, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

CHRIS ROBINSON, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2012.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

                                                         AUTOMATIC
                                        UGMAS/          INVESTMENT
             NON-IRA            IRAS     UTMAS               PLANS
        ------------  --------------  --------  ------------------
A C         1,000            500       1,000             500
------      -----            ---       -----             ---
INST    1,000,000           N/A         N/A             N/A
------  ---------           ----       -----            ----
S           2,500          1,000       1,000           1,000
------  ---------          -----       -----           -----

For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. The minimum additional investment in all other instances is $50.

TO PLACE ORDERS

MAIL           New Accounts             DWS Investments, PO Box 219356
                                        Kansas City, MO 64121-9356
               Additional Investments   DWS Investments, PO Box 219154
                                        Kansas City, MO 64121-9154
               Exchanges and            DWS Investments, PO Box 219557
               Redemptions              Kansas City, MO 64121-9557
EXPEDITED MAIL                          DWS Investments, 210 West 10th Street
                                        Kansas City, MO 64105-1614
WEB SITE                                dws-investments.com
TELEPHONE                               (800) 728-3337
                                        M - F 8 a.m. - 8 p.m. ET
TDD LINE                                (800) 972-3006, M - F 8 a.m. - 8 p.m. ET

Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Institutional Class shares are generally available only to qualified institutions.

TAX INFORMATION

The fund's distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-deferred investment plan. Any withdrawals you make from such tax-deferred investment plans, however, may be taxable to you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend

the fund over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

21

PROSPECTUS May 1, 2014 DWS RREEF Global Real Estate Securities Fund


[GRAPHIC APPEARS HERE]

Fund Details

ADDITIONAL INFORMATION ABOUT FUND STRATEGIES AND RISKS


DWS Communications Fund

INVESTMENT OBJECTIVE

The fund seeks to maximize total return.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of 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 may not invest less than 65% of its total assets in the communications field, except as described in the prospectus. 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 may invest in common stocks and other dividend or interest paying securities, such as convertible securities (both preferred stocks and bonds), bonds and short-term cash equivalents. The fund may invest without limit in stocks and other securities of companies not publicly traded in the United States, including securities traded mainly in emerging markets.

The fund invests in common stocks as well as dividend and interest paying securities of companies in the communications field.

MANAGEMENT PROCESS. The fund seeks to achieve its objective through a combination of long-term growth of capital and, to a lesser extent, current income. In choosing securities, portfolio management emphasizes investments in companies offering products, services and enabling technologies in a wide spectrum from traditional communications to newer data-centric communications like the Internet and corporate networks.

Examples of such companies in which the company may invest include traditional telecommunication carriers as well as companies who provide sophisticated equipment and services for a modern communications infrastructure, including access devices like smartphones. Portfolio management believes that worldwide telecommunications market expansion may create opportunities for both established and emerging providers of telecommunications products and services.

DERIVATIVES. Portfolio management generally may use stock index futures contracts, which are a type of derivative (contracts whose values are based on, for example, indices, currencies or securities) as a substitute for direct investment in a particular asset class, for risk management or to keep cash on hand to meet shareholder redemptions and for hedging purposes.

The fund may also use various types of derivatives (i) for hedging purposes;
(ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class, or to keep cash on hand to meet shareholder redemptions. In addition, the fund may use foreign currency forward contracts, options, swaps and other similar instruments to hedge foreign currency risk in connection with its investments in securities of foreign companies.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market

22

PROSPECTUS May 1, 2014 Fund Details


price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may 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.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. The investments of the fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for US investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond those typical of US markets. Because foreign exchanges generally are smaller and less liquid than US exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability 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.

EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

Emerging market countries typically have economic and political systems that are less developed, and can be expected to be less stable than developed markets. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.

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.

PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

Secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may prevent the fund from being able to realize full value and thus sell a security for its full valuation. This could cause a material decline in the fund's net asset value.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to

23

PROSPECTUS May 1, 2014 Fund Details


honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. This may affect only certain securities or an overall securities market.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.


DWS RREEF Real Estate Securities Fund

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. 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 portfolio management, at least 50% of its revenues or 50% of the market value of its assets at the time of purchase are attributed to the ownership, construction, management or sale of real estate. The fund may invest without limitation in securities of companies engaged principally in the real estate industry.

The fund may also 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 and other similar securities.

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

The fund may invest in different types of REITs. So-called equity REITs buy real estate and pay investors from the rents they receive and from any profits on the sale of their properties. So-called mortgage REITs lend money to real estate companies and pay investors from the interest they receive on those loans. So-called hybrid REITs engage in both owning real estate and making loans. While portfolio management expects that the fund's assets will be invested primarily in equity REITs, in changing market conditions, the fund may invest more significantly in other types of REITs.

MANAGEMENT PROCESS. Portfolio management looks for real estate securities it believes have the potential for stock price appreciation and a record of paying dividends.

In attempting to find these issuers, portfolio management tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. For this analysis, portfolio management uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs. Its analysis also considers the companies' management structures, financial structures and business strategies. Lastly, portfolio management considers the effect of the real estate securities markets in general when making investment decisions.

The portfolio managers may choose to sell a security for a variety of reasons, but typically will sell if they believe that one or more of the following is true: the security is not fulfilling its investment purpose, it appears to have reached its optimum valuation, or a particular company's condition or general economic conditions have changed.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

OTHER INVESTMENT STRATEGIES

DERIVATIVES. The fund may also invest in non-leveraged stock index futures contracts. Stock index futures contracts, a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), can help the fund's assets remain liquid while performing more like stocks. The fund has a policy governing stock index futures and other derivatives, which prohibits leverage of the fund's assets by investing in a derivative instrument.

In addition to stock index futures contracts, the fund may use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not

24

PROSPECTUS May 1, 2014 Fund Details


intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

In particular, real estate companies can be affected by 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 owing to environmental problems, falling rents (whether owing to poor demand, increased competition, overbuilding, or limitations on rents), 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.

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.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. This may affect only certain securities or an overall securities market.

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.

25

PROSPECTUS May 1, 2014 Fund Details


ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.


DWS RREEF Real Estate Securities Income Fund

INVESTMENT OBJECTIVE

The fund's investment objective is to seek current income with capital appreciation.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowing for investment purposes (calculated at the time of any investment), in 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 portfolio management, at least 50% of its revenues or 50% of the market value of its assets (in each case measured at the time of purchase) are attributed to the ownership, construction, management or sale of real estate or other activities primarily related to real estate. The fund will invest 25% or more of its total assets in securities of companies principally engaged in the real estate industry.

The fund typically invests in common and preferred stocks of REITs and real estate companies. The fund's REIT investments may include equity REITs, mortgage REITs and hybrid REITs. So-called equity REITs buy real estate and pay investors from the rents they receive and from any profits on the sale of their properties. So-called mortgage REITs lend money to real estate companies and pay investors from the interest they receive on those loans. So-called hybrid REITs engage in both owning real estate and making loans. While portfolio management expects that the fund's REIT investments will consist primarily of equity REITs, in changing market conditions, the fund may invest more significantly in other types of REITs.

The fund primarily invests in securities of US issuers, but may also invest in securities of Canadian issuers. The fund may invest to a lesser extent in non-US and non-Canadian issuers.

The fund may also invest a portion of its assets in other types of securities. These securities may include debt securities of REITs and real estate companies of any credit quality; securities of companies not principally engaged in the real estate industry, including companies principally engaged in infrastructure related activities; bonds, notes and short-term securities; and other similar securities. In addition, the fund may invest in commercial and other types of mortgage-backed securities and master limited partnerships (MLPs).

DERIVATIVES. The fund may write (sell) covered call options on its portfolio securities with the goal of generating additional income from premiums received in connection with the options. Under specified circumstances, a call option gives the option buyer the right to buy, and obligates the option seller to sell, a security at an agreed-upon price (the strike price). Generally, a written call option is covered if the fund owns the security or instrument underlying the call option or has an absolute right to acquire that security or instrument without additional cash consideration. Portfolio management expects that the fund will typically write covered calls with respect to 20% to 50% of its assets. The fund is not subject to any limitations on its use of covered calls, however, and may use covered calls to a significantly greater or lesser extent, as determined by portfolio management.

When the fund sells a covered call option on a particular portfolio security, it may also buy a corresponding call option on the same security at a higher strike price. The purchased call option would typically expire in the same month as the original call option sold by the fund. By buying this second option, the fund preserves its ability to participate in any future appreciation of the underlying portfolio security above the second option's strike price. The premium the fund pays to purchase the second option would offset, however, the premium income it receives when it sells the original covered call option.

MANAGEMENT PROCESS. Portfolio management looks for real estate securities it believes have the potential for stock price appreciation due to a relative mispricing between the private market value of the portfolio and the equity trading value and have a record of paying dividends.

In attempting to find these issuers, portfolio management tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. For this analysis, portfolio management uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs. Its analysis also considers the companies' management structures, financial structures and business strategies. Portfolio management also considers the effect of the real estate securities markets in general when making investment decisions. Lastly, portfolio management will look for securities portfolio management believes offer above-average yield opportunities.

The portfolio managers may choose to sell a security for a variety of reasons, but typically will sell if they believe that one or more of the following is true: the security is not fulfilling its investment purpose, it appears to have reached its optimum valuation, or a particular company's condition or general economic conditions have changed.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

26

PROSPECTUS May 1, 2014 Fund Details


OTHER INVESTMENT STRATEGIES

DERIVATIVES. In addition to the above-described covered call option strategy, the fund may, from time to time, invest in non-leveraged stock index futures contracts. Stock index futures contracts, a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), can help the fund's assets remain liquid while performing more like stocks.

Lastly, the fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

In particular, real estate companies can be affected by 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 owing to environmental problems, falling rents (whether owing to poor demand, increased competition, overbuilding, or limitations on rents), 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.

DIVIDEND-PAYING STOCK RISK. As a category, dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. In addition, issuers of dividend-paying stocks may have discretion to defer or stop paying dividends for a stated period of time. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund's ability to generate income may be adversely affected.

Preferred stocks, a type of dividend-paying stock, present certain additional risks. These risks include credit risk, interest rate risk, subordination to bonds and other debt securities in a company's capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the fund may be forced to reinvest in lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the fund.

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.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. This may affect only certain securities or an overall securities market.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

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.

Writing covered call options entails a number of risks. As a general matter, when the fund writes (sells) a covered call option, it agrees to deliver a security it already owns at a specified strike price on or before a predetermined date in the future in return for a premium. By writing a covered

27

PROSPECTUS May 1, 2014 Fund Details


call option, the fund foregoes, during the option's life, the opportunity to benefit from an increase in the price of the underlying security above the option's strike price, but continues to bear the risk of a decline in the value of the underlying security. The price the fund realizes from the sale of the security upon exercise of the option could be substantially below its prevailing market price. Moreover, if a liquid market does not exist for a covered call option, the fund may be unable to close out the option transaction prior to its expiration date. Consequently, the fund may be unable to sell the underlying security until the option expires or is exercised. Lastly, by writing call options on its portfolio securities, the fund may be less likely to sell those securities to take advantage of new investment opportunities.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. The investments of the fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for US investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond those typical of US markets. Because foreign exchanges generally are smaller and less liquid than US exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability 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.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

PREPAYMENT AND EXTENSION RISK. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.


DWS RREEF Global Infrastructure Fund

INVESTMENT OBJECTIVE

The fund seeks total return from both capital appreciation and current income.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of net assets in the securities of US and non-US infrastructure-related companies. For purposes of the fund's 80% investment policy, the term "net assets" means the fund's net assets, plus the amount of any borrowings for investment purposes. The fund considers a company to be an infrastructure-related company if at least 50% of its non-cash assets are infrastructure assets or 50% of its gross income or net profits are derived, directly or indirectly, from the ownership,

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PROSPECTUS May 1, 2014 Fund Details


management, construction, operation, utilization or financing of infrastructure assets. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, airports and seaports), utility assets (such as generating stations, gas and electric lines, water and sewer facilities, and communications networks) and social assets (such as hospitals, schools, and subsidized housing). The fund will invest 25% or more of its total assets in securities of companies engaged principally in infrastructure-related companies. The fund may invest in companies of any market capitalization.

Under normal circumstances, the fund invests mainly in equity securities, though it may also invest in fixed-income securities without limitation. The fund allocates its assets among various regions and countries, including emerging market countries, and normally invests most of its assets in issuers that are organized or located outside the US or that do a substantial amount of business outside the US.

Infrastructure assets are physical assets, structures and networks that provide necessary services and operations to society. The fund focuses on companies with a direct investment in infrastructure assets and to a lesser degree on companies that operate or use infrastructure assets in their business (such as electric utilities and airlines) or companies with indirect exposure to infrastructure investment (such as suppliers of construction materials).

The fund may invest in common and preferred stock (including convertible securities), rights or warrants to purchase common stock, debt securities and listed limited partnership interests.

The fund may invest in unlisted securities, provided that the portfolio managers expect such securities to be listed on a recognized public stock exchange or traded over the counter within six months from the time of investment.

MANAGEMENT PROCESS. In choosing securities, portfolio management uses a combination of two analytical disciplines:

TOP-DOWN RESEARCH. Portfolio management analyzes various factors, including infrastructure market dynamics (such as supply/demand conditions), the economic environment (such as interest rates, inflation and economic growth), expected capital flow dynamics and exchange rate conditions.

BOTTOM-UP RESEARCH. Portfolio management analyzes characteristics and investment prospects of a particular security relative to others in its local market to actively manage the fund's exposure to individual securities within each region. Disciplined valuation analysis drives this decision-making process, guiding portfolio management to invest in securities it believes can provide superior returns over the long-term, and to sell those that it believes no longer represent the strongest prospects.

Portfolio management begins by taking into consideration the insights of both an in-house private infrastructure advisory group and a research team. These resources provide different perspectives on political, regulatory, demographic and other qualitative characteristics in many of the countries and regions in which the fund invests.

The fund's security selection strategy focuses on identifying securities with the potential for attractive total return, typically through a combination of price appreciation and dividend income. It is expected that the majority of returns from the fund will be generated by security-specific investment decisions.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

OTHER INVESTMENT STRATEGIES

DERIVATIVES. The fund may use various types of derivatives (a contract whose value is based on, for example, indices, currencies or securities), including derivatives related to its foreign investments (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks. These 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. To the extent that the fund invests in a particular geographic region or market sector, performance will be affected by that region's general performance.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

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PROSPECTUS May 1, 2014 Fund Details


In particular, infrastructure-related companies can be affected by general or local economic conditions and political developments, changes in regulations, environmental problems, casualty losses and changes in interest rates.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. The investments of the fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for US investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond those typical of US markets. Because foreign exchanges generally are smaller and less liquid than US exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability 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.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

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.

SMALL COMPANY RISK. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

Emerging market countries typically have economic and political systems that are less developed, and can be expected to be less stable than developed markets. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. This may affect only certain securities or an overall securities market.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

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PROSPECTUS May 1, 2014 Fund Details


PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

Secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may prevent the fund from being able to realize full value and thus sell a security for its full valuation. This could cause a material decline in the fund's net asset value.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

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.

ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.


DWS RREEF Global Real Estate Securities Fund

INVESTMENT OBJECTIVE

The fund's investment objective is to seek total return through a combination of current income and long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGY

MAIN INVESTMENTS. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity and debt securities issued by real estate companies, such as real estate investment trusts (REITs), REIT-like structures or real estate operating companies. A company will be considered a real estate company if, in the opinion of the investment advisor or a subadvisor, at least 50% of its revenues or at least 50% of the market value of its assets at the time the security is purchased are attributable to the ownership, construction, financing, management or sale of real estate or such other activities that are primarily related to real estate. The fund may invest without limitation in securities of companies engaged principally in the real estate industry.

The fund may also 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 and other similar securities. The fund allocates its assets among various regions and countries, including potentially emerging market countries, and normally invests a significant amount of its assets in non-US issuers.

The fund's equity investments are mainly common stocks, but may also include other types of equities, such as preferred or convertible stocks. Currently, the fund does not intend to borrow for investment purposes.

MANAGEMENT PROCESS. In choosing securities, portfolio management uses a combination of two analytical disciplines:

TOP-DOWN RESEARCH. Portfolio management analyzes market-wide investment conditions to arrive at the fund's weighting across regional markets (i.e., the portfolio weighting across investments in the Americas, Europe, Asia and Australia), and, within these regions, its strategy across investment sectors, such as office, industrial, retail, hospitality and residential apartment real estate sectors.

BOTTOM-UP RESEARCH. Portfolio management analyzes characteristics and investment prospects of a particular security relative to others in its local market to actively manage the fund's exposure to individual securities within each region. Disciplined valuation analysis drives this decision-making process, guiding portfolio management to invest in securities they believe can provide superior returns over the long-term, and to sell those that they believe no longer represent the strongest prospects.

The fund seeks to take advantage of the extensive expertise of its investment advisor's and its affiliates' dedicated, in-house direct real estate investment teams located in the United States, Europe, Asia and Australia.

Portfolio management's top-down research includes analysis of various factors, including real estate market dynamics (such as supply/demand conditions), the economic environment (such as interest rates, inflation and economic growth), expected capital flow dynamics and exchange rate conditions.

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PROSPECTUS May 1, 2014 Fund Details


The fund's security selection strategy focuses on identifying securities that have the potential for price appreciation and pay attractive, reliable dividends. It is expected that the majority of the fund's returns will be generated by security-specific investment decisions, which are the responsibility of portfolio managers located in the respective geographical regions.

The Global Property Asset Allocation Committee of the investment advisor and its affiliates, which is comprised of the portfolio managers from each region and chaired by the lead portfolio manager for global real estate security investments, determines the allocation of the fund's investments across geographic regions.

SECURITIES LENDING. The fund may lend securities (up to one-third of total assets) to approved institutions.

OTHER INVESTMENT STRATEGIES

DERIVATIVES. The fund may also invest in non-leveraged stock index futures contracts. Stock index futures contracts, a type of derivative, can help the fund's assets remain liquid while performing more like stocks. The fund has a policy governing stock index futures and other derivatives, which prohibits leverage of the fund's assets by investing in a derivative instrument.

In addition to stock index futures contracts, the fund may use various types of derivatives, including any derivatives related to its foreign investments (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

MAIN RISKS

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. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

STOCK MARKET RISK. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, 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.

CONCENTRATION RISK. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance.

In particular, real estate companies can be affected by 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 owing to environmental problems, falling rents (whether owing to poor demand, increased competition, overbuilding, or limitations on rents), 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.

FOREIGN INVESTMENT RISK. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. The investments of the fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for US investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond those typical of US markets. Because foreign exchanges generally are smaller and less liquid than US exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability 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.

SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

SMALL COMPANY RISK. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small

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PROSPECTUS May 1, 2014 Fund Details


companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks.

INTEREST RATE RISK. When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

EMERGING MARKETS RISK. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

Emerging market countries typically have economic and political systems that are less developed, and can be expected to be less stable than developed markets. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.

LIQUIDITY RISK. In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. This may affect only certain securities or an overall securities market.

CREDIT RISK. The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating 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 securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

COUNTERPARTY RISK. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

PRICING RISK. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different than the value realized upon such investment's sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares.

Secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may prevent the fund from being able to realize full value and thus sell a security for its full valuation. This could cause a material decline in the fund's net asset value.

SECURITIES LENDING RISK. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect 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 holding the security.

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.

ACTIVE TRADING RISK. The fund may trade actively. This could raise transaction costs (thus lowering returns) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.

OTHER POLICIES AND RISKS

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

o 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 the 80% investment policy of DWS Communications Fund, DWS RREEF Real Estate Securities Fund, DWS RREEF Real

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PROSPECTUS May 1, 2014 Fund Details


Estate Securities Income Fund and DWS RREEF Global Infrastructure Fund as described herein. For DWS RREEF Global Real Estate Securities Fund, the fund's 80% investment policy may be changed only by the affirmative vote of at least (i) 80% of the continuing trustees of the fund (as defined in the fund's Bylaws) and (ii) 80% of the votes entitled to be cast by the shareholders of the fund.

o When, in the Advisor's opinion, it is advisable to adopt a temporary defensive position because of unusual and adverse or other market conditions, up to 100% of each fund's assets may be held in cash or invested in money market securities or other short-term investments. Short-term investments consist of (1) foreign and domestic obligations of sovereign governments and their agencies and instrumentalities, authorities and political subdivisions; (2) other short-term high quality (for DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund and DWS RREEF Global Infrastructure Fund) or investment-grade (for DWS Communications Fund and DWS RREEF Global Real Estate Securities Fund) rated debt securities or, if unrated, determined to be of comparable quality in the opinion of the Advisor; (3) commercial paper; (4) bank obligations, including negotiable certificates of deposit, time deposits and bankers' acceptances; and (5) repurchase agreements. Short-term investments may also include shares of money market mutual funds. To the extent a fund invests in such instruments, the 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.

o Each fund may trade actively. This could raise transaction costs (thus lowering return) and could mean increased taxable distributions to shareholders and distributions that will be taxable to shareholders at higher federal income tax rates.

o 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.

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.

A complete list of each fund's portfolio holdings as of the month-end is posted on dws-investments.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on 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. In addition, each fund's top ten equity holdings and other fund information is posted on dws-investments.com as of the calendar quarter-end on or after the 10th calendar day following quarter-end. 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, a subadvisor or a sub-subadvisor under its supervision, makes investment decisions, buys and sells securities for each fund and conducts research that leads to these purchase and sale decisions. 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. The Advisor and its predecessors have more than 80 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc. ("DIDI" or the "Distributor"). Deutsche Asset & Wealth Management is a global 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 may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution,

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PROSPECTUS May 1, 2014 Fund Details


trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to both US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such services may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.

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.

FUND NAME                             FEE PAID
-----------------------------  ---------------
DWS Communications Fund              0.98%
-----------------------------        ----
DWS RREEF Real Estate
Securities Fund                      0.39%
-----------------------------        ----
DWS RREEF Real Estate
Securities Income Fund               0.00%(*)
-----------------------------        ----
DWS RREEF Global Infrastruc-
ture Fund                            0.90%
-----------------------------        ----
DWS RREEF Global Real
Estate Securities Fund               0.79%(*)
-----------------------------        ----

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

The following waivers are currently in effect:

For DWS Communications Fund, the Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at ratios no higher than 1.63%, 2.38%, 2.38% and 1.38% for Class A, Class B, Class C and Institutional Class, respectively. The agreement may only be terminated with the consent of the fund's Board.

For DWS RREEF Real Estate Securities Fund, the Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.48%, 2.23%, 2.23%, 1.73%, 1.23% and 1.23% for Class A, Class B, Class C, Class R, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

For DWS RREEF Real Estate Securities Income Fund, the Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expense) at ratios no higher than 1.40%, 2.15%, 1.15% and 1.25% for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

For DWS RREEF Global Infrastructure Fund, the Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.47%, 2.22%, 1.22% and 1.32% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

For DWS RREEF Global Real Estate Securities Fund, the Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.45%, 2.20%, 1.20% and 1.30% (excluding extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class C, Institutional Class and Class S, respectively; in addition, through September 30, 2014 the Advisor has contractually agreed to waive 0.20% of the fund's management fee. These agreements may only be terminated with the consent of the fund's Board.

DWS RREEF Real Estate Securities Income Fund pays the Advisor under the investment management agreement a fee, calculated daily and paid monthly, at the annual rate of 0.65% of the fund's average daily net assets. "Other Expenses" for DWS RREEF Real Estate Securities Income Fund in the "Annual Fund Operating Expenses" table include organizational and offering expenses (estimated at 1.92%) expected to be incurred over the fund's first twelve months of operations.

Effective October 1, 2013, DWS RREEF Global Infrastructure Fund pays the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.900% to $2 billion of the fund's average daily net assets, and 0.875% thereafter.

A discussion regarding the basis for the Board's approval of each fund's investment management agreement and, as applicable, subadvisory agreement, and sub-subadvisory agreements 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 of 0.10% for providing most of each fund's administrative services. The administrative services fee discussed above is included in the fees and expenses table under "Other expenses."

MULTI-MANAGER STRUCTURE. The Advisor, subject to the approval of the Board, has ultimate responsibility to oversee any subadvisor to a fund and to recommend the hiring, termination and replacement of subadvisors. Each fund and the Advisor have received an order from the SEC that permits the Advisor to appoint or replace certain subadvisors, to manage all or a portion of a fund's assets

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PROSPECTUS May 1, 2014 Fund Details


and enter into, amend or terminate a subadvisory agreement with certain subadvisors, in each case subject to the approval of a fund's Board but without obtaining shareholder approval ("multi-manager structure"). The multi-manager structure applies to subadvisors that are not affiliated with the fund or the Advisor ("nonaffiliated subadvisors"), as well as subadvisors that are indirect or direct, wholly owned subsidiaries of the Advisor or Deutsche Bank AG ("wholly owned subadvisors"). Pursuant to the SEC order, the Advisor, with the approval of a fund's Board, has the discretion to terminate any subadvisor and allocate and reallocate a fund's assets among any other nonaffiliated subadvisors or wholly owned subadvisors (including terminating a nonaffiliated subadvisor and replacing it with a wholly owned subadvisor). Each fund and the Advisor are subject to the conditions imposed by the SEC order, including the condition that within 90 days of hiring of a new subadvisor pursuant to the multi-manager structure, each fund will provide shareholders with an information statement containing information about the new subadvisor. The shareholders of DWS Communications Fund, DWS RREEF Real Estate Securities Fund and DWS RREEF Global Infrastructure Fund have approved the multi-manager structure described herein in this paragraph. DWS RREEF Real Estate Securities Income Fund's sole initial shareholder has approved the multi-manager structure described herein. DWS RREEF Global Real Estate Securities Fund cannot rely on the SEC order until shareholders have approved the multi-manager structure described herein in this paragraph.

SUBADVISOR FOR DWS RREEF REAL ESTATE SECURITIES FUND, DWS RREEF REAL ESTATE SECURITIES INCOME FUND, DWS RREEF GLOBAL INFRASTRUCTURE FUND AND DWS RREEF GLOBAL 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, DWS RREEF Real Estate Securities Income Fund, DWS RREEF Global Infrastructure Fund and DWS RREEF Global Real Estate Securities Fund. RREEF, a registered investment advisor, is located at 222 South Riverside, Chicago, Illinois 60606. 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, DWS RREEF Real Estate Securities Income Fund, DWS RREEF Global Infrastructure Fund and DWS RREEF Global 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.

THE SUB-SUBADVISORS FOR DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

Pursuant to investment subadvisory agreements between RREEF and each of Deutsche Alternative Asset Management (Global) Limited and Deutsche Investments Australia Limited (the "sub-subadvisors"), these entities act as sub-subadvisors to the fund. The sub-subadvisors, which are indirect, wholly owned subsidiaries of Deutsche Bank AG, act under the supervision of the Board, DIMA and RREEF. Initially, RREEF will make all investment decisions for the fund, but over time expects to allocate and reallocate, as it deems appropriate, a portion of the fund's assets among the sub-subadvisors in specific foreign markets. RREEF pays a fee to each sub-subadvisor pursuant to the investment subadvisory agreement between RREEF and each sub-subadvisor.

Deutsche Alternative Asset Management (Global) Limited, Winchester House, 1 Great Winchester Street, London, United Kingdom, EC2N 2DB, will evaluate stock selections for the European portion of the fund's assets. Deutsche Investments Australia Limited, Level 16, Deutsche Bank Place, Cnr Hunter & Phillip Streets, Sydney, Australia, NSW, 2000, will evaluate stock selections for the Asian and Australian portions of the fund's assets.

MANAGEMENT

DWS COMMUNICATIONS FUND

WALTER HOLICK, DIRECTOR. Lead Portfolio Manager of the fund. Began managing the fund in 2010.

o Joined Deutsche Asset & Wealth Management in 1990 as fund manager for global equities: technology, telecommunication services and media.

o Senior Fund Manager for Global Equities focused on the Telecommunications, Media and Technology Sectors based in Frankfurt.

o Master of Social Science in Money, Banking and Finance, University of Birmingham, UK; Diplom-Kaufmann (German Master's degree in business and economics), J.W. Goethe-Universit-t, Frankfurt.

FREDERIC L. FAYOLLE, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2010.

o Joined Deutsche Asset & Wealth Management in July 2000 after 10 years of experience with Philips Electronics in the USA with responsibility for Philips's CRT display industry research for North America.

o Senior Equity Portfolio Manager focused on the Technology sector based in Frankfurt.

o MS in Engineering from University of Michigan; MS in Engineering from Ecole Centrale Paris; MBA with finance concentration from University of Michigan Business School.

DWS RREEF REAL ESTATE SECURITIES FUND

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 1999.

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PROSPECTUS May 1, 2014 Fund Details


o Joined Deutsche Asset & Wealth Management in 1997; previously was an Assistant Vice President of Lincoln Investment Management responsible for REIT research.

o Head of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1988.

o BA, Wabash College; MBA, Indiana University.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2004.

o Joined Deutsche Asset & Wealth Management in 2004; previously worked as Principal at KG Redding and Associates, March 2004-September 2004; and previously Managing Director of Deutsche Asset Management from 1996-March 2004.

o Chief Investment Officer of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1996.

o BS, University of Southern California.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 2004; previously served in the Real Estate Equity Investment Management Group at Principal Real Estate Investors.

o Investment industry experience began in 2003.

o BBA, The University of Iowa; MBA, Kellogg School of Management, Northwestern University.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 1998; previously worked as Senior Accountant in Corporate Finance; and as an Analyst at Cendant Mobility.

o Investment industry experience began in 1996.

o BS, University of Illinois at Urbana-Champaign.

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 1997; previously was an Assistant Vice President of Lincoln Investment Management responsible for REIT research.

o Head of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1988.

o BA, Wabash College; MBA, Indiana University.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 2004; previously worked as Principal at KG Redding and Associates, March 2004-September 2004; and previously Managing Director of Deutsche Asset Management from 1996-March 2004.

o Chief Investment Officer of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1996.

o BS, University of Southern California.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 2004; previously served in the Real Estate Equity Investment Management Group at Principal Real Estate Investors.

o Investment industry experience began in 2003.

o BBA, The University of Iowa; MBA, Kellogg School of Management, Northwestern University.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 1998; previously worked as Senior Accountant in Corporate Finance; and as an Analyst at Cendant Mobility.

o Investment industry experience began in 1996.

o BS, University of Illinois at Urbana-Champaign.

HANS-JOACHIM WEBER, ASSISTANT VICE PRESIDENT. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 2007.

oo
Co-Portfolio Manager of DWS Dividende Direkt 2014 and DWS Dividende Deutschland Direkt 2014 since 2010; Co-Portfolio Manager of DWS Dividende Emerging Markets Direkt 2015, DWS Dividende USA Direkt 2014, and DWS Invest Top Dividende Premium since 2011; and Co-Portfolio Manager of DWS Diskont Basket since 2013; Specialist for equity derivative strategies for the DWS Equity platform in 2009 and Analyst for the food retail sector in 2009 and 2008.

o BA, Fachhochschule Ludwigshafen; Bankkaufmann Sparkasse Starkenburg.

DWS RREEF GLOBAL INFRASTRUCTURE FUND

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

o Joined Deutsche Asset & Wealth Management in 1997; previously was an Assistant Vice President of Lincoln Investment Management responsible for REIT research.

o Head of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1988.

o BA, Wabash College; MBA, Indiana University.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

o Joined Deutsche Asset & Wealth Management in 2004; previously worked as Principal at KG Redding and Associates, March 2004-September 2004; and previously Managing Director of Deutsche Asset Management from 1996-March 2004.

o Chief Investment Officer of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1996.

o BS, University of Southern California.

FRANCIS GREYWITT, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2008.

o Joined Deutsche Asset & Wealth Management in 2005; previously has worked as a REIT analyst with KeyBanc Capital Markets covering the office sector.

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PROSPECTUS May 1, 2014 Fund Details


o Investment industry experience began in 1999.

o BBA, St. Bonaventure University.

MANOJ H. PATEL, CFA, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2011.

o Joined Deutsche Asset & Wealth Management in 2011; previously worked as a Director and Portfolio Manager of infrastructure securities funds at Brookfield Investment Management.

o Investment experience began in 2002.

o B.Sc, Indiana University-Bloomington.

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

JOHN F. ROBERTSON, CFA, MANAGING DIRECTOR. Lead Portfolio Manager of the fund. Began managing the fund in 2006.

o Joined Deutsche Asset & Wealth Management in 1997; previously was an Assistant Vice President of Lincoln Investment Management responsible for REIT research.

o Head of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1988.

o BA, Wabash College; MBA, Indiana University.

DANIEL EKINS, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

o Joined Deutsche Asset & Wealth Management in 1997.

o Investment industry experience began in 1984.

o BS, University of South Australia.

JOHN HAMMOND, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

o Joined Deutsche Asset & Wealth Management in 2004; previously was Director at Schroder Property Investment Management and Director at Henderson Global Investors.

o Investment industry experience began in 1990.

o BSc, University of Reading, UK.

JOHN W. VOJTICEK, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2006.

o Joined Deutsche Asset & Wealth Management in 2004; previously worked as Principal at KG Redding and Associates, March 2004-September 2004; and previously Managing Director of Deutsche Asset Management from 1996-March 2004.

o Chief Investment Officer of Real Estate & Infrastructure Securities for Deutsche Asset & Wealth Management. Investment industry experience began in 1996.

o BS, University of Southern California.

JOSEPH D. FISHER, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 2004; previously served in the Real Estate Equity Investment Management Group at Principal Real Estate Investors.

o Investment industry experience began in 2003.

o BBA, The University of Iowa; MBA, Kellogg School of Management, Northwestern University.

DAVID W. ZONAVETCH, CPA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013.

o Joined Deutsche Asset & Wealth Management in 1998; previously worked as Senior Accountant in Corporate Finance; and as an Analyst at Cendant Mobility.

o Investment industry experience began in 1996.

o BS, University of Illinois at Urbana-Champaign.

CHRIS ROBINSON, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2012.

o Joined Deutsche Asset & Wealth Management in 2003; previously served as a real estate equities research analyst at ING Investment Management.

o Investment industry experience began in 1996.

o BS, The Australian Catholic University.

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.

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PROSPECTUS May 1, 2014 Fund Details


[GRAPHIC APPEARS HERE]

Investing 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:

o CLASS A, B AND C SHARES are intended for investors seeking the advice and assistance of a financial advisor, who will typically receive compensation for those services.

o CLASS R AND S SHARES AND INSTITUTIONAL CLASS SHARES are only available to particular investors or through certain programs, as described below.

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.

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. For an analysis of the fees associated with an investment in a fund or similar funds, please refer to apps.finra.org/fundanalyzer/1/fa.aspx (this Web site does not form a part of this prospectus).

CHOOSING A SHARE CLASS

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.

We describe each share class in detail on the following pages. But first, you may want to look at the following table, 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.

Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions.

CLASSES AND FEATURES                 POINTS TO HELP YOU COMPARE
CLASS A
o Sales charge of up to 5.75%     o Some investors may be able to
  charged when you buy shares       reduce or eliminate their sales
                                    charge; see "Class A Shares"
o In most cases, no charge when
  you sell shares                 o Total annual expenses are
                                    lower than those for Class B or
o Up to 0.25% annual share-         Class C
  holder servicing fee
                                  o Distributions are generally
                                    higher than Class B or Class C
CLASS B
o No sales charge when you buy    o The deferred sales charge rate
  shares                            falls to zero after six years
o Closed to new investment        o Shares automatically convert to
                                    Class A after six years, which
o Deferred sales charge declining   means lower annual expenses
  from 4.00%, charged when you      going forward
  sell shares you bought within
  the last six years              o Distributions are generally
                                    lower than Class A
o 0.75% annual distribution fee
  and up to 0.25% annual share-
  holder servicing fee
CLASS C
o No sales charge when you buy    o The first year deferred sales
  shares                            charge rate is lower for Class C
                                    than Class B, but your shares
o Deferred sales charge of          never automatically convert to
  1.00%, charged when you sell      Class A, so annual expenses
  shares you bought within the      remain higher than Class A
  last year
                                  o Distributions are generally
o 0.75% annual distribution fee     lower than Class A
  and up to 0.25% annual share-
  holder servicing fee            o Maximum investment applies
CLASS R
o No sales charge when you buy    o Only available to participants in
  shares                            certain retirement plans
o 0.25% annual distribution fee   o Distributions are generally
  and up to 0.25% annual share-     higher than Class B and Class C
  holder servicing fee              but lower than Class A, Class S
                                    or Institutional Class
INSTITUTIONAL CLASS
o No sales charge when you buy    o Only available to certain institu-
  shares and no deferred sales      tional investors; typically
  charge when you sell shares       $1,000,000 minimum initial
                                    investment
                                  o Distributions are generally
                                    higher than Class A, B, C and R,
                                    and may be higher than Class
                                    S, depending on relative
                                    expenses
CLASS S
o No sales charge when you buy    o Limited availability, see "Eligi-
  shares and no deferred sales      bility Requirements" under
  charge when you sell shares       "Class S Shares"

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PROSPECTUS May 1, 2014 Investing in the Funds


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:

                               FRONT-END SALES       FRONT-END SALES
                                   CHARGE AS %   CHARGE AS % OF YOUR
YOUR INVESTMENT         OF OFFERING PRICE(1,2)     NET INVESTMENT(2)
--------------------  ------------------------  --------------------
Under $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
--------------------  ------------------------  --------------------

(1) The "offering price", the price you pay to buy shares, includes the sales charge which will be deducted directly from your investment.
(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:

o 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)

o 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)

o 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)

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 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. 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 & Wealth Management or the DWS funds) and with respect to certain types of investment programs (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 or a no-load network, platform or self-directed brokerage account offered by a financial services firm that has entered into an agreement with DIDI that may or may not charge you a transaction fee).

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) on any shares you sell.

FOR EACH FUND, investments of $1 million or more may be eligible to buy Class A shares without a sales charge (load), but may be subject to a CDSC of 1.00% if redeemed within 12 months of purchase and 0.50% if redeemed within the following six months.

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PROSPECTUS May 1, 2014 Investing in the Funds


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

CLASS B SHARES

Class B shares of each fund are closed to new purchases, except that Class B shares may continue to be purchased in connection with an exchange or the reinvestment of dividends or other distributions (including the investment of dividends and distributions from Class B shares of another DWS fund).

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.

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:

YEAR AFTER YOU BOUGHT SHARES          CDSC ON SHARES YOU SELL
-----------------------------  ------------------------------
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)
                               ------------------------------

This CDSC is waived under certain circumstances (see "Policies About Transactions"). 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.

Except as noted above, no new purchases of Class B shares are allowed, whether by new investors or existing shareholders, including purchases under an automatic investment plan.

The closing of the Class B shares does not affect: (a) the right of shareholders of Class B shares to continue to sell (redeem) their shares as provided in this prospectus, subject to any applicable CDSC; or (b) the automatic conversion of Class B shares to Class A shares six years after purchase. Class B shares currently held will continue as Class B shares with all Class B attributes, including 12b-1 fees, until sold or until their automatic conversion to Class A shares.

Purchases by shareholders under Class B shares automatic investment plans ("AIPs") established on or prior to December 1, 2009 are automatically continuing with Class A shares. Such shareholders are permitted to purchase Class A shares at net asset value, without a sales charge, whether as part of their AIP or otherwise. The foregoing applies only to purchases under (i) AIPs established directly with DWS Investments ("DWS AIPs") and, (ii) provided they have been identified as an AIP by DWS Investments, AIPs sponsored by others, such as government direct deposit, employer sponsored payroll direct deposit and auto-debit programs established with the shareholder's bank or credit union ("non-DWS AIP"). Shareholders with a non-DWS AIP established prior to December 1, 2009 are responsible for contacting DWS Investments (see phone number on the back cover) to ensure that their account has been identified as an AIP in order to benefit from this privilege and to avoid having their purchase orders rejected.

Additionally, certain employer-sponsored employee benefit plans (known as "DWS Investments Flex Plans") using the ExpertPlan subaccount record keeping system maintained for DWS Investments-branded plans that were previously purchasing Class B shares instead are purchasing Class A shares at net asset value, without a sales charge.

CLASS C SHARES

Class C shares may appeal to investors 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 the distribution fee, 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).

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:

YEAR AFTER YOU BOUGHT SHARES    CDSC ON SHARES YOU SELL
-----------------------------  ------------------------
First year                     1.00%
------------------------------ ----
Second year and later                             None
------------------------------                    ----

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

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PROSPECTUS May 1, 2014 Investing in the Funds


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 in excess of $500,000 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 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:

o Section 401(a) and 457 plans

o Certain section 403(b)(7) plans

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

o Non-qualified deferred compensation plans

o Individual Retirement Accounts (IRAs)

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.

ELIGIBILITY REQUIREMENTS. You may buy Institutional Class shares if you are any of the following (subject to the applicable investment minimum):

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

o An employee benefit plan.

o A plan administered as a college savings plan under Section 529 of the Internal Revenue Code.

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

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

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

o 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.

INVESTMENT MINIMUM

The minimum initial investment is waived for:

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

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

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

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

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

o 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.

o 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.

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

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

Each fund reserves the right to modify the above eligibility requirements and investment minimum requirements 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 plan or program may not on its own meet such minimum amount.

DWS RREEF REAL ESTATE SECURITIES FUND - INSTITUTIONAL CLASS. Effective
September 30, 2011 (the "Cease Sales Date"), the Institutional Class of DWS RREEF Real Estate Securities Fund was closed to new investors, except as described below. Unless you fit into one of the investor eligibility categories described below, you may not invest in the Institutional Class shares of the fund after the Cease Sales Date.

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PROSPECTUS May 1, 2014 Investing in the Funds


You may purchase Institutional Class shares through your existing fund account and reinvest dividends and capital gains if, as of 4:00 p.m. Eastern time on the Cease Sales Date, you were:

o a current Institutional Class fund shareholder; or

o a participant in any group retirement, employee stock bonus, pension or profit sharing plan that offers the Institutional Class shares of the fund as an investment option.

New accounts that may purchase Institutional Class shares may be opened for:

o transfers of shares from existing accounts in this fund;

o Officers, Board Members of the DWS funds, and full-time employees and their family members of the Advisor and its affiliates;

o any group retirement, employee stock bonus, pension or profit sharing plan using the Flex subaccount recordkeeping system made available through ExpertPlan Inc. or Omni recordkeeping system made available through ADP, Inc. under an alliance with the Distributor;

o any discretionary wrap program that holds Institutional Class shares as of the Cease Sales Date (which includes the ability to add new accounts that may purchase Institutional Class shares). These programs must be pre-approved by the Advisor;

o any group retirement, employee stock bonus, pension or profit sharing plan, other than plans distributed through the ExpertPlan or ADP alliances, that includes the fund's Institutional Class as an investment option as of the Cease Sales Date;

o any group retirement, employee stock bonus, pension or profit sharing plan, whose plan administrator as of the Cease Sales Date has approved the fund's Institutional Class for use in existing or new plans that it administers;

o all retirement plans and discretionary wrap programs that have approved the fund's Institutional Class as an investment option as of the Cease Sales Date, but that have not opened an account as of that date, may open an account and make purchases of fund shares and add new accounts, provided that the retirement plan or the discretionary wrap program opens its initial account with the fund prior to December 30, 2011. Documentation of fund selection must be provided to the Advisor prior to the Cease Sales Date;

o accounts managed by the Advisor, any advisory products offered by the Advisor or the Distributor and for the portfolios of DWS Target Date Series or other "fund of funds" managed by the Advisor or its affiliates;

o in the case of certain mergers or reorganizations, retirement plans may be able to add the closed Institutional Class as an investment option and sponsors of certain wrap programs with existing accounts in the Institutional Class of the fund would be able to continue to invest in the fund on behalf of new customers. Such mergers, reorganizations, acquisitions, or other business combinations are those in which one or more companies involved in such transaction currently offers the Institutional Class as an investment option, and any company that as a result of such transaction becomes affiliated with the company currently offering the fund's Institutional Class (as a parent company, subsidiary, sister company, or otherwise). Such companies may request to add the fund as an investment option under its retirement plan or wrap program. In addition, new accounts may be permitted in the fund's Institutional Class for certain plans or programs offered in connection with employer-sponsored retirement plans where the retirement plan has an existing account in the fund's Institutional Class. Requests for new accounts into the fund's Institutional Class will be reviewed by management on an individual basis, taking into consideration whether the addition to the fund is believed to negatively impact existing fund shareholders;

o a plan administered as a college savings plan under Section 529 of the Internal Revenue Code that has approved the fund's Institutional Class as an investment option as of the Cease Sales Date, but that has not opened an account as of that date, may open an account and make purchases of fund shares and add new accounts provided that the plan opens its initial account with the fund prior to December 30, 2011. Documentation of fund selection must be provided to the Advisor prior to the Cease Sales Date; or

o under certain circumstances, all or a portion of the shares held in a closed fund account may be reallocated in a different form of ownership; this may include, but is not limited to, mandatory retirement distributions, legal proceedings, estate settlements, and the gifting of fund shares.

Except as otherwise noted, these restrictions apply to investments made directly with the Distributor, the fund's principal underwriter or through an intermediary relationship with a financial services firm established with respect to the DWS funds as of the Cease Sales Date. Institutions that maintain omnibus account arrangements are not allowed to open new sub-accounts for new investors in Institutional Class shares unless the investor is one of the types listed above. Once an account is closed, new investments will not be accepted into the Institutional Class unless you satisfy one of the investor eligibility categories listed above.

Exchanges will not be permitted into the fund's Institutional Class unless the exchange is being made into an existing fund account. The Distributor may, at its discretion, require appropriate documentation that shows an investor is eligible to purchase Institutional Class shares.

The fund may allow new investments into the Institutional Class in its discretion. The fund may resume sales of Institutional Class shares to additional investors at some future date, but has no present intention to do so.

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PROSPECTUS May 1, 2014 Investing in the Funds


CLASS S SHARES

Class S shares are principally available to new investors through fee-based programs of investment dealers that have special agreements with each fund's distributor, through certain group retirement plans and through certain registered investment advisors. These dealers and advisors typically charge ongoing fees for services they provide.

ELIGIBILITY REQUIREMENTS. Class S shares of a fund are offered at net asset value without a sales charge to certain eligible investors as described below. The following investors may purchase Class S shares of DWS funds either (i) directly from DIDI, each fund's principal underwriter; or (ii) through an intermediary relationship with a financial services firm established with respect to the DWS funds as of December 31, 2004:

o Existing shareholders of Class S shares of any DWS fund and household members residing at the same address may purchase Class S shares of such fund and may open new individual accounts for Class S shares of any DWS fund. (This provision applies to persons who in the future become Class S shareholders under one of the eligibility provisions in this paragraph but is not applicable to investors or participants holding Class S shares through the fee based, retirement or other programs or plans referred to in the next paragraph unless otherwise provided below.)

o A person who certifies that they are a participant in a "DWS retirement plan" may purchase Class S shares apart from the participant's plan. For this purpose, a DWS retirement plan is defined as an employer sponsored employee benefit plan made available through ADP, Inc. and/or its affiliates, or ExpertPlan, Inc. under an alliance between one of these two firms and DWS Investments or its affiliates.

o A person who certifies that they are a participant who owns Class S shares of any DWS fund through a retirement, employee stock, bonus, pension or profit sharing plan may purchase Class S shares apart from the participant's plan.

o Any participant in any employer sponsored retirement, employee stock, bonus, pension or profit sharing plan may purchase Class S shares in connection with a rollover of a distribution from a plan to a DWS Investments IRA made through a rollover facilitator having a relationship with DWS Investments.

o Any person that has an existing account with Deutsche Bank Private Wealth Management ("PWM") but who no longer meets the eligibility requirements to maintain an account with PWM may open a new account in Class S shares of any DWS fund.

o Class S shares are available to accounts managed by the Advisor, any advisory products offered by the Advisor or DIDI and to DWS Target Date Series or other funds-of-funds managed by the Advisor or its affiliates.

o A person who certifies that they are a former employee of the Advisor or one of its affiliates may purchase Class S shares in connection with a rollover of a distribution from a Deutsche Bank employee benefit plan to a DWS Investments IRA.

o Fund Board Members and their family members and full-time employees of the Advisor and its affiliates and their family members may purchase Class S shares.

The following additional investors may purchase Class S shares of DWS funds in connection with certain programs or plans.

o Broker-dealers, banks and registered investment advisors ("RIAs") in connection with a comprehensive or "wrap" fee program or other fee based program.

o Any group retirement, employee stock, bonus, pension or profit-sharing plans.

o Plans administered as college savings plans under Section 529 of the Internal Revenue Code.

o Persons who purchase shares through a Health Savings Account or a Voluntary Employees' Benefit Association ("VEBA") Trust.

DIDI may, at its discretion, require appropriate documentation that shows an investor is eligible to purchase Class S shares.

BUYING, EXCHANGING AND SELLING SHARES

The following information applies to Class A, B, C, Institutional and S shares. For Class R shares, please see "How to Buy, Sell and Exchange Class R Shares" or consult your retirement plan administrator.

TO CONTACT DWS INVESTMENTS

BY PHONE

(800) 728-3337

BY MAIL

TYPE               ADDRESS
-----------------  ------------------------------------------------
EXPEDITED MAIL
  All Requests     DWS Investments
----------------- Attn: (see department names under Regular mail)
                   210 West 10th Street
                   Kansas City, MO 64105-1614
                   ------------------------------------------------
REGULAR MAIL
  New Accounts     DWS Investments
                   Attn: New Applications
                   P.O. Box 219356
                   Kansas City, MO 64121-9356
  Additional       DWS Investments
  Investments      Attn: Purchases
                   P.O. Box 219154
                   Kansas City, MO 64121-9154
  Exchanges and    DWS Investments
  Redemptions      Attn: Transaction Processing
                   P.O. Box 219557
                   Kansas City, MO 64121-9557

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PROSPECTUS May 1, 2014 Investing in the Funds


HOW TO BUY SHARES

Please note that your account cannot be opened until we receive a completed account application.

MINIMUM INITIAL INVESTMENT ($)

                                                          AUTOMATIC
                                         UGMAS/          INVESTMENT
              NON-IRA            IRAS     UTMAS               PLANS
         ------------  --------------  --------  ------------------
A B C        1,000            500       1,000             500
-------      -----            ---       -----             ---
INST     1,000,000           N/A         N/A             N/A
-------  ---------           ----       -----            ----
S            2,500          1,000       1,000           1,000
-------  ---------          -----       -----           -----

For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50.

THROUGH A FINANCIAL ADVISOR

Contact your financial advisor to obtain a new account application or for instructions about how to set up a new account. Your advisor can also assist with making additional investments into an existing account.

BY MAIL OR EXPEDITED MAIL

To establish an account, simply complete the appropriate application and mail it to the address provided on the form. With your application, include your check made payable to "DWS Investments" for the required initial minimum investment for the share class you have selected.

Once your account is established, to make additional investments, send a check made payable to "DWS Investments" and an investment slip to the appropriate address. If you do not have an investment slip, include a letter with your name, account number, the full fund name and share class, and your investment instructions. If your check fails to clear, the fund has the right to cancel your order, hold you liable or charge you or your account for any losses or fees the fund or its agents have incurred.

BY AUTOMATIC INVESTMENT PLAN (NOT AVAILABLE FOR INSTITUTIONAL CLASS SHARES)

If you wish to take advantage of the lower initial investment minimums by establishing an Automatic Investment Plan, make sure to complete that section on the new account application and attach a voided check for the bank account from which the funds will be drawn. Subsequent investments are made automatically from the shareholder's account at a bank, savings and loan or credit union into the shareholder's fund account. The maximum Automatic Investment Plan investment is $250,000. Termination by a shareholder will become effective within thirty days after DWS Investments has received the request. Each fund may immediately terminate a shareholder's Automatic Investment Plan in the event that any item is unpaid by the shareholder's financial institution.

OTHER WAYS TO BUY SHARES

The following privileges must be established on your account before an investment request is made. This can either be done by completing the applicable section(s) on the new account application or by contacting a customer service representative for instructions and any required paperwork.

BY PHONE USING QUICKBUY (FOR ADDITIONAL INVESTMENTS ONLY). Call DWS Investments and use our automated system to place your QuickBuy purchase using the Automated Clearing House system (ACH), or choose to be transferred to a customer service representative to complete your request. Transactions take two to three days to be completed and there is a $50 minimum and a $250,000 maximum.

ON THE INTERNET (FOR ADDITIONAL INVESTMENTS ONLY). Register at
dws-investments.com to set up on-line access to your account(s). Or, log in to the Web site if you have previously registered. Follow the instructions on the Web site to request a purchase with money from the bank account you have established on your DWS account(s).

BY WIRE (FOR ADDITIONAL INSTITUTIONAL CLASS INVESTMENTS ONLY). 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 us in advance of a wire transfer purchase. After you inform us 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.

WIRE DETAILS

Bank name        State Street Bank Boston
---------------  --------------------------------
Routing Number   011000028
---------------- ---------
Attention        DWS Investments
---------------- --------------------------------
DDA Number       9903-5552
---------------- ---------
FBO              (Account name) (Account number)
---------------- -------------------------------
Credit           (Fund name, Fund number and, if
---------------- applicable, class name)
                 --------------------------------

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.

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PROSPECTUS May 1, 2014 Investing in the Funds


HOW TO EXCHANGE SHARES

REQUIREMENTS AND LIMITS

CLASS   EXCHANGING INTO ANOTHER FUND ($)
------- -----------------------------------------------
A B C   1,000 minimum into new non-IRA accounts per
------- fund
        500 minimum into new IRA accounts per fund
        50 minimum into all existing accounts per fund
        -----------------------------------------------
INST    1,000,000 minimum into new accounts per fund
------- -----------------------------------------------
S       2,500 minimum into new non-IRA accounts per
------- fund
        1,000 minimum into new IRA and UTMA/UGMA
        accounts per fund
        50 minimum into all existing accounts per fund
        -----------------------------------------------

Exchanges between funds are allowed between like share classes only.

In addition to what is detailed below, your financial advisor can assist you with exchanging shares. Please contact your financial advisor using the method that is most convenient for you.

BY PHONE

Call DWS Investments and use our automated system to place your exchange, or choose to be transferred to a customer service representative to complete your request. For accounts with $5,000 or more, you may also establish a Systematic Exchange Plan of a minimum of $50 to another DWS fund on a regular basis. A representative can assist you with establishing this privilege.

ON THE INTERNET

Register at dws-investments.com to set up on-line access to your account(s). Or, log in to the Web site if you have previously registered. Follow the instructions on the Web site to request an exchange to another DWS fund.

BY MAIL OR EXPEDITED MAIL

Write a letter that includes the following information: the name(s) of all owners and address as they appear on your account, the fund name, share class, and account number from which you want to exchange, the dollar amount or number of shares you wish to exchange, and the name of the fund into which you want to exchange. Also include a daytime telephone number if we have any questions. All owners should sign the letter and it should be mailed to the appropriate address for exchanges and redemptions.

HOW TO SELL SHARES

REQUIREMENTS AND LIMITS

        SELLING SHARES ($)
        --------------------------------------------
A B C   Check redemption:
------- Up to 100,000. More than 100,000 see
        "Signature Guarantee"
        QuickSell to your bank: Minimum 50, maximum
        250,000
        Wire redemption to your bank: Minimum 1,000
        --------------------------------------------
INST    Same as Classes A, B and C
------- --------------------------------------------
S       Same as Classes A, B and C
------- --------------------------------------------

In addition to what is detailed below, your financial advisor can assist you with selling shares. Please contact your financial advisor using the method that is most convenient for you.

BY PHONE

Call DWS Investments and use our automated system, or choose to be transferred to a customer service representative to complete your request. You may request a check for the redemption amount sent to the address on the account.

OTHER WAYS TO SELL SHARES

The following privileges must be established on your account before a redemption request is made. This can either be done by completing the applicable section(s) on the new account application when you establish your account or by contacting a customer service representative for instructions and any required paperwork to add them to an existing account. Depending on the method you choose to request these redemptions, different transaction maximums may apply.

BY PHONE USING QUICKSELL. Call DWS Investments and use our automated system to request a QuickSell redemption, or choose to be transferred to a customer service representative (see table for applicable minimum and maximum amounts). The proceeds are sent via the Automated Clearing House system (ACH) to your bank. Transactions generally take two to three days to be completed. For accounts with $5,000 or more, you may also establish a Systematic Withdrawal Plan of a minimum of $50 to be sent on a regular basis as you direct. The $5,000 value does not apply to IRA accounts.

ON THE INTERNET. Register at dws-investments.com to set up on-line access to your account(s). Or, log in to the Web site if you have previously registered. Follow the instructions on the Web site to request a redemption from your account using the desired method from your available options.

BY MAIL OR EXPEDITED MAIL. Write a letter that includes the following information: the name(s) of all owners and address as they appear on your account, the fund name, share class, and account number from which you want to sell shares, the dollar amount or number of shares you

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PROSPECTUS May 1, 2014 Investing in the Funds


wish to sell, and a daytime telephone number if we have questions. All owners should sign the letter and it should be mailed to the appropriate address.

Some redemptions can only be ordered in writing with a Medallion Signature Guarantee. For more information, please contact DWS Investments (see phone number on the back cover).

BY WIRE. 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, call DWS Investments and either use the automated system or speak with a customer service representative to request your redemption. After you inform us of the amount of your redemption, you will receive a trade confirmation number. We must receive your order by 4:00 p.m. Eastern time to wire to your account the next business day.

HOW TO BUY, SELL AND EXCHANGE 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 have 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 is no minimum investment with respect to Class R shares.

Instructions for buying and selling shares must generally be submitted by a retirement plan administrator, 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.

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.

FINANCIAL INTERMEDIARY SUPPORT PAYMENTS

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 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 or Advisor 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 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

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PROSPECTUS May 1, 2014 Investing in the Funds


generally range from 0.01% up to 0.56% of assets of each fund serviced and maintained by the financial advisor, 0.05% to 0.25% of sales of each fund attributable to the financial advisor, a flat fee of up to $60,000, 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).

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. or ExpertPlan 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 in this prospectus. Please note that a financial advisor may charge fees separate from those charged by a fund and may be compensated by a fund.

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. 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, more 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.

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 share price 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.

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PROSPECTUS May 1, 2014 Investing in the Funds


SUB-MINIMUM BALANCES FOR CLASS A, B AND C. 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, 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).

SUB-MINIMUM BALANCES FOR INSTITUTIONAL CLASS. 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.

SUB-MINIMUM BALANCES FOR CLASS S. Each fund may close your account and send you the proceeds if your balance falls below $2,500 ($1,000 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, 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).

ACCOUNT MAINTENANCE FEE FOR CLASSES A, B, C AND S. Each fund charges a $20 account maintenance fee for each fund account that has a balance below $10,000. Except as otherwise noted below, fund accounts are not aggregated by share class or fund. The assessment will occur once per calendar year and may be assessed through the automatic redemption of fund shares in your account. The fee will be assessed on each fund account that falls below the minimum for any reason, including market value fluctuations, redemptions or exchanges.

The account maintenance fee will not apply to: (i) accounts with an automatic investment plan; (ii) accounts held in an omnibus account through a financial services firm; (iii) accounts maintained on behalf of participants in certain fee based and wrap programs offered through certain financial intermediaries approved by the Advisor; (iv) participant level accounts in group retirement plans held on the records of a retirement plan record keeper; (v) accounts held by shareholders who maintain $100,000 or more in aggregate assets in DWS fund shares; (vi) shareholders who consent to electronic delivery for all documents (which include statements, prospectuses, annual and semi-annual reports, and other materials), except for tax forms; (vii) Uniform Gift to Minors (UGMA) and Uniform Transfer to Minors (UTMA) accounts; (viii) Coverdell Education Savings Account (ESA) accounts; and (ix) IRA accounts for shareholders beginning in the year in which they turn age 70 1/2. You may elect to receive electronic delivery of DWS fund materials by registering on dws-investments.com or by calling the telephone number on the back cover.

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 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 for 12 months. Each fund reserves the right to extend or maintain a block beyond 12 months if it deems that the shareholder's activity was harmful to the fund, or

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PROSPECTUS May 1, 2014 Investing in the Funds


that the pattern of activity suggests a pattern of abuse. 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, a 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.

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 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 a shareholder in a plan administered as a college savings plan under Section 529 of the Internal Revenue Code; (v) 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,

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PROSPECTUS May 1, 2014 Investing in the Funds


redemptions by the feeder fund from the master portfolio; (vi) transactions on behalf of certain unaffiliated mutual funds operating as funds of funds; (vii) 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; (viii) transactions involving hardship of any registered shareholder; (ix) systematic transactions with pre-defined trade dates for purchases, exchanges or redemptions, such as automatic account rebalancing, or loan origination and repayments; (x) transactions involving shares purchased through the reinvestment of dividends or other distributions;
(xi) 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); (xii) 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 (xiii) 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 DWS Investments at the phone number on the back cover. You can use our automated phone service to get information on DWS funds generally and on accounts held directly at DWS Investments. You can also use this service to request share transactions.

TELEPHONE AND ELECTRONIC TRANSACTIONS. Generally, you are automatically entitled to telephone redemption and exchange privileges, but you may elect not to have them when you open your account or by calling the appropriate phone number on the back cover.

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. If you pay for shares by check and the check fails to clear, we have the right to cancel your order, hold you liable or charge you or your account for any losses or fees each fund or its agents have incurred.

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 have your signature guaranteed. However, if you want money transferred electronically to 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. DWS accepts Medallion Signature Guarantees, which can be obtained from an eligible guarantor. Eligible guarantor institutions include 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. A notarized document cannot be accepted in lieu of a signature guarantee.

SELLING SHARES OF TRUST ACCOUNTS AND BUSINESS OR ORGANIZATION ACCOUNTS may require additional documentation. Please call DWS Investments (see phone number on the back cover) or contact your financial advisor for more information.

WHEN YOU SELL SHARES THAT HAVE A CDSC, the CDSC is based on the original purchase cost or current market value of the shares sold, whichever is less. In processing orders to sell shares, the shares with the lowest CDSC are sold first. For each investment you make, the date you first bought shares is the date we use to calculate a CDSC on that particular investment. A CDSC is not imposed when you exchange from one fund into another. When you sell shares of the fund that you exchanged into, however, a CDSC may be imposed which may differ from the schedule for the fund you exchanged out of. Your shares will retain their original cost and purchase date.

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

o 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

o Withdrawals made through a systematic withdrawal plan up to a maximum of 12% per year of the net asset value of the account

o Withdrawals related to certain retirement or benefit plans

o Redemptions for certain loan advances, hardship provisions or returns of excess contributions from retirement plans

o 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 FOR WHICH YOU PAID A SALES CHARGE 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, except for Class B shares, 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 (this may result in a tax liability for federal income tax purposes). You'll be reimbursed (in the form of fund shares by the Distributor) for any CDSC you paid when you sold shares in a DWS fund. Future CDSC calculations will be based on your original investment date, rather than your reinstatement date.

Investors who sold Class B shares may 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. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class A shares of a fund for Class S shares of the same fund.

CLASS C TO CLASS A, CLASS S OR INSTITUTIONAL CLASS IN THE SAME FUND EXCHANGE PRIVILEGE. Investors who either (i) have invested in Class C shares through a comprehensive or "wrap" fee program or other fee-based program sponsored by a broker-dealer, bank or registered investment adviser or (ii) have invested in Class C shares and are in the process of transferring their shares to such a program may potentially become eligible to invest in either Class A shares, Class S shares or Institutional Class shares by reason of their participation in such a program. In such event, subject to the discretion of the Distributor and the limitations noted below, such shareholders may exchange their Class C shares for Class A shares, Class S shares or Institutional Class shares (as applicable) of equal aggregate value of the same fund. No sales charges or other charges will apply to any such exchange. Exchanges under this privilege will be processed only in instances where the accounts are not currently subject to a CDSC and only as part of a pre-arranged, multiple-client transaction through the particular financial services firm offering the comprehensive or wrap program or other fee-based program where the Class A shares, Class S shares or Institutional Class shares are available. Investors should contact their selling and/or servicing agents to learn more about the details of this exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class C shares of a fund for Class A shares, Class S shares or Institutional Class shares of the same fund.

CLASS S TO INSTITUTIONAL CLASS IN THE SAME FUND EXCHANGE PRIVILEGE. Investors who have invested in Class S shares through a comprehensive or "wrap" fee program or other fee-based program sponsored by a broker-dealer, bank or registered investment adviser may potentially become eligible to invest in Institutional Class shares by reason of their participation in such a program. In such event, subject to the discretion of the Distributor and the limitations noted below, such shareholders may exchange their Class S shares for Institutional Class shares of equal aggregate value of the same fund. No sales charges or other charges will apply to any such exchange. Exchanges under this privilege will be processed only as part of a pre-arranged, multiple-client transaction through the particular financial services firm offering the comprehensive or wrap program or other fee-based program where the Institutional Class shares are available. Investors should contact their selling and/or servicing agents to learn more about the details of this exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class S shares of a fund for Institutional Class shares of the same fund.

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PROSPECTUS May 1, 2014 Investing in the Funds


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 1940 Act. Generally, those circumstances are when 1) the New York Stock Exchange is closed other than customary weekend or holiday closings; 2) the SEC determines that trading on the New York Stock Exchange is restricted; 3) the SEC determines that 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."

HOW EACH FUND CALCULATES SHARE PRICE

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

      TOTAL          TOTAL                  TOTAL NUMBER OF
             -                       /                        =    NAV
(                               )
     ASSETS       LIABILITIES             SHARES OUTSTANDING

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"). To obtain the fund's most recent share price, go to dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

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.)

OTHER RIGHTS WE RESERVE

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

o withdraw or suspend the offering of shares at any time

o withhold a portion of your distributions and redemption proceeds if we have been notified by the Internal Revenue Service 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

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

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o 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

o 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, CDSC or redemption fees); you may recognize a gain or loss on the redemption of your fund shares and you may incur a tax liability

o 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

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

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 and DWS RREEF Global Real Estate Securities Fund intend to pay dividends and distributions of investment income to shareholders annually. DWS RREEF Global Infrastructure Fund and DWS RREEF Real Estate Securities Fund intend to pay dividends and distributions of investment income to shareholders quarterly in March, June, September and December. DWS RREEF Real Estate Securities Income Fund intends to pay income dividends and short-term capital gains distributions to its shareholders quarterly and pay long-term capital gains in November or December. Each other fund intends to pay distributions from realized capital gains annually, usually in December. 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, if such dividends or distributions are actually paid in January of the following year.

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.

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. In addition, if shares are redeemed to pay any account fees (e.g., an account maintenance fee), you may incur a tax liability.

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

 GENERALLY TAXED AT NET CAPITAL      GENERALLY TAXED AT ORDINARY
GAIN RATES:                         INCOME RATES:
 DISTRIBUTIONS FROM A FUND
 o gains from the sale of securi- o gains from the sale of securi-
   ties held (or treated as held)   ties held (or treated as held)
   by a fund for more than one      by a fund for one year or less
   year                           o all other taxable income
 o qualified dividend income
 TRANSACTIONS INVOLVING FUND
 SHARES
 o gains from selling fund        o gains from selling fund
   shares held for more than        shares held for one year or
   one year                         less

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 of DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund generally will not be entitled to claim a credit or deduction with respect to foreign taxes paid by the fund.

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Each of DWS Communications Fund, DWS RREEF Global Infrastructure Fund and DWS RREEF Global Real Estate Securities Fund may elect to pass through to its shareholders a credit or deduction for foreign taxes it has paid if at the end of its fiscal year more than 50% of the value of its total assets consists of stocks or securities of foreign corporations. 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 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.

Each fund's use of derivatives, if any, may affect the amount, timing and character of distributions to shareholders and, therefore, may increase the amount of taxes payable to shareholders.

DWS RREEF Real Estate Securities Income Fund's investment strategy of writing covered call options on its portfolio securities could cause a substantial portion of the fund's income to consist of short-term capital gains, taxable to shareholders at ordinary income rates when distributed to them. The tax characterization of the fund's distributions made in a taxable year cannot finally be determined until at or after the end of the year. If the total distributions made in a taxable year exceed the fund's earning and profits for such year, such excess distributed amount will be treated as a return of capital for US federal income tax purposes.

Distributions to individuals and other noncorporate shareholders of investment income reported by a fund as derived from qualified dividend income are eligible for taxation for federal income tax purposes at the more favorable net 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.

Certain types of income received by a fund from REITs, real estate mortgage investment conduits ("REMICs"), taxable mortgage pools or other investments may cause a 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 shareholders who would otherwise be exempt from federal income tax, such as individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (2) not generally be offset by net operating losses; (3) not be eligible for reduced US withholding for non-US shareholders, including shareholders from tax treaty countries; and (4) cause the fund to be subject to tax if certain "disqualified organizations" are fund shareholders.

YOUR FUND WILL SEND YOU DETAILED FEDERAL INCOME TAX INFORMATION EARLY EACH YEAR. 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, DWS RREEF Real Estate Securities Income Fund and DWS RREEF Global Real Estate Securities Fund do not provide complete information about the taxability of the REIT's distributions until after the calendar year-end, in order to determine how much of a fund's distribution is taxable to shareholders, the fund may request permission from the IRS each year for an extension of time to issue Form 1099-DIV.

A 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates and trusts whose income exceeds certain threshold amounts. For this purpose, net investment income generally includes taxable dividends, including any capital gain dividends paid by a fund, and gains recognized on the sale, redemption or exchange of shares of a fund.

IF YOU INVEST RIGHT BEFORE A FUND PAYS A DIVIDEND, you'll be getting some of your investment back as a dividend, which may be taxable to you. 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 capital gain. 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.

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

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.

56

PROSPECTUS May 1, 2014 Investing in the Funds


[GRAPHIC APPEARS HERE]

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).

DWS COMMUNICATIONS FUND - CLASS A

                                                                          YEARS ENDED DECEMBER 31,
                                                      2013         2012           2011              2010           2009
                                                  -----------  -----------  ----------------  ----------------  ----------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  18.90     $  16.51       $  17.37          $  14.37        $  9.58
------------------------------------------------   --------     --------       --------          --------        -------
Income (loss) from investment operations:
  Net investment income (loss)(a)                       .31          .32            .59 (e)           .12            .23
------------------------------------------------   --------     --------       --------          --------        -------
  Net realized and unrealized gain (loss)              5.53         2.49         (  .88)             3.01           4.82
------------------------------------------------   --------     --------       --------          --------        -------
  TOTAL FROM INVESTMENT OPERATIONS                     5.84         2.81         (  .29)             3.13           5.05
------------------------------------------------   --------     --------       --------          --------        -------
Less distributions from:
  Net investment income                              (  .24)      (  .42)        (  .57)           (  .18)        (  .25)
------------------------------------------------   --------     --------       --------          --------        -------
  Tax return of capital                                   -            -              -                 -         (  .01)
------------------------------------------------   --------     --------       --------          --------        -------
  TOTAL DISTRIBUTIONS                                (  .24)      (  .42)        (  .57)           (  .18)        (  .26)
------------------------------------------------   --------     --------       --------          --------        -------
Increase from regulatory settlements                      -            -              -               .05 (d)          -
------------------------------------------------   --------     --------       --------          --------        -------
Redemption fees                                         .00*         .00*           .00*              .00*           .00*
------------------------------------------------   --------     --------       --------          --------        -------
NET ASSET VALUE, END OF PERIOD                     $  24.50     $  18.90       $  16.51          $  17.37        $ 14.37
------------------------------------------------   --------     --------       --------          --------        -------
Total Return (%)(b,c)                                 30.93        17.10         ( 1.62)            22.34          52.60
------------------------------------------------   --------     --------       --------          --------        -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                  135          107            105               124            124
------------------------------------------------   --------     --------       --------          --------        -------
Ratio of expenses before expense reductions (%)        1.67         1.72           1.78              1.83           2.05
-------------------------------------------------  --------     --------       --------          --------        -------
Ratio of expenses after expense reductions (%)         1.64         1.63           1.66              1.74           1.61
-------------------------------------------------  --------     --------       --------          --------        -------
Ratio of net investment income (loss) (%)              1.43         1.76           3.33 (e)           .77           1.89
-------------------------------------------------  --------     --------       --------          --------        -------
Portfolio turnover rate (%)                              23           73             74               168            148
-------------------------------------------------  --------     --------       --------          --------        -------

(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) Includes a non-recurring payment from the Advisor, which amounted to $0.029 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.020 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower.

(e) Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.13 per share and 0.75% of average daily net assets, respectively.
* Amount is less than $.005.

57

PROSPECTUS May 1, 2014 Financial Highlights


DWS COMMUNICATIONS FUND - CLASS B

                                                                         YEARS ENDED DECEMBER 31,
                                                     2013         2012           2011              2010           2009
                                                  ----------  -----------  ----------------  ----------------  ----------
SELECTED PER SHARE DATA
-------------------------------------------------------------------------------------------------------------         -
NET ASSET VALUE, BEGINNING OF PERIOD                 17.43     $  15.23       $  16.02          $  13.25        $  8.82
------------------------------------------------    ------     --------       --------          --------        -------
Income (loss) from investment operations:
  Net investment income (loss)(a)                      .13          .17            .43 (e)           .00*           .14
------------------------------------------------    ------     --------       --------          --------        -------
  Net realized and unrealized gain (loss)             5.10         2.28         (  .81)             2.77           4.42
------------------------------------------------    ------     --------       --------          --------        -------
  TOTAL FROM INVESTMENT OPERATIONS                    5.23         2.45         (  .38)             2.77           4.56
------------------------------------------------    ------     --------       --------          --------        -------
Less distributions from:
  Net investment income                             (  .06)      (  .25)        (  .41)           (  .05)        (  .12)
------------------------------------------------    ------     --------       --------          --------        -------
  Tax return of capital                                  -            -              -                 -         (  .01)
------------------------------------------------    ------     --------       --------          --------        -------
  TOTAL DISTRIBUTIONS                               (  .06)      (  .25)        (  .41)           (  .05)        (  .13)
------------------------------------------------    ------     --------       --------          --------        -------
Increase from regulatory settlements                     -            -              -               .05 (d)          -
------------------------------------------------    ------     --------       --------          --------        -------
Redemption fees                                        .00*         .00*           .00*              .00*           .00*
------------------------------------------------    ------     --------       --------          --------        -------
NET ASSET VALUE, END OF PERIOD                     $ 22.60     $  17.43       $  15.23          $  16.02        $ 13.25
------------------------------------------------   -------     --------       --------          --------        -------
Total Return (%)(b,c)                                30.00        16.10         ( 2.30)            21.46          51.48
------------------------------------------------   -------     --------       --------          --------        -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                 .3           .4               1                 1              1
------------------------------------------------   -------     --------       --------          --------        -------
Ratio of expenses before expense reductions (%)       2.67         2.75           2.76              2.80           3.20
-------------------------------------------------  -------     --------       --------          --------        -------
Ratio of expenses after expense reductions (%)        2.39         2.38           2.41              2.49           2.23
-------------------------------------------------  -------     --------       --------          --------        -------
Ratio of net investment income (loss) (%)              .67         1.00           2.59 (e)           .01           1.23
-------------------------------------------------  -------     --------       --------          --------        -------
Portfolio turnover rate (%)                             23           73             74               168            148
-------------------------------------------------  -------     --------       --------          --------        -------

(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) Includes a non-recurring payment from the Advisor, which amounted to $0.026 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.022 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower.

(e) Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 per share and 0.71% of average daily net assets, respectively.
* Amount is less than $.005.

58

PROSPECTUS May 1, 2014 Financial Highlights


DWS COMMUNICATIONS FUND - CLASS C

                                                                          YEARS ENDED DECEMBER 31,
                                                      2013         2012           2011              2010           2009
                                                  -----------  -----------  ----------------  ----------------  ----------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  17.36     $  15.17       $  15.96          $  13.20        $  8.79
------------------------------------------------   --------     --------       --------          --------        -------
Income (loss) from investment operations:
  Net investment income (loss)(a)                       .13          .17            .42 (e)           .00*           .12
------------------------------------------------   --------     --------       --------          --------        -------
  Net realized and unrealized gain (loss)              5.08         2.27         (  .81)             2.76           4.42
------------------------------------------------   --------     --------       --------          --------        -------
  TOTAL FROM INVESTMENT OPERATIONS                     5.21         2.44         (  .39)             2.76           4.54
------------------------------------------------   --------     --------       --------          --------        -------
Less distributions from:
  Net investment income                              (  .06)      (  .25)        (  .40)           (  .05)        (  .12)
------------------------------------------------   --------     --------       --------          --------        -------
  Tax return of capital                                   -            -              -                 -         (  .01)
------------------------------------------------   --------     --------       --------          --------        -------
  TOTAL DISTRIBUTIONS                                (  .06)      (  .25)        (  .40)           (  .05)        (  .13)
------------------------------------------------   --------     --------       --------          --------        -------
Increase from regulatory settlements                      -            -              -               .05 (d)          -
------------------------------------------------   --------     --------       --------          --------        -------
Redemption fees                                         .00*         .00*           .00*              .00*           .00*
------------------------------------------------   --------     --------       --------          --------        -------
NET ASSET VALUE, END OF PERIOD                     $  22.51     $  17.36       $  15.17          $  15.96        $ 13.20
------------------------------------------------   --------     --------       --------          --------        -------
Total Return (%)(b,c)                                 30.00        16.17         ( 2.38)            21.47          51.42
------------------------------------------------   --------     --------       --------          --------        -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                    5            4              4                 5              5
------------------------------------------------   --------     --------       --------          --------        -------
Ratio of expenses before expense reductions (%)        2.51         2.57           2.63              2.72           3.00
-------------------------------------------------  --------     --------       --------          --------        -------
Ratio of expenses after expense reductions (%)         2.39         2.38           2.41              2.49           2.36
-------------------------------------------------  --------     --------       --------          --------        -------
Ratio of net investment income (loss) (%)               .67         1.02           2.61 (e)           .01           1.04
-------------------------------------------------  --------     --------       --------          --------        -------
Portfolio turnover rate (%)                              23           73             74               168            148
-------------------------------------------------  --------     --------       --------          --------        -------

(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) Includes a non-recurring payment from the Advisor, which amounted to $0.027 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.021 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower.

(e) Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.12 per share and 0.74% of average daily net assets, respectively.
* Amount is less than $.005.

59

PROSPECTUS May 1, 2014 Financial Highlights


DWS COMMUNICATIONS FUND - INSTITUTIONAL CLASS

                                                                                   YEARS ENDED DECEMBER 31,
                                                      2013         2012           2011              2010              2009
                                                  -----------  -----------  ----------------  ----------------  ----------------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD               $  19.28     $  16.83       $  17.75          $  14.69          $   9.81
------------------------------------------------   --------     --------       --------          --------          --------
Income (loss) from investment operations:
  Net investment income (loss)(a)                       .38          .37            .83 (d)           .18               .26
------------------------------------------------   --------     --------       --------          --------          --------
  Net realized and unrealized gain (loss)              5.66         2.54         ( 1.12)             3.07              4.95
------------------------------------------------   --------     --------       --------          --------          --------
  TOTAL FROM INVESTMENT OPERATIONS                     6.04         2.91         (  .29)             3.25              5.21
------------------------------------------------   --------     --------       --------          --------          --------
Less distributions from:
  Net investment income                              (  .31)      (  .46)        (  .63)           (  .25)           (  .32)
------------------------------------------------   --------     --------       --------          --------          --------
  Tax return of capital                                   -            -              -                 -            (  .01)
------------------------------------------------   --------     --------       --------          --------          --------
  TOTAL DISTRIBUTIONS                                (  .31)      (  .46)        (  .63)           (  .25)           (  .33)
------------------------------------------------   --------     --------       --------          --------          --------
Increase from regulatory settlements                      -            -              -               .06 (c)             -
------------------------------------------------   --------     --------       --------          --------          --------
Redemption fees                                         .00*         .00*           .00*              .00*              .00*
------------------------------------------------   --------     --------       --------          --------          --------
NET ASSET VALUE, END OF PERIOD                     $  25.01     $  19.28       $  16.83          $  17.75          $  14.69
------------------------------------------------   --------     --------       --------          --------          --------
Total Return (%)                                      31.36        17.30         ( 1.50)            22.81 (b)         52.87 (b)
------------------------------------------------   --------     --------       --------          --------          --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)                  .4           .3             .3                  1                 2
------------------------------------------------   --------     --------       --------          --------          --------
Ratio of expenses before expense reductions (%)        1.28         1.40           1.40              1.37              1.52
-------------------------------------------------  --------     --------       --------          --------          --------
Ratio of expenses after expense reductions (%)         1.28         1.40           1.40              1.37              1.34
-------------------------------------------------  --------     --------       --------          --------          --------
Ratio of net investment income (loss) (%)              1.63         1.99           4.47 (d)          1.13              2.07
-------------------------------------------------  --------     --------       --------          --------          --------
Portfolio turnover rate (%)                              23           73             74               168               148
-------------------------------------------------  --------     --------       --------          --------          --------

(a) Based on average shares outstanding during the period.
(b) Total return would have been lower had certain expenses not been reduced.

(c) Includes a non-recurring payment from the Advisor, which amounted to $0.029 per share, recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.027 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.34% lower.

(d) Net investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.15 per share and 0.80% of average daily net assets, respectively.
* Amount is less than $.005.

60

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS A

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.23     $  19.01     $  17.67     $  13.96      $ 11.09
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .42          .37          .22          .24          .33
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .49)        2.85         1.35         3.73         2.88
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS             (  .07)        3.22         1.57         3.97         3.21
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .52)      (  .32)      (  .23)      (  .26)      (  .34)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.61)      ( 1.00)      (  .23)      (  .26)      (  .34)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.55     $  21.23     $  19.01     $  17.67      $ 13.96
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)(b)                            (  .44)       17.04         8.99        28.66        29.98
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            471          456          434          537          437
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                             .96          .99          .98         1.06         1.04
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)               1.92         1.77         1.16         1.54         3.13
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                       108          108          107          106          120(c)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Total return does not reflect the effect of any sales charges.
(c) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

61

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS B

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------          -
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.41     $  19.16     $  17.81     $  14.05      $ 11.09
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .20          .18          .06          .11          .23
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .46)        2.89         1.37         3.76         2.96
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS             (  .26)        3.07         1.43         3.87         3.19
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .33)      (  .14)      (  .08)      (  .11)      (  .23)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.42)      (  .82)      (  .08)      (  .11)      (  .23)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.73     $  21.41     $  19.16     $  17.81      $ 14.05
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)(b)                            ( 1.28)       16.08         8.08        27.62        29.31
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)              1            1            2            4            6
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                            1.79         1.81         1.80         1.88         2.00
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)                .91          .85          .34          .72         2.17
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                       108          108          107          106          120(c)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Total return does not reflect the effect of any sales charges.
(c) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

62

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS C

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.42     $  19.17     $  17.82     $  14.06      $ 11.12
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .27          .24          .08          .13          .24
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .50)        2.86         1.38         3.76         2.94
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS             (  .23)        3.10         1.46         3.89         3.18
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .37)      (  .17)      (  .11)      (  .13)      (  .24)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.46)      (  .85)      (  .11)      (  .13)      (  .24)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.73     $  21.42     $  19.17     $  17.82      $ 14.06
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)(b)                            ( 1.16)       16.23         8.22        27.77        29.26
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)             43           43           31           31           27
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                            1.68         1.67         1.70         1.78         1.90
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)               1.22         1.12          .44          .82         2.27
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                       108          108          107          106          120(c)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Total return does not reflect the effect of any sales charges.
(c) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

63

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS R

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
----------------------------------------------------------------------------------------------          -
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.24     $  19.03     $  17.70     $  14.00      $ 11.11
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .36          .31          .17          .19          .32
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .50)        2.85         1.36         3.74         2.88
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS             (  .14)        3.16         1.53         3.93         3.20
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .45)      (  .27)      (  .20)      (  .23)      (  .31)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.54)      (  .95)      (  .20)      (  .23)      (  .31)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.56     $  21.24     $  19.03     $  17.70      $ 14.00
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)                               (  .74)       16.68         8.71        28.22        29.74
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------    -------
Net assets, end of period ($ millions)             22           22           17           14           11
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                            1.26         1.28         1.24         1.40         1.19
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)               1.64         1.50          .90         1.20         2.98
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                       108          108          107          106          120(b)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

64

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - INSTITUTIONAL CLASS

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.22     $  18.99     $  17.67     $  13.95      $ 11.09
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .48          .46          .28          .31          .38
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .48)        2.85         1.35         3.74         2.86
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS                  -         3.31         1.63         4.05         3.24
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .59)      (  .40)      (  .31)      (  .33)      (  .38)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.68)      ( 1.08)      (  .31)      (  .33)      (  .38)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.54     $  21.22     $  18.99     $  17.67      $ 13.95
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)                               (  .09)       17.54         9.36        29.27        30.29
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ millions)            614          792          666          590          440
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                             .62          .60          .61          .63          .63
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)               2.18         2.17         1.53         1.97         3.54
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                      1.08          108          107          106          120(b)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

65

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS S

                                                                YEARS ENDED DECEMBER 31,
                                                2013         2012         2011         2010          2009
                                            -----------  -----------  -----------  -----------  -------------
SELECTED PER SHARE DATA
--------------------------------------------------------------------          -            -            -
NET ASSET VALUE, BEGINNING OF PERIOD         $  21.33     $  19.09     $  17.75     $  14.01      $ 11.11
------------------------------------------   --------     --------     --------     --------      -------
Income (loss) from investment operations:
  Net investment income(a)                        .48          .43          .26          .27          .36
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized and unrealized gain (loss)      (  .52)        2.86         1.36         3.75         2.90
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL FROM INVESTMENT OPERATIONS             (  .04)        3.29         1.62         4.02         3.26
-------------------------------------------  --------     --------     --------     --------      -------
Less distributions from:
  Net investment income                        (  .56)      (  .37)      (  .28)      (  .28)      (  .36)
-------------------------------------------  --------     --------     --------     --------      -------
  Net realized gains                           ( 1.09)      (  .68)           -            -            -
-------------------------------------------  --------     --------     --------     --------      -------
  TOTAL DISTRIBUTIONS                          ( 1.65)      ( 1.05)      (  .28)      (  .28)      (  .36)
-------------------------------------------  --------     --------     --------     --------      -------
Redemption fees                                   .00*         .00*         .00*         .00*         .00*
-------------------------------------------  --------     --------     --------     --------      -------
NET ASSET VALUE, END OF PERIOD               $  19.64     $  21.33     $  19.09     $  17.75      $ 14.01
-------------------------------------------  --------     --------     --------     --------      -------
Total Return (%)                               (  .26)       17.35         9.23        28.90        30.34
-------------------------------------------  --------     --------     --------     --------      -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------   --------     --------      -------
Net assets, end of period ($ millions)            159          131           80           62           47
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of expenses (%)                             .77          .77          .74          .87          .80
-------------------------------------------  --------     --------     --------     --------      -------
Ratio of net investment income (%)               2.16         2.04         1.40         1.73         3.37
-------------------------------------------  --------     --------     --------     --------      -------
Portfolio turnover rate (%)                       108          108          107          106          120(b)
-------------------------------------------  --------     --------     --------     --------      -------

(a) Based on average shares outstanding during the period.
(b) Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.

66

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS A

                                                       PERIOD
                                                        ENDED
                                                     12/31/13(A)
                                                  ----------------
SELECTED PER SHARE DATA
--------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                 $  10.00
------------------------------------------------     --------
Income (loss) from investment operations:
  Net investment income(b)                                .10
------------------------------------------------     --------
  Net realized and unrealized gain (loss)              (  .44)
------------------------------------------------     --------
  TOTAL FROM INVESTMENT OPERATIONS                     (  .34)
------------------------------------------------     --------
Less distributions from:
  Net investment income                                (  .10)
------------------------------------------------     --------
  Net realized gains                                   (  .00)***
------------------------------------------------     --------
  TOTAL DISTRIBUTIONS                                  (  .10)
------------------------------------------------     --------
NET ASSET VALUE, END OF PERIOD                       $   9.56
------------------------------------------------     --------
Total Return (%)(c,d)                                  ( 3.42)**
------------------------------------------------     --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------
Net assets, end of period ($ thousands)                   265
------------------------------------------------     --------
Ratio of expenses before expense reductions (%)          6.16*
-------------------------------------------------    --------
Ratio of expenses after expense reductions (%)           1.40*
-------------------------------------------------    --------
Ratio of net investment income (%)                       3.85*
-------------------------------------------------    --------
Portfolio turnover rate (%)                                15**
-------------------------------------------------    --------

(a) For the period from September 23, 2013 (commencement of operations) to December 31, 2013.
(b) Based on average shares outstanding during the period.
(c) Total return does not reflect the effect of any sales charges.
(d) Total return would have been lower had certain expenses not been reduced.
* Annualized ** Not annualized *** Amount is less than $.005.

67

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS C

                                                       PERIOD
                                                        ENDED
                                                     12/31/13(A)
                                                  ----------------
SELECTED PER SHARE DATA
--------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                 $  10.00
------------------------------------------------     --------
Income (loss) from investment operations:
  Net investment income(b)                                .07
------------------------------------------------     --------
  Net realized and unrealized gain (loss)              (  .42)
------------------------------------------------     --------
  TOTAL FROM INVESTMENT OPERATIONS                     (  .35)
------------------------------------------------     --------
Less distributions from:
  Net investment income                                (  .08)
------------------------------------------------     --------
  Net realized gains                                   (  .00)***
------------------------------------------------     --------
  TOTAL DISTRIBUTIONS                                  (  .08)
------------------------------------------------     --------
NET ASSET VALUE, END OF PERIOD                       $   9.57
------------------------------------------------     --------
Total Return (%)(c,d)                                  ( 3.52)**
------------------------------------------------     --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------
Net assets, end of period ($ thousands)                   232
------------------------------------------------     --------
Ratio of expenses before expense reductions (%)          6.77*
-------------------------------------------------    --------
Ratio of expenses after expense reductions (%)           2.15*
-------------------------------------------------    --------
Ratio of net investment income (%)                       2.55*
-------------------------------------------------    --------
Portfolio turnover rate (%)                                15**
-------------------------------------------------    --------

(a) For the period from September 23, 2013 (commencement of operations) to December 31, 2013.
(b) Based on average shares outstanding during the period.
(c) Total return does not reflect the effect of any sales charges.
(d) Total return would have been lower had certain expenses not been reduced.
* Annualized ** Not annualized *** Amount is less than $.005.

68

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - INSTITUTIONAL CLASS

                                                       PERIOD
                                                        ENDED
                                                     12/31/13(A)
                                                  ----------------
SELECTED PER SHARE DATA
--------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                 $  10.00
------------------------------------------------     --------
Income (loss) from investment operations:
  Net investment income(b)                                .08
------------------------------------------------     --------
  Net realized and unrealized gain (loss)              (  .42)
------------------------------------------------     --------
  TOTAL FROM INVESTMENT OPERATIONS                     (  .34)
------------------------------------------------     --------
Less distributions from:
  Net investment income                                (  .10)
------------------------------------------------     --------
  Net realized gains                                   (  .00)***
------------------------------------------------     --------
  TOTAL DISTRIBUTIONS                                  (  .10)
------------------------------------------------     --------
NET ASSET VALUE, END OF PERIOD                       $   9.56
------------------------------------------------     --------
Total Return (%)(c)                                    ( 3.35)**
------------------------------------------------     --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------
Net assets, end of period ($ millions)                     10
------------------------------------------------     --------
Ratio of expenses before expense reductions (%)          5.35*
-------------------------------------------------    --------
Ratio of expenses after expense reductions (%)           1.15*
-------------------------------------------------    --------
Ratio of net investment income (%)                       3.13*
-------------------------------------------------    --------
Portfolio turnover rate (%)                                15**
-------------------------------------------------    --------

(a) For the period from September 23, 2013 (commencement of operations) to December 31, 2013.
(b) Based on average shares outstanding during the period.
(c) Total return would have been lower had certain expenses not been reduced.
* Annualized ** Not annualized *** Amount is less than $.005.

69

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS S

                                                       PERIOD
                                                        ENDED
                                                     12/31/13(A)
                                                  ----------------
SELECTED PER SHARE DATA
--------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD                 $  10.00
------------------------------------------------     --------
Income (loss) from investment operations:
  Net investment income(b)                                .07
------------------------------------------------     --------
  Net realized and unrealized gain (loss)              (  .40)
------------------------------------------------     --------
  TOTAL FROM INVESTMENT OPERATIONS                     (  .33)
------------------------------------------------     --------
Less distributions from:
  Net investment income                                (  .10)
------------------------------------------------     --------
  Net realized gains                                   (  .00)***
------------------------------------------------     --------
  TOTAL DISTRIBUTIONS                                  (  .10)
------------------------------------------------     --------
NET ASSET VALUE, END OF PERIOD                       $   9.57
------------------------------------------------     --------
Total Return (%)(c)                                    ( 3.28)**
------------------------------------------------     --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------
Net assets, end of period ($ thousands)                   417
------------------------------------------------     --------
Ratio of expenses before expense reductions (%)          5.97*
-------------------------------------------------    --------
Ratio of expenses after expense reductions (%)           1.25*
-------------------------------------------------    --------
Ratio of net investment income (%)                       2.62*
-------------------------------------------------    --------
Portfolio turnover rate (%)                                15**
-------------------------------------------------    --------

(a) For the period from September 23, 2013 (commencement of operations) to December 31, 2013.
(b) Based on average shares outstanding during the period.
(c) Total return would have been lower had certain expenses not been reduced. (*) Annualized
(**) Not annualized
(***) Amount is less than $.005.

70

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS A

                                                                             YEARS ENDED DECEMBER 31,
                                                        2013            2012           2011             2010            2009
                                                  ----------------  -----------  ----------------  --------------  --------------
SELECTED PER SHARE DATA
------------------------------------------------------------------          -              -                -               -
NET ASSET VALUE, BEGINNING OF PERIOD                 $  11.84        $  10.50       $   9.46         $   8.70        $   6.90
------------------------------------------------     --------        --------       --------         --------        --------
Income (loss) from investment operations:
  Net investment income(a)                                .22             .25            .23              .16             .18
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized and unrealized gain (loss)                1.90            1.43           1.20              .89            1.80
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL FROM INVESTMENT OPERATIONS                       2.12            1.68           1.43             1.05            1.98
------------------------------------------------     --------        --------       --------         --------        --------
Less distributions from:
  Net investment income                                (  .19)         (  .23)        (  .08)           ( .29)          ( .18)
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized gains                                   (  .34)         (  .11)        (  .31)               -               -
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL DISTRIBUTIONS                                  (  .53)         (  .34)        (  .39)           ( .29)          ( .18)
------------------------------------------------     --------        --------       --------         --------        --------
Redemption fees                                           .00*            .00*           .00*             .00*            .00*
------------------------------------------------     --------        --------       --------         --------        --------
NET ASSET VALUE, END OF PERIOD                       $  13.43        $  11.84       $  10.50         $   9.46        $   8.70
------------------------------------------------     --------        --------       --------         --------        --------
Total Return (%)(b)                                     18.19 (c)       16.14          15.29 (c)        12.14 (c)       28.76 (c)
------------------------------------------------     --------        --------       --------         --------        --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------------   --------       --------         --------        --------
Net assets, end of period ($ millions)                    820             307             82               24              29
------------------------------------------------     --------        --------       --------         --------        --------
Ratio of expenses before expense reductions (%)          1.42            1.41           1.53             1.63            1.94
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of expenses after expense reductions (%)           1.41            1.41           1.50             1.50            1.51
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of net investment income (%)                       1.74            2.26           2.24             1.87            2.39
-------------------------------------------------    --------        --------       --------         --------        --------
Portfolio turnover rate (%)                               132             171            231              159             232
-------------------------------------------------    --------        --------       --------         --------        --------

(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.

71

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS C

                                                                             YEARS ENDED DECEMBER 31,
                                                        2013            2012           2011             2010            2009
                                                  ----------------  -----------  ----------------  --------------  --------------
SELECTED PER SHARE DATA
------------------------------------------------------------------          -              -                -               -
NET ASSET VALUE, BEGINNING OF PERIOD                 $  11.86        $  10.52       $   9.47         $   8.71        $   6.90
------------------------------------------------     --------        --------       --------         --------        --------
Income (loss) from investment operations:
  Net investment income(a)                                .13             .17            .13              .10             .12
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized and unrealized gain (loss)                1.88            1.43           1.23              .88            1.79
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL FROM INVESTMENT OPERATIONS                       2.01            1.60           1.36              .98            1.91
------------------------------------------------     --------        --------       --------         --------        --------
Less distributions from:
  Net investment income                                (  .13)         (  .15)        (  .00)*          ( .22)          ( .10)
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized gains                                   (  .34)         (  .11)        (  .31)               -               -
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL DISTRIBUTIONS                                  (  .47)         (  .26)        (  .31)           ( .22)          ( .10)
------------------------------------------------     --------        --------       --------         --------        --------
Redemption fees                                           .00*            .00*           .00*             .00*            .00*
------------------------------------------------     --------        --------       --------         --------        --------
NET ASSET VALUE, END OF PERIOD                       $  13.40        $  11.86       $  10.52         $   9.47        $   8.71
------------------------------------------------     --------        --------       --------         --------        --------
Total Return (%)(b)                                     17.21 (c)       15.22          14.55 (c)        11.26 (c)       27.90 (c)
------------------------------------------------     --------        --------       --------         --------        --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------------   --------       --------         --------        --------
Net assets, end of period ($ millions)                    378             105             28               15              17
------------------------------------------------     --------        --------       --------         --------        --------
Ratio of expenses before expense reductions (%)          2.19            2.20           2.29             2.34            2.69
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of expenses after expense reductions (%)           2.18            2.20           2.25             2.25            2.26
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of net investment income (%)                       1.00            1.48           1.32             1.12            1.64
-------------------------------------------------    --------        --------       --------         --------        --------
Portfolio turnover rate (%)                               132             171            231              159             232
-------------------------------------------------    --------        --------       --------         --------        --------

(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.

72

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL INFRASTRUCTURE FUND - INSTITUTIONAL CLASS

                                                                      YEARS ENDED DECEMBER 31,
                                                      2013         2012        2011        2010          2009
                                                  -----------  -----------  ----------  ----------  --------------
SELECTED PER SHARE DATA
-------------------------------------------------------------          -           -           -             -
NET ASSET VALUE, BEGINNING OF PERIOD               $  11.79     $  10.46     $  9.42     $  8.66      $   6.89
------------------------------------------------   --------     --------     -------     -------      --------
Income (loss) from investment operations:
  Net investment income(a)                              .26          .28         .24         .19           .19
------------------------------------------------   --------     --------     -------     -------      --------
  Net realized and unrealized gain (loss)              1.89         1.43        1.22         .88          1.80
------------------------------------------------   --------     --------     -------     -------      --------
  TOTAL FROM INVESTMENT OPERATIONS                     2.15         1.71        1.46        1.07          1.99
------------------------------------------------   --------     --------     -------     -------      --------
Less distributions from:
  Net investment income                              (  .23)      (  .27)     (  .11)      ( .31)        ( .22)
------------------------------------------------   --------     --------     -------     -------      --------
  Net realized gains                                 (  .34)      (  .11)     (  .31)          -             -
------------------------------------------------   --------     --------     -------     -------      --------
  TOTAL DISTRIBUTIONS                                (  .57)      (  .38)     (  .42)      ( .31)        ( .22)
------------------------------------------------   --------     --------     -------     -------      --------
Redemption fees                                         .00*         .00*        .00*        .00*          .00*
------------------------------------------------   --------     --------     -------     -------      --------
NET ASSET VALUE, END OF PERIOD                     $  13.37     $  11.79     $ 10.46     $  9.42      $   8.66
------------------------------------------------   --------     --------     -------     -------      --------
Total Return (%)                                      18.52        16.46       15.71       12.47         29.20 (b)
------------------------------------------------   --------     --------     -------     -------      --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
-------------------------------------------------------------   --------     -------     -------      --------
Net assets, end of period ($ millions)                  480          227         124          59            36
------------------------------------------------   --------     --------     -------     -------      --------
Ratio of expenses before expense reductions (%)        1.10         1.10        1.18        1.22          1.59
-------------------------------------------------  --------     --------     -------     -------      --------
Ratio of expenses after expense reductions (%)         1.10         1.10        1.18        1.22          1.26
-------------------------------------------------  --------     --------     -------     -------      --------
Ratio of net investment income (%)                     2.01         2.48        2.38        2.15          2.64
-------------------------------------------------  --------     --------     -------     -------      --------
Portfolio turnover rate (%)                             132          171         231         159           232
-------------------------------------------------  --------     --------     -------     -------      --------

(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.

73

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS S

                                                                             YEARS ENDED DECEMBER 31,
                                                        2013            2012           2011             2010            2009
                                                  ----------------  -----------  ----------------  --------------  --------------
SELECTED PER SHARE DATA
------------------------------------------------------------------          -              -                -               -
NET ASSET VALUE, BEGINNING OF PERIOD                 $  11.80        $  10.46       $   9.43         $   8.67        $   6.90
------------------------------------------------     --------        --------       --------         --------        --------
Income (loss) from investment operations:
  Net investment income(a)                                .24             .27            .26              .19             .19
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized and unrealized gain (loss)                1.88            1.44           1.18              .88            1.80
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL FROM INVESTMENT OPERATIONS                       2.12            1.71           1.44             1.07            1.99
------------------------------------------------     --------        --------       --------         --------        --------
Less distributions from:
  Net investment income                                (  .21)         (  .26)        (  .10)           ( .31)          ( .22)
------------------------------------------------     --------        --------       --------         --------        --------
  Net realized gains                                   (  .34)         (  .11)        (  .31)               -               -
------------------------------------------------     --------        --------       --------         --------        --------
  TOTAL DISTRIBUTIONS                                  (  .55)         (  .37)        (  .41)           ( .31)          ( .22)
------------------------------------------------     --------        --------       --------         --------        --------
Redemption fees                                           .00*            .00*           .00*             .00*            .00*
------------------------------------------------     --------        --------       --------         --------        --------
NET ASSET VALUE, END OF PERIOD                       $  13.37        $  11.80       $  10.46         $   9.43        $   8.67
------------------------------------------------     --------        --------       --------         --------        --------
Total Return (%)                                        18.28 (b)       16.44          15.52 (b)        12.46 (b)       29.16 (b)
------------------------------------------------     --------        --------       --------         --------        --------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------------   --------       --------         --------        --------
Net assets, end of period ($ millions)                  1,014             418             85               14              17
------------------------------------------------     --------        --------       --------         --------        --------
Ratio of expenses before expense reductions (%)          1.25            1.24           1.27             1.36            1.71
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of expenses after expense reductions (%)           1.24            1.24           1.25             1.25            1.26
-------------------------------------------------    --------        --------       --------         --------        --------
Ratio of net investment income (%)                       1.90            2.42           2.56             2.12            2.64
-------------------------------------------------    --------        --------       --------         --------        --------
Portfolio turnover rate (%)                               132             171            231              159             232
-------------------------------------------------    --------        --------       --------         --------        --------

(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.

74

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS A

                                                                   YEARS ENDED DECEMBER 31,
                                                     2013        2012        2011        2010        2009
                                                  ----------  ----------  ----------  ----------  ----------
SELECTED PER SHARE DATA
------------------------------------------------------------         -           -           -           -
NET ASSET VALUE, BEGINNING OF PERIOD               $  8.09     $  6.67     $  7.51     $  6.73     $  5.38
------------------------------------------------   -------     -------     -------     -------     -------
Income (loss) from investment operations:
  Net investment income(a)                             .13         .13         .10         .13         .13
------------------------------------------------   -------     -------     -------     -------     -------
  Net realized and unrealized gain (loss)              .10        1.77       ( .70)        .99        1.84
------------------------------------------------   -------     -------     -------     -------     -------
  TOTAL FROM INVESTMENT OPERATIONS                     .23        1.90       ( .60)       1.12        1.97
------------------------------------------------   -------     -------     -------     -------     -------
Less distributions from:
  Net investment income                              ( .29)      ( .48)      ( .24)      ( .34)      ( .62)
------------------------------------------------   -------     -------     -------     -------     -------
Redemption fee                                         .00*        .00*        .00*        .00*        .00*
------------------------------------------------   -------     -------     -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  8.03     $  8.09     $  6.67     $  7.51     $  6.73
------------------------------------------------   -------     -------     -------     -------     -------
Total Return (%)(b,c)                                 2.92       28.68       (7.85)      17.16       36.71
------------------------------------------------   -------     -------     -------     -------     -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------   -------     -------     -------     -------
Net assets, end of period ($ millions)                 649         626         549         500         371
------------------------------------------------   -------     -------     -------     -------     -------
Ratio of expenses before expense reductions (%)       1.55        1.56        1.58        1.67        1.75
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of expenses after expense reductions (%)        1.35        1.36        1.38        1.47        1.44
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of net investment income (%)                    1.59        1.73        1.31        1.91        2.22
-------------------------------------------------  -------     -------     -------     -------     -------
Portfolio turnover rate (%)                            107          94         113         104         114
-------------------------------------------------  -------     -------     -------     -------     -------

(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.

75

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS C

                                                                   YEARS ENDED DECEMBER 31,
                                                     2013        2012        2011        2010        2009
                                                  ----------  ----------  ----------  ----------  ----------
SELECTED PER SHARE DATA
------------------------------------------------------------         -           -           -           -
NET ASSET VALUE, BEGINNING OF PERIOD               $  8.13     $  6.70     $  7.54     $  6.75     $  5.40
------------------------------------------------   -------     -------     -------     -------     -------
Income (loss) from investment operations:
  Net investment income(a)                             .07         .07         .04         .08         .10
------------------------------------------------   -------     -------     -------     -------     -------
  Net realized and unrealized gain (loss)              .11        1.78       ( .70)        .99        1.81
------------------------------------------------   -------     -------     -------     -------     -------
  TOTAL FROM INVESTMENT OPERATIONS                     .18        1.85       ( .66)       1.07        1.91
------------------------------------------------   -------     -------     -------     -------     -------
Less distributions from:
  Net investment income                              ( .23)      ( .42)      ( .18)      ( .28)      ( .56)
------------------------------------------------   -------     -------     -------     -------     -------
Redemption fee                                         .00*        .00*        .00*        .00*        .00*
------------------------------------------------   -------     -------     -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  8.08     $  8.13     $  6.70     $  7.54     $  6.75
------------------------------------------------   -------     -------     -------     -------     -------
Total Return (%)(b,c)                                 2.08       27.66       (8.61)      16.19       35.68
------------------------------------------------   -------     -------     -------     -------     -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------   -------     -------     -------     -------
Net assets, end of period ($ millions)                  17          16          16          23          25
------------------------------------------------   -------     -------     -------     -------     -------
Ratio of expenses before expense reductions (%)       2.34        2.35        2.40        2.47        2.56
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of expenses after expense reductions (%)        2.14        2.15        2.20        2.25        2.21
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of net investment income (%)                     .82         .94         .48        1.12        1.45
-------------------------------------------------  -------     -------     -------     -------     -------
Portfolio turnover rate (%)                            107          94         113         104         114
-------------------------------------------------  -------     -------     -------     -------     -------

(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.

76

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL CLASS

                                                                   YEARS ENDED DECEMBER 31,
                                                     2013        2012        2011        2010        2009
                                                  ----------  ----------  ----------  ----------  ----------
SELECTED PER SHARE DATA
------------------------------------------------------------         -           -           -           -
NET ASSET VALUE, BEGINNING OF PERIOD               $  8.08     $  6.66     $  7.50     $  6.72     $  5.38
------------------------------------------------   -------     -------     -------     -------     -------
Income (loss) from investment operations:
  Net investment income(a)                             .16         .16         .12         .17         .15
------------------------------------------------   -------     -------     -------     -------     -------
  Net realized and unrealized gain (loss)              .10        1.78       ( .69)        .99        1.83
------------------------------------------------   -------     -------     -------     -------     -------
  TOTAL FROM INVESTMENT OPERATIONS                     .26        1.94       ( .57)       1.16        1.98
------------------------------------------------   -------     -------     -------     -------     -------
Less distributions from:
  Net investment income                              ( .32)      ( .52)      ( .27)      ( .38)      ( .64)
------------------------------------------------   -------     -------     -------     -------     -------
Redemption fee                                         .00*        .00*        .00*        .00*        .00*
------------------------------------------------   -------     -------     -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  8.02     $  8.08     $  6.66     $  7.50     $  6.72
------------------------------------------------   -------     -------     -------     -------     -------
Total Return (%)(b)                                   3.29       29.21       (7.48)      17.59       37.07
------------------------------------------------   -------     -------     -------     -------     -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------   -------     -------     -------     -------
Net assets, end of period ($ millions)                  70         142         168         272         206
------------------------------------------------   -------     -------     -------     -------     -------
Ratio of expenses before expense reductions (%)       1.19        1.20        1.22        1.20        1.24
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of expenses after expense reductions (%)         .99        1.00        1.02        1.00        1.17
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of net investment income (%)                    1.93        2.07        1.62        2.37        2.49
-------------------------------------------------  -------     -------     -------     -------     -------
Portfolio turnover rate (%)                            107          94         113         104         114
-------------------------------------------------  -------     -------     -------     -------     -------

(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.

77

PROSPECTUS May 1, 2014 Financial Highlights


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS S

                                                                   YEARS ENDED DECEMBER 31,
                                                     2013        2012        2011        2010        2009
                                                  ----------  ----------  ----------  ----------  ----------
SELECTED PER SHARE DATA
------------------------------------------------------------         -           -           -           -
NET ASSET VALUE, BEGINNING OF PERIOD               $  8.11     $  6.68     $  7.49     $  6.71     $  5.37
------------------------------------------------   -------     -------     -------     -------     -------
Income (loss) from investment operations:
  Net investment income(a)                             .15         .15         .11         .14         .14
------------------------------------------------   -------     -------     -------     -------     -------
  Net realized and unrealized gain (loss)              .09        1.78       ( .68)        .99        1.84
------------------------------------------------   -------     -------     -------     -------     -------
  TOTAL FROM INVESTMENT OPERATIONS                     .24        1.93       ( .57)       1.13        1.98
------------------------------------------------   -------     -------     -------     -------     -------
Less distributions from:
  Net investment income                              ( .31)      ( .50)      ( .24)      ( .35)      ( .64)
------------------------------------------------   -------     -------     -------     -------     -------
Redemption fee                                         .00*        .00*        .00*        .00*        .00*
------------------------------------------------   -------     -------     -------     -------     -------
NET ASSET VALUE, END OF PERIOD                     $  8.04     $  8.11     $  6.68     $  7.49     $  6.71
------------------------------------------------   -------     -------     -------     -------     -------
Total Return (%)(b)                                   3.01       29.10       (7.45)      17.20       37.13
------------------------------------------------   -------     -------     -------     -------     -------
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
------------------------------------------------------------   -------     -------     -------     -------
Net assets, end of period ($ millions)                 101          90          41         118          96
------------------------------------------------   -------     -------     -------     -------     -------
Ratio of expenses before expense reductions (%)       1.36        1.37        1.60        1.86        1.83
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of expenses after expense reductions (%)        1.16        1.17        1.13        1.35        1.29
-------------------------------------------------  -------     -------     -------     -------     -------
Ratio of net investment income (%)                    1.80        1.99        1.47        2.02        2.37
-------------------------------------------------  -------     -------     -------     -------     -------
Portfolio turnover rate (%)                            107          94         113         104         114
-------------------------------------------------  -------     -------     -------     -------     -------

(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.

78

PROSPECTUS May 1, 2014 Financial Highlights


[GRAPHIC APPEARS HERE]

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 market 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.

DWS COMMUNICATIONS FUND - CLASS A

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.63%        -2.57%      $  9,742.62     $   731.22
 ---         -----          ----        ------       -----------     ----------
   2         10.25%         1.67%         0.67%      $ 10,067.05     $   165.41
 ---         -----          ----        ------       -----------     ----------
   3         15.76%         1.67%         4.02%      $ 10,402.28     $   170.92
 ---         -----          ----        ------       -----------     ----------
   4         21.55%         1.67%         7.49%      $ 10,748.68     $   176.61
 ---         -----          ----        ------       -----------     ----------
   5         27.63%         1.67%        11.07%      $ 11,106.61     $   182.49
 ---         -----          ----        ------       -----------     ----------
   6         34.01%         1.67%        14.76%      $ 11,476.46     $   188.57
 ---         -----          ----        ------       -----------     ----------
   7         40.71%         1.67%        18.59%      $ 11,858.63     $   194.85
 ---         -----          ----        ------       -----------     ----------
   8         47.75%         1.67%        22.54%      $ 12,253.52     $   201.34
 ---         -----          ----        ------       -----------     ----------
   9         55.13%         1.67%        26.62%      $ 12,661.56     $   208.04
 ---         -----          ----        ------       -----------     ----------
 10          62.89%         1.67%        30.83%      $ 13,083.19     $   214.97
 ---         -----          ----        ------       -----------     ----------
TOTAL                                                                $ 2,434.42
---                                                                  ----------

79

PROSPECTUS May 1, 2014 Appendix


DWS COMMUNICATIONS FUND - CLASS B

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         2.38%         2.62%       $ 10,262.00    $   241.12
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         2.67%         5.01%       $ 10,501.10    $   277.19
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         2.67%         7.46%       $ 10,745.78    $   283.65
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         2.67%         9.96%       $ 10,996.16    $   290.25
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         2.67%        12.52%       $ 11,252.37    $   297.02
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         2.67%        15.15%       $ 11,514.55    $   303.94
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.67%        18.98%       $ 11,897.98    $   195.49
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.67%        22.94%       $ 12,294.18    $   202.00
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.67%        27.04%       $ 12,703.58    $   208.73
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.67%        31.27%       $ 13,126.61    $   215.68
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 2,515.07
---                                                                  ----------

DWS COMMUNICATIONS FUND - CLASS C

            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
------  ---------------  ---------  --------------  ----------------  ------------
   1          5.00%         2.38%         2.62%       $ 10,262.00     $   241.12
 ---         -----          ----         -----        -----------     ----------
   2         10.25%         2.51%         5.18%       $ 10,517.52     $   260.78
 ---         -----          ----         -----        -----------     ----------
   3         15.76%         2.51%         7.79%       $ 10,779.41     $   267.28
 ---         -----          ----         -----        -----------     ----------
   4         21.55%         2.51%        10.48%       $ 11,047.82     $   273.93
 ---         -----          ----         -----        -----------     ----------
   5         27.63%         2.51%        13.23%       $ 11,322.91     $   280.75
 ---         -----          ----         -----        -----------     ----------
   6         34.01%         2.51%        16.05%       $ 11,604.85     $   287.74
 ---         -----          ----         -----        -----------     ----------
   7         40.71%         2.51%        18.94%       $ 11,893.81     $   294.91
 ---         -----          ----         -----        -----------     ----------
   8         47.75%         2.51%        21.90%       $ 12,189.87     $   302.25
 ---         -----          ----         -----        -----------     ----------
   9         55.13%         2.51%        24.93%       $ 12,493.50     $   309.78
 ---         -----          ----         -----        -----------     ----------
 10          62.89%         2.51%        28.05%       $ 12,804.58     $   317.49
 ---         -----          ----         -----        -----------     ----------
TOTAL                                                                 $ 2,836.03
---                                                                   ----------

80

PROSPECTUS May 1, 2014 Appendix


DWS COMMUNICATIONS FUND - CLASS INSTITUTIONAL

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.28%         3.72%       $ 10,372.00    $   130.38
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.28%         7.58%       $ 10,757.84    $   135.23
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.28%        11.58%       $ 11,158.03    $   140.26
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.28%        15.73%       $ 11,573.11    $   145.48
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.28%        20.04%       $ 12,003.63    $   150.89
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.28%        24.50%       $ 12,450.16    $   156.50
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.28%        29.13%       $ 12,913.31    $   162.33
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.28%        33.94%       $ 13,393.68    $   168.36
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.28%        38.92%       $ 13,891.93    $   174.63
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.28%        44.09%       $ 14,408.71    $   181.12
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,545.18
---                                                                  ----------

DWS RREEF REAL ESTATE SECURITIES FUND - CLASS A

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         0.96%        -1.94%      $  9,805.77     $   667.31
 ---         -----          ----        ------       -----------     ----------
   2         10.25%         0.96%         2.02%      $ 10,201.92     $    96.04
 ---         -----          ----        ------       -----------     ----------
   3         15.76%         0.96%         6.14%      $ 10,614.08     $    99.92
 ---         -----          ----        ------       -----------     ----------
   4         21.55%         0.96%        10.43%      $ 11,042.89     $   103.95
 ---         -----          ----        ------       -----------     ----------
   5         27.63%         0.96%        14.89%      $ 11,489.02     $   108.15
 ---         -----          ----        ------       -----------     ----------
   6         34.01%         0.96%        19.53%      $ 11,953.18     $   112.52
 ---         -----          ----        ------       -----------     ----------
   7         40.71%         0.96%        24.36%      $ 12,436.09     $   117.07
 ---         -----          ----        ------       -----------     ----------
   8         47.75%         0.96%        29.39%      $ 12,938.51     $   121.80
 ---         -----          ----        ------       -----------     ----------
   9         55.13%         0.96%        34.61%      $ 13,461.22     $   126.72
 ---         -----          ----        ------       -----------     ----------
 10          62.89%         0.96%        40.05%      $ 14,005.05     $   131.84
 ---         -----          ----        ------       -----------     ----------
TOTAL                                                                $ 1,685.32
---                                                                  ----------

81

PROSPECTUS May 1, 2014 Appendix


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS B

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.79%         3.21%       $ 10,321.00    $   181.87
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.79%         6.52%       $ 10,652.30    $   187.71
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.79%         9.94%       $ 10,994.24    $   193.74
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.79%        13.47%       $ 11,347.16    $   199.96
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.79%        17.11%       $ 11,711.40    $   206.37
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.79%        20.87%       $ 12,087.34    $   213.00
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         0.96%        25.76%       $ 12,575.67    $   118.38
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         0.96%        30.84%       $ 13,083.72    $   123.17
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         0.96%        36.12%       $ 13,612.31    $   128.14
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         0.96%        41.62%       $ 14,162.24    $   133.32
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,685.66
---                                                                  ----------

DWS RREEF REAL ESTATE SECURITIES FUND - CLASS C

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.68%         3.32%       $ 10,332.00    $   170.79
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.68%         6.75%       $ 10,675.02    $   176.46
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.68%        10.29%       $ 11,029.43    $   182.32
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.68%        13.96%       $ 11,395.61    $   188.37
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.68%        17.74%       $ 11,773.94    $   194.62
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.68%        21.65%       $ 12,164.84    $   201.09
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.68%        25.69%       $ 12,568.71    $   207.76
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.68%        29.86%       $ 12,985.99    $   214.66
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.68%        34.17%       $ 13,417.13    $   221.79
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.68%        38.63%       $ 13,862.58    $   229.15
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,987.01
---                                                                  ----------

82

PROSPECTUS May 1, 2014 Appendix


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS R

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.26%         3.74%       $ 10,374.00    $   128.36
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.26%         7.62%       $ 10,761.99    $   133.16
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.26%        11.64%       $ 11,164.49    $   138.14
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.26%        15.82%       $ 11,582.04    $   143.30
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.26%        20.15%       $ 12,015.21    $   148.66
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.26%        24.65%       $ 12,464.57    $   154.22
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.26%        29.31%       $ 12,930.75    $   159.99
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.26%        34.14%       $ 13,414.36    $   165.97
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.26%        39.16%       $ 13,916.06    $   172.18
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.26%        44.37%       $ 14,436.52    $   178.62
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,522.60
---                                                                  ----------

DWS RREEF REAL ESTATE SECURITIES FUND - CLASS INSTITUTIONAL

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         0.62%         4.38%       $ 10,438.00     $  63.36
 ---         -----          ----         -----        -----------     --------
   2         10.25%         0.62%         8.95%       $ 10,895.18     $  66.13
 ---         -----          ----         -----        -----------     --------
   3         15.76%         0.62%        13.72%       $ 11,372.39     $  69.03
 ---         -----          ----         -----        -----------     --------
   4         21.55%         0.62%        18.71%       $ 11,870.50     $  72.05
 ---         -----          ----         -----        -----------     --------
   5         27.63%         0.62%        23.90%       $ 12,390.43     $  75.21
 ---         -----          ----         -----        -----------     --------
   6         34.01%         0.62%        29.33%       $ 12,933.13     $  78.50
 ---         -----          ----         -----        -----------     --------
   7         40.71%         0.62%        35.00%       $ 13,499.60     $  81.94
 ---         -----          ----         -----        -----------     --------
   8         47.75%         0.62%        40.91%       $ 14,090.89     $  85.53
 ---         -----          ----         -----        -----------     --------
   9         55.13%         0.62%        47.08%       $ 14,708.07     $  89.28
 ---         -----          ----         -----        -----------     --------
 10          62.89%         0.62%        53.52%       $ 15,352.28     $  93.19
 ---         -----          ----         -----        -----------     --------
TOTAL                                                                 $ 774.22
---                                                                   --------

83

PROSPECTUS May 1, 2014 Appendix


DWS RREEF REAL ESTATE SECURITIES FUND - CLASS S

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         0.77%         4.23%       $ 10,423.00     $  78.63
 ---         -----          ----         -----        -----------     --------
   2         10.25%         0.77%         8.64%       $ 10,863.89     $  81.95
 ---         -----          ----         -----        -----------     --------
   3         15.76%         0.77%        13.23%       $ 11,323.44     $  85.42
 ---         -----          ----         -----        -----------     --------
   4         21.55%         0.77%        18.02%       $ 11,802.42     $  89.03
 ---         -----          ----         -----        -----------     --------
   5         27.63%         0.77%        23.02%       $ 12,301.66     $  92.80
 ---         -----          ----         -----        -----------     --------
   6         34.01%         0.77%        28.22%       $ 12,822.02     $  96.73
 ---         -----          ----         -----        -----------     --------
   7         40.71%         0.77%        33.64%       $ 13,364.39     $ 100.82
 ---         -----          ----         -----        -----------     --------
   8         47.75%         0.77%        39.30%       $ 13,929.70     $ 105.08
 ---         -----          ----         -----        -----------     --------
   9         55.13%         0.77%        45.19%       $ 14,518.93     $ 109.53
 ---         -----          ----         -----        -----------     --------
 10          62.89%         0.77%        51.33%       $ 15,133.08     $ 114.16
 ---         -----          ----         -----        -----------     --------
TOTAL                                                                 $ 954.15
---                                                                   --------

DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS A

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.40%        -2.36%      $  9,764.30     $   709.33
 ---         -----          ----        ------       -----------     ----------
   2         10.25%         4.24%        -1.61%      $  9,838.51     $   415.58
 ---         -----          ----        ------       -----------     ----------
   3         15.76%         4.24%        -0.87%      $  9,913.28     $   418.74
 ---         -----          ----        ------       -----------     ----------
   4         21.55%         4.24%        -0.11%      $  9,988.62     $   421.92
 ---         -----          ----        ------       -----------     ----------
   5         27.63%         4.24%         0.65%      $ 10,064.54     $   425.13
 ---         -----          ----        ------       -----------     ----------
   6         34.01%         4.24%         1.41%      $ 10,141.03     $   428.36
 ---         -----          ----        ------       -----------     ----------
   7         40.71%         4.24%         2.18%      $ 10,218,10     $   431.61
 ---         -----          ----        ------       -----------     ----------
   8         47.75%         4.24%         2.96%      $ 10,295.76     $   434.89
 ---         -----          ----        ------       -----------     ----------
   9         55.13%         4.24%         3.74%      $ 10.374.00     $   438.20
 ---         -----          ----        ------       -----------     ----------
 10          62.89%         4.24%         4.53%      $ 10,452.85     $   441.53
 ---         -----          ----        ------       -----------     ----------
TOTAL                                                                $ 4,565.29
---                                                                  ----------

84

PROSPECTUS May 1, 2014 Appendix


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS C

            MAXIMUM        INITIAL HYPOTHETICAL                  ASSUMED RATE
         SALES CHARGE:          INVESTMENT:                       OF RETURN:
             0.00%                $10,000                             5%
        ---------------  -------------------------  --------------------------------------
           CUMULATIVE      ANNUAL     CUMULATIVE          HYPOTHETICAL
         RETURN BEFORE      FUND     RETURN AFTER    YEAR-END BALANCE AFTER      ANNUAL
            FEES AND      EXPENSE      FEES AND             FEES AND            FEES AND
YEAR        EXPENSES       RATIOS      EXPENSES             EXPENSES            EXPENSES
------  ---------------  ---------  --------------  ------------------------  ------------
   1          5.00%         2.15%         2.85%           $ 10,285.00         $   218.06
 ---         -----          ----          ----            -----------         ----------
   2         10.25%         4.85%         3.00%           $ 10,300.43         $   499.20
 ---         -----          ----          ----            -----------         ----------
   3         15.76%         4.85%         3.16%           $ 10,315.88         $   499.95
 ---         -----          ----          ----            -----------         ----------
   4         21.55%         4.85%         3.31%           $ 10,331.35         $   500.70
 ---         -----          ----          ----            -----------         ----------
   5         27.63%         4.85%         3.47%           $ 10,346.85         $   501.45
 ---         -----          ----          ----            -----------         ----------
   6         34.01%         4.85%         3.62%           $ 10,362.37         $   502.20
 ---         -----          ----          ----            -----------         ----------
   7         40.71%         4.85%         3.78%           $ 10,377.91         $   502.95
 ---         -----          ----          ----            -----------         ----------
   8         47.75%         4.85%         3.93%           $ 10,393.48         $   503.71
 ---         -----          ----          ----            -----------         ----------
   9         55.13%         4.85%         4.09%           $ 10,409.07         $   504.46
 ---         -----          ----          ----            -----------         ----------
 10          62.89%         4.85%         4.25%           $ 10,424.68         $   505.22
 ---         -----          ----          ----            -----------         ----------
TOTAL                                                                         $ 4,737.90
---                                                                           ----------

DWS RREEF REAL ESTATE SECURITIES INCOME FUND - INSTITUTIONAL CLASS

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.15%         3.85%       $ 10,385.00    $   117.21
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         3.43%         5.48%       $ 10,548.04    $   359.00
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         3.43%         7.14%       $ 10,713.65    $   364.64
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         3.43%         8.82%       $ 10,881.85    $   370.36
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         3.43%        10.53%       $ 11,052.70    $   376.18
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         3.43%        12.26%       $ 11,226.23    $   382.08
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         3.43%        14.02%       $ 11,402.48    $   388.08
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         3.43%        15.81%       $ 11,581.50    $   394.18
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         3.43%        17.63%       $ 11,763.33    $   400.36
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         3.43%        19.48%       $ 11,948.01    $   406.65
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 3,558.74
---                                                                  ----------

85

PROSPECTUS May 1, 2014 Appendix


DWS RREEF REAL ESTATE SECURITIES INCOME FUND - CLASS S

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.25%         3.75%       $ 10,375.00    $   127.34
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         4.05%         4.74%       $ 10,473.56    $   422.18
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         4.05%         5.73%       $ 10,573.06    $   426.19
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         4.05%         6.74%       $ 10,673.51    $   430.24
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         4.05%         7.75%       $ 10,774.90    $   434.33
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         4.05%         8.77%       $ 10,877.27    $   438.46
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         4.05%         9.81%       $ 10,980.60    $   442.62
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         4.05%        10.85%       $ 11,084.92    $   446.83
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         4.05%        11.90%       $ 11,190.22    $   451.07
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         4.05%        12.97%       $ 11,296.53    $   455.36
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 4,074.62
---                                                                  ----------

DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS A

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.42%        -2.38%      $  9,762.42     $   711.23
 ---         -----          ----        ------       -----------     ----------
   2         10.25%         1.42%         1.12%      $ 10,111.91     $   141.11
 ---         -----          ----        ------       -----------     ----------
   3         15.76%         1.42%         4.74%      $ 10,473.92     $   146.16
 ---         -----          ----        ------       -----------     ----------
   4         21.55%         1.42%         8.49%      $ 10,848.88     $   151.39
 ---         -----          ----        ------       -----------     ----------
   5         27.63%         1.42%        12.37%      $ 11,237.27     $   156.81
 ---         -----          ----        ------       -----------     ----------
   6         34.01%         1.42%        16.40%      $ 11,639.57     $   162.43
 ---         -----          ----        ------       -----------     ----------
   7         40.71%         1.42%        20.56%      $ 12,056.26     $   168.24
 ---         -----          ----        ------       -----------     ----------
   8         47.75%         1.42%        24.88%      $ 12,487.88     $   174.26
 ---         -----          ----        ------       -----------     ----------
   9         55.13%         1.42%        29.35%      $ 12,934.94     $   180.50
 ---         -----          ----        ------       -----------     ----------
 10          62.89%         1.42%        33.98%      $ 13,398.01     $   186.96
 ---         -----          ----        ------       -----------     ----------
TOTAL                                                                $ 2,179.09
---                                                                  ----------

86

PROSPECTUS May 1, 2014 Appendix


DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS C

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         2.19%         2.81%       $ 10,281.00    $   222.08
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         2.19%         5.70%       $ 10,569.90    $   228.32
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         2.19%         8.67%       $ 10,866.91    $   234.73
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         2.19%        11.72%       $ 11,172.27    $   241.33
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         2.19%        14.86%       $ 11,486.21    $   248.11
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         2.19%        18.09%       $ 11,808.97    $   255.08
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         2.19%        21.41%       $ 12,140.81    $   262.25
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         2.19%        24.82%       $ 12,481.96    $   269.62
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         2.19%        28.33%       $ 12,832.71    $   277.20
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         2.19%        31.93%       $ 13,193.30    $   284.98
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 2,523.70
---                                                                  ----------

DWS RREEF GLOBAL INFRASTRUCTURE FUND - INSTITUTIONAL CLASS

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.10%         3.90%       $ 10,390.00    $   112.15
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.10%         7.95%       $ 10,795.21    $   116.52
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.10%        12.16%       $ 11,216.22    $   121.06
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.10%        16.54%       $ 11,653.66    $   125.78
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.10%        21.08%       $ 12,108.15    $   130.69
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.10%        25.80%       $ 12,580.37    $   135.79
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.10%        30.71%       $ 13,071.00    $   141.08
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.10%        35.81%       $ 13,580.77    $   146.58
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.10%        41.10%       $ 14,110.42    $   152.30
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.10%        46.61%       $ 14,660.73    $   158.24
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,340.19
---                                                                  ----------

87

PROSPECTUS May 1, 2014 Appendix


DWS RREEF GLOBAL INFRASTRUCTURE FUND - CLASS S

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.25%         3.75%       $ 10,375.00    $   127.34
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.25%         7.64%       $ 10,764.06    $   132.12
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.25%        11.68%       $ 11,167.71    $   137.07
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.25%        15.87%       $ 11,586.50    $   142.21
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.25%        20.21%       $ 12,021.00    $   147.55
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.25%        24.72%       $ 12,471.79    $   153.08
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.25%        29.39%       $ 12,939.48    $   158.82
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.25%        34.25%       $ 13,424.71    $   164.78
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.25%        39.28%       $ 13,928.13    $   170.96
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.25%        44.50%       $ 14,450.44    $   177.37
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,511.30
---                                                                  ----------

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS A

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.55%        -2.50%      $  9,750.16     $   723.61
 ---         -----          ----        ------       -----------     ----------
   2         10.25%         1.55%         0.87%      $ 10,086.54     $   153.73
 ---         -----          ----        ------       -----------     ----------
   3         15.76%         1.55%         4.35%      $ 10,434.53     $   159.04
 ---         -----          ----        ------       -----------     ----------
   4         21.55%         1.55%         7.95%      $ 10,794.52     $   164.53
 ---         -----          ----        ------       -----------     ----------
   5         27.63%         1.55%        11.67%      $ 11,166.93     $   170.20
 ---         -----          ----        ------       -----------     ----------
   6         34.01%         1.55%        15.52%      $ 11,552.19     $   176.07
 ---         -----          ----        ------       -----------     ----------
   7         40.71%         1.55%        19.51%      $ 11,950.74     $   182.15
 ---         -----          ----        ------       -----------     ----------
   8         47.75%         1.55%        23.63%      $ 12,363.04     $   188.43
 ---         -----          ----        ------       -----------     ----------
   9         55.13%         1.55%        27.90%      $ 12,789.57     $   194.93
 ---         -----          ----        ------       -----------     ----------
 10          62.89%         1.55%        32.31%      $ 13,230.81     $   201.66
 ---         -----          ----        ------       -----------     ----------
TOTAL                                                                $ 2,314.35
---                                                                  ----------

88

PROSPECTUS May 1, 2014 Appendix


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS C

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         2.34%         2.66%       $ 10,266.00    $   237.11
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         2.34%         5.39%       $ 10,539.08    $   243.42
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         2.34%         8.19%       $ 10,819.42    $   249.89
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         2.34%        11.07%       $ 11,107.21    $   256.54
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         2.34%        14.03%       $ 11,402.66    $   263.37
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         2.34%        17.06%       $ 11,705.97    $   270.37
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         2.34%        20.17%       $ 12,017.35    $   277.56
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         2.34%        23.37%       $ 12,337.01    $   284.95
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         2.34%        26.65%       $ 12,665.18    $   292.53
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         2.34%        30.02%       $ 13,002.07    $   300.31
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 2,676.05
---                                                                  ----------

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL CLASS

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.19%         3.81%       $ 10,381.00    $   121.27
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.19%         7.77%       $ 10,776.52    $   125.89
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.19%        11.87%       $ 11,187.10    $   130.68
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.19%        16.13%       $ 11,613.33    $   135.66
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.19%        20.56%       $ 12,055.80    $   140.83
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.19%        25.15%       $ 12,515.12    $   146.20
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.19%        29.92%       $ 12,991.95    $   151.77
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.19%        34.87%       $ 13,486.94    $   157.55
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.19%        40.01%       $ 14,000.80    $   163.55
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.19%        45.34%       $ 14,534.23    $   169.78
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,443.18
---                                                                  ----------

89

PROSPECTUS May 1, 2014 Appendix


DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - CLASS S

            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
------  ---------------  ---------  --------------  ---------------  ------------
   1          5.00%         1.36%         3.64%       $ 10,364.00    $   138.48
 ---         -----          ----         -----        -----------    ----------
   2         10.25%         1.36%         7.41%       $ 10,741.25    $   143.52
 ---         -----          ----         -----        -----------    ----------
   3         15.76%         1.36%        11.32%       $ 11,132.23    $   148.74
 ---         -----          ----         -----        -----------    ----------
   4         21.55%         1.36%        15.37%       $ 11,537.44    $   154.15
 ---         -----          ----         -----        -----------    ----------
   5         27.63%         1.36%        19.57%       $ 11,957.41    $   159.76
 ---         -----          ----         -----        -----------    ----------
   6         34.01%         1.36%        23.93%       $ 12,392.66    $   165.58
 ---         -----          ----         -----        -----------    ----------
   7         40.71%         1.36%        28.44%       $ 12,843.75    $   171.61
 ---         -----          ----         -----        -----------    ----------
   8         47.75%         1.36%        33.11%       $ 13,311.26    $   177.85
 ---         -----          ----         -----        -----------    ----------
   9         55.13%         1.36%        37.96%       $ 13,795.79    $   184.33
 ---         -----          ----         -----        -----------    ----------
 10          62.89%         1.36%        42.98%       $ 14,297.96    $   191.04
 ---         -----          ----         -----        -----------    ----------
TOTAL                                                                $ 1,635.06
---                                                                  ----------

ADDITIONAL INDEX INFORMATION

DWS COMMUNICATIONS FUND

MSCI WORLD INDEX is an unmanaged index that tracks the performance of stocks in select developed markets around the world, including the US.

MSCI WORLD TELECOM SERVICES INDEX is an unmanaged index that tracks telecom securities from around the world. Returns reflect reinvestment of dividends net of withholding taxes.

DWS RREEF REAL ESTATE SECURITIES FUND

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.

DWS RREEF GLOBAL INFRASTRUCTURE FUND

MSCI WORLD INDEX is an unmanaged index that tracks the performance of stocks in select developed markets around the world, including the US.

DOW JONES BROOKFIELD GLOBAL INFRASTRUCTURE INDEX measures the stock performance of companies that exhibit strong infrastructure characteristics. Index components are required to have more than 70% of cash flows derived from infrastructure lines of business. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

MSCI WORLD INDEX is an unmanaged index that tracks the performance of stocks in select developed markets around the world, including the US.

FTSE EPRA/NAREIT DEVELOPED INDEX is an unmanaged, market-weighted index designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The Index is designed to reflect the stock performance of companies engaged in specific aspects of major world real estate markets/regions. The Index is calculated using closing market prices and translates into US dollars using Reuters closing price.

90

PROSPECTUS May 1, 2014 Appendix


TO GET MORE INFORMATION

SHAREHOLDER REPORTS. Additional information about a fund's investments is available in a fund's annual and semi-annual reports to shareholders. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected fund performance during its last fiscal year.

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, contact DWS Investments at the phone number or address listed below. SAIs and shareholder reports are also available through the DWS Investments Web site at dws-investments.com. These documents and other information about each fund are available from the EDGAR Database on the SEC's Internet site at sec.gov. If you like, you may obtain copies of this information, after paying a duplicating 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 the SEC at (202) 551-8090.

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 the number provided.

CONTACT INFORMATION

DWS INVESTMENTS   PO Box 219151
                  Kansas City, MO
                  64121-9151
                  dws-investments.com
                  Shareholders:
                  (800) 728-3337
                  Investment professionals:
                  (800) 621-5027
SEC               Public Reference Section
                  Washington, D.C. 20549-1520
                  SEC.GOV
DISTRIBUTOR       DWS Investments Distributors, Inc.
                  222 South Riverside Plaza
                  Chicago, IL 60606-5808
                  (800) 621-1148
SEC FILE NUMBER   DWS Securities Trust
                  DWS Communications Fund
                  811-02021
                  DWS Securities Trust
                  DWS RREEF Real Estate Securities
                  Fund
                  811-02021
                  DWS Securities Trust
                  DWS RREEF Real Estate Securities
                  Income Fund
                  811-02021
                  DWS Global/International Fund, Inc.
                  DWS RREEF Global Infrastructure Fund
                  811-04670
                  DWS Securities Trust
                  DWS RREEF Global Real Estate Securi-
                  ties Fund
                  811-02021

Deutsche Asset & Wealth Management [DB Logo]

(05/01/14) COMRREEF-1


Deutsche Asset

& Wealth Management

Statement of Additional Information
May 1, 2014

DWS SECURITIES TRUST

DWS Communications Fund
CLASS/TICKER             A   TISHX     B   FTEBX     C   FTICX     INST   FLICX

..............................................................................

DWS RREEF Real Estate Securities Fund
CLASS/TICKER                           A   RRRAX     B   RRRBX     C   RRRCX     R   RRRSX     INST   RRRRX     S   RRREX

..............................................................................

DWS RREEF Real Estate Securities Income Fund
CLASS/TICKER                                  A   REFAX     C   REFCX     INST   REFIX     S   REFSX

..............................................................................

DWS RREEF Global Real Estate Securities Fund
CLASS/TICKER                                  A   RRGAX     C   RRGCX     INST   RRGIX     S   RRGTX

DWS GLOBAL/INTERNATIONAL FUND, INC.

DWS RREEF Global Infrastructure Fund
CLASS/TICKER                          A   TOLLX     C   TOLCX     INST   TOLIX     S   TOLSX

This combined Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the prospectus for each fund dated May 1, 2014, as supplemented, a copy of which may be obtained without charge by calling (800) 728-3337; by visiting dws-investments.com (the Web site does not form a part of this SAI); or from the firm from which this SAI was obtained. This SAI is incorporated by reference into the prospectus.

Portions of the Annual Report to Shareholders of each fund are incorporated herein by reference, and are hereby deemed to be part of this SAI. Reports to Shareholders may also be obtained without charge by calling the number provided in the preceding paragraph.

This SAI is divided into two Parts - Part I and Part II. Part I contains information that is specific to each fund, while Part II contains information that generally applies to each of the funds in the DWS funds.

Class B shares are closed to new investment.

[DB Logo]


STATEMENT OF ADDITIONAL INFORMATION (SAI) - PART I

                                                                                           PAGE
Part I...................................................................................   I-1
  Definitions............................................................................   I-1
  Fund Organization......................................................................   I-1
  Management of Each Fund................................................................   I-2
  Sales Charges and Distribution Plan Payments...........................................   I-3
  Portfolio Transactions and Brokerage Commissions.......................................   I-3
  Investments............................................................................   I-3
  Investment Restrictions................................................................   I-3
  Taxes..................................................................................   I-6
  Independent Registered Public Accounting Firm, Reports to Shareholders and Financial      I-6
  Statements
  Additional Information.................................................................   I-6
  Part I: Appendix I-A - Board Member Share Ownership and Control........................   I-7
  Part I: Appendix I-B - Board Committees and Meetings...................................  I-19
  Part I: Appendix I-C - Board Member Compensation.......................................  I-23
  Part I: Appendix I-D - Portfolio Management............................................  I-25
  Part I: Appendix I-E - Service Provider Compensation...................................  I-32
  Part I: Appendix I-F - Sales Charges...................................................  I-36
  Part I: Appendix I-G - Distribution Plan Payments......................................  I-38
  Part I: Appendix I-H - Portfolio Transactions and Brokerage Commissions................  I-39
  Part I: Appendix I-I - Investment Practices and Techniques.............................  I-42
  Part I: Appendix I-J - Additional Information..........................................  I-44
Part II..................................................................................  II-1
Detailed Part II table of contents precedes page II-1


PART I

DEFINITIONS

"1934 Act" - the Securities Exchange Act of 1934, as amended

"1940 Act" - the Investment Company Act of 1940, as amended

"Code" - the Internal Revenue Code of 1986, as amended


"SEC" - the Securities and Exchange Commission


"DIMA" or "Advisor" or "Administrator" - Deutsche Investment Management

Americas Inc., 345 Park Avenue, New York, New York 10154

"Subadvisor" - For DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund, DWS RREEF Global Infrastructure Fund and DWS RREEF Global Real Estate Securities Fund: RREEF America L.L.C. 222 South Riverside Plaza, Chicago, Illinois 60606

"Sub-subadvisors"- For DWS RREEF Global Real Estate Securities Fund: Deutsche Alternative Asset Management (Global) Limited, 1 Great Winchester Street, London, United Kingdom, EC2N 2DB and Deutsche Investments Australia Limited, Level 16 Deutsche Bank Place, Cnr Hunter & Phillip Streets, Sydney, Australia, NSW, 2000.

"DIDI" or "Distributor" - DWS Investments Distributors, Inc., 222 South Riverside Plaza, Chicago, Illinois 60606

"DISC" or "Transfer Agent" - DWS Investments Service Company, 210 W. 10th Street, Kansas City, Missouri 64105-1614

"DWS funds" - The US registered investment companies advised by DIMA

"Board Members" - Members of the Board of Directors/ Trustees of the Corporation/Trust

"Board" - Board of Directors/Trustees of the Corporation/ Trust

"Independent Board Members"- Board Members who are not interested persons (as defined in the 1940 Act) of the fund or the investment advisor

"fund" or "series" - DWS Communications Fund, DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund, DWS RREEF Global Infrastructure Fund and/or DWS RREEF Global Real Estate Securities Fund as the context may require

"Custodian" - For DWS RREEF Global Infrastructure Fund and DWS RREEF Global Real Estate Securities Fund: Brown Brothers Harriman & Company, 50 Post Office Square, Boston, Massachusetts 02110. For DWS Communications Fund, DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund:
State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street, Boston, Massachusetts 02111

"Fund Legal Counsel" - Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199

"Trustee/Director Legal Counsel" - Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199

"Corporation" or "Trust" - DWS Global/International Fund, Inc. and DWS Securities Trust, respectively

"NRSRO"- A nationally recognized statistical rating organization

"S&P" - Standards & Poor's Ratings Services, an NRSRO

"Moody's" - Moody's Investors Service, Inc., an NRSRO

"Fitch" - Fitch Ratings, an NRSRO

FUND ORGANIZATION

DWS Communications Fund, DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund and DWS RREEF Global Real Estate Securities Fund are each a series of DWS Securities Trust, a Massachusetts business trust organized under the laws of Massachusetts on October 24, 1985. On February 6, 2006, Scudder Securities Trust was renamed DWS Securities Trust.

I-1

On April 29, 2011, the predecessor of DWS Communications Fund transferred all of its assets and liabilities from DWS Communications Fund, Inc., a Maryland corporation, to DWS Securities Trust while retaining the same fund name.

On April 29, 2011, the predecessor of each of DWS RREEF Real Estate Securities Fund and DWS RREEF Global Real Estate Securities Fund transferred all of its assets and liabilities from DWS Advisor Funds, a Massachusetts business trust, to DWS Securities Trust, while retaining the same fund name.

On February 28, 2011, DWS RREEF World Real Estate Fund, Inc., a Maryland corporation operating as a closed-end fund, merged into the predecessor of DWS RREEF Global Real Estate Securities Fund by transferring all of its assets and liabilities in exchange for Class M shares of such predecessor fund (the "Merger"). Class M shares are not available for purchase.

The predecessor fund of each of DWS Communications Fund, DWS RREEF Real Estate Securities Fund and DWS RREEF Global Real Estate Securities Fund is referred to herein as a "Predecessor Fund." All historical financial information and other information contained in each fund's prospectus and SAI for periods prior to April 29, 2011 relating to a fund (or any class thereof) is that of the applicable Predecessor Fund (or corresponding class thereof).

The Trust is governed by an Amended and Restated Declaration of Trust dated June 2, 2008, as may be further amended from time to time (the "Declaration of Trust"). The Declaration of Trust was last approved by shareholders in 2006. Additional information about the Trust is set forth in PART II under "Fund Organization."

DWS RREEF Global Infrastructure Fund is a series of DWS Global/International Fund, Inc. The Corporation is a Maryland corporation organized on May 15, 1986. On February 6, 2006, the name of the Corporation was changed from Global/International Fund, Inc. to DWS Global/International Fund, Inc.

The Corporation's charter authorizes the issuance of shares of capital stock, each with a par value of $0.01 each, which capital stock has been divided into five series: DWS Global Opportunities Fund, DWS Global Bond Fund, DWS Emerging Markets Fixed Income Fund, DWS Global Thematic Fund, and DWS RREEF Global Infrastructure Fund. Each fund may be further divided into multiple share classes, which may bear different expenses.

The Corporation is governed by Amended and Restated Articles of Incorporation that were approved by shareholders in the second quarter of 2006, as may be further amended from time to time (the "Articles of Incorporation"). Additional information about the Corporation is set forth in PART II under "Fund Organization."

While each fund, through the combined prospectus, offers only its own share classes, it is possible that one fund might become liable for a misstatement in the combined prospectus or SAI regarding another fund.

MANAGEMENT OF EACH FUND

BOARD MEMBERS AND OFFICERS' IDENTIFICATION AND BACKGROUND

The identification and background of the Board Members and officers are set
forth in PART II - APPENDIX II-A.

BOARD COMMITTEES AND COMPENSATION

Compensation paid to the Independent Board Members, for certain specified periods is set forth in PART I - APPENDIX I-C. Information regarding the committees of the Board, is set forth in PART I - APPENDIX I-B.

BOARD MEMBER SHARE OWNERSHIP AND CONTROL PERSONS

Information concerning the ownership of fund shares by Board Members and officers, as a group, as well as the dollar range value of each Board Member's share ownership in each fund and, on an aggregate basis, in all DWS funds overseen, by investors who control the fund, if any, and by investors who own 5% or more of any class of fund shares, if any, is set forth in PART I - APPENDIX I-A.

PORTFOLIO MANAGEMENT

Information regarding each fund's portfolio manager(s), including other accounts managed, compensation, ownership of fund shares and possible conflicts of interest, is set forth in PART I - APPENDIX I-D and PART II - APPENDIX II-B. This section does not apply to money market funds.

SERVICE PROVIDER COMPENSATION

Compensation paid by each fund to its service providers for various services, including investment management, administrative, transfer agency, and, for certain funds, fund accounting services and subadvisory services, is set forth in PART I - APPENDIX I-E. For information

I-2

regarding payments made to DIDI, see PART I - APPENDIX I-F. The service provider compensation and underwriting and sales commission information is not applicable to new funds that have not completed a fiscal reporting period. Fee rates for services of the above-referenced service providers are included in

PART II - APPENDIX II-C.

SALES CHARGES AND DISTRIBUTION PLAN PAYMENTS

SALES CHARGES

Sales charges paid in connection with the purchase and sale of fund shares for the three most recent fiscal years are set forth in PART I - APPENDIX I-F. This information is not applicable to funds/classes that do not impose sales charges, or to new funds/classes that have not completed a fiscal reporting period.

DISTRIBUTION PLAN PAYMENTS

Payments made by each fund for the most recent fiscal year under each fund's Rule 12b-1 Plans are set forth in PART I - APPENDIX I-G. This information is not applicable to funds/classes that do not incur expenses paid in connection with Rule 12b-1 Plans, or to new funds/ classes that have not completed a fiscal reporting period.

PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS

PORTFOLIO TURNOVER

The portfolio turnover rates for the two most recent fiscal years are set forth in PART I - APPENDIX I-H. This section does not apply to money market funds or to new funds that have not completed a fiscal reporting period.

BROKERAGE COMMISSIONS

Total brokerage commissions paid by each fund for the three most recent fiscal years are set forth in PART I - APPENDIX I-H. This section does not apply to new funds that have not completed a fiscal reporting period.

Each fund's policy with respect to portfolio transactions and brokerage is set forth under "Portfolio Transactions" in PART II of this SAI.

INVESTMENTS

GENERAL INVESTMENT PRACTICES AND TECHNIQUES

PART I - APPENDIX I-I includes a list of the investment practices and techniques which each fund may employ in pursuing its investment objective. PART II - APPENDIX II-G includes a description of these investment practices and techniques as well as the associated risks.

INVESTMENT RESTRICTIONS

Unless otherwise stated, the policies below apply to each fund.

Except as otherwise indicated, each fund's investment objective and policies are not fundamental and may be changed without a vote of shareholders. There can be no assurance that each fund's investment objective will be met.

Any investment restrictions herein which involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, a fund.

Each of DWS Communications Fund, DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund and DWS RREEF Global Infrastructure Fund has elected to be classified as a non-diversified series of an open-end management investment company. A non-diversified fund may invest a greater proportion of its assets in the obligations of a small number of issuers, and may be subject to greater risk and substantial losses as a result of changes in the financial condition or the market's assessment of the issuers.

DWS RREEF Global Real Estate Securities Fund has elected to be classified as a diversified series of an open-end management investment company. A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer (other than cash and cash items, US government securities or securities of other investment companies) or invest in more than 10% of the outstanding voting securities of such issuer. The fund's election to be classified as diversified under the 1940 Act may not be changed without the vote of a majority of the outstanding voting securities (as defined herein) of the fund.

I-3

Unless specified to the contrary, the following fundamental policies may not be changed without the approval of a majority of the outstanding voting securities of a fund which, under 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 a fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of a fund.

As a matter of fundamental policy, a fund may not do any of the following:

(1) borrow money, except as permitted under the 1940 Act, 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 interpreted or modified by regulatory authority having jurisdiction, from time to time.

(3) purchase or sell commodities, except as permitted by the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(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 securities of companies which deal in real estate or mortgages or 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) make loans except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(7) (for DWS Communications Fund only) invest less than 65% of its total assets in the communications field, except as described in the prospectus, (otherwise the fund will not concentrate more than 25% of its total assets in securities of issuers in any industry).

(8) (for DWS RREEF Real Estate Securities Fund and DWS RREEF Global Real Estate Securities Fund only) invest 25% or more of its total assets in securities of companies principally engaged in any one industry, except that the fund may invest without limitation in securities of companies engaged principally in the real estate industry.

(9) (for DWS RREEF Real Estate Securities Income Fund only) invest 25% or more of its total assets in securities of companies principally engaged in any one industry, except that the fund will invest 25% or more of its total assets in securities of companies principally engaged in the real estate industry.

(10) (for DWS RREEF Global Infrastructure Fund only) invest 25% or more of its total assets in securities of companies principally engaged in any one industry, except that the fund will invest 25% or more of its total assets in securities of companies engaged principally in infrastructure-related companies.

For purposes of fundamental policy (10), with respect to DWS RREEF Global Infrastructure Fund only, when determining the percentage of the fund's total assets invested in securities of issuers having their principal business activities in a particular industry, asset-backed securities will be classified separately, based on the nature of the underlying assets, according to the following categories: captive auto, diversified, retail and consumer loans, captive equipment and business, business trade receivables, nuclear fuel and capital and mortgage lending.

The following is intended to help investors better understand the meaning of a fund's fundamental policies by briefly describing limitations, if any, imposed by the 1940 Act. References to the 1940 Act below may encompass rules, regulations or orders issued by the SEC and, to the extent deemed appropriate by the fund, interpretations and guidance provided by the SEC staff. These descriptions are intended as brief summaries of such limitations as of the date of this SAI; they are not comprehensive and they are qualified in all cases by reference to the 1940 Act (including any rules, regulations or orders issued by the SEC and any relevant interpretations and guidance provided by the SEC staff). These descriptions are subject to change based on evolving guidance by the appropriate regulatory authority and are not part of a fund's fundamental policies.

The 1940 Act generally permits a fund to borrow money in amounts of up to 33 1-3% of its total assets from banks for any purpose. The 1940 Act requires that after any borrowing from a bank a fund shall maintain an asset

I-4

coverage of at least 300% for all of the fund's borrowings, and, in the event that such asset coverage shall at any time fall below 300%, a fund must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of all of a fund's borrowings shall be at least 300%. In addition, a fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). For additional information, see "Borrowing" in PART II - APPENDIX II-G.

Under the 1940 Act, a senior security does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of a fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The SEC and/or its staff has indicated that certain investment practices may raise senior security issues unless a fund takes appropriate steps to segregate assets against, or cover, its obligations. A fund is permitted to engage in the investment practices described in its prospectus and in this SAI.

For additional information regarding the fund's asset segregation practices, see "Asset Segregation" in PART II - APPENDIX II-G.

At present, the 1940 Act does not set forth a maximum percentage of a fund's assets that may be invested in commodities.

Under the 1940 Act, a fund generally may not lend portfolio securities representing more than one-third of its total asset value (including the value of collateral received for loans of portfolio securities).

OTHER INVESTMENT POLICIES. The Board has adopted certain additional non-fundamental policies and restrictions which are observed in the conduct of a fund's affairs. They differ from fundamental investment policies in that they may be changed or amended by action of the Board without requiring prior notice to, or approval of, the shareholders.

As a matter of non-fundamental policy:

(1) the fund may not purchase illiquid securities, including time deposits and repurchase agreements maturing in more than seven days, if, as a result, more than 15% of the fund's net assets would be invested in such securities.

(2) the fund may not acquire securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

(3) the fund may not acquire securities of other investment companies, except as permitted by the 1940 Act and the rules, regulations and any applicable exemptive order issued thereunder.

(4) (for DWS Communications Fund, DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund only) the fund may not purchase warrants if, as a result, such securities, taken at the lower of cost or market value, would represent more than 5% of the value of the fund's total assets (for this purpose, warrants acquired in units or attached to securities will be deemed to have no value).

(5) (for each fund except DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund) 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.

(6) (for DWS Communications Fund only) 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.

(7) (for DWS Communications Fund only) call options may be purchased by the fund, but only to terminate an obligation as a writer of a call option.

(8) (for DWS Communications Fund only) only call options that are traded on a national securities exchange will be written.

(9) (for DWS Communications Fund only) the fund will not sell the securities against which options have been written (uncover the options) until after the option period has expired or the closing purchase has been executed.

(10) (for each fund except DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund) the fund generally will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions

I-5

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.

(11) (for DWS RREEF Global Real Estate Securities Fund only) to the extent the fund engages in proxy hedging, the amount of the commitment or option would not exceed the value of the fund's securities denominated in correlated currencies.

(12) (for DWS Communications Fund and DWS RREEF Global Real Estate Securities Fund only) 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.

(13) (DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund only) the fund may not invest in a derivative security unless the reference index or the instrument to which it relates is an eligible investment for the fund.

(14) (DWS RREEF Real Estate Securities Fund and DWS RREEF Real Estate Securities Income Fund only) the fund will limit futures contracts entered into on behalf of the fund to those traded on national futures exchanges and for which there appears to be a liquid secondary market.

(15) (for DWS RREEF Global Infrastructure Fund only) under normal conditions, the fund will have investment exposure to at least three countries, excluding the United States, and combined direct and indirect exposure to foreign securities, foreign currencies and other foreign investments (measured on a gross basis) equal to at least 40% of the fund's net assets.

For purposes of non-fundamental policy (1), and for so long as it remains a position of the SEC, fixed time deposits maturing in more than seven days that cannot be traded on a secondary market and participation interests in loans will be treated as illiquid. Restricted securities (including commercial paper issued pursuant to Section 4(2) of the Securities Act of 1933) that the Board has determined to be readily marketable will not be deemed to be illiquid for purposes of non-fundamental policy (1).

TAXES

Important information concerning the tax consequences of an investment in each fund is contained in PART II - APPENDIX II-H.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, REPORTS TO SHAREHOLDERS AND FINANCIAL STATEMENTS

The financial highlights of each fund included in its prospectus and financial statements incorporated by reference into this SAI have been so included or incorporated by reference in reliance on the report of PricewaterhouseCoopers LLP, 125 High Street, Boston, MA 02110. PricewaterhouseCoopers LLP is an independent registered public accounting firm. The report is given on the authority of said firm as experts in auditing and accounting. The independent registered public accounting firm audits the financial statements of each fund and provides other audit, tax and related services. Shareholders will receive annual audited financial statements and semi-annual unaudited financial statements.

The financial statements, together with the report of the Independent Registered Public Accounting Firm, Financial Highlights and notes to financial statements in the Annual Report to the Shareholders of each fund, dated December 31, 2013 for DWS Communications Fund, DWS RREEF Real Estate Securities Fund, DWS RREEF Real Estate Securities Income Fund and DWS RREEF Global Real Estate Securities Fund (SEC File No. 811-02021) and DWS RREEF Global Infrastructure Fund (SEC File No. 811-04670), are incorporated herein by reference and are hereby deemed to be a part of this combined SAI.

ADDITIONAL INFORMATION

For information on CUSIP numbers and fund fiscal year end information, see PART
I - APPENDIX I-J.

I-6

PART I: APPENDIX I-A - BOARD MEMBER SHARE OWNERSHIP AND CONTROL

BOARD MEMBER SHARE OWNERSHIP IN EACH FUND

The following tables show the dollar range of equity securities beneficially owned by each Board Member in each fund and in DWS funds as of December 31, 2013.

DOLLAR RANGE OF BENEFICIAL OWNERSHIP/(1)/

                            DWS COMMUNICATIONS         DWS RREEF REAL
BOARD MEMBER                       FUND            ESTATE SECURITIES FUND
John W. Ballantine                None                     None
Henry P. Becton, Jr.              None                     None
Dawn-Marie Driscoll               None                     None
Keith R. Fox                      None                     None
Paul K. Freeman            $10,001-$50,000                 None
Kenneth C. Froewiss               None                     None
Richard J. Herring                None            $50,001-$100,000
William McClayton                 None                     None
Rebecca W. Rimel                  None            $ 10,001-$50,000
William N. Searcy, Jr.            None                     None
Jean Gleason Stromberg            None                     None
Robert Wadsworth                  None                     None

                                   DWS RREEF           DWS RREEF GLOBAL          DWS RREEF
                                  REAL ESTATE             REAL ESTATE             GLOBAL
BOARD MEMBER                SECURITIES INCOME FUND      SECURITIES FUND     INFRASTRUCTURE FUND
John W. Ballantine                  None                    None                   None
Henry P. Becton, Jr.       $10,001-$50,000            $     1-$10,000              None
Dawn-Marie Driscoll                 None                    None           $      1-$10,000
Keith R. Fox                        None                    None                   None
Paul K. Freeman                     None                    None           $ 10,001-$50,000
Kenneth C. Froewiss                 None              $     1-$10,000      $      1-$10,000
Richard J. Herring                  None              $50,001-$100,00      $50,001-$100,000
William McClayton                   None                    None                   None
Rebecca W. Rimel                    None                    None                   None
William N. Searcy, Jr.              None                    None           $50,001-$100,000
Jean Gleason Stromberg              None                    None                   None
Robert Wadsworth                    None                    None                   None

I-7

AGGREGATE DOLLAR RANGE OF BENEFICIAL OWNERSHIP/(1)/

                             FUNDS OVERSEEN BY
                            BOARD MEMBER IN THE
BOARD MEMBER                     DWS FUNDS
INDEPENDENT BOARD MEMBER:
John W. Ballantine            Over $100,000
Henry P. Becton, Jr.          Over $100,000
Dawn-Marie Driscoll           Over $100,000
Keith R. Fox                  Over $100,000
Paul K. Freeman               Over $100,000
Kenneth C. Froewiss           Over $100,000
Richard J. Herring            Over $100,000
William McClayton             Over $100,000
Rebecca W. Rimel              Over $100,000
William N. Searcy, Jr.        Over $100,000
Jean Gleason Stromberg        Over $100,000
Robert Wadsworth              Over $100,000

(1) The dollar ranges are: None, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, over $100,000.

OWNERSHIP IN SECURITIES OF THE ADVISOR AND RELATED COMPANIES

As reported to each fund, the information in the table below reflects ownership by the Independent Board Members and their immediate family members of certain securities as of December 31, 2013. An immediate family member 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 Distributor and any persons (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Advisor or Distributor (including Deutsche Bank AG).

                               OWNER AND                                     VALUE OF           PERCENT OF
INDEPENDENT                 RELATIONSHIP TO                 TITLE OF     SECURITIES ON AN       CLASS ON AN
BOARD MEMBER                  BOARD MEMBER      COMPANY       CLASS       AGGREGATE BASIS     AGGREGATE BASIS
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

As of April 2, 2014, all Board Members and officers owned, as a group, less than 1% of the outstanding shares of a fund.

I-8

25% OR GREATER OWNERSHIP

Shareholders who beneficially own 25% or more of a fund's shares may have a significant impact on any shareholder vote of the fund. The following table identifies those investors who own 25% or more of a fund's shares as of April 2, 2014:

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

NAME AND ADDRESS OF INVESTOR           SHARES         PERCENTAGE
RREEF AMERICA LLC                    1,005,629.23        60.41%
ATTN MARC GONZALEZ
SAN FRANCISCO CA 94111-5836

RREEF America L.L.C. is the subadvisor of DWS RREEF Real Estate Securities Income Fund. RREEF America L.L.C., organized as a Delaware limited liability company, is an affiliate of DIMA and an indirect, wholly-owned subsidiary of Deutsche Bank AG.

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

NAME AND ADDRESS OF INVESTOR                  SHARES          PERCENTAGE
RAYMOND JAMES                               41,902,361.13        39.89%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
AMERICAN ENTERPRISE INVESTMENT SERV         34,622,653.56        32.96%
FBO #XXXXXXXX
MINNEAPOLIS MN 55402-2405

5% OR GREATER OWNERSHIP OF SHARE CLASSES

The following table identifies those investors who own 5% or more of a fund share class as of April 2, 2014. All holdings are of record, unless otherwise indicated.

DWS COMMUNICATIONS FUND

NAME AND ADDRESS OF INVESTOR                SHARES        CLASS     PERCENTAGE
PERSHING LLC                               485,656.34      A           9.39%
JERSEY CITY NJ 07399-0001
FIRST CLEARING LLC                         360,994.36      A           6.98%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
NATIONAL FINANCIAL SERVICES LLC            358,000.66      A           6.92%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
MORGAN STANLEY SMITH BARNEY                346,573.62      A           6.70%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311

I-9

NAME AND ADDRESS OF INVESTOR               SHARES       CLASS     PERCENTAGE
DWS TRUST COMPANY CUST                     1,319.51      B           10.17%
FOR THE IRA ROLLOVER OF
XXXXXXXXXXXXXXXXXX
STRONGSVILLE OH 44149-8719
DWS TRUST COMPANY CUST                     1,179.26      B            9.09%
FOR THE ROTH IRA OF
XXXXXXXXXXXXXXXXXX
BROOKLYN NY 11228-2107
FIRST CLEARING LLC                         1,097.33      B            8.46%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
SCOTT J SELIGMAN                           1,091.52      B            8.41%
SOUTHFIELD MI 48076-3733
DWS TRUST COMPANY CUST                      980.486      B            7.56%
FOR THE ROTH IRA OF
XXXXXXXXXXXXXXXXXX
SPRINGFIELD NJ 07081-2522
DWS TRUST COMPANY CUST                      979.646      B            7.55%
FOR THE ROTH IRA OF
XXXXXXXXXXXXXXXXXX
MANALAPAN NJ 07726-2863
NATIONAL FINANCIAL SERVICES LLC             720.625      B            5.55%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
MLPF&S FOR THE SOLE BENEFIT OF           44,294.48       C           17.78%
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
JACKSONVILLE FL 32246-6484
MORGAN STANLEY SMITH BARNEY              24,794.72       C            9.95%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
PERSHING LLC                             22,458.70       C            9.01%
JERSEY CITY NJ 07399-0001
FIRST CLEARING LLC                       21,902.09       C            8.79%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
NATIONAL FINANCIAL SERVICES LLC          15,522.81       C            6.23%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010

I-10

NAME AND ADDRESS OF INVESTOR               SHARES            CLASS         PERCENTAGE
RAYMOND JAMES                             14,210.32           C               5.70%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
PERSHING LLC                               9,247.75     Institutional        62.13%
JERSEY CITY NJ 07399-0001
NATIONAL FINANCIAL SERVICES LLC            3,189.56     Institutional        21.43%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
PATRICK J OBRIEN &                           888.585    Institutional         5.97%
MARTHA JONES OBRIEN JTWROS
BALTIMORE MD 21218-1135

DWS RREEF REAL ESTATE SECURITIES FUND

NAME AND ADDRESS OF INVESTOR                 SHARES         CLASS     PERCENTAGE
MORGAN STANLEY SMITH BARNEY                4,517,693.49      A           19.98%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
NATIONAL FINANCIAL SERVICES LLC            2,000,932.21      A            8.85%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
MLPF&S FOR THE SOLE BENEFIT OF             1,696,115.67      A            7.50%
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
JACKSONVILLE FL 32246-6484
RAYMOND JAMES                              1,341,053.36      A            5.93%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
HARTFORD LIFE INSURANCE COMPANY            1,156,327.38      A            5.11%
ATTN UIT OPERATIONS
HARTFORD CT 06104-2999
NATIONAL FINANCIAL SERVICES LLC                7,502.85      B           26.83%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
RAYMOND JAMES                                  4,592.89      B           16.42%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100

I-11

NAME AND ADDRESS OF INVESTOR                SHARES             CLASS         PERCENTAGE
MORGAN STANLEY SMITH BARNEY                   3,307.29          B               11.83%
HARBORSIDE FINANCIAL CENTER
JERSEY CITY NJ 07311
FIRST CLEARING LLC                            1,987.00          B                7.11%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
PERSHING LLC                                  1,735.09          B                6.20%
JERSEY CITY NJ 07399-0001
RAYMOND JAMES                               665,548.10          C               31.35%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
MLPF&S FOR THE SOLE BENEFIT OF              248,588.14          C               11.71%
ITS CUSTOMERS
ATTN FUND ADMINISTRATION
SEC #XXXXX
JACKSONVILLE FL 32246-6484
FIRST CLEARING LLC                          201,952.55          C                9.51%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
PERSHING LLC                                162,652.40          C                7.66%
JERSEY CITY NJ 07399-0001
NATIONAL FINANCIAL SERVICES LLC             148,286.96          C                6.99%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
MORGAN STANLEY SMITH BARNEY                 124,975.11          C                5.89%
HARBORSIDE FINANCIAL CENTER
JERSEY CITY NJ 07311
LPL FINANCIAL                               123,301.43          C                5.81%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
NATIONAL FINANCIAL SERVICES LLC           8,493,950.07    Institutional         27.48%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
MLPF&S FOR THE SOLE BENEFIT OF            4,377,546.41    Institutional         14.16%
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
JACKSONVILLE FL 32246-6484
DWS TRUST COMPANY TTEE                    4,311,355.62    Institutional         13.95%
FBO DB MATCHED SAVINGS PLAN
ATTN ASSET RECON DEPT # XXXXXX
SALEM NH 03079-1143

I-12

NAME AND ADDRESS OF INVESTOR                  SHARES             CLASS         PERCENTAGE
CHARLES SCHWAB & CO INC                     2,938,672.80    Institutional         9.51%
SPECIAL CUSTODY ACCT FOR THE
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
SAN FRANCISCO CA 94104-4151
NORTHERN TRUST CO TTEE                      2,622,824.45    Institutional         8.49%
FBO RR DONNELLEY-DV
CHICAGO IL 60675-2994
STATE STREET CORP TRUSTEE                     150,128.77          R              12.52%
FBO ADP ACCESS
BOSTON MA 02111-2901
DELAWARE CHARTER GUAR & TRUST TTEE            144,270.24          R              12.03%
PRINCIPAL FINANCIAL GROUP QUALIFIED
FIA OMNIBUS
ATTN NPIO TRADE DESK
DES MOINES IA 50392-0001
HARTFORD SECURITIES DISTRIBUTION CO           139,091.21          R              11.60%
INC AS AGENT FOR RELIANCE TRUST CO
FBO AGENTS' PLAN CUSTOMERS
ATTN UIT OPERATIONS HARTFORD CT
06104-2999
MLPF&S FOR THE SOLE BENEFIT OF                130,123.47          R              10.85%
ITS CUSTOMERS
ATTN FUND ADM (XXXXX)
JACKSONVILLE FL 32246-6484
HARTFORD LIFE INSURANCE                       121,711.58          R              10.15%
COMPANY SEPARATE ACCOUNT
HARTFORD CT 06104-2999
NATIONAL FINANCIAL SERVICES LLC             2,298,594.22          S              25.75%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
PERSHING LLC                                1,504,189.26          S              16.85%
JERSEY CITY NJ 07399-0001
CHARLES SCHWAB & CO INC                     1,076,682.16          S              12.06%
SAN FRANCISCO CA 94104-4151
MORGAN STANLEY SMITH BARNEY                 1,038,028.13          S              11.63%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
RAYMOND JAMES                                 568,742.03          S               6.37%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100

I-13

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

NAME AND ADDRESS OF INVESTOR                SHARES             CLASS         PERCENTAGE
AMERICAN ENTERPRISE INVESTMENT SVC           38,198.87          A               32.34%
FBO #XXXXXXXX
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
LPL FINANCIAL                                23,564.24          A               19.95%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
NATIONAL FINANCIAL SERVICES LLC              11,204.13          A                9.48%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
OPPENHEIMER & CO. INC.                        6,852.00          A                5.80%
FBO DR MARVIN R WILSON &
PAULINE B WILSON JTWROS
S HAMILTON MA 01982-2407
RBC CAPITAL MARKETS LLC                       6,168.61          A                5.22%
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
MINNEAPOLIS MN 55402-1110
LPL FINANCIAL                                54,653.49          C               71.92%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
RBC CAPITAL MARKETS LLC                       7,883.43          C               10.37%
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
MINNEAPOLIS MN 55402-1110
RREEF AMERICA LLC                             5,052.65          C                6.65%
ATTN MARC GONZALEZ
SAN FRANCISCO CA 94111-5836
STIFEL NICOLAUS & CO INC                      4,735.28          C                6.23%
EXCLUSIVE BENEFIT OF CUSTOMERS
ST LOUIS MO 63102-2188
RREEF AMERICA LLC                         1,000,576.58    Institutional         89.49%
ATTN MARC GONZALEZ
SAN FRANCISCO CA 94111-5836
LPL FINANCIAL                               108,838.36    Institutional          9.73%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
NATIONAL FINANCIAL SERVICES LLC              95,640.77          S               27.14%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
LPL FINANCIAL                                95,109.20          S               26.98%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968

I-14

NAME AND ADDRESS OF INVESTOR           SHARES        CLASS     PERCENTAGE
STIFEL NICOLAUS & CO INC               44,141.85      S           12.52%
EXCLUSIVE BENEFIT OF CUSTOMERS
ST LOUIS MO 63102-2188
RBC CAPITAL MARKETS LLC                34,453.21      S            9.78%
MUTUAL FUND OMNIBUS PROCESSING
OMNIBUS
MINNEAPOLIS MN 55402-1110
PERSHING LLC                           31,366.70      S            8.90%
JERSEY CITY NJ 07399-0001
CHARLES SCHWAB & CO INC                30,209.09      S            8.57%
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
SAN FRANCISCO CA 94104-4151

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

NAME AND ADDRESS OF INVESTOR                 SHARES          CLASS     PERCENTAGE
RAYMOND JAMES                              41,902,361.13      A           51.46%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
AMERICAN ENTERPRISE INVESTMENT SVC         34,622,653.56      A           42.52%
FBO #XXXXXXXX
MINNEAPOLIS MN 55402-2405
RAYMOND JAMES                                 818,820.33      C           40.31%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100
MORGAN STANLEY SMITH BARNEY                   193,397.02      C            9.52%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
MLPF&S FOR THE SOLE BENEFIT OF                173,119.76      C            8.52%
ITS CUSTOMERS
ATTN FUND ADMINISTRATION
SEC #XXXXX
JACKSONVILLE FL 32246-6484
FIRST CLEARING LLC                            155,737.01      C            7.67%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
PERSHING LLC                                  132,907.23      C            6.54%
JERSEY CITY NJ 07399-0001

I-15

NAME AND ADDRESS OF INVESTOR                SHARES            CLASS         PERCENTAGE
LPL FINANCIAL                              117,423.59          C               5.78%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
NATIONAL FINANCIAL SERVICES LLC            110,914.26          C               5.46%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
UBS WM USA                                 110,240.09          C               5.43%
XXX XXXXX XXXX
OMNI ACCOUNT M/F
ATTN DEPARTMENT MANAGER
WEEHAWKEN NJ 07086-6761
STATE STREET BANK & TRUST CO CUST        2,278,198.47    Institutional        21.50%
FBO DWS ALT ASSET ALLOC PLUS FUND
BOSTON MA 02111-1750
STATE STREET BANK & TRUST CO CUST        2,268,743.96    Institutional        21.41%
FBO DWS SELECT ALTERNATIVE ALLOC
BOSTON MA 02111-1750
PERSHING LLC                             1,548,813.71    Institutional        14.62%
JERSEY CITY NJ 07399-0001
SAXON & CO                               1,466,794.15    Institutional        13.84%
FBO XX-XX-XXX-XXXXXXX
PHILADELPHIA PA 19182-0001
NATIONAL FINANCIAL SERVICES LLC          1,286,179.89    Institutional        12.14%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
CHARLES SCHWAB & CO INC                    680,717.57    Institutional         6.42%
SPECIAL CUSTODY ACCOUNT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
SAN FRANCISCO CA 94104-4151
FIRST CLEARING LLC                       3,622,208.38          S              32.95%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
NATIONAL FINANCIAL SERVICES LLC          1,605,608.12          S              14.61%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
CHARLES SCHWAB & CO INC                  1,180,218.39          S              10.74%
SAN FRANCISCO CA 94104-4151
RAYMOND JAMES                              946,566.06          S               8.61%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100

I-16

NAME AND ADDRESS OF INVESTOR            SHARES        CLASS     PERCENTAGE
MERRILL LYNCH PIERCE FENNER            852,757.67      S           7.76%
& SMITH FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN SERVICE TEAM
JACKSONVILLE FL 32246-6484
PERSHING LLC                           648,715.25      S           5.90%
JERSEY CITY NJ 07399-0001

DWS RREEF GLOBAL INFRASTRUCTURE FUND

NAME AND ADDRESS OF INVESTOR                 SHARES          CLASS     PERCENTAGE
AMERICAN ENTERPRISE INVESTMENT SVC         21,814,540.06      A           30.96%
FBO #XXXXXXXX
MINNEAPOLIS MN 55402-2405
UBS WM USA                                 16,737,752.67      A           23.75%
XXXXXXXXXXXX
OMNI ACCOUNT M/F
ATTN DEPARTMENT MANAGER
WEEHAWKEN NJ 07086-6761
NATIONAL FINANCIAL SERVICES LLC             5,991,265.67      A            8.50%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
PERSHING LLC                                4,565,496.36      A            6.48%
JERSEY CITY NJ 07399-0001
MLPF&S FOR THE SOLE BENEFIT OF              6,954,072.48      C           21.40%
ITS CUSTOMERS
ATTN FUND ADMINISTRATION
SEC #XXXXX
JACKSONVILLE FL 32246-6484
MORGAN STANLEY SMITH BARNEY                 4,895,901.09      C           15.07%
HARBORSIDE FINANCIAL CENTER
PLAZA II 3RD FLOOR
JERSEY CITY NJ 07311
FIRST CLEARING LLC                          3,800,458.91      C           11.70%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
UBS WM USA                                  3,181,503.16      C            9.79%
XXX XXXXX XXXX
OMNI ACCOUNT M/F
ATTN DEPARTMENT MANAGER
WEEHAWKEN NJ 07086-6761
RAYMOND JAMES                               2,754,725.01      C            8.48%
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM XXXXXXXX
ATTN COURTNEY WALLER
ST PETERSBURG FL 33716-1100

I-17

NAME AND ADDRESS OF INVESTOR                 SHARES             CLASS         PERCENTAGE
AMERICAN ENTERPRISE INVESTMENT SVC         2,597,317.79          C               7.99%
FBO #XXXXXXXX
MINNEAPOLIS MN 55402-2405
PERSHING LLC                               2,097,309.73          C               6.45%
JERSEY CITY NJ 07399-0001
FIRST CLEARING LLC                        11,024,165.49    Institutional        27.68%
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
ST LOUIS MO 63103-2523
STATE STREET BANK & TRUST CO CUST          8,271,245.02    Institutional        20.77%
FBO DWS ALT ASSET ALLOC PLUS FUND
BOSTON MA 02111-1750
STATE STREET BANK & TRUST CO CUST          7,074,587.45    Institutional        17.76%
FBO DWS SELECT ALTERNATIVE ALLOC
BOSTON MA 02111-1750
PERSHING LLC                               3,154,455.30    Institutional         7.92%
JERSEY CITY NJ 07399-0001
NATIONAL FINANCIAL SERVICES LLC            2,791,465.59    Institutional         7.01%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
CHARLES SCHWAB & CO INC                    2,487,163.90    Institutional         6.24%
ATTN MUTUAL FUNDS DEPARTMENT
SAN FRANCISCO CA 94104-4151
MERRILL LYNCH PIERCE FENNER               18,496,844.40          S              22.52%
& SMITH FOR THE SOLE BENEFIT OF
ITS CUSTOMERS
ATTN SERVICE TEAM 973Y3
JACKSONVILLE FL 32246-6484
MORGAN STANLEY SMITH BARNEY               14,002,292.19          S              17.05%
HARBORSIDE FINANCIAL CENTER
JERSEY CITY NJ 07311
NATIONAL FINANCIAL SERVICES LLC           12,943,184.46          S              15.76%
FOR EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FL
JERSEY CITY NJ 07310-2010
CHARLES SCHWAB & CO INC                   12,221,790.66          S              14.88%
REINVEST ACCOUNT
ATTN MUTUAL FUND DEPT
SAN FRANCISCO CA 94104-4151
LPL FINANCIAL                              8,215,129.78          S              10.00%
A/C XXXX-XXXX
SAN DIEGO CA 92121-1968
PERSHING LLC                               6,438,825.82          S               7.84%
JERSEY CITY NJ 07399-0001

I-18

PART I: APPENDIX I-B - BOARD COMMITTEES AND MEETINGS

INFORMATION CONCERNING COMMITTEES AND MEETINGS OF THE BOARD

The Board oversees the operation of the DWS funds and meets periodically to oversee fund activities, and to review fund performance and contractual arrangements with fund service providers. The Board met 8 times during the most recently completed calendar year. Each Board Member attended at least 75% of the meetings of the Board and meetings of the Board Committees on which such Board Member served.

BOARD LEADERSHIP STRUCTURE

A fund's Board is responsible for the general oversight of a fund's affairs and for assuring that the fund is managed in the best interests of its shareholders. The Board regularly reviews a fund's investment performance as well as the quality of other services provided to a fund and its shareholders by DIMA and its affiliates, including administration and shareholder servicing. At least annually, the Board reviews and evaluates the fees and operating expenses paid by a fund for these services and negotiates changes that it deems appropriate. In carrying out these responsibilities, the Board is assisted by a fund's auditors, independent counsel and other experts as appropriate, selected by and responsible to the Board.

Independent Board Members are not considered "interested persons" (as defined in the 1940 Act) of the fund or its investment adviser. These Independent Board Members must vote separately to approve all financial arrangements and other agreements with a fund's investment adviser and other affiliated parties. The role of the Independent Board Members has been characterized as that of a "watchdog" charged with oversight to protect shareholders' interests against overreaching and abuse by those who are in a position to control or influence a fund. A fund's Independent Board Members meet regularly as a group in executive session without representatives of the investment adviser present. An Independent Board Member currently serves as chairman of the Board.

Taking into account the number, the diversity and the complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the DWS funds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and/or enabling resolutions, and take actions on those matters and/or make recommendations to the Board as appropriate. Each committee may utilize the resources of a fund's counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendation of the Nominating and Governance Committee. The membership and chair of each committee consists exclusively of Independent Board Members.

The Board has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the fund's affairs. While risk management is the primary responsibility of a fund's investment adviser, the Board regularly receives reports regarding investment risks and compliance risks. The Board's committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DWS funds and to discuss with the fund's investment adviser and administrator how it monitors and controls such risks.

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BOARD COMMITTEES. The Board has established the following standing committees:
Audit Committee, Nominating and Governance Committee, Contract Committee, Equity Oversight Committee, Fixed Income and Asset Allocation Oversight Committee, Operations Committee, Valuation Sub-Committee and Dividend Committee.

                        NUMBER OF
                     MEETINGS IN LAST
NAME OF COMMITTEE     CALENDAR YEAR   FUNCTIONS                                             CURRENT MEMBERS
AUDIT COMMITTEE             7         Assists the Board in fulfilling its responsibility    Paul K. Freeman (Chair),
                                      for oversight of (1) the integrity of the financial   William McClayton (Vice
                                      statements, (2) the fund's accounting and             Chair), John W. Ballantine,
                                      financial reporting policies and procedures, (3)      Henry P. Becton, Jr. and
                                      the fund's compliance with legal and regulatory       Richard J. Herring
                                      requirements related to accounting and
                                      financial reporting, (4) valuation of fund assets
                                      and securities and (5) the qualifications,
                                      independence and performance of the
                                      independent registered public accounting firm
                                      for the fund. 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. 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.

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                        NUMBER OF
                     MEETINGS IN LAST
NAME OF COMMITTEE     CALENDAR YEAR   FUNCTIONS                                            CURRENT MEMBERS
NOMINATING AND              6         Recommends individuals for membership on             Rebecca W. Rimel (Chair),
GOVERNANCE                            the Board, nominates officers, Board and             Henry P. Becton, Jr. (Vice
COMMITTEE                             committee chairs, vice chairs and committee          Chair), John W. Ballantine
                                      members, and oversees the operations of the          and William McClayton
                                      Board. The Nominating and Governance
                                      Committee has not established specific,
                                      minimum qualifications that must be met by an
                                      individual to be considered by the Nominating
                                      and Governance Committee for nomination as
                                      a Board Member. The Nominating and
                                      Governance Committee may take into account
                                      a wide variety of factors in considering Board
                                      Member candidates, including, but not limited
                                      to: (i) availability and commitment of a
                                      candidate to attend meetings and perform his
                                      or her responsibilities to the Board, (ii) relevant
                                      industry and related experience, (iii)
                                      educational background, (iv) financial expertise,
                                      (v) an assessment of the candidate's ability,
                                      judgment and expertise, and (vi) the current
                                      composition of the Board. The Committee
                                      generally believes that the Board benefits from
                                      diversity of background, experience and views
                                      among its members, and considers this as a
                                      factor in evaluating the composition of the
                                      Board, but has not adopted any specific policy
                                      in this regard. The Nominating and Governance
                                      Committee reviews recommendations by
                                      shareholders for candidates for Board positions
                                      on the same basis as candidates
                                      recommended by other sources. Shareholders
                                      may recommend candidates for Board
                                      positions by forwarding their correspondence
                                      by US mail or courier service to Kenneth C.
                                      Froewiss, Chairman, DWS Mutual Funds, P.O.
                                      Box 78, Short Hills, NJ 07078.
CONTRACT                    7         Reviews at least annually, (a) the fund's            Keith R. Fox (Chair), Robert
COMMITTEE                             financial arrangements with DIMA and its             H. Wadsworth (Vice Chair),
                                      affiliates, and (b) the fund's expense ratios.       Dawn-Marie Driscoll, Paul K.
                                                                                           Freeman, Richard J. Herring,
                                                                                           William N. Searcy, Jr. and
                                                                                           Jean Gleason Stromberg
EQUITY OVERSIGHT            6         Reviews the investment operations of those           William McClayton (Chair),
COMMITTEE                             funds that primarily invest in equity securities     Keith R. Fox (Vice Chair),
                                      (except for those funds managed by an asset          Henry P. Becton, Jr.,
                                      allocation investment team).                         Rebecca W. Rimel, Jean
                                                                                           Gleason Stromberg and
                                                                                           Robert H. Wadsworth
FIXED INCOME AND            6         Reviews the investment operations of those           John W. Ballantine (Chair),
ASSET ALLOCATION                      funds that primarily invest in fixed income          William N. Searcy, Jr. (Vice
OVERSIGHT                             securities or pursue an asset allocation             Chair), Dawn-Marie Driscoll,
COMMITTEE                             strategy.                                            Paul K. Freeman and Richard
                                                                                           J. Herring

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                        NUMBER OF
                     MEETINGS IN LAST
NAME OF COMMITTEE     CALENDAR YEAR   FUNCTIONS                                          CURRENT MEMBERS
OPERATIONS                  6         Reviews the administrative operations and          Jean Gleason Stromberg
COMMITTEE                             general compliance matters of the fund.            (Chair), Dawn-Marie Driscoll
                                      Reviews administrative matters related to the      (Vice Chair), Keith R. Fox,
                                      operations of the fund, policies and procedures    Rebecca W. Rimel, William
                                      relating to portfolio transactions, custody        N. Searcy, Jr. and Robert H.
                                      arrangements, fidelity bond and insurance          Wadsworth
                                      arrangements and such other tasks as the full
                                      Board deems necessary or appropriate.
VALUATION SUB-              0         Appointed by the Audit Committee, the              John W. Ballantine, Richard
COMMITTEE                             Valuation Sub-Committee may make                   J. Herring, Henry P. Becton,
                                      determinations of fair value required when the     Jr. (Alternate), Paul K.
                                      Audit Committee is not in session.                 Freeman (Alternate) and
                                                                                         William McClayton
                                                                                         (Alternate)
DIVIDEND                    0         Authorizes dividends and other distributions for   Kenneth C. Froewiss,
COMMITTEE                             those funds that are organized as series of a      Robert H. Wadsworth, John
                                      Maryland corporation. Committee meets on an        W. Ballantine (Alternate),
                                      as-needed basis.                                   Henry P. Becton, Jr.
                                                                                         (Alternate), Dawn-Marie
                                                                                         Driscoll (Alternate), Keith R.
                                                                                         Fox (Alternate), Paul K.
                                                                                         Freeman (Alternate), Richard
                                                                                         J. Herring (Alternate),
                                                                                         William McClayton
                                                                                         (Alternate), Rebecca W.
                                                                                         Rimel (Alternate), William N.
                                                                                         Searcy, Jr. (Alternate) and
                                                                                         Jean Gleason Stromberg
                                                                                         (Alternate)

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.

I-22

PART I: APPENDIX I-C - BOARD MEMBER COMPENSATION

Each Independent Board Member receives compensation from each 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 a fund or any fund in the DWS fund complex.

Board Members who are officers, directors, employees or stockholders of Deutsche Asset & Wealth Management or its affiliates receive no direct compensation from the fund, although they are compensated as employees of Deutsche Asset & Wealth Management, or its affiliates, and as a result may be deemed to participate in fees paid by a fund. The following tables show, for each Independent Board Member, compensation from each fund during its most recently completed fiscal year, and aggregate compensation from all of the funds in the DWS fund complex during calendar year 2013.

AGGREGATE COMPENSATION FROM EACH FUND

                            DWS COMMUNICATIONS         DWS RREEF REAL
BOARD MEMBER                       FUND            ESTATE SECURITIES FUND
John W. Ballantine         $495                   $4,327
Henry P. Becton, Jr.       $442                   $4,147
Dawn-Marie Driscoll        $477                   $4,096
Keith R. Fox               $504                   $4,438
Paul K. Freeman            $485                   $4,679
Kenneth C. Froewiss        $588                   $5,506
Richard J. Herring         $477                   $4,096
William McClayton          $515                   $4,576
Rebecca W. Rimel           $457                   $4,326
William N. Searcy, Jr.     $442                   $4,147
Jean Gleason Stromberg     $495                   $4,327
Robert Wadsworth           $444                   $4,164

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                                   DWS RREEF                DWS RREEF              DWS RREEF
                                  REAL ESTATE          GLOBAL REAL ESTATE           GLOBAL
BOARD MEMBER                SECURITIES INCOME FUND       SECURITIES FUND      INFRASTRUCTURE FUND
John W. Ballantine         $0                         $2,605                 $4,219
Henry P. Becton, Jr.       $0                         $2,484                 $4,014
Dawn-Marie Driscoll        $0                         $2,470                 $3,994
Keith R. Fox               $0                         $2,669                 $4,340
Paul K. Freeman            $0                         $2,799                 $4,489
Kenneth C. Froewiss        $0                         $3,294                 $5,407
Richard J. Herring         $0                         $2,470                 $3,994
William McClayton          $0                         $2,751                 $4,456
Rebecca W. Rimel           $0                         $2,588                 $4,205
William N. Searcy, Jr.     $0                         $2,484                 $4,014
Jean Gleason Stromberg     $0                         $2,605                 $4,219
Robert Wadsworth           $0                         $2,494                 $4,026

TOTAL COMPENSATION FROM DWS FUND COMPLEX

                               TOTAL COMPENSATION
                               FROM EACH FUND AND
BOARD MEMBER                  DWS FUND COMPLEX/(1)/
INDEPENDENT BOARD MEMBER:
John W. Ballantine           $290,000
Henry P. Becton, Jr.         $276,875
Dawn-Marie Driscoll          $275,000
Keith R. Fox                 $296,875
Paul K. Freeman              $312,500
Kenneth C. Froewiss/(2)/     $365,625
Richard J. Herring           $275,000
William McClayton/(3)/       $306,250
Rebecca W. Rimel             $288,125
William N. Searcy, Jr.       $276,875
Jean Gleason Stromberg       $290,000
Robert Wadsworth/(4)/        $320,625

(1) For each Independent Board Member, except for Mr. Wadsworth, total compensation from the DWS fund complex represents compensation from 103 funds as of December 31, 2013.

(2) Includes $90,625 in annual retainer fees received by Mr. Froewiss as Chairperson of DWS funds.

(3) Includes $15,000 in annual retainer fees received by Mr. McClayton as Vice Chairperson of DWS funds.

(4) For Mr. Wadsworth, total compensation from the DWS fund complex represents compensation from 106 funds as of December 31, 2013.

I-24

PART I: APPENDIX I-D - PORTFOLIO MANAGEMENT

FUND OWNERSHIP OF PORTFOLIO MANAGERS

The following table shows the dollar range of shares owned beneficially and of record by the portfolio management team for each fund as well as in all DWS funds as a group, 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 each fund's most recent fiscal year end.

DWS COMMUNICATIONS FUND

                                DOLLAR RANGE OF      DOLLAR RANGE OF ALL DWS
NAME OF PORTFOLIO MANAGER      FUND SHARES OWNED        FUND SHARES OWNED
Walter Holick                    $1 - $10,000          $10,001 - $50,000
Frederic L. Fayolle              $1 - $10,000          $10,001 - $50,000

DWS RREEF REAL ESTATE SECURITIES FUND

                                 DOLLAR RANGE OF       DOLLAR RANGE OF ALL DWS
NAME OF PORTFOLIO MANAGER       FUND SHARES OWNED         FUND SHARES OWNED
John F. Robertson              $10,001 - $50,000          Over $1,000,000
John W. Vojticek              $100,001 - $500,000       $500,001 - $1,000,000
Joseph D. Fisher               $50,001 - $100,000        $50,001 - $100,000
David W. Zonavetch             $10,001 - $50,000        $100,001 - $500,000

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

                                DOLLAR RANGE OF      DOLLAR RANGE OF ALL DWS
NAME OF PORTFOLIO MANAGER      FUND SHARES OWNED        FUND SHARES OWNED
John F. Robertson             $0                        Over $1,000,000
John W. Vojticek              $0                      $500,001 - $1,000,000
Joseph D. Fischer             $0                       $50,001 - $100,000
David W. Zonavetch            $0                      $100,001 - $500,000
Hans-Joachim Weber            $0                    $ 0

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

                                 DOLLAR RANGE OF       DOLLAR RANGE OF ALL DWS
NAME OF PORTFOLIO MANAGER       FUND SHARES OWNED         FUND SHARES OWNED
John F. Robertson              $10,001 - $50,000          Over $1,000,000
Daniel Ekins                   $10,001 - $50,000         $10,001 - $50,000
John Hammond                   $10,001 - $50,000         $10,001 - $50,000
Chris Robinson                        $0                       $0
John Vojticek                 $100,001 - $500,000       $500,001 - $1,000,000
Joseph D. Fisher                      $0                 $50,001 - $100,000
David W. Zonavetch                    $0                $100,001 - $500,000

I-25

DWS RREEF GLOBAL INFRASTRUCTURE FUND

                                 DOLLAR RANGE OF       DOLLAR RANGE OF ALL DWS
NAME OF PORTFOLIO MANAGER       FUND SHARES OWNED         FUND SHARES OWNED
John F. Robertson              $10,001 - $50,000          Over $1,000,000
John W. Vojticek              $100,001 - $500,000       $500,001 - $1,000,000
Francis Greywitt              $100,001 - $500,000       $100,001 - $500,000
Manoj Patel                   $100,001 - $500,000       $100,001 - $500,000

CONFLICTS OF INTEREST

In addition to managing the assets of each fund, a portfolio manager may have responsibility for managing other client accounts. The tables below show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than each 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 a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. For a fund subadvised by subadvisors unaffiliated with the Advisor, total assets of funds managed may only include assets allocated to the portfolio manager and not the total assets of a fund managed. 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 each fund's most recent fiscal year end.

DWS COMMUNICATIONS FUND

OTHER SEC REGISTERED INVESTMENT COMPANIES MANAGED:

                          NUMBER OF     TOTAL ASSETS OF     NUMBER OF INVESTMENT
                         REGISTERED        REGISTERED         COMPANY ACCOUNTS       TOTAL ASSETS OF
NAME OF                  INVESTMENT        INVESTMENT        WITH PERFORMANCE-      PERFORMANCE-BASED
PORTFOLIO MANAGER         COMPANIES        COMPANIES             BASED FEE            FEE ACCOUNTS
Walter Holick                1            $689,400,000               0                     $0
Frederic L. Fayolle          1            $689,400,000               0                     $0

DWS RREEF REAL ESTATE SECURITIES FUND

OTHER SEC REGISTERED INVESTMENT COMPANIES MANAGED

                         NUMBER OF     TOTAL ASSETS OF     NUMBER OF INVESTMENT
                        REGISTERED        REGISTERED         COMPANY ACCOUNTS       TOTAL ASSETS OF
NAME OF                 INVESTMENT        INVESTMENT        WITH PERFORMANCE-      PERFORMANCE-BASED
PORTFOLIO MANAGER        COMPANIES        COMPANIES             BASED FEE            FEE ACCOUNTS
John F. Robertson           9          $4,848,207,317               0                     $0
John W. Vojticek            9          $4,848,207,317               0                     $0
Joseph D. Fisher            6          $2,158,660,824               0                     $0
David W. Zonavetch          6          $2,158,660,824               0                     $0

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DWS RREEF REAL ESTATE SECURITIES INCOME FUND

OTHER SEC REGISTERED INVESTMENT COMPANIES MANAGED:

                         NUMBER OF     TOTAL ASSETS OF     NUMBER OF INVESTMENT
                        REGISTERED        REGISTERED         COMPANY ACCOUNTS       TOTAL ASSETS OF
NAME OF                 INVESTMENT        INVESTMENT        WITH PERFORMANCE-      PERFORMANCE-BASED
PORTFOLIO MANAGER        COMPANIES        COMPANIES             BASED FEE            FEE ACCOUNTS
John F. Robertson           9          $6,152,301,541               0                     $0
John W. Vojticek            9          $6,152,301,541               0                     $0
Joseph D. Fisher            6          $3,462,755,047               0                     $0
David W. Zonavetch          6          $3,462,755,047               0                     $0
Hans-Joachim Weber          0          $            0               0                     $0

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

OTHER SEC REGISTERED INVESTMENT COMPANIES MANAGED:

                         NUMBER OF     TOTAL ASSETS OF     NUMBER OF INVESTMENT
                        REGISTERED        REGISTERED         COMPANY ACCOUNTS       TOTAL ASSETS OF
NAME OF                 INVESTMENT        INVESTMENT        WITH PERFORMANCE-      PERFORMANCE-BASED
PORTFOLIO MANAGER        COMPANIES        COMPANIES             BASED FEE            FEE ACCOUNTS
John F. Robertson           9          $5,323,625,572               0                     $0
Daniel Ekins                2          $  477,460,831               0                     $0
John Hammond                2          $  477,460,831               0                     $0
Chris Robinson              2          $  477,460,831               0                     $0
John W. Vojticek            9          $5,323,625,572               0                     $0
Joseph D. Fisher            6          $2,634,079,078               0                     $0
David W. Zonavetch          6          $2,634,079,078               0                     $0

DWS RREEF GLOBAL INFRASTRUCTURE FUND

OTHER SEC REGISTERED INVESTMENT COMPANIES MANAGED:

                        NUMBER OF     TOTAL ASSETS OF     NUMBER OF INVESTMENT
                       REGISTERED        REGISTERED         COMPANY ACCOUNTS       TOTAL ASSETS OF
NAME OF                INVESTMENT        INVESTMENT        WITH PERFORMANCE-      PERFORMANCE-BASED
PORTFOLIO MANAGER       COMPANIES        COMPANIES             BASED FEE            FEE ACCOUNTS
John F. Robertson          9          $3,483,046,701               0                     $0
John W. Vojticek           9          $3,483,046,701               0                     $0
Francis Greywitt           2          $    9,945,453               0                     $0
Manoj Patel                2          $    9,945,453               0                     $0

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DWS COMMUNICATIONS FUND

OTHER POOLED INVESTMENT VEHICLES MANAGED:

                                                               NUMBER OF POOLED
                          NUMBER OF                           INVESTMENT VEHICLE     TOTAL ASSETS OF
                           POOLED        TOTAL ASSETS OF         ACCOUNTS WITH        PERFORMANCE-
NAME OF                  INVESTMENT     POOLED INVESTMENT        PERFORMANCE-           BASED FEE
PORTFOLIO MANAGER         VEHICLES           VEHICLES              BASED FEE            ACCOUNTS
Walter Holick                2             $751,100,000               2               $751,100,000
Frederic L. Fayolle          2             $751,100,000               2               $751,100,000

DWS RREEF REAL ESTATE SECURITIES FUND

OTHER POOLED INVESTMENT VEHICLES MANAGED:

                                                              NUMBER OF POOLED
                         NUMBER OF                           INVESTMENT VEHICLE     TOTAL ASSETS OF
                          POOLED        TOTAL ASSETS OF         ACCOUNTS WITH        PERFORMANCE-
NAME OF                 INVESTMENT     POOLED INVESTMENT        PERFORMANCE-           BASED FEE
PORTFOLIO MANAGER        VEHICLES           VEHICLES              BASED FEE            ACCOUNTS
John W. Vojticek           14            $9,095,880,142              0                    $0
Joseph D. Fisher           10            $1,114,901,799              0                    $0
David W. Zonavetch         10            $1,114,901,799              0                    $0
John F. Robertson          15            $9,303,745,605              0                    $0

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

OTHER POOLED INVESTMENT VEHICLES MANAGED:

                                                              NUMBER OF POOLED
                         NUMBER OF                           INVESTMENT VEHICLE     TOTAL ASSETS OF
                          POOLED        TOTAL ASSETS OF         ACCOUNTS WITH        PERFORMANCE-
NAME OF                 INVESTMENT     POOLED INVESTMENT        PERFORMANCE-           BASED FEE
PORTFOLIO MANAGER        VEHICLES           VEHICLES              BASED FEE            ACCOUNTS
John F. Robertson           15           $9,303,745,605              0                    $0
John W. Vojticek            14           $9,095,880,142              0                    $0
Joseph D. Fisher            10           $1,114,901,799              0                    $0
David W. Zonavetch          10           $1,114,901,799              0                    $0
Hans-Joachim Weber           6           $  751,900,000              0                    $0

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DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

OTHER POOLED INVESTMENT VEHICLES MANAGED:

                                                              NUMBER OF POOLED
                         NUMBER OF                           INVESTMENT VEHICLE     TOTAL ASSETS OF
                          POOLED        TOTAL ASSETS OF         ACCOUNTS WITH        PERFORMANCE-
NAME OF                 INVESTMENT     POOLED INVESTMENT        PERFORMANCE-           BASED FEE
PORTFOLIO MANAGER        VEHICLES           VEHICLES              BASED FEE            ACCOUNTS
John F. Robertson           15           $9,303,745,605              0                    $0
Daniel Ekins                 9           $1,232,781,624              0                    $0
John Hammond                 8           $1,024,916,161              0                    $0
Chris Robinson               9           $1,232,781,624              0                    $0
John W. Vojticek            14           $9,095,880,142              0                    $0
Joseph D. Fisher            10           $1,114,901,799              0                    $0
David W. Zonavetch          10           $1,114,901,799              0                    $0

DWS RREEF GLOBAL INFRASTRUCTURE

OTHER POOLED INVESTMENT VEHICLES MANAGED:

                                                             NUMBER OF POOLED
                        NUMBER OF                           INVESTMENT VEHICLE     TOTAL ASSETS OF
                         POOLED        TOTAL ASSETS OF         ACCOUNTS WITH        PERFORMANCE-
NAME OF                INVESTMENT     POOLED INVESTMENT        PERFORMANCE-           BASED FEE
PORTFOLIO MANAGER       VEHICLES           VEHICLES              BASED FEE            ACCOUNTS
John F. Robertson          15           $9,303,745,605              0                    $0
John W. Vojticek           14           $9,095,880,142              0                    $0
Francis Greywitt            4           $7,980,978,343              0                    $0
Manoj Patel                 4           $7,980,978,343              0                    $0

DWS COMMUNICATIONS FUND

OTHER ACCOUNTS MANAGED:

                                                             NUMBER OF OTHER     TOTAL ASSETS OF
                                            TOTAL ASSETS      ACCOUNTS WITH       PERFORMANCE-
NAME OF                     NUMBER OF         OF OTHER         PERFORMANCE-         BASED FEE
PORTFOLIO MANAGER        OTHER ACCOUNTS       ACCOUNTS          BASED FEE           ACCOUNTS
Walter Holick                  0                 $0                0                   $0
Frederic L. Fayolle            0                 $0                0                   $0

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DWS RREEF REAL ESTATE SECURITIES FUND

OTHER ACCOUNTS MANAGED:

                                                               NUMBER OF OTHER     TOTAL ASSETS OF
                                             TOTAL ASSETS       ACCOUNTS WITH       PERFORMANCE-
NAME OF                    NUMBER OF           OF OTHER          PERFORMANCE-         BASED FEE
PORTFOLIO MANAGER       OTHER ACCOUNTS         ACCOUNTS           BASED FEE           ACCOUNTS
John W. Vojticek             23            $3,783,784,542            2              $533,141,930
Joseph D. Fisher             21            $3,617,751,588            2              $533,141,930
David W. Zonavetch           21            $3,617,751,588            2              $533,141,930
John F. Robertson            27            $3,987,300,831            2              $533,141,930

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

OTHER ACCOUNTS MANAGED:

                                                               NUMBER OF OTHER     TOTAL ASSETS OF
                                             TOTAL ASSETS       ACCOUNTS WITH       PERFORMANCE-
NAME OF                    NUMBER OF           OF OTHER          PERFORMANCE-         BASED FEE
PORTFOLIO MANAGER       OTHER ACCOUNTS         ACCOUNTS           BASED FEE           ACCOUNTS
John F. Robertson             27           $3,987,300,831            2              $533,141,930
John W. Vojticek              23           $3,783,784,542            2              $533,141,930
Joseph D. Fisher              21           $3,617,751,588            2              $533,141,930
David W. Zonavetch            21           $3,617,751,588            2              $533,141,930
Hans-Joachim Weber             0           $            0            0              $          0

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

OTHER ACCOUNTS MANAGED:

                                                               NUMBER OF OTHER     TOTAL ASSETS OF
                                             TOTAL ASSETS       ACCOUNTS WITH       PERFORMANCE-
NAME OF                    NUMBER OF           OF OTHER          PERFORMANCE-         BASED FEE
PORTFOLIO MANAGER       OTHER ACCOUNTS         ACCOUNTS           BASED FEE           ACCOUNTS
John F. Robertson             27           $3,987,300,831            2              $533,141,930
Daniel Ekins                   7           $  817,718,379            0              $          0
John Hammond                   7           $  828,338,491            0              $          0
Chris Robinson                 7           $  817,718,379            0              $          0
John W. Vojticek              23           $3,783,784,542            2              $533,141,930
Joseph D. Fisher              21           $3,617,751,588            2              $533,141,930
David W. Zonavetch            21           $3,617,751,588            2              $533,141,930

I-30

DWS RREEF GLOBAL INFRASTRUCTURE FUND

OTHER ACCOUNTS MANAGED:

                                                              NUMBER OF OTHER     TOTAL ASSETS OF
                                            TOTAL ASSETS       ACCOUNTS WITH       PERFORMANCE-
NAME OF                   NUMBER OF           OF OTHER          PERFORMANCE-         BASED FEE
PORTFOLIO MANAGER      OTHER ACCOUNTS         ACCOUNTS           BASED FEE           ACCOUNTS
John F. Robertson            27           $3,987,300,831            2              $533,141,930
John W. Vojticek             23           $3,783,784,542            2              $533,141,930
Francis Greywitt              1           $   32,157,049            0              $          0
Manoj Patel                   1           $   32,157,049            0              $          0

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 each fund. The Advisor or Subadvisor, as applicable, 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 each fund and other client accounts.

I-31

PART I: APPENDIX I-E - SERVICE PROVIDER COMPENSATION

DWS COMMUNICATIONS FUND

                       GROSS AMOUNT     AMOUNT WAIVED     GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                       PAID TO DIMA      BY DIMA FOR        DIMA FOR GENERAL       DIMA FOR GENERAL
                       FOR ADVISORY        ADVISORY          ADMINISTRATIVE         ADMINISTRATIVE
FISCAL YEAR ENDED        SERVICES          SERVICES             SERVICES               SERVICES
2013                    $1,259,503            $0                $128,834                  $0
2012                    $1,140,156            $0                $115,573                  $0
2011                    $1,226,595            $0                $125,177                  $0

                       GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                         DISC FOR TRANSFER      DISC FOR TRANSFER
FISCAL YEAR ENDED         AGENCY SERVICES        AGENCY SERVICES
2013                         $107,485               $ 43,674
2012                         $122,545               $109,457
2011                         $145,782               $145,427

DWS RREEF REAL ESTATE SECURITIES FUND

                       GROSS AMOUNT     AMOUNT WAIVED     GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                       PAID TO DIMA      BY DIMA FOR        DIMA FOR GENERAL       DIMA FOR GENERAL
                       FOR ADVISORY        ADVISORY          ADMINISTRATIVE         ADMINISTRATIVE
FISCAL YEAR ENDED        SERVICES          SERVICES             SERVICES               SERVICES
2013                    $6,096,706            $0               $1,574,440                 $0
2012                    $5,471,459            $0               $1,403,139                 $0
2011                    $4,776,895            $0               $1,212,848                 $0

                       GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                         DISC FOR TRANSFER      DISC FOR TRANSFER
FISCAL YEAR ENDED         AGENCY SERVICES        AGENCY SERVICES
2013                         $548,682                  $0
2012                         $466,524                  $0
2011                         $541,689                  $0

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

                       GROSS AMOUNT     AMOUNT WAIVED     GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                       PAID TO DIMA      BY DIMA FOR        DIMA FOR GENERAL       DIMA FOR GENERAL
                       FOR ADVISORY        ADVISORY          ADMINISTRATIVE         ADMINISTRATIVE
FISCAL YEAR ENDED        SERVICES          SERVICES             SERVICES               SERVICES
2013/*/                   $18,482          $18,482               $2,843                 $2,843

                       GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                         DISC FOR TRANSFER      DISC FOR TRANSFER
FISCAL YEAR ENDED         AGENCY SERVICES        AGENCY SERVICES
2013/*/                        $608                   $608

*For the period from September 23, 2013 (commencement of operations) to December 31, 2013.

I-32

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

                       GROSS AMOUNT     AMOUNT WAIVED     GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                       PAID TO DIMA      BY DIMA FOR        DIMA FOR GENERAL       DIMA FOR GENERAL
                       FOR ADVISORY        ADVISORY          ADMINISTRATIVE         ADMINISTRATIVE
FISCAL YEAR ENDED        SERVICES          SERVICES             SERVICES               SERVICES
2013                    $9,181,542        $1,849,170            $924,585                  $0
2012                    $8,309,359        $1,671,951            $835,975                  $0
2011                    $9,675,840        $1,951,297            $975,648                  $0

                       GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                         DISC FOR TRANSFER      DISC FOR TRANSFER
FISCAL YEAR ENDED         AGENCY SERVICES        AGENCY SERVICES
2013                         $119,324               $      0
2012                         $105,642               $      0
2011                         $393,669               $168,710

DWS RREEF GLOBAL INFRASTRUCTURE FUND

                       GROSS AMOUNT     AMOUNT WAIVED     GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                       PAID TO DIMA      BY DIMA FOR        DIMA FOR GENERAL       DIMA FOR GENERAL
                       FOR ADVISORY        ADVISORY          ADMINISTRATIVE         ADMINISTRATIVE
FISCAL YEAR ENDED        SERVICES          SERVICES             SERVICES               SERVICES
2013                   $17,845,226            $0               $1,986,120                 $0
2012                   $ 5,346,954            $0               $  594,106                 $0
2011                   $ 1,483,344            $0               $  164,816                 $0

                       GROSS AMOUNT PAID TO     AMOUNT WAIVED BY
                         DISC FOR TRANSFER      DISC FOR TRANSFER
FISCAL YEAR ENDED         AGENCY SERVICES        AGENCY SERVICES
2013                         $311,127               $191,137
2012                         $ 68,068               $      0
2011                         $ 19,189               $ 16,726

DWS COMMUNICATIONS FUND

The following waivers were in effect during the most recent three fiscal years:

For the period from January 1, 2011 through September 30, 2011, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the fund to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.67%, 2.42%, 2.42% and 1.42% for Class A, Class B, Class C and Institutional Class shares, respectively.

For the period from October 1, 2011 through September 30, 2012, the Advisor had contractually agreed to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.63%, 2.38% and 2.38% for Class A, Class B and Class C shares, respectively.

For the period from October 1, 2012 through September 30, 2013, the Advisor had contractually agreed to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.64%, 2.39%, 2.39% and 1.39% (excluding extraordinary expenses, taxes, brokerage, interest expenses, and acquired funds fees and expenses) for Class A, Class B, Class C and Institutional Class, respectively.

I-33

The following waiver is currently in effect:

The Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at ratios no higher than 1.63%, 2.38%, 2.38% and 1.38% for Class A, Class B, Class C and Institutional Class, respectively. The agreement may only be terminated with the consent of the fund's Board.

DWS RREEF REAL ESTATE SECURITIES FUND

The following waiver is currently in effect:

The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.48%, 2.23%, 2.23%, 1.73%, 1.23% and 1.23% for Class A, Class B, Class C, Class R, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

The following waiver is currently in effect:

The Advisor has contractually agreed through April 30, 2015 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expense) at ratios no higher than 1.40%, 2.15%, 1.15% and 1.25% for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

The following waivers were in effect during the most recent three fiscal years:

For the period from January 1, 2011 through September 30, 2013, the Advisor had contractually agreed to waive a portion of its management fee in the amount of 0.20% of the fund's average daily net assets.

For the period from January 1, 2011 through December 31, 2011, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the fund to the extent necessary to maintain the operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expense) at 1.50%, 2.25%, 1.35% and 1.25% for Class A, Class C, Class S and Institutional Class shares, respectively.

For the period from October 1, 2011 through September 30, 2012, the Advisor had contractually agreed to waive and/or reimburse certain operating expenses of the fund to the extent necessary to maintain the operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.49%, 2.24%, 1.34% and 1.24% for Class A, Class C, Class S and Institutional Class, respectively.

For the period from October 1, 2012 through September 30, 2013, the Advisor had contractually agreed to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.44%, 2.19%, 1.19% and 1.29% for Class A, Class C, Institutional Class and Class S, respectively.

The following waiver is currently in effect:

The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.45%, 2.20%, 1.20% and 1.30% (excluding extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class C, Institutional Class and Class S, respectively; in addition, through September 30, 2014 the Advisor has contractually agreed to waive 0.20% of the fund's management fee. These agreements may only be terminated with the consent of the fund's Board.

I-34

DWS RREEF GLOBAL INFRASTRUCTURE FUND

The following waivers were in effect during the most recent three fiscal years:

For the period from January 1, 2011 through September 30, 2012, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the fund to the extent necessary to maintain the fund's total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.50%, 2.25%, 1.25% and 1.25% for Class A, Class C, Class S and Institutional Class, respectively.

For the period January 1, 2012 through September 30, 2013, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the fund to the extent necessary to maintain the operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.50%, 2.25% and 1.25% for Class A, Class C and Institutional Class, respectively.

For the period January 1, 2012 through April 30, 2013, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the fund's operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.25% for Class S.

For the period May 1, 2013 through September 30, 2013, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the fund's operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 1.35% for Class S.

The following waiver is currently in effect:

The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.47%, 2.22%, 1.22% and 1.32% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board.

I-35

PART I: APPENDIX I-F - SALES CHARGES

The following tables show the aggregate amount of underwriting commissions paid to DIDI, the amount in commissions it paid out to brokers and the amount of underwriting commissions retained by DIDI for the noted fiscal period(s).

CLASS A INITIAL SALES CHARGE:

                                                                                              AGGREGATE          AGGREGATE
                                                        AGGREGATE        AGGREGATE           COMMISSIONS        COMMISSIONS
                                            FISCAL        SALES         COMMISSIONS      PAID TO AFFILIATED      RETAINED
                                             YEAR      COMMISSIONS     PAID TO FIRMS            FIRMS             BY DIDI
DWS Communications Fund                     2013         $ 10,000         $ 6,000              $1,000            $  3,000
                                            2012         $ 12,000         $ 7,000              $1,000            $  4,000
                                            2011         $ 14,000         $10,000              $1,000            $  3,000
DWS RREEF Real Estate Securities Fund       2013         $ 36,000         $ 9,000              $1,000            $ 26,000
                                            2012         $ 66,000         $41,000              $1,000            $ 24,000
                                            2011         $ 31,000         $11,000              $1,000            $ 19,000
DWS RREEF Real Estate Securities          2013/*/        $  2,000         $ 2,000              $    0            $      0
Income Fund
DWS RREEF Global Real Estate                2013         $ 11,000         $ 4,000              $    0            $  7,000
Securities Fund
                                            2012         $  5,000         $ 1,000              $    0            $  4,000
                                            2011         $ 39,000         $35,000              $    0            $  4,000
DWS RREEF Global Infrastructure Fund        2013         $555,000         $51,000              $4,000            $500,000
                                            2012         $266,000         $15,000              $    0            $251,000
                                            2011         $ 42,000         $ 5,000              $    0            $ 37,000

CDSC PAID TO DIDI ON:

                                            FISCAL
                                             YEAR      CLASS A SHARES     CLASS B SHARES     CLASS C SHARES
DWS Communications Fund                     2013           $    13            $  342            $   133
                                            2012                 -            $  927            $   120
                                            2011           $   388            $1,448            $   216
DWS RREEF Real Estate Securities Fund       2013           $ 3,260            $1,110            $12,049
                                            2012           $ 3,762            $2,913            $ 3,483
                                            2011           $ 3,974            $6,337            $ 2,133
DWS RREEF Real Estate Securities          2013/*/          $     0            $    0            $     0
Income Fund
DWS RREEF Global Real Estate                2013           $   334                 -            $ 1,203
Securities Fund
                                            2012           $   248                 -            $   582
                                            2011           $   148                 -            $ 2,088
DWS RREEF Global Infrastructure Fund        2013           $72,610                 -            $77,077
                                            2012           $   809                 -            $31,195
                                            2011                 -                 -            $ 3,443

I-36

*For the period from September 23, 2013 (commencement of operations) to December 31, 2013.

I-37

PART I: APPENDIX I-G - DISTRIBUTION PLAN PAYMENTS

Expenses of each fund paid in connection with the Rule 12b-1 Plans for each class of shares that has adopted a Rule 12b-1 Plan are set forth below for the most recent fiscal year.

12B-1 COMPENSATION TO UNDERWRITER AND FIRMS:

                                                                   12B-1 DISTRIBUTION     12B-1 SHAREHOLDER
                                                                          FEES              SERVICES FEES
DWS Communications Fund                                Class A                  -            $  283,707
                                                       Class B         $    2,516            $      771
                                                       Class C         $   35,752            $   11,777
DWS RREEF Real Estate Securities Fund                  Class A                  -            $   958625
                                                       Class B         $    6,640            $    2,131
                                                       Class C         $  370,587            $  123,398
                                                       Class R         $   60,712            $   58,664
DWS RREEF Real Estate Securities Income Fund/(1)/      Class A                  -            $       72
                                                       Class C         $      242            $       81
DWS RREEF Global Real Estate Securities Fund           Class A                  -            $1,668,596
                                                       Class C         $  135,440            $   44,174
DWS RREEF Global Infrastructure Fund/(2)/              Class A                  -            $1,385,307
                                                       Class C         $1,879,965            $  626,655

/(1)/ For DWS RREEF Real Estate Securities Income Fund, $52 and $30 in Shareholder Services Fees were waived for Class A and Class C, respectively.

/(2)/ For DWS RREEF Global Infrastructure Fund, $127 in Shareholder Services Fees were waived for Class C.

I-38

PART I: APPENDIX I-H - PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS

PORTFOLIO TURNOVER RATES

FUND                                                  2013        2012
DWS Communications Fund                                 23%         73%
DWS RREEF Real Estate Securities Fund                  108%        108%
DWS RREEF Real Estate Securities Income Fund/*/         15%        NA
DWS RREEF Global Real Estate Securities Fund           107%         94%
DWS RREEF Global Infrastructure Fund                   132%        171%

*For the period from September 23, 2013 (commencement of operations) to December 31, 2013.

BROKERAGE COMMISSIONS

                                                     FISCAL     BROKERAGE COMMISSIONS
                                                      YEAR          PAID BY FUND
DWS Communications Fund                              2013            $   72,120
                                                     2012            $  232,207
                                                     2011            $  305,544
DWS RREEF Real Estate Securities Fund                2013            $2,223,989
                                                     2012            $2,582,142
                                                     2011            $2,789,657
DWS RREEF Real Estate Securities Income Fund/*/      2013            $   19,092
DWS RREEF Global Real Estate Securities Fund         2013            $2,341,260
                                                     2012            $2,284,361
                                                     2011            $3,474,156
DWS RREEF Global Infrastructure Fund                 2013            $7,503,567
                                                     2012            $3,689,146
                                                     2011            $1,402,589

*For the period from September 23, 2013 (commencement of operations) to December 31, 2013.

BROKERAGE COMMISSIONS PAID TO AFFILIATED BROKERS

                                                                         AGGREGATE                            % OF THE
                                                                         BROKERAGE                           AGGREGATE
                                                                        COMMISSIONS                            DOLLAR
                                          NAME OF                       PAID BY FUND     % OF THE TOTAL     VALUE OF ALL
                             FISCAL     AFFILIATED                     TO AFFILIATED        BROKERAGE        PORTFOLIO
                              YEAR        BROKER       AFFILIATION        BROKERS          COMMISSIONS      TRANSACTIONS
DWS Communications Fund      2013         None             -               None                -                 -
                             2012         None             -               None                -                 -
                             2011         None             -               None                -                 -
DWS RREEF Real Estate        2013         None             -               None                -                 -
Securities Fund
                             2012         None             -               None                -                 -
                             2011         None             -               None                -                 -

I-39

                                                                            AGGREGATE                        % OF THE
                                                                            BROKERAGE                       AGGREGATE
                                                                           COMMISSIONS                        DOLLAR
                                                 NAME OF                   PAID BY FUND   % OF THE TOTAL   VALUE OF ALL
                                      FISCAL   AFFILIATED                 TO AFFILIATED      BROKERAGE      PORTFOLIO
                                       YEAR      BROKER     AFFILIATION      BROKERS        COMMISSIONS    TRANSACTIONS
DWS RREEF                           2013/*/      None           -             None              -               -
Real Estate Securities Income Fund
DWS RREEF Global Real Estate          2013       None           -             None              -               -
Securities Fund
                                      2012       None           -             None              -               -
                                      2011       None           -             None              -               -
DWS RREEF Global                      2013       None           -             None              -               -
Infrastructure Fund
                                      2012       None           -             None              -               -
                                      2011       None           -             None              -               -

*For the period from September 23, 2013 (commencement of operations) to December 31, 2013.

Each fund is required to identify any securities of its "regular brokers or dealers" (as such term is defined in the 1940 Act) that each fund held as of the end of its most recent fiscal year.

Listed below are the regular broker dealers of each fund whose securities each fund held as of the end of its most recent fiscal year and the dollar value of such securities.

DWS COMMUNICATIONS FUND

The fund did not hold any securities of its regular brokers or dealers.

DWS RREEF REAL ESTATE SECURITIES FUND

The fund did not hold any securities of its regular brokers or dealers.

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

The fund did not hold any securities of its regular brokers or dealers.

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

The fund did not hold any securities of its regular brokers or dealers.

DWS RREEF GLOBAL INFRASTRUCTURE FUND

The fund did not hold any securities of its regular brokers or dealers.

TRANSACTIONS FOR RESEARCH SERVICES

For the most recent fiscal year, each fund allocated the following amount of transactions, and related commissions, to broker-dealer firms that have been deemed by the Advisor to provide research services. The provision of research services was not necessarily a factor in the placement of business with such firms.

                                                         COMMISSIONS PAID
                             AMOUNT OF TRANSACTIONS       ON TRANSACTIONS
FUND                           WITH RESEARCH FIRMS      WITH RESEARCH FIRMS
DWS Communications Fund            $61,444,098             $   45,610/(1)/

I-40

                                                                                COMMISSIONS PAID
                                                  AMOUNT OF TRANSACTIONS        ON TRANSACTIONS
FUND                                                WITH RESEARCH FIRMS       WITH RESEARCH FIRMS
DWS RREEF Real Estate Securities Fund                 $            0            $            0
DWS RREEF Real Estate Securities Income Fund          $            0            $            0
DWS RREEF Global Real Estate Securities Fund          $            0            $            0
DWS RREEF Global Infrastructure Fund                  $3,957,573,429            $   3,799,057/(1)/

/(1)/ The fund has commission sharing arrangements (CSA) in place with some broker-dealers pursuant to which a specified percentage of the total commissions paid on qualifying trades are contributed to a CSA pool. The Advisor may utilize the related commissions in the CSA pool to pay for market data, third-party research and research from certain other broker-dealers with whom the Advisor either does not trade or does not trade at significant levels.

I-41

PART I: APPENDIX I-I - INVESTMENT PRACTICES AND TECHNIQUES

Below is a list of headings related to investment policies and techniques which are further described in Appendix II-G.

DWS COMMUNICATIONS FUND

Asset Segregation
Borrowing
Brady Bonds
Cash Management Vehicles
Commodity Pool Operator Exclusion
Common Stock
Convertible Securities
Depositary Receipts
Derivatives
Eurodollar Obligations
Foreign Currencies
Foreign Investment
High Yield Fixed Income Securities - Junk Bonds

Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares Interfund Borrowing and Lending Program
Investment-Grade Bonds
IPO Risk
Lending of Portfolio Securities
Mortgage-Backed Securities

Preferred Stock

Real Estate Investment Trusts (REITs)
Repurchase Agreements
Short-Term Securities
Sovereign Debt

DWS RREEF REAL ESTATE SECURITIES FUND

Asset Segregation
Borrowing
Cash Management Vehicles
Commodity Pool Operator Exclusion
Common Stock
Convertible Securities
Derivatives
Fixed Income Securities
High Yield Fixed Income Securities - Junk Bonds Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares

Interfund Borrowing and Lending Program
Investment Companies and Other Pooled Investment Vehicles Investment-Grade Bonds
Lending of Portfolio Securities
Mortgage-Backed Securities
Preferred Stock
Real Estate Investment Trusts (REITs)
Repurchase Agreements
Short Sales
Short-Term Securities
When-Issued and Delayed-Delivery Securities

DWS RREEF REAL ESTATE SECURITIES INCOME FUND

Asset Segregation
Borrowing

Cash Management Vehicles
Commodity Pool Operator Exclusion
Common Stock
Convertible Securities

Derivatives

Fixed Income Securities
Foreign Currencies
Foreign Investment

High Yield Fixed Income Securities - Junk Bonds

Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares

Interfund Borrowing and Lending Program
Investment Companies and Other Pooled Investment Vehicles

Investment-Grade Bonds

Lending of Portfolio Securities

Master Limited Partnerships (MLPs)

Mortgage-Backed Securities

Preferred Stock

Real Estate Investment Trusts (REITs)

Repurchase Agreements

Short Sales
Short-Term Securities

US Government Securities
When-Issued and Delayed Delivery Securities

I-42

DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND

Asset-Backed Securities
Asset Segregation
Borrowing
Brady Bonds
Cash Management Vehicles
Commercial Paper
Commodity Pool Operator Exclusion
Common Stock
Convertible Securities
Custodial Receipts

Depositary Receipts

Derivatives
Dollar Roll Transactions
Eurodollar Obligations
Fixed Income Securities
Foreign Currencies
Foreign Investment
High Yield Fixed Income Securities - Junk Bonds Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares Interfund Borrowing and Lending Program
Inverse Floaters

Investment Companies and Other Pooled Investment Vehicles IPO Risk
Lending of Portfolio Securities
Micro-Cap Companies
Mortgage-Backed Securities
Obligations of Banks and Other Financial Institutions Participation Interests
Preferred Stock
Privatized Enterprises
Real Estate Investment Trusts (REITs)
Repurchase Agreements
Reverse Repurchase Agreements
Short Sales
Short-Term Securities
Small Companies
Sovereign Debt
US Government Securities
Variable and Floating Rate Instruments
Warrants
When-Issued and Delayed-Delivery Securities Zero Coupon Securities and Deferred Interest Bonds

DWS RREEF GLOBAL INFRASTRUCTURE FUND

Asset-Backed Securities

Asset Segregation
Borrowing

Brady Bonds

Cash Management Vehicles
Commodity Pool Operator Exclusion
Common Stock
Convertible Securities
Derivatives

Eurodollar Obligations

Fixed Income Securities

Foreign Currencies
Foreign Investment

High Yield Fixed Income Securities - Junk Bonds Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares Interfund Borrowing and Lending Program
Investment Companies and Other Pooled Investment Vehicles

IPO Risk

Lending of Portfolio Securities

Micro-Cap Companies

Mortgage-Backed Securities

Participation Interests
Preferred Stock
Privatized Enterprises

Real Estate Investment Trusts (REITs)
Repurchase Agreements

Reverse Repurchase Agreements

Short Sales
Short-Term Securities

Small Companies
Sovereign Debt
Warrants

When-Issued and Delayed-Delivery Securities

Zero Coupon Securities and Deferred Interest Bonds

I-43

PART I: APPENDIX I-J - ADDITIONAL INFORMATION

FUND                                             CLASS                   CUSIP NUMBER
DWS Communications Fund                          Class A                 23339G108
Fiscal Year End: 12/31                           Class B                 23339G207
                                                 Class C                 23339G306
                                                 Institutional Class     23339G405
DWS RREEF Real Estate Securities Fund            Class A                 23337G167
Fiscal Year End: 12/31                           Class B                 23337G175
                                                 Class C                 23337G183
                                                 Class R                 23337G191
                                                 Institutional Class     23337G829
                                                 Class S                 23337G217
DWS RREEF Real Estate Securities Income Fund     Class A                 23337G811
Fiscal Year End: 12/31                           Class C                 23337G795
                                                 Class S                 23337G779
                                                 Institutional Class     23337G787
DWS RREEF Global Real Estate Securities Fund     Class A                 23337G118
Fiscal Year End: 12/31                           Class C                 23337G126
                                                 Class S                 23337G134
                                                 Institutional Class     23337G142
DWS RREEF Global Infrastructure Fund             Class A                 233379718
Fiscal Year End: 12/31                           Class C                 233379726
                                                 Class S                 233379692
                                                 Institutional Class     233379734

I-44

STATEMENT OF ADDITIONAL INFORMATION (SAI) - PART II

                                                                                             PAGE
Part II...................................................................................    II-1
  Management of the Funds.................................................................    II-1
   Board Members..........................................................................    II-6
  Fund Organization.......................................................................    II-9
  Purchase and Redemption of Shares.......................................................   II-15
   Purchases..............................................................................   II-16
   Redemptions............................................................................   II-21
  Distribution and Service Agreements and Plans...........................................   II-30
  Investments.............................................................................   II-36
   General Investment Practices and Techniques............................................   II-36
  Portfolio Transactions..................................................................   II-36
  Portfolio Holdings Information..........................................................   II-38
  Net Asset Value.........................................................................   II-39
  Proxy Voting Guidelines.................................................................   II-43
  Miscellaneous...........................................................................   II-44
  Ratings Of Investments..................................................................   II-44
  Part II: Appendix II-A - Board Members and Officers.....................................   II-50
  Part II: Appendix II-B - Portfolio Management Compensation..............................   II-55
  Part II: Appendix II-C - Fee Rates of Service Providers.................................   II-67
  Part II: Appendix II-D - Financial Services Firms' Compensation.........................   II-78
  Part II: Appendix II-E - Firms With Which Deutsche Asset & Wealth Management Has           II-82
  Revenue Sharing
Arrangements..............................................................................
  Part II: Appendix II-F - Class A Sales Charge Schedule..................................   II-85
  Part II: Appendix II-G - Investment Practices and Techniques............................   II-88
  Part II: Appendix II-H - Taxes..........................................................  II-143
  Part II: Appendix II-I - Proxy Voting Policy and Guidelines.............................  II-163


PART II

Part II of this SAI includes policies, investment techniques and information that apply to the DWS funds. Unless otherwise noted, the use of the term "fund" applies to all DWS funds.

MANAGEMENT OF THE FUNDS

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 the fund. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions. 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. The Advisor and its predecessors have more than 80 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc. ("DIDI" or the "Distributor"). Deutsche Asset & Wealth Management is a global 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 may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution, trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to both US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such services may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.

In some instances, the investments for a fund may be managed by the same individuals who manage one or more other mutual funds advised by DIMA that have similar names, objectives and investment styles. A fund may differ from these other mutual funds in size, cash flow patterns, distribution arrangements, expenses and tax matters. Accordingly, the holdings and performance of a fund may be expected to vary from those of other mutual funds.

Certain investments may be appropriate for a fund and also for other clients advised by DIMA. Investment decisions for a 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. Frequently, 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, a particular security may be bought for one or more clients when one or more other clients are selling the security. 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 DIMA to be equitable to each. In some cases, this procedure could have an adverse effect on the price or amount of the securities purchased or sold by a fund. Purchase and sale orders for a fund may be combined with those of other clients of DIMA in the interest of achieving the most favorable net results to a fund.

DIMA, its parent or its subsidiaries, or affiliates may have deposit, loan and other commercial banking relationships with the issuers of obligations which may be purchased on behalf of a fund, including outstanding loans to such issuers which could be repaid in whole or in part with the proceeds of securities so purchased. Such affiliates deal, trade and invest for their own accounts in such obligations and are among the leading dealers of various types of such obligations. DIMA has informed a fund that, in making its investment decisions, it does not obtain or use material inside information in its possession or in the possession of any of its affiliates. In making investment recommendations for a fund, DIMA will not inquire or take into consideration whether an

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issuer of securities proposed for purchase or sale by a fund is a customer of DIMA, its parent or its subsidiaries or affiliates. Also, in dealing with its customers, the Advisor, its parent, subsidiaries, and affiliates will not inquire or take into consideration whether securities of such customers are held by any fund managed by DIMA or any such affiliate.

Officers and employees of the Advisor from time to time may have transactions with various banks, including a fund's custodian bank. It is the Advisor's opinion that the terms and conditions of those transactions which have occurred were not influenced by existing or potential custodial or other fund relationships.

From time to time, DIMA, Deutsche Bank AG or their affiliates may at their sole discretion invest their own assets in shares of a fund for such purposes it deems appropriate, including investments designed to assist in the management of a fund. Any such investment may be hedged by DIMA, Deutsche Bank AG or their affiliates and, in that event, the return on such investment, net of the effect of the hedge, would be expected to differ from the return of a fund. DIMA, Deutsche Bank AG or their affiliates have no obligation to make any investment in a fund and the amount of any such investment may or may not be significant in comparison to the level of assets of a fund. In the event that such an investment is made, except as otherwise required under the 1940 Act, DIMA, Deutsche Bank AG or their affiliates would be permitted to redeem the investment at such time that they deem appropriate.

TERMS OF THE INVESTMENT MANAGEMENT AGREEMENTS. Pursuant to the applicable Investment Management Agreement, DIMA provides continuing investment management of the assets of a fund. In addition to the investment management of the assets of a fund, the Advisor determines the investments to be made for each 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 a fund's policies as stated in its prospectus and SAI, or as adopted by a fund's Board. DIMA will also monitor, to the extent not monitored by a fund's administrator or other agent, a fund's compliance with its investment and tax guidelines and other compliance policies.

DIMA provides assistance to a fund's Board in valuing the securities and other instruments held by a fund, to the extent reasonably required by valuation policies and procedures that may be adopted by a fund.

Pursuant to the Investment Management Agreement, (unless otherwise provided in the agreement or as determined by a fund's Board and to the extent permitted by applicable law), DIMA pays the compensation and expenses of all the Board members, officers, and executive employees of a fund, including a fund's share of payroll taxes, who are affiliated persons of DIMA.

The Investment Management Agreement provides that a fund, except as noted below, is generally responsible for expenses that include, but are not limited to: 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 a fund, a fund's custodian, or other agents of a fund; taxes and governmental fees; fees and expenses of a 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 a fund; and litigation expenses and other extraordinary expenses not incurred in the ordinary course of a fund's business.

DIMA may enter into arrangements with affiliates and third party service providers to perform various administrative, back-office and other services. Such service providers may be located in the US or in non-US jurisdictions. The costs and expenses of such arrangements are borne by DIMA, not by a fund.

For DWS Latin America Equity Fund, in rendering investment advisory services, DIMA may use the resources of one or more foreign (non-U.S.) affiliates (the DIMA Overseas Affiliates) that are not registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), to provide portfolio management and research services to the fund. Under a Participating Affiliates Agreement, a DIMA Overseas Affiliate may be considered a Participating Affiliate of DIMA as that term is used in relief granted by the staff of the SEC allowing US-registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Each Participating Affiliate and any of their respective employees who provide services to the fund are considered under a Participating Affiliate Agreement to be an "associated person" of DIMA as that term is defined in the Advisers Act for purposes of DIMA's required supervision. Deutsche Bank S.A. - Banco Alemao (DB Brazil)

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is a Participating Affiliate of DIMA. DB Brazil has appointed DIMA to act as its resident agent for service of process in the US.

For Money Market Portfolio, DWS Mid Cap Value Fund, DWS Small Cap Value Fund, and DWS Equity Dividend Fund, the Investment Management Agreement also provides that DIMA shall render administrative services (not otherwise provided by third parties) necessary for a fund's operation as an open-end investment company including, but not limited to, preparing reports and notices to the Board and shareholders; supervising, negotiating contractual arrangements with, and monitoring various third-party service providers to the Registrant (such as the Registrant's transfer agent, pricing agents, custodian, accountants and others); preparing and making filings with the SEC and other regulatory agencies; assisting in the preparation and filing of the Registrant's federal, state and local tax returns; preparing and filing the Registrant's federal excise tax returns; assisting with investor and public relations matters; monitoring the valuation of securities and the calculation of net asset value; monitoring the registration of shares of the Registrant under applicable federal and state securities laws; maintaining the Registrant's books and records to the extent not otherwise maintained by a third party; assisting in establishing accounting policies of the Registrant; assisting in the resolution of accounting and legal issues; establishing and monitoring the Registrant's operating budget; processing the payment of the Registrant's bills; assisting the Registrant in, and otherwise arranging for, the payment of distributions and dividends; and otherwise assisting the Registrant in the conduct of its business, subject to the direction and control of the Board.

On behalf of Money Market Portfolio, DWS Mid Cap Value Fund, DWS Small Cap Value Fund, and DWS Equity Dividend Fund, pursuant to a sub-administration agreement between DIMA and State Street Bank & Trust Company (SSB), DIMA has delegated certain administrative functions for each of these funds to SSB under the Investment Management Agreement. The costs and expenses of such delegation are borne by DIMA, not by a fund.

The Investment Management Agreement allows DIMA to delegate any of its duties under the Investment Management Agreement to a sub-advisor, subject to a majority vote of the Board, including a majority of the Board who are not interested persons of a fund, and, if required by applicable law, subject to a majority vote of a fund's shareholders.

The Investment Management Agreement provides that DIMA shall not be liable for any error of judgment or mistake of law or for any loss suffered by a 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 DIMA in the performance of its duties or from reckless disregard by DIMA 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 a fund on 60 days' written notice.

The Investment Management Agreement continues in effect from year to year only if its continuance is approved annually by the vote of a majority of the Board Members who are not parties to such agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and either by a vote of the Board or of a majority of the outstanding voting securities of a fund.

Under the Investment Management Agreement, a fund, except as otherwise noted, pays DIMA a management fee calculated daily based on the prior day's net assets and then aggregated for a particular month. For Money Market Portfolio, a series of Cash Account Trust, DWS Mid Cap Value Fund, DWS Small Cap Value Fund, and DWS Equity Dividend Fund, the management fee paid to DIMA is calculated and payable monthly based on the average daily net assets for the particular month. The annual management fee rate for each fund is set forth in PART II - APPENDIX II-C.

Under a separate agreement between Deutsche Bank AG and the funds, Deutsche Bank AG has granted a license to the funds to utilize the trademark "DWS."

SUB-ADVISORS (APPLICABLE ONLY TO THOSE FUNDS THAT HAVE SUB-ADVISORY ARRANGEMENTS AS DESCRIBED IN PART I). Each Sub-Advisor serves as a sub-advisor to a fund pursuant to the terms of a sub-advisor agreement between it and DIMA (Sub-Advisory Agreement).

Atlantic Investment Management (Atlantic), 666 Fifth Avenue, New York, New York, 10103, serves as a Sub-Advisor to DWS Strategic Long/Short Equity Fund. Atlantic is a $1.9 billion fundamental, value-oriented equity investment firm founded by Alexander J. Roepers in 1988. Atlantic manages concentrated long-only and long/short equity portfolios and has been a Registered Investment Adviser since 2006.

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Chilton Investment Company, LLC (Chilton), located at 1290 East Main Street, Floor 1, Stamford, Connecticut, 06902, serves as a Sub-Advisor to DWS Strategic Long/Short Equity Fund. Chilton was founded in 1992 by Richard L. Chilton, Jr. and is a Registered Investment Adviser and, as of January 1, 2014, had approximately $3.1 billion in assets under management. The firm specializes in equity long/short fundamental stock selection.

Deutsche Alternative Asset Management (Global) Limited (DAAM Global), formerly known as RREEF Global Advisors Limited (RGAL), 1 Great Winchester Street, London, United Kingdom, EC2N 2DB, serves as Sub-Advisor to DWS Emerging Markets Equity Fund. DAAM Global is an investment advisor registered with the SEC. In addition, DAAM Global is an affiliate of DIMA and an indirect, wholly owned subsidiary of Deutsche Bank AG.

Dreman Value Management, L.L.C. (Dreman), 777 South Flagler Drive, Suite 800 - Tower West, West Palm Beach, FL 33401, serves as a Sub-Advisor to DWS International Value Fund. Dreman was formed in April 1977 and is an investment advisor registered with the SEC. DVM is controlled by David Dreman.

Fischer Francis Trees & Watts, Inc. (FFTW), 200 Park Avenue, New York, New York 10166, serves as Sub-Advisor to DWS Core Fixed Income Fund. FFTW is directly wholly-owned by Charter Atlantic Corporation (CAC), a New York corporation. CAC is owned by BNP Paribas, which is a publicly owned banking corporation organized under the laws of the Republic of France.

Henderson Alternative Investment Advisor Limited (Henderson), 201 Bishopsgate, London, UK, EC2M 3 AE, serves as a Sub-Advisor of a portion of the assets of DWS Diversified Market Neutral Fund. Henderson Group is a subsidiary of Henderson Group PLC, an independent global asset management business founded in 1934.

Lazard Asset Management LLC (Lazard), located at 30 Rockefeller Plaza, 55th Floor, New York, New York, 10112, serves as Sub-Advisor to DWS Strategic Equity Long/Short Fund. Lazard was founded in 1970. As of December 31, 2013, Lazard had approximately $167.5 billion in assets under management.

Northern Trust Investments, Inc. (NTI) 50 South LaSalle Street, Chicago, IL 60603, serves as a Sub-Advisor of all the assets of certain funds. NTI is an Illinois state banking corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies and bank common and collective funds. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended.

Omega Advisors, Inc. (Omega), located at 810 Seventh Avenue, 33rd Floor, New York, New York, 10019, serves as a Sub-Advisor to DWS Strategic Long/Short Equity Fund. Omega was founded in 1991 by Leon G. Cooperman and, as of February 28, 2014, had approximately $10.5 billion in assets under management.

Pyramis Global Advisors, LLC (Pyramis), 900 Salem Street, Smithfield, Rhode Island 02917, serves as Sub-Advisor of a portion of the assets of DWS Diversified Market Neutral Fund. Pyramis, formed in 2005, is the institutional asset management arm of Fidelity Investments, one of the world's largest mutual fund managers.

RREEF America L.L.C. (RREEF), 222 South Riverside, Chicago, Illinois 60606, serves as a Sub-Advisor of all or a portion of the assets of certain funds. RREEF is an investment advisor registered with the SEC. RREEF is an affiliate of DIMA and an indirect, wholly-owned subsidiary of Deutsche Bank AG. RREEF has provided real estate investment management services to institutional investors since 1975 and has been an investment advisor of real estate securities since 1993.

TERMS OF THE SUB-ADVISORY AGREEMENTS. Pursuant to the terms of the applicable Sub-Advisory Agreement, a Sub-Advisor makes the investment decisions, buys and sells securities, and conducts the research that leads to these purchase and sale decisions for a fund. A Sub-Advisor is also responsible for selecting brokers and dealers to execute portfolio transactions and for negotiating brokerage commissions and dealer charges on behalf of a fund. Under the terms of the Sub-Advisory Agreement, a Sub-Advisor manages the investment and reinvestment of a fund's assets and provides such investment advice, research and assistance as DIMA may, from time to time, reasonably request.

Each Sub-Advisory Agreement provides that the Sub-Advisor will not be liable for any error of judgment or mistake of law or for any loss suffered by a fund in connection with matters to which the Sub-Advisory Agreement relates, except a loss resulting from (a) the sub-advisor causing a fund to be in violation of any applicable federal or state law, rule or regulation or any investment policy or restriction set forth in a fund's

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prospectus or as may be provided in writing by the Board or DIMA, or (b) willful misconduct, bad faith or gross negligence on the part of the Sub-Advisor in the performance of its duties or from reckless disregard by the Sub-Advisor of its obligations and duties under the Sub-Advisory Agreement.

A Sub-Advisory Agreement continues from year to year only as long as such continuance is specifically approved at least annually (a) by a majority of the Board Members who are not parties to such agreement or interested persons of any such party, and (b) by the shareholders or the Board of the Registrant. A Sub-Advisory Agreement may be terminated at any time upon 60 days' written notice by DIMA or by the Board of the Registrant or by majority vote of the outstanding shares of a fund, and will terminate automatically upon assignment or upon termination of a fund's Investment Management Agreement.

Under the Sub-Advisory Agreements between DIMA and the Sub-Advisors, DIMA, not the fund, pays each Sub-Advisor a sub-advisory fee based on the percentage of the assets overseen by the Sub-Advisor or based on a percentage of the fee received by DIMA from a fund. The Sub-Advisor fee is paid directly by DIMA at specific rates negotiated between DIMA and the Sub-Advisor. No fund is responsible for paying the Sub-Advisor.

SUB-SUBADVISORS (APPLICABLE ONLY TO THOSE FUNDS THAT HAVE SUB-SUBADVISORY ARRANGEMENTS AS DESCRIBED IN PART I). Each Sub-Subadvisor serves as a sub-subadvisor with respect to a fund pursuant to the terms of the applicable sub-subadvisory agreement between it and the Sub-Advisor (Sub-Subadvisory Agreement).

Deutsche Alternative Asset Management (Global) Limited (DAAM Global), formerly known as RREEF Global Advisors Limited (RGAL), 1 Great Winchester Street, London, United Kingdom, EC2N 2DB, serves as Sub-Subadvisor to a fund. DAAM Global is an investment advisor registered with the SEC. In addition, DAAM Global is an affiliate of DIMA and an indirect, wholly owned subsidiary of Deutsche Bank AG.

Deutsche Investments Australia Limited (DIAL), Level 16, 126 Phillip Street, Sydney NSW 200, Australia, serves as Sub-Subadvisor to a fund. DIAL is an investment advisor registered with the SEC. In addition, DIAL is an affiliate of DIMA and an indirect, wholly owned subsidiary of Deutsche Bank AG.

TERMS OF THE SUB-SUBADVISORY AGREEMENTS. Pursuant to the terms of the applicable Sub-Subadvisory Agreement and under the oversight of the Board, DIMA and the Sub-Advisor, the Sub-Subadvisors provide investment management services with respect to a fund's assets related to specific foreign markets and provides such investment advice, research and assistance as the Sub-Advisor may, from time to time, reasonably request. The Sub-Advisor allocates, and reallocates as it deems appropriate, each of a fund's assets among the Sub-Subadvisors. A Sub-Subadvisor is also responsible for selecting brokers and dealers to execute portfolio transactions and for negotiating brokerage commissions and dealer charges on behalf of a fund. Under the terms of the Sub-Subadvisory Agreement, a Sub-Subadvisor manages the investment and reinvestment of a portion of a fund's assets.

Each Sub-Subadvisory Agreement provides that the Sub-Subadvisor shall not be subject to any liability for any act or omission in the course of providing investment management services to a fund, except a loss resulting from willful misconduct, bad faith or gross negligence on the part of the Sub-Subadvisor in the performance of its duties or from reckless disregard by the Sub-Subadvisor of its obligations and duties under the Sub-Subadvisory Agreement.

A Sub-Subadvisory Agreement continues from year to year only as long as such continuance is specifically approved at least annually (a) by a majority of the Board Members who are not parties to such agreement or interested persons of any such party, and (b) by the shareholders or the Board of the Trust/Corporation. A Sub-Subadvisory Agreement may be terminated at any time upon 60 days' written notice by the Board of the Trust/Corporation or by majority vote of the outstanding shares of a fund, and will terminate automatically upon assignment or upon termination of a fund's Sub-Advisory Agreement.

Under the Sub-Subadvisory Agreements, the Sub-Advisor, not the fund, pays each Sub-Subadvisor a sub-subadvisory fee based on the percentage of the assets overseen by the Sub-Subadvisor from the fee received by the Sub-Advisor from DIMA. The sub-subadvisory fee is paid directly by a Sub-Advisor at specific rates negotiated between a Sub-Advisor and a Sub-Subadvisor. No fund is responsible for paying a Sub-Subadvisor.

AGREEMENT TO INDEMNIFY INDEPENDENT BOARD MEMBERS FOR CERTAIN EXPENSES. In connection with litigation or regulatory action related to possible improper market

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timing or other improper trading activity or possible improper marketing and sales activity in certain DWS funds (Affected Funds), DIMA has agreed to indemnify and hold harmless the Affected Funds (Fund Indemnification Agreement) 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 Affected Funds or DIMA (Enforcement Actions) or that are the basis for private actions brought by shareholders of the Affected Funds against the Affected Funds, their directors and officers, DIMA 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 Affected 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, DIMA has also agreed, subject to applicable law and regulation, to indemnify certain (or, with respect to certain Affected Funds, all) of the Independent Board Members of the Affected Funds, against certain liabilities the Independent Board Members 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 Board Members in connection with any Enforcement Actions or Private Litigation. DIMA is not, however, required to provide indemnification and advancement of expenses: (1) with respect to any proceeding or action which the Affected Funds' Board determines that the Independent Board Members ultimately would not be entitled to indemnification or (2) for any liability of the Independent Board Members or their shareholders to which the Independent Board Member would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the Independent Board Member's duties as a director or trustee of the Affected 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 Board Members or indemnity that may be payable under the indemnity agreements is currently unknown. These agreements by DIMA will survive the termination of the Investment Management Agreements between DIMA and the Affected Funds.

BOARD MEMBERS

BOARD MEMBERS AND OFFICERS' IDENTIFICATION AND BACKGROUND. The identification and background of the Board Members and Officers of the Registrant are set forth in PART II - APPENDIX II-A.

BOARD COMMITTEES AND COMPENSATION. Information regarding the Committees of the Board, as well as compensation paid to the Independent Board Members and to Board Members who are not officers of the Registrant, for certain specified periods, is set forth in PART I - APPENDIX I-B AND PART I - APPENDIX I-C.

ADMINISTRATOR, FUND ACCOUNTING AGENT, TRANSFER AGENT AND SHAREHOLDER SERVICE AGENT, AND CUSTODIAN

ADMINISTRATOR. DIMA serves as a fund's administrator pursuant to an Administrative Services Agreement.

For its services under the Administrative Services Agreement, the Administrator receives a fee at the rate set forth in PART II - APPENDIX II-C. The Administrator will pay Accounting Agency fees out of the Administrative Services fee.

Under the Administrative Services Agreement, the Administrator is obligated on a continuous basis to provide such administrative services as the Board of a fund reasonably deems necessary for the proper administration of a fund. The Administrator provides a fund with personnel; arranges for the preparation and filing of a fund's tax returns; prepares and submits reports and meeting materials to the Board and the shareholders; prepares and files updates to a fund's prospectus and statement of additional information as well as other reports required to be filed by the SEC; maintains a fund's records; provides a 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 a fund; assists in the resolution of accounting issues that may arise with respect to a fund; establishes and monitors a fund's operating expense budgets; reviews and processes a fund's bills; assists in determining the amount of dividends and distributions available to be paid by a 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

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and public relations matters; and monitors the registration of shares under applicable federal and state law. The Administrator also performs certain fund accounting services under the Administrative Services Agreement.

The Administrative Services Agreement provides that the Administrator 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 SSB, the Administrator has delegated certain administrative functions to SSB. The costs and expenses of such delegation are borne by the Administrator, not by a fund.

Pursuant to the Advisor's procedures, approved by the Board, proof of claim forms are routinely filed on behalf of a fund by a third party service provider, with certain limited exceptions. The Board receives periodic reports regarding the implementation of these procedures.

FUND ACCOUNTING AGENT. For Money Market Portfolio, DWS Mid Cap Value Fund, DWS Equity Dividend Fund and DWS Small Cap Value Fund, DIMA, One Beacon Street, Boston, Massachusetts 02108, is responsible for determining net asset value per share and maintaining the portfolio and general accounting records for a fund pursuant to a Fund Accounting Agreement. For its services under a Fund Accounting Agreement, DIMA receives a fee at the rate set forth in PART II - APPENDIX II-C. Prior to March 31, 2011, DWS Investments Fund Accounting Corporation (DIFA), a subsidiary of DIMA, performed these fund accounting services for the funds.

Pursuant to an agreement between DIMA and SSB, DIMA has delegated certain fund accounting functions to SSB under the Fund Accounting Agreement. Prior to March 31, 2011, DIFA had also delegated these functions to SSB. The costs and expenses of such delegation are borne by DIMA, not by a fund.

TRANSFER AGENT AND SHAREHOLDER SERVICE AGENT. DISC, 210 W. 10th Street, Kansas City, Missouri 64105-1614, an affiliate of the Advisor, is each fund's transfer agent, dividend-paying agent and shareholder service agent pursuant to a transfer agency and service agreement (Transfer Agency and Services Agreement). 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 agent functions to DST. The costs and expenses of such delegation are borne by DISC, not by a fund. For its services under the Transfer Agency and Services Agreement, DISC receives a fee at the rate set forth in PART II - APPENDIX II-C. Each fund, or the Advisor (including any affiliate of the Advisor), or both, may pay unaffiliated third parties for providing recordkeeping and other administrative services with respect to accounts of participants in retirement plans or other beneficial owners of shares whose interests are generally held in an omnibus account.

CUSTODIAN. Under its custody agreement with a fund, the Custodian (i) maintains separate accounts in the name of a fund, (ii) holds and transfers portfolio securities on account of a fund, (iii) accepts receipts and makes disbursements of money on behalf of a fund, and (iv) collects and receives all income and other payments and distributions on account of a fund's portfolio securities. The Custodian has entered into agreements with foreign subcustodians approved by the Board pursuant to Rule 17f-5 under the 1940 Act.

In some instances, the Custodian may use Deutsche Bank AG or its affiliates, as subcustodian (DB Subcustodian) in certain countries. To the extent a fund holds any securities in the countries in which the Custodian uses a DB Subcustodian as a subcustodian, those securities will be held by DB Subcustodian as part of a larger omnibus account in the name of the Custodian (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 (e.g., foreign exchange transactions or corporate transactions).

The Custodian's fee may be reduced by certain earnings credits in favor of a fund.

FUND LEGAL COUNSEL. Provides legal services to the funds.

TRUSTEE/DIRECTOR LEGAL COUNSEL. Serves as legal counsel to the Independent Board Members.

PRINCIPAL UNDERWRITER AND DISTRIBUTION AGREEMENT. Pursuant to a distribution agreement (Distribution Agreement) with a fund, DIDI, 222 South Riverside Plaza, Chicago, Illinois 60606, an affiliate of the Advisor, is the principal underwriter and distributor for each class of shares of a fund and acts as agent of a fund in the continuous offering of its shares. The Distribution Agreement remains in effect for a class from year-to-year only if its continuance is approved for the class at least

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annually by a vote of the Board, including the Board Members who are not parties to the Distribution Agreement or interested persons of any such party.

The Distribution Agreement automatically terminates in the event of its assignment and may be terminated for a class at any time without penalty by a fund or by DIDI upon 60 days' notice. Termination by a fund with respect to a class may be by vote of (i) a majority of the Board Members who are not interested persons of a fund and who have no direct or indirect financial interest in the Distribution Agreement or any related agreement, or (ii) a "majority of the outstanding voting securities" of the class of a fund, as defined under the 1940 Act. All material amendments must be approved by the Board in the manner described above with respect to the continuation of the Distribution Agreement. The provisions concerning continuation, amendment and termination of a Distribution Agreement are on a fund-by-fund and class- by-class basis.

Under the Distribution Agreement, DIDI uses reasonable efforts to sell shares of a fund and may appoint various financial services firms to sell shares of a fund. DIDI bears all of its expenses of providing services pursuant to the Distribution Agreement, including the payment of any commissions, concessions, and distribution fees to financial services firms. A fund pays the cost of the registration of its shares for sale under the federal securities laws and the registration or qualification of its shares for sale under the securities laws of the various states. A fund also pays the cost for the prospectus and shareholder reports to be typeset and printed for existing shareholders, and DIDI, as principal underwriter, pays for the printing and distribution of copies thereof used in connection with the offering of shares to prospective investors. DIDI also pays for supplementary sales literature and advertising costs. DIDI receives any sales charge upon the purchase of shares of a class with an initial sales charge and pays commissions, concessions and distribution fees to firms for the sale of a fund's shares. DIDI also receives any contingent deferred sales charges paid with respect to the redemption of any shares having such a charge. DIDI receives no compensation from a fund as principal underwriter and distributor except with respect to certain fund classes in amounts authorized by a Rule 12b-1 Plan adopted for a class by a fund (see Distribution and Service Agreements and Plans).

SHAREHOLDER AND ADMINISTRATIVE SERVICES. Shareholder and administrative services are provided to certain fund classes under a shareholder services agreement (Services Agreement) with DIDI. The Services Agreement continues in effect for each class from year to year so long as such continuance is approved for the class at least annually by a vote of the Board, including the Board Members who are not interested persons of a fund and who have no direct or indirect financial interest in the Services Agreement or in any related agreement. The Services Agreement automatically terminates in the event of its assignment and may be terminated for a class at any time without penalty by a fund or by DIDI upon 60 days' notice. Termination by a fund with respect to a class may be by a vote of (i) the majority of the Board Members who are not interested persons of a fund and who have no direct or indirect financial interest in the Services Agreement or in any related agreement, or (ii) a "majority of the outstanding voting securities" of the class of such fund, as defined under the 1940 Act. The Services Agreement may not be amended for a class to increase materially the fee to be paid by a fund without approval of a majority of the outstanding voting securities of such class of a fund, and all material amendments must in any event be approved by the Board in the manner described above with respect to the continuation of the Services Agreement.

Under the Services Agreement, DIDI provides, and may appoint various financial services firms to provide, information and services to investors in certain classes of a fund. Firms appointed by DIDI provide such office space and equipment, telephone facilities and personnel as is necessary or beneficial for providing information and services to shareholders in the applicable classes of a fund. Such services and assistance may include, but are not limited to, establishing and maintaining accounts and records, processing purchase and redemption transactions, answering routine inquiries regarding a fund, providing assistance to clients in changing dividend and investment options, account designations and addresses and such other administrative services as may be agreed upon from time to time and permitted by applicable statute, rule or regulation.

DIDI bears all of its expenses of providing those services pursuant to the Services Agreement, including the payment of any service fees to financial services firms appointed by DIDI to provide such services and DIDI receives compensation from a fund for its services under the Services Agreement in amounts authorized by a Rule 12b-1 Plan adopted for a class by a fund (see Distribution and Service Agreements and Plans).

DIDI may itself provide some of the above distribution and shareholder and administrative services and may retain any portion of the fees received under the Distribution Agreement and/or the Services Agreement not

II-8


paid to financial services firms to compensate itself for such distribution and shareholder and administrative functions performed for a fund. Firms to which DIDI may pay commissions, concessions, and distribution fees or service fees or other compensation may include affiliates of DIDI.

CODES OF ETHICS. Each fund, the Advisor, a fund's principal underwriter and, if applicable, a fund's sub-advisor (and sub-subadvisor) have each adopted codes of ethics under Rule 17j-1 under the 1940 Act. Board Members, officers of a Registrant and employees of the Advisor and principal underwriter are permitted to make personal securities transactions, including transactions in securities that may be purchased or held by a 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 a 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 or sub-advisors Codes of Ethics may be granted in particular circumstances after review by appropriate personnel.

FUND ORGANIZATION

FOR EACH TRUST (EXCEPT DWS TARGET DATE SERIES, DWS PORTFOLIO TRUST, DWS TAX FREE TRUST AND CASH ACCOUNT TRUST)

The Board has the authority to divide the shares of the Trust into multiple funds by establishing and designating two or more series of the Trust. The Board also has the authority to establish and designate two or more classes of shares of the Trust, or of any series thereof, with variations in the relative rights and preferences between the classes as determined by the Board; provided that all shares of a class shall be identical with each other and with the shares of each other class of the same series except for such variations between the classes, including bearing different expenses, as may be authorized by the Board and not prohibited by the 1940 Act and the rules and regulations thereunder. All shares issued and outstanding are transferable, have no pre-emptive or conversion rights (except as may be determined by the Board) and are redeemable as described in the SAI and in the prospectus. Each share has equal rights with each other share of the same class of the fund as to voting, dividends, exchanges, conversion features and liquidation. Shareholders are entitled to one vote for each full share held and fractional votes for fractional shares held.

A fund generally is not required to hold meetings of its shareholders. Under the Declaration of Trust, shareholders only have the power to vote in connection with the following matters and only to the extent and as provided in the Declaration of Trust and as required by applicable law: (a) the election, re-election or removal of one or more Trustees if a meeting of shareholders is called by or at the direction of the Board for such purpose(s), provided that the Board shall promptly call a meeting of shareholders for the purpose of voting upon the question of removal of one or more Trustees as a result of a request in writing by the holders of not less than 10% of the outstanding shares of the Trust; (b) the termination of the Trust or a fund if, in either case, the Board submits the matter to a vote of shareholders; (c) any amendment of the Declaration of Trust that (i) would affect the rights of shareholders to vote under the Declaration of Trust, (ii) requires shareholder approval under applicable law or (iii) the Board submits to a vote of shareholders; and (d) such additional matters as may be required by law or as the Board may determine to be necessary or desirable. Shareholders also vote upon changes in fundamental policies or restrictions.

The Declaration of Trust provides that shareholder meeting quorum requirements shall be established in the By-laws. The By-laws of the Trust currently provide that the presence in person or by proxy of the holders of 30% of the shares entitled to vote at a meeting shall constitute a quorum for the transaction of business at meetings of shareholders of the Trust (or of an individual series or class if required to vote separately).

On any matter submitted to a vote of shareholders, all shares of the Trust entitled to vote shall, except as otherwise provided in the By-laws, be voted in the aggregate as a single class without regard to series or classes of shares, except (a) when required by applicable law or when the Board has determined that the matter affects one or more series or classes of shares materially differently, shares shall be voted by individual series or class; and (b) when the Board has determined that the matter affects only the interests of one or more series or classes, only shareholders of such series or classes shall be entitled to vote thereon.

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The Declaration of Trust provides that the Board 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, in its sole discretion, also may cause the Trust to redeem all of the shares of the Trust 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 a particular 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 Trust 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 class or series of shares, (e) if the Board determines (or pursuant to policies established by the Board it is determined) that share ownership by a particular shareholder is not in the best interests of remaining shareholders, (f) when a fund is requested or compelled to do so by governmental authority or applicable law and (g) upon a shareholder's failure to comply with a request for information with respect to the direct or indirect ownership of shares or other securities of the Trust. The Declaration of Trust also authorizes the Board to terminate a fund or any class without shareholder approval, and the Trust may suspend the right of shareholders to require the Trust to redeem shares to the extent permissible under the 1940 Act.

The Declaration of Trust provides that, except as otherwise required by applicable law, the Board may authorize the Trust or any series or class thereof to merge, reorganize or consolidate with any corporation, association, trust or series thereof (including another series or class of the Trust) or other entity (in each case, the "Surviving Entity") or the Board may sell, lease or exchange all or substantially all of the Trust property (or all or substantially all of the Trust property allocated or belonging to a particular series or class), including its good will, to any Surviving Entity, upon such terms and conditions and for such consideration as authorized by the Board. Such transactions may be effected through share-for-share exchanges, transfers or sales of assets, in-kind redemptions and purchases, exchange offers or any other method approved by the Board. The Board shall provide notice to affected shareholders of each such transaction. The authority of the Board with respect to the merger, reorganization or consolidation of any class of the Trust is in addition to the authority of the Board to combine two or more classes of a series into a single class.

Upon the termination of the Trust or any series, after paying or adequately providing for the payment of all liabilities, which may include the establishment of a liquidating trust or similar vehicle, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Board may distribute the remaining Trust property or property of the series to the shareholders of the Trust or the series involved, ratably according to the number of shares of the Trust or such series held by the several shareholders of the Trust or such series on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of a series involved, provided that any distribution to the shareholders of a particular class of shares shall be made to such shareholders pro rata in proportion to the number of shares of such class held by each of them. The composition of any such distribution (e.g., cash, securities or other assets) shall be determined by the Trust in its sole discretion and may be different among shareholders (including differences among shareholders in the same series or class).

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for obligations of a fund. The Declaration of Trust, however, disclaims shareholder liability for acts or obligations of the fund and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by a fund or a fund's trustees. Moreover, the Declaration of Trust provides for indemnification out of fund property for all losses and expenses of any shareholder held personally liable for the obligations of the fund and the fund may be covered by insurance which the Board considers adequate to cover foreseeable tort claims. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a disclaimer is inoperative and a fund itself is unable to meet its obligations.

FOR DWS TARGET DATE SERIES, DWS PORTFOLIO TRUST AND DWS TAX FREE TRUST

The Board has the authority to divide the shares of the Trust into multiple funds by establishing and designating two or more series of the Trust. The Board also has the authority to establish and designate two or more classes of shares of the Trust, or of any series thereof, with variations in the relative rights and preferences between the classes as determined by the Board; provided that all shares of a class shall be identical with each other and with the shares of each other class of the same series

II-10


except for such variations between the classes, including bearing different expenses, as may be authorized by the Board and not prohibited by the 1940 Act and the rules and regulations thereunder. All shares issued and outstanding are transferable, have no pre-emptive or conversion rights (except as may be determined by the Board) and are redeemable as described in the SAI and in the prospectus. Each share has equal rights with each other share of the same class of the fund as to voting, dividends, exchanges, conversion features and liquidation. Shareholders are entitled to one vote for each full share held and fractional votes for fractional shares held.

A fund generally is not required to hold meetings of its shareholders. Under the Declaration of Trust, shareholders only have the power to vote in connection with the following matters and only to the extent and as provided in the Declaration of Trust and as required by applicable law: (a) the election, re-election or removal of one or more Trustees if a meeting of shareholders is called by or at the direction of the Board for such purpose(s), provided that the Board shall promptly call a meeting of shareholders for the purpose of voting upon the question of removal of one or more Trustees as a result of a request in writing by the holders of not less than 10% of the outstanding shares of the Trust; (b) the termination of the Trust or a fund if, in either case, the Board submits the matter to a vote of shareholders; (c) any amendment of the Declaration of Trust that (i) would change any right with respect to any shares of the Trust or fund by reducing the amount payable thereon upon liquidation of the Trust or fund or by diminishing or eliminating any voting rights pertaining thereto, in which case the vote or consent of the holders of two-thirds of the shares of the Trust or fund outstanding and entitled to vote would be required (ii) requires shareholder approval under applicable law or
(iii) the Board submits to a vote of shareholders; and (d) such additional matters as may be required by law or as the Board may determine to be necessary or desirable. Shareholders also vote upon changes in fundamental policies or restrictions.

In addition, under the Declaration of Trust, shareholders of the Trust also have the power to vote in connection with the following matters to the extent and as provided in the Declaration of Trust and as required by applicable law:
(a) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claims should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the shareholders; (b) with respect to any merger, consolidation or sale of assets; (c) with respect to any investment advisory or management contract entered into with respect to one or more funds; (d) with respect to the incorporation of the Trust or a fund; (e) with respect to any plan adopted pursuant to Rule 12b-1 (or any successor rule) under the 1940 Act; and (f) with respect to such additional matters relating to the Trust as may be required by the Declaration of Trust, the By-laws or any registration of the Trust with the SEC as an investment company under the 1940 Act.

The Declaration of Trust provides that shareholder meeting quorum requirements shall be established in the By-laws. The By-laws of the Trust currently provide that the presence in person or by proxy of the holders of 30% of the shares entitled to vote at a meeting shall constitute a quorum for the transaction of business at meetings of shareholders of the Trust (or of an individual series or class if required to vote separately).

On any matter submitted to a vote of shareholders, all shares of the Trust entitled to vote shall, except as otherwise provided in the By-laws, be voted in the aggregate as a single class without regard to series or classes of shares, except (a) when required by applicable law or when the Board has determined that the matter affects one or more series or classes of shares materially differently, shares shall be voted by individual series or class; and (b) when the Board has determined that the matter affects only the interests of one or more series or classes, only shareholders of such series or classes shall be entitled to vote thereon.

The Declaration of Trust provides that the Board 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, in its sole discretion, also may cause the Trust to redeem all of the shares of the Trust 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 a particular 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 Trust 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 class or series of shares, (e) if the Board determines (or pursuant to policies established by the Board it is determined) that share ownership by a particular shareholder is not in the best interests of remaining shareholders,

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(f) when a fund is requested or compelled to do so by governmental authority or applicable law and (g) upon a shareholder's failure to comply with a request for information with respect to the direct or indirect ownership of shares or other securities of the Trust. The Declaration of Trust also authorizes the Board to terminate a fund or any class without shareholder approval, and the Trust may suspend the right of shareholders to require the Trust to redeem shares to the extent permissible under the 1940 Act.

Upon the termination of the Trust or any series, after paying or adequately providing for the payment of all liabilities, which may include the establishment of a liquidating trust or similar vehicle, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Board may distribute the remaining Trust property or property of the series to the shareholders of the Trust or the series involved, ratably according to the number of shares of the Trust or such series held by the several shareholders of the Trust or such series on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of shares of a series involved, provided that any distribution to the shareholders of a particular class of shares shall be made to such shareholders pro rata in proportion to the number of shares of such class held by each of them. The composition of any such distribution (e.g., cash, securities or other assets) shall be determined by the Trust in its sole discretion and may be different among shareholders (including differences among shareholders in the same series or class).

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for obligations of a fund. The Declaration of Trust, however, disclaims shareholder liability for acts or obligations of the fund and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by a fund or a fund's trustees. Moreover, the Declaration of Trust provides for indemnification out of fund property for all losses and expenses of any shareholder held personally liable for the obligations of the fund and the fund may be covered by insurance which the Board considers adequate to cover foreseeable tort claims. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a disclaimer is inoperative and a fund itself is unable to meet its obligations.

FOR CASH ACCOUNT TRUST

The Board Members have the authority to create additional funds and to designate the relative rights and preferences as between the different funds. The Board Members also may authorize the division of shares of a fund into different classes, which may bear different expenses. All shares issued and outstanding are fully paid and non-assessable, transferable, have no pre-emptive or conversion rights and are redeemable as described in the funds' prospectuses and SAIs. Each share has equal rights with each other share of the same class of the fund as to voting, dividends, exchanges, conversion features and liquidation. Shareholders are entitled to one vote for each full share held and fractional votes for fractional shares held. The Board Members may also terminate any fund or class by notice to the shareholders without shareholder approval.

The Trust generally is not required to hold meetings of its shareholders. Under the Declaration of Trust, however, shareholder meetings will be held in connection with the following matters: (a) the election or removal of Board Members if a meeting is called for such purpose; (b) the adoption of any contract for which shareholder approval is required by the 1940 Act; (c) any termination or reorganization of the Trust to the extent and as provided in the Declaration of Trust; (d) any amendment of the Declaration of Trust (other than amendments changing the name of the Trust or any fund, establishing a fund, supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision thereof); and (e) such additional matters as may be required by law, the Declaration of Trust, the By-laws of the Trust, or any registration of the Trust with the Securities and Exchange Commission or any state, or as the Board Members may consider necessary or desirable. The shareholders also would vote upon changes in fundamental investment objectives, policies or restrictions.

Subject to the Declaration of Trust, shareholders may remove Board Members. Each Board Member serves until the next meeting of shareholders, if any, called for the purpose of electing Board Members and until the election and qualification of a successor or until such Board Member sooner dies, resigns, retires or is removed by a majority vote of the shares entitled to vote (as described below) or a majority of the Board Members. In accordance with the 1940 Act (a) the Trust will hold a shareholder meeting for the election of Board Members at such time as less than a majority of the Board Members have been elected by shareholders, and (b) if, as a result

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of a vacancy in the Board, less than two-thirds of the Board Members have been elected by the shareholders, that vacancy will be filled only by a vote of the shareholders.

The Declaration of Trust provides that obligations of the Trust are not binding upon the Board Members individually but only upon the property of the Trust, that the Board Members and officers will not be liable for errors of judgment or mistakes of fact or law, and that a Trust will indemnify its Board Members and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with a Trust except if it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust protects or indemnifies a Board Member or officer against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of their office.

Board Members may be removed from office by a vote of the holders of a majority of the outstanding shares at a meeting called for that purpose, which meeting shall be held upon the written request of the holders of not less than 10% of the outstanding shares. Upon the written request of ten or more shareholders who have been such for at least six months and who hold shares constituting at least 1% of the outstanding shares of the Trust stating that such shareholders wish to communicate with the other shareholders for the purpose of obtaining the signatures necessary to demand a meeting to consider removal of a trustee, the Trust has undertaken to disseminate appropriate materials at the expense of the requesting shareholders.

The Declaration of Trust provides that the presence at a shareholder meeting in person or by proxy of at least 30% of the shares entitled to vote on a matter shall constitute a quorum. Thus, a meeting of shareholders of a fund could take place even if less than a majority of the shareholders were represented on its scheduled date. Shareholders would in such a case be permitted to take action which does not require a larger vote than a majority of a quorum, such as the election of Board Members and ratification of the selection of auditors. Some matters requiring a larger vote under the Declaration of Trust, such as termination or reorganization of a fund and certain amendments of the Declaration of Trust, would not be affected by this provision; nor would matters which under the 1940 Act require the vote of a "majority of the outstanding voting securities" as defined in the 1940 Act.

The Declaration of Trust specifically authorizes the Board to terminate the Trust (or any fund or class) by notice to the shareholders without shareholder approval.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for obligations of the Trust. The Declaration of Trust, however, disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Trust or the Board Members. Moreover, the Declaration of Trust provides for indemnification out of Trust property for all losses and expenses of any shareholder held personally liable for the obligations of the Trust and the Trust may be covered by insurance. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered by the Advisor remote and not material, since it is limited to circumstances in which a disclaimer is inoperative and the Trust itself is unable to meet its obligations.

FOR EACH CORPORATION (EXCEPT DWS VALUE SERIES, INC.)

All shares issued and outstanding are fully paid and non-assessable, transferable, have no pre-emptive 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 each fund's prospectus. Each share has equal rights with each other share of the same class of a 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 a fund or a class of a 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.

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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 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.

Except as otherwise permitted by the Articles of Incorporation, upon liquidation or termination of a fund or class, shareholders of such fund or class of such 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

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discretion, and may be different among shareholders (including differences among shareholders in the same fund or class).

FOR DWS VALUE SERIES, INC.

All shares issued and outstanding are fully paid and non-assessable, transferable, have no pre-emptive 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 each fund's prospectus. Each share has equal rights with each other share of the same class of a 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 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, and account size requirements as the Board of Directors 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 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.

The Board of Directors, in its sole discretion, 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. 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.

Except as otherwise permitted by the Articles of Incorporation, upon liquidation or termination of a fund or class, shareholders of such fund or class of such 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.

PURCHASE AND REDEMPTION OF SHARES

GENERAL INFORMATION. Policies and procedures affecting transactions in a fund's 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 a fund's agents. Transaction delays in processing (and changing account features) due to circumstances within or beyond the control of a fund and its agents may occur. Shareholders (or their financial services 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.

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The Board and DIDI each may suspend (in whole or in part) or terminate the offering of shares of a fund at any time for any reason and may limit the amount of purchases by, and refuse to sell to, any person. During the period of such suspension, the Board or DIDI potentially may permit certain persons (for example, persons who are already shareholders the fund) to continue to purchase additional shares of a fund and to have dividends reinvested.

Orders will be confirmed at a share price next calculated after receipt in good order by DIDI. Except as described below, orders received by certain dealers or other financial services firms prior to the close of a fund's business day will be confirmed at a price based on the net asset value determined on that day (trade date).

USE OF FINANCIAL SERVICES FIRMS. Dealers and other financial services firms provide varying arrangements for their clients to purchase and redeem a fund's shares, including different minimum investments, and may assess transaction or other fees. 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. 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 a fund's shares in nominee or street name as agent for and on behalf of their customers. In such instances, the Shareholder Service Agent 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 a fund through the Shareholder Service Agent for record-keeping and other expenses relating to these nominee accounts. 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 a fund through the Shareholder Service Agent for these services.

A fund has authorized one or more financial service institutions, including certain members of the Financial Industry Regulatory Authority (FINRA) other than DIDI (financial institutions), to accept purchase and redemption orders for a fund's shares. Such financial institutions may also designate other parties, including plan administrator intermediaries, to accept purchase and redemption orders on a fund's behalf. Orders for purchases or redemptions will be deemed to have been received by a fund when such financial institutions or, if applicable, their authorized designees accept the orders. Subject to the terms of the contract between a fund and the financial institution, ordinarily orders will be priced at a fund's net asset value next computed after acceptance by such financial institution or its authorized designees. Further, if purchases or redemptions of a 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.

TAX-SHELTERED RETIREMENT PLANS. The Shareholder Service Agent and DIDI provide retirement plan services and documents and 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.

Materials 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. DIDI may pay commissions to dealers and other financial services firms in connection with shares sold to retirement plans. For further information about such compensation, see Compensation Schedules #1 and #2 as set forth in PART II - APPENDIX II-D. Additional fees and transaction policies and procedures may apply to such plans. Certain funds investing in municipal securities may not be appropriate for such Tax-Sheltered Retirement Plans. Investors should consult their own tax advisors before establishing a retirement plan.

PURCHASES

A fund may offer only certain of the classes of shares referred to in the subsections below. Thus, the information provided below in regard to the purchase of certain classes of shares is only applicable to funds offering such classes of shares. For information regarding purchases of shares of DWS Variable Series I, DWS Variable Series II and DWS Investments VIT Funds, please see VARIABLE

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INSURANCE FUNDS below. For information regarding purchases of money market funds, please see MONEY MARKET FUNDS below.

PURCHASE OF CLASS A SHARES. The public offering price of Class A shares is the net asset value plus a sales charge based on investment amount, as set forth in the relevant prospectus and the "Class A Sales Charge Schedule" set forth in

PART II - APPENDIX II-F.

CLASS A SHARES REDUCED SALES CHARGES

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 dealer or other firm and identified as originating from a qualifying purchaser.

COMBINED PURCHASES. A 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.

CUMULATIVE DISCOUNT. Class A shares of a 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).

LETTER OF INTENT. The reduced sales charges for Class A shares, as shown in the relevant prospectus and the "Class A Sales Charge Schedule" set forth in PART II - APPENDIX II-F, 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 to 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. (or ExpertPlan for Flex Plans) under an alliance between ADP, Inc. (or ExpertPlan for Flex Plans) and 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.

RETIREMENT PLANS ON FLEX SYSTEM. For purposes of the Combined Purchases, Cumulative Discount and Letter of Intent features described above, employer-sponsored employee benefit plans using the Flex subaccount record keeping system available through ExpertPlan 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.

CLASS A NAV SALES. Class A shares may be sold at net asset value without a sales charge to:

(1) a current or former director or trustee of Deutsche or DWS mutual funds;

(2) an employee (including the employee's spouse or life partner and children or stepchildren age 21 or younger) of Deutsche Bank AG 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 a fund or service agents of a fund;

(3) certain professionals who assist in the promotion of DWS funds pursuant to personal services contracts with DIDI, for themselves or immediate members of their families;

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(4) any trust, pension, profit-sharing or other benefit plan for only such persons listed under the preceding paragraphs (1) and (2);

(5) 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;

(6) 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 a 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;

(7) 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;

(8) persons who purchase such shares 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 a fund;

(9) financial service firms that have entered into an agreement with DIDI to offer Class A shares through a no-load network, platform or self-directed brokerage account that may or may not charge transaction fees to their clients;

(10) employer-sponsored employee benefit plans using the Flex subaccount recordkeeping system (Flex Plans) made available through ExpertPlan 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;

(11) investors investing $1 million or more ($250,000 or more for DWS Alternative Asset Allocation Fund, DWS California Tax-Free Income Fund, DWS Diversified Market Neutral Fund, DWS Global Growth Fund, DWS GNMA Fund, DWS Intermediate Tax/AMT Free Fund, DWS Large Cap Value Fund, DWS Managed Municipal Bond Fund, DWS Massachusetts Tax-Free Fund, DWS New York Tax-Free Income Fund, DWS Short-Term Municipal Bond Fund, DWS Short Duration Fund, DWS Strategic High Yield Tax-Free Fund, DWS Select Alternative Allocation Fund, DWS Strategic Government Securities Fund, DWS Unconstrained Income Fund and DWS Ultra-Short Duration Fund), 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;

(12) defined contribution investment only plans with a minimum of $1 million in plan assets regardless of the amount allocated to the DWS funds;

In addition, Class A shares may be sold at net asset value without a sales charge in connection with:

(13) the acquisition of assets or merger or consolidation with another investment company, and under other circumstances deemed appropriate by DIDI and consistent with regulatory requirements;

(14) 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 between ADP, Inc. and DIDI and its affiliates into a DWS Investments IRA;

(15) reinvestment of fund dividends and distributions; and

(16) exchanging an investment in Class A shares of another fund in the DWS family of funds for an investment in a fund.

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Class A shares also may be purchased at net asset value without a sales charge 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 has expired 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 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 a fund at net asset value under this privilege is not available if another net asset value purchase privilege also applies.

PURCHASE OF CLASS B SHARES. Class B shares of a 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 B shares for his or her account. Class B shares are subject to 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 relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below). Class B shares automatically convert to Class A shares after six years.

As described in the prospectus, Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions.

PURCHASE OF CLASS C SHARES. Class C shares of a 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 relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below).

PURCHASE OF CLASS R SHARES. Class R shares of a 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 R shares for his or her account. Class R shares are subject to Rule 12b-1 fees, as described in the relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below).

The Shareholder Service Agent monitors transactions in Class R shares to help to ensure that investors purchasing Class R shares meet the eligibility requirements described in the prospectus. If the Shareholder Service Agent is unable to verify that an investor meets the eligibility requirements for Class R, either following receipt of a completed application form within time frames established by a fund or as part of its ongoing monitoring, the Shareholder Service Agent may take corrective action up to and including canceling the purchase order or redeeming the account.

PURCHASE OF INSTITUTIONAL CLASS SHARES. Institutional Class shares of a fund are offered at net asset value without a sales charge to certain eligible investors as described in the section entitled "Buying and Selling Shares" in a fund's prospectus.

Investors may invest in Institutional Class shares by setting up an account directly with the Shareholder Service Agent or through an authorized service agent. Investors who establish shareholder accounts directly with the Shareholder Service Agent should submit purchase and redemption orders as described in the relevant prospectus.

PURCHASE OF CLASS S. Class S shares are generally only available to new investors through fee-based programs of investment dealers that have special agreements with a fund's distributor, through certain group retirement plans and through certain registered investment advisors. These dealers and advisors typically charge ongoing fees for services they provide.

MULTI-CLASS SUITABILITY FOR CLASSES A, B AND C. DIDI has established the following procedures regarding the purchase of Class A, Class B and Class C shares. Orders

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to purchase Class B shares of $100,000 or more and orders to purchase Class C shares of $500,000 or more (certain funds have a $250,000 maximum for Class C purchases, see the applicable fund's prospectus) 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 ExpertPlan under an alliance between ExpertPlan and DIDI and its affiliates (DWS Investments Flex Plans). The foregoing Class C order limit of $500,000 or more is $250,000 or more for the certain funds, see the relevant prospectus for additional information.

The following provisions apply to DWS Investments Flex Plans.

(1) 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.

(2) 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.

PURCHASE PRIVILEGES FOR DWS AFFILIATED INDIVIDUALS. Current or former Board members of the DWS funds, employees, their spouses or life partners and children or step-children age 21 or younger, of Deutsche Bank AG or its affiliates or a sub-adviser to any DWS fund or a broker-dealer authorized to sell shares of a fund are generally eligible to purchase shares in the class of a fund with the lowest expense ratio, usually the Institutional Class shares. If a fund does not offer Institutional Class shares, these individuals are eligible to buy Class A shares at NAV. Each 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.

MONEY MARKET FUNDS. Shares of a fund are sold at net asset value directly from a fund or through selected financial services firms, such as broker-dealers and banks. Each fund seeks to have its investment portfolio as fully invested as possible at all times in order to achieve maximum income. Since each fund will be investing in instruments that normally require immediate payment in Federal Funds (monies credited to a bank's account with its regional Federal Reserve Bank), as described in the applicable prospectus, each fund has adopted procedures for the convenience of its shareholders and to ensure that each fund receives investable funds.

VARIABLE INSURANCE FUNDS. Shares of DWS Variable Series I, DWS Variable Series II and DWS Investments VIT Funds are continuously offered to separate accounts of participating insurance companies at the net asset value per share next determined after a proper purchase request has been received by the insurance company. The insurance companies offer to variable annuity and variable life insurance contract owners units in its separate accounts which directly correspond to shares in a fund. Each insurance company submits purchase and redemption orders to a fund based on allocation instructions for premium payments, transfer instructions and surrender or partial withdrawal requests which are furnished to the insurance company by such contract owners. Contract owners can send such instructions and requests to the insurance companies in accordance with

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procedures set forth in the prospectus for the applicable variable insurance product offered by the insurance company.

PURCHASES IN-KIND. This section is applicable only to the following funds: DWS Global High Income Fund, DWS Mid Cap Growth Fund, DWS Small Cap Growth Fund, DWS Equity 500 Index VIP and DWS Small Cap Index VIP. A fund may, at its own option, accept securities in payment for shares. The securities delivered in payment for shares are valued by the method described under "Net Asset Value" as of the day a fund receives the securities. This is a taxable transaction to the shareholder. Securities may be accepted in payment for shares only if they are, in the judgment of the Advisor, appropriate investments for a fund. In addition, securities accepted in payment for shares must: (i) meet the investment objective and policies of the acquiring fund; (ii) be acquired by the applicable fund for investment and not for resale; (iii) be liquid securities which are not restricted as to transfer either by law or liquidity of market; and (iv) if stock, have a value which is readily ascertainable as evidenced by a listing on a stock exchange, over-the-counter market or by readily available market quotations from a dealer in such securities. The shareholder will be charged the costs associated with receiving or delivering the securities. These costs include security movement costs and taxes and registration costs. A fund reserves the right to accept or reject at its own option any and all securities offered in payment for its shares.

REDEMPTIONS

A fund may offer only certain of the classes of shares referred to in the subsections below. Thus, the information provided below in regard to the redemption of certain classes of shares is only applicable to funds offering such classes of shares. Please consult the prospectus for the availability of these redemption features for a specific fund. In addition, the information provided below does not apply to contract holders in variable insurance products. Contract owners should consult their contract prospectuses for applicable redemption procedures.

A request for repurchase (confirmed redemption) may be communicated by a shareholder through a financial services firm to DIDI, which 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 relevant 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. DWS accepts Medallion Signature Guarantees. 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.

WIRES. The ability to send wires is limited by the business hours and holidays of the firms involved. A 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.

SYSTEMATIC WITHDRAWAL PLAN. An owner of $5,000 or more of a class of a 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 pursuant to a Systematic Withdrawal Plan (the "Plan"). 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 CDSC may be redeemed without the imposition of the CDSC is 12% of the net asset value of the account.

Non-retirement plan shareholders may establish a Plan to receive monthly, quarterly or periodic redemptions from his or her account for any designated amount of $50 or more. Shareholders may designate which day they want the systematic withdrawal to be processed. If a day is not designated, the withdrawal will be processed on the 25th day of the month to that the payee should receive payment approximately on the first of the month. The check amounts may be based on the redemption of a fixed dollar amount, fixed share amount, percent of account value or declining balance. The Plan provides for income dividends and capital gains distributions, if any, to be reinvested in additional shares. Shares are then liquidated as necessary to provide for withdrawal payments. Since the withdrawals are in amounts selected by the investor and have no relationship to yield or income, payments received cannot be considered as yield or income on the investment and the resulting liquidations may deplete or possibly extinguish the initial investment

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and any reinvested dividends and capital gains distributions. Any such requests must be received by the Shareholder Service Agent ten days prior to the date of the first systematic withdrawal. A Plan may be terminated at any time by the shareholder, the Trust or its agent on written notice, and will be terminated when all fund shares under the Plan have been liquidated or upon receipt by the Trust of notice of death of the shareholder.

The purchase of Class A shares while participating in a 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, an investor should consider carefully whether to make additional investments in Class A shares 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 for Class A (when applicable), Class B and Class C shares, to the extent applicable. Assume that an investor makes a single purchase of $10,000 of a 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 the redemption 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 the first day of 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 CDSC will not be imposed upon redemption of reinvested dividends or share appreciation.

The Class A CDSC for shares purchased through the Large Order NAV Purchase Privilege will be waived in the event of:

(1) redemptions by a participant-directed qualified retirement plan described in Internal Revenue Code (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;

(2) redemptions by employer-sponsored employee benefit plans using the subaccount record keeping system made available through ADP, Inc. (or ExpertPlan for Flex Plans) under an alliance between ADP, Inc. (or ExpertPlan for Flex Plans) and DIDI and its affiliates;

(3) redemption of shares of a shareholder (including a registered joint owner) who has died;

(4) 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);

(5) redemptions under a fund's Systematic Withdrawal Plan at a maximum of 12% per year of the net asset value of the account;

(6) redemptions for certain loan advances, hardship provisions or returns of excess contributions from retirement plans; and

(7) for shares purchased prior to February 1, 2011, redemptions of shares whose dealer of record at the time of the investment notified DIDI that the dealer waived the discretionary commission applicable to such Large Order NAV Purchase.

The Class B CDSC will be waived for the circumstances set forth in items (3),
(4), (5) and (6) above for Class A shares. In addition, this CDSC will be waived:

(a) 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 Code Section 72(t)(2)(A)(iv) prior to age 59 1/2;

(b) 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

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(c) in connection with the following redemptions of shares held by employer-sponsored employee benefit plans maintained on the subaccount record keeping system made available by ADP, Inc. under an alliance between ADP, Inc. and 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 a fund), (3) in connection with distributions qualifying under the hardship provisions of the 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 (2),
(3), (4), (5) and (7) above for Class A shares and for the circumstances set forth in items (a) and (b) above for Class B shares. In addition, this CDSC will be waived for:

(i) 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

(ii) 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.

REDEMPTIONS IN-KIND. A 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 a fund and valued as they are for purposes of computing a fund's net asset value. A shareholder may incur transaction expenses in converting these securities to cash. Please see the prospectus for any requirements that may be applicable to certain funds to provide cash up to certain amounts. For the following funds, this right may only be exercised upon the consent of the shareholder: Money Market Portfolio and Government & Agency Securities Portfolio, each a series of Cash Account Trust; Cash Reserves Fund Institutional and DWS Money Market Series, each a series of DWS Money Market Trust; and Treasury Portfolio and DWS Variable NAV Money Fund, each a series of Investors Cash Trust.

CHECKWRITING (applicable to DWS Short Duration Fund, DWS Intermediate Tax/AMT Free Fund and DWS Massachusetts Tax-Free Fund only). The Checkwriting Privilege is not offered to new investors. The Checkwriting Privilege is available for shareholders of DWS Intermediate Tax/AMT Free Fund and DWS Short Term Bond Fund (which was acquired by DWS Short Duration Fund) who previously elected this privilege prior to August 19, 2002, and to shareholders of DWS Massachusetts Tax-Free Fund who were shareholders of the Scudder Massachusetts Limited Term Tax Free Fund prior to July 31, 2000. Checks may be used to pay any person, provided that each check is for at least $100 and not more than $5 million. By using the checks, the shareholder will receive daily dividend credit on his or her shares until the check has cleared the banking system. Investors who purchased shares by check may write checks against those shares only after they have been on a fund's book for 10 calendar days. Shareholders who use this service may also use other redemption procedures. No shareholder may write checks against certificated shares. A fund pays the bank charges for this service. However, each fund will review the cost of operation periodically and reserve the right to determine if direct charges to the persons who avail themselves of this service would be appropriate. Each fund, State Street Bank and Trust Company and the Transfer Agent reserve the right at any time to suspend or terminate the Checkwriting procedure.

MONEY MARKET FUNDS ONLY

The following sections relate to certain Money Market Funds. Please consult the prospectus for the availability of these redemption features for a specific fund.

REDEMPTION BY CHECK/ACH DEBIT DISCLOSURE. A fund will accept Automated Clearing House (ACH) debit entries for accounts that have elected the checkwriting redemption privilege (see Redemptions by Draft below). Please consult the prospectus for the availability of the checkwriting privilege for a specific fund. An example of an ACH debit is a transaction in which you have given your insurance company, mortgage company, credit card company, utility company, health club, etc., the right to withdraw your monthly payment from your fund account or the right to convert your mailed check into an ACH debit. Sometimes, you may give a merchant from whom you wish to purchase goods the right to convert your check to an ACH debit. You may also authorize a third party to initiate an individual payment in a specific amount

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from your account by providing your account information and authorization to such third party via the Internet or telephone. You authorize a fund upon receipt of an ACH debit entry referencing your account number, to redeem fund shares in your account to pay the entry to the third party originating the debit. A fund will make the payment on the basis of the account number that you provide to your merchant and will not compare this account number with the name on the account. A fund, the Shareholder Service Agent or any other person or system handling the transaction are not required to determine if there is a discrepancy between the name and the account number shown on the transfer instructions.

The payment of any ACH debit entry will be subject to sufficient funds being available in the designated account; a fund will not be able to honor an ACH debit entry if sufficient funds are not available. ACH debit entry transactions to your fund account should not be initiated or authorized by you in amounts exceeding the amount of Shares of a fund then in the account and available for redemption. A fund may refuse to honor ACH debit entry transactions whenever the right of redemption has been suspended or postponed, or whenever the account is otherwise impaired. Your fund account statement will show any ACH debit entries in your account; you will not receive any other separate notice. (Merchants are permitted to convert your checks into ACH debits only with your prior consent.)

You may authorize payment of a specific amount to be made from your account directly by a fund to third parties on a continuing periodic basis. To arrange for this service, you should contact the person or company you will be paying. Any preauthorized transfers will be subject to sufficient funds being available in the designated account. A preauthorized transfer will continue to be made from the account in the same amount and frequency as initially established until you terminate the preauthorized transfer instructions with the person or company whom you have been paying. If regular preauthorized payments may vary in amount, the person or company you are going to pay should tell you ten (10) days before each payment will be made and how much the payment will be. If you have told a fund in advance to make regular payments out of your account, you may stop any of these payments by writing or calling the Shareholder Service Agent at the address and telephone number listed in the next paragraph in time for the Shareholder Service Agent to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, a fund may also require that you put your request in writing so that a fund will receive it within 14 days after you call. If you order a fund to stop one of these payments three (3) business days or more before the transfer is scheduled and a fund does not do so, a fund will be liable for your loss or damages but not in an amount exceeding the amount of the payment. A stop payment order will stop only the designated periodic payment. If you wish to terminate the periodic preauthorized transfers, you should do so with the person or company to whom you have been making payments.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ACH DEBIT ENTRY TRANSACTIONS please telephone (see telephone number on front cover) or write (DWS Investments Service Company, P.O. Box 219151, Kansas City, MO 64121-9151) the Shareholder Service Agent as soon as possible if you think your statement is wrong or shows an improper transfer or if you need more information about a transfer listed on the statement. Our business days are Monday through Friday except holidays. The Shareholder Service Agent must hear from you no later than 60 days after a fund sent you the first fund account statement on which the problem or error appeared. If you do not notify the Shareholder Service Agent within sixty (60) days after a fund sends you the account statement, you may not get back any money you have lost, and you may not get back any additional money you lose after the sixty (60) days if a fund or the Shareholder Service Agent could have stopped someone from taking that money if you had notified the Shareholder Service Agent in time.

Tell us your name and account number, describe the error or the transfer you are unsure about, and explain why you believe it is an error or why you need more information. Tell us the dollar amount of the suspected error. If you tell the Shareholder Service Agent orally, the Shareholder Service Agent may require that you send your complaint or questions in writing within ten (10) business days. The Shareholder Service Agent will determine whether an error occurred within ten (10) business days after it hears from you and will correct any error promptly. If the Shareholder Service Agent needs more time, however, it may take up to 45 days (90 days for certain types of transactions) to investigate your complaint or question. If the Shareholder Service Agent decides to do this, your account will be credited with escrowed fund shares within ten (10) business days for the amount you think is in error so that you will have the use of the money during the time it takes the Shareholder Service Agent to complete its investigation. If the Shareholder Service Agent asks you to put your complaint or questions in writing and the Shareholder Service Agent does not receive it within ten (10) business days, your account may not be credited. The Shareholder Service Agent will tell you the results within three
(3) business days after

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completing its investigation. If the Shareholder Service Agent determines that there was no error, the Shareholder Service Agent will send you a written explanation. You may ask for copies of documents that were used by the Shareholder Service Agent in the investigation.

In the event a fund or the Shareholder Service Agent does not complete a transfer from your account on time or in the correct amount according to a fund's agreement with you, a fund may be liable for your losses or damages. A fund will not be liable to you if (i) there are not sufficient funds available in your account, (ii) circumstances beyond our control (such as fire or flood or malfunction of equipment) prevent the transfer, (iii) you or another shareholder have supplied a merchant with incorrect account information, or
(iv) a merchant has incorrectly formulated an ACH debit entry. In any case, a fund's liability shall not exceed the amount of the transfer in question.

A fund or the Shareholder Service Agent will disclose information to third parties about your account or the transfers you make: (1) where it is necessary for completing the transfers, (2) in order to verify the existence or condition of your account for a third party such as a credit bureau or a merchant, (3) in order to comply with government agencies or court orders or (4) if you have given a fund written permission.

The acceptance and processing of ACH debit entry transactions is established solely for your convenience and a fund reserves the right to suspend, terminate or modify your ability to redeem fund shares by ACH debit entry transactions at any time. ACH debit entry transactions are governed by the rules of the National Automated Clearing House Association (NACHA) Operating Rules and any local ACH operating rules then in effect, as well as Regulation E of the Federal Reserve Board.

REDEMPTIONS BY DRAFT. Upon request, shareholders of certain Money Market Funds will be provided with drafts to be drawn on a fund (Redemption Checks). Please consult the prospectus for the availability of the checkwriting redemption privilege for a specific Money Market Fund. These Redemption Checks may be made payable to the order of any person for not more than $5 million. When a Redemption Check is presented for payment, a sufficient number of full and fractional shares in the shareholder's account will be redeemed as of the next determined net asset value to cover the amount of the Redemption Check. This will enable the shareholder to continue earning dividends until a fund receives the Redemption Check. A shareholder wishing to use this method of redemption must complete and file an Account Application which is available from a fund or firms through which shares were purchased. Redemption Checks should not be used to close an account since the account normally includes accrued but unpaid dividends. A fund reserves the right to terminate or modify this privilege at any time. This privilege may not be available through some firms that distribute shares of a fund. In addition, firms may impose minimum balance requirements in order to offer this feature. Firms may also impose fees to investors for this privilege or establish variations of minimum check amounts.

Unless more than one signature is required pursuant to the Account Application, only one signature will be required on Redemption Checks. Any change in the signature authorization must be made by written notice to the Shareholder Service Agent. Shares purchased by check or through certain ACH transactions may not be redeemed by Redemption Check until the shares have been on a fund's books for at least 10 days. Shareholders may not use this procedure to redeem shares held in certificate form. A fund reserves the right to terminate or modify this privilege at any time.

A fund may refuse to honor Redemption Checks whenever the right of redemption has been suspended or postponed, or whenever the account is otherwise impaired. A $10 service fee will be charged when a Redemption Check is presented to redeem fund shares in excess of the value of a fund account or in an amount less than the minimum Redemption Check amount specified in the prospectus; when a Redemption Check is presented that would require redemption of shares that were purchased by check or certain ACH transactions within 10 days; or when "stop payment" of a Redemption Check is requested.

SPECIAL REDEMPTION FEATURES. Certain firms that offer Shares of the Money Market Funds also provide special redemption features through charge or debit cards and checks that redeem fund shares. Various firms have different charges for their services. Shareholders should obtain information from their firm with respect to any special redemption features, applicable charges, minimum balance requirements and special rules of the cash management program being offered.

EXCHANGES

The exchange features may not be available to all funds. Please consult the prospectus for the availability of exchanges for a specific fund. A fund may offer only certain of the classes of shares referred to in the subsections below. Thus, the information provided below in regard

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to the exchange of certain classes of shares is only applicable to funds offering such classes of shares. In addition, the information provided below does not apply to contract holders in variable insurance products. Contract holders should consult their contract prospectuses for applicable exchange procedures.

GENERAL. Shareholders may request a taxable exchange of their shares for shares of the corresponding class of other DWS funds without imposition of a sales charge, subject to the provisions below. If you exchange shares that have a CDSC, the CDSC is not imposed on the exchange; however, the later redemption of the acquired shares would be subject to the CDSC schedule of the acquired fund (which, for Class A shares only, may differ from the schedule for a fund you are exchanging out of), based on original cost and purchase date of the shares you exchanged out of.

Shareholders who exchange their shares out of a DWS money market fund into Class A shares of certain other DWS funds will generally be subject to the applicable sales charge (not including shares acquired by dividend reinvestment or by exchange from Class A shares of another DWS fund).

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: dws-investments.com (the Web site does not form a part of this Statement of Additional Information) or call DWS Investments (see telephone number on front cover).

Shareholders must obtain prospectus(es) of the DWS fund they are exchanging into from dealers, other firms or DIDI.

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.

EXCHANGES INVOLVING INSTITUTIONAL SHARES. The following persons may, subject to certain limitations, exchange the DWS Money Market Fund shares of DWS Money Market Prime Series, for shares of the institutional class of other DWS funds, and may exchange shares of the institutional class of other DWS funds for DWS Money Market Fund shares: (1) a current or former director or trustee of the Deutsche or DWS mutual funds; and (2) 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 a fund.

COMPENSATION OF FINANCIAL INTERMEDIARIES

INCENTIVE PLAN FOR DWS INVESTMENTS DISTRIBUTORS PERSONNEL. DIDI has adopted an Incentive Plan (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 an annual outperformance award potential, based on achieving certain sales and other performance metrics. 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 tier of a fund. Each fund is assigned to one of four product tiers - Tier I: cornerstone or capital market compass funds; Tier II: core or baseline funds; Tier III:
non-core funds; and Tier IV: index or passive funds - taking into consideration, among other things, the following criteria, where applicable:

o a fund's consistency with DWS Investments' branding and long-term strategy

o a fund's competitive performance

o a fund's Morningstar rating

o The length of time a fund's Portfolio Managers have managed a fund/Strategy

o Market size for the fund tier

o a fund's size, including sales and redemptions of a fund's shares

This information and other factors are presented to a senior management committee comprised of representatives from various groups within DWS Investments, who review on a regular basis the funds assigned to each product tier described above, and may make changes to those assignments periodically. No one factor, whether positive or negative, determines a fund's placement in a given product tier; all these factors together are considered, and the designation of funds in a particular tier represents management's judgment based on the above criteria. In addition, management may consider a

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fund's profile over the course of several review periods before making a change to its tier assignment. These tier assignments will be posted quarterly to the DWS funds' Web site at dws-investments.com/EN/wholesaler-compensation.jsp, approximately one month after the end of each quarter. DWS Investments Wholesalers receive the highest compensation for Tier I funds, successively less for Tier II (within which there are two payout sub-tiers) and Tier III funds, and the lowest for Tier IV funds. The level of compensation among these product tiers 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 product tier that is most appropriate to the type of fund at the time of its launch based on the criteria described above. As described above, the fund tier 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 funds in higher payout tiers over funds in lower payout tiers. 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 tier of the fund into account when considering purchasing a fund or evaluating any recommendations relating to fund shares.

FINANCIAL SERVICES FIRMS' COMPENSATION. DIDI may pay compensation to financial intermediaries in connection with the sale of fund shares as described in PART II - APPENDIX II-D. In addition, financial intermediaries may receive compensation for post-sale administrative services from DIDI or directly from a fund as described in PART II - APPENDIX II-D.

COMPENSATION FOR RECORDKEEPING SERVICES. Certain financial institutions, including affiliates of DIDI, may receive compensation from a fund for recordkeeping and other expenses relating to nominee accounts or for providing certain services to their client accounts. Generally, payments by a fund to financial institutions for providing such services are not expected to exceed 0.25% of shareholder assets for which such services are provided. Normally, compensation for these financial institutions is paid by the Transfer Agent, which is in turn reimbursed by the applicable fund. To the extent that record keeping compensation in excess of the amount reimbursed by a fund is owed to a financial institution, the Transfer Agent, Distributor or Advisor may pay compensation from their own resources (see Financial Intermediary Support Payments below).

COMPENSATION FOR RECORDKEEPING SERVICES: VARIABLE INSURANCE FUNDS. Technically, the shareholders of DWS Variable Series I, DWS Variable Series II and DWS Investments VIT Funds are the participating insurance companies that offer shares of the funds as investment options for holders of certain variable annuity contracts and variable life insurance policies. Effectively, ownership of fund shares is passed through to insurance company contract and policy holders. The holders of the shares of a fund on the records of a fund are the insurance companies and no information concerning fund holdings of specific contract and policy holders is maintained by a fund. The insurance companies place orders for the purchase and redemption of fund shares with a fund reflecting the investment of premiums paid, surrender and transfer requests and other matters on a net basis; they maintain all records of the transactions and holdings of fund shares and distributions thereon for individual contract and policy holders; and they prepare and mail to contract and policy holders confirmations and periodic account statements reflecting such transactions and holdings.

A fund may compensate certain insurance companies for record keeping and other administrative services performed with regard to holdings of Class B shares as an expense of the Class B shares up to 0.15%. These fees are included within the "Other Expenses" category in the fee table for each portfolio in the Class B Shares Prospectus (see How Much Investors Pay in the applicable fund's prospectus). In addition, the Advisor may, from time to time, pay from its own resources certain insurance companies for record keeping and other administrative services related to Class A and Class B shares of the Portfolios held by such insurance companies on behalf of their contract and policy holders (see Financial Intermediary Support Payments below).

FINANCIAL INTERMEDIARY SUPPORT PAYMENTS. 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).

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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 or Advisor 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 0.01% up to 0.56% of assets of a fund serviced and maintained by the financial advisor, 0.05% to 0.25% of sales of a fund attributable to the financial advisor, a flat fee of up to $60,000, 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 a fund or of any particular share class of a 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 a 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. or ExpertPlan, 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 firms listed in PART II - APPENDIX II-E will receive revenue sharing payments at different points during the coming year as described above.

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 a 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 a fund receives to invest on behalf of an investor and will not increase fund expenses. You may wish to take

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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 a 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 a 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.

DIVIDENDS (FOR ALL FUNDS EXCEPT MONEY FUNDS). A fund, other than a money fund, intends to distribute, at least annually: (i) substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), which includes generally taxable ordinary income and any excess of net realized short-term capital gains over net realized long-term capital losses, and net tax-exempt income, if any; and (ii) the entire excess of net realized long-term capital gains over net realized short-term capital losses. However, if a fund determines that it is in the interest of its shareholders, a fund may decide to retain all or part of its net realized long-term capital gains for reinvestment, after paying the related federal taxes. In such a case, shareholders will be treated for federal income tax purposes as having received their share of such gains, but will then generally be able to claim a credit against their federal income tax liability for the federal income tax a fund pays on such gain. If a fund does not distribute the amount of ordinary income and/or capital gain required to be distributed by an excise tax provision of the Code, a fund may be subject to that excise tax on the undistributed amounts. In certain circumstances, a fund may determine that it is in the interest of shareholders to distribute less than the required amount.

A fund has a schedule for paying out any earnings to shareholders (see Understanding Distributions and Taxes in each fund's prospectus). Additional distributions may also be made in November or December (or treated as made on December 31) if necessary to avoid an excise tax imposed under the Code.

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 a 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 C shares than for other share classes primarily as a result of the distribution services fee applicable to Class B and C shares. Distributions of capital gains, if any, will be paid in the same amount for each class.

Income dividends and capital gain dividends (see Taxation of US Shareholders - Dividends and Distributions), if any, of a fund will be credited to shareholder accounts in full and fractional shares of the same class of that fund at net asset value on the reinvestment date, unless shareholders indicate to the Shareholder Service Agent, that they wish to receive them in cash or in shares of other DWS funds as provided in the fund's prospectus. Shareholders must maintain the required minimum account balance in the fund distributing the dividends in order to use this privilege of investing dividends of a fund in shares of another DWS fund. A 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 a fund in the aggregate amount of $10 or less are automatically reinvested in shares of that fund and class unless the shareholder requests that a check be issued for that particular distribution. Shareholders who chose to receive distributions by electronic transfer are not subject to this minimum.

Generally, if a shareholder has elected to reinvest any dividends and/or other distributions, such distributions will be made in shares of that fund and confirmations will be mailed to each 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 generally taxable, whether made in shares or cash.

With respect to variable insurance products, all distributions will be reinvested in shares of a fund unless we are informed by an insurance company that they should be paid out in cash. The insurance companies will be

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informed about the amount and character of distributions from the relevant fund for federal income tax purposes.

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 income tax purposes. Early each year, a fund issues to each shareholder a statement of the federal income tax status of all distributions in the prior calendar year.

A 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 net long-term capital gains as its Board determines appropriate under the then-current circumstances. In particular, and without limiting the foregoing, a fund may make additional distributions of net investment income or net realized capital gain in order to satisfy the minimum distribution requirements contained in the Code.

DIVIDENDS (MONEY FUNDS). Dividends are declared daily and paid monthly. Shareholders will receive dividends in additional shares unless they elect to receive cash, as provided in a fund's prospectus. Dividends will be reinvested monthly in shares of a fund at net asset value. A fund will pay shareholders that redeem their entire accounts all unpaid dividends at the time of the redemption not later than the next dividend payment date.

Each money fund calculates its dividends based on its daily net investment income. For this purpose, the net investment income of a money fund generally consists of (a) accrued interest income plus or minus amortized discount or premium, (b) plus or minus all short-term realized gains and losses on investments and (c) minus accrued expenses allocated to the applicable fund. Expenses of each money fund are accrued each day. Dividends are reinvested monthly and shareholders will receive monthly confirmations of dividends and of purchase and redemption transactions except that confirmations of dividend reinvestment for Individual Retirement Accounts and other fiduciary accounts for which SSB acts as trustee will be sent quarterly.

Distributions of a fund's net realized long-term capital gains in excess of net realized short-term capital losses, if any, and any undistributed net realized short-term capital gains in excess of net realized long-term capital losses are normally declared and paid annually at the end of the fiscal year in which they were earned to the extent they are not offset by any capital loss carryforwards.

If the shareholder elects to receive dividends or distributions in cash, checks will be mailed monthly, within five business days of the reinvestment date, to the shareholder or any person designated by the shareholder. A fund reinvests dividend checks (and future dividends) in shares of a fund if checks are returned as undeliverable. Dividends and other distributions in the aggregate amount of $10 or less are automatically reinvested in shares of a fund unless the shareholder requests that a check be issued for that particular distribution. Shareholders who chose to receive distributions by electronic transfer are not subject to this minimum.

Dividends and distributions are treated the same for federal income tax purposes, whether made in shares or cash.

DISTRIBUTION AND SERVICE AGREEMENTS AND PLANS

For information regarding distribution and service agreements and plans for retail funds, see I. RETAIL FUNDS below.

For information regarding distribution and service agreements and plans for money market funds, see II. MONEY MARKET FUNDS below.

For information regarding distribution and service agreements and plans for variable insurance funds, see III. DWS VARIABLE SERIES I AND DWS VARIABLE SERIES II; and IV. DWS INVESTMENTS VIT FUNDS below.

I. RETAIL FUNDS

A fund may offer only certain of the classes of shares referred to in the subsections below. Thus, the information provided below in regard to certain classes of shares is only applicable to funds offering such classes of shares.

RULE 12B-1 PLANS. Certain funds, as described in the applicable prospectuses, have adopted plans pursuant to Rule 12b-1 under the 1940 Act (each a Rule 12b-1 Plan) on behalf of their Class A, B, C and R shares, as applicable, that authorize payments out of class assets for distribution and/or shareholder and administrative services as described in more detail below. Because Rule 12b-1 fees are paid out of class 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.

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Rule 12b-1 Plans provide alternative methods for paying sales charges and provide compensation to DIDI or intermediaries for post-sale servicing, which may help funds grow or maintain asset levels to provide operational efficiencies and economies of scale. Each Rule 12b-1 Plan is approved and reviewed separately for each applicable class 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. A Rule 12b-1 Plan 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.

If a Rule 12b-1 Plan is terminated in accordance with its terms, the obligation of the applicable class to make payments to DIDI pursuant to the Rule 12b-1 Plan will cease and a fund will not be required to make any payments not previously accrued past the termination date. Thus, there is no legal obligation for a class 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. Because the Rule 12b-1 Plans are compensation plans, future fees under a 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 applicable Rule 12b-1 Plan than it has expended over that same period in providing distribution services for a fund. For example, if Class B shares of a fund were to appreciate (resulting in greater asset base against which Rule 12b-1 fees are charged) and sales of a fund's Class B shares were to decline (resulting in lower expenditures by DIDI under the Rule 12b-1 Plan), fees payable could exceed expenditures. Similarly, fees paid to DIDI could exceed DIDI's expenditures 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 Class B shares 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 Class B shares investment to Class A shares). Under these or other circumstances where DIDI's expenses are less than the Rule 12b-1 fees, DIDI will retain its full fees and make a profit.

CLASS B, CLASS C AND CLASS R SHARES

FEES FOR DISTRIBUTION SERVICES. For its services under the Distribution Agreement, DIDI receives a fee from a fund under its Rule 12b-1 Plan, payable monthly, at the annual rate of 0.75% of average daily net assets of a fund attributable to its Class B shares. This fee is accrued daily as an expense of Class B shares. Under the Distribution Agreement, DIDI also receives any contingent deferred sales charges paid with respect to Class B shares. DIDI currently compensates firms for sales of Class B shares at a commission rate of 3.75%.

For its services under the Distribution Agreement, DIDI receives a fee from a fund under its Rule 12b-1 Plan, payable monthly, at the annual rate of 0.75% of average daily net assets of a fund attributable to Class C shares. This fee is accrued daily as an expense of Class C shares. DIDI currently advances to firms the first year distribution fee at a rate of 0.75% of the purchase price of Class C shares. DIDI does not advance the first year distribution fee to firms 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 between ADP, Inc. and DIDI and its affiliates. 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. This fee continues until terminated by DIDI or the applicable fund. Under the Distribution Agreement, DIDI also receives any contingent deferred sales charges paid with respect to Class C shares.

For its services under the Distribution Agreement, DIDI receives a fee from a fund under its Rule 12b-1 Plan, payable monthly, at the annual rate of 0.25% of average daily net assets of a fund attributable to Class R shares. This fee is accrued daily as an expense of Class R shares. DIDI currently pays firms for sales of Class R shares a distribution fee, payable quarterly, at an annual rate of 0.25% of net assets attributable to Class R shares maintained and serviced by the firm. This fee continues until terminated by DIDI or the applicable fund.

CLASS A, CLASS B, CLASS C AND CLASS R SHARES

FEES FOR SHAREHOLDER SERVICES. For its services under the Services Agreement, DIDI receives a shareholder services fee from a fund under a Rule 12b-1 Plan, payable monthly, at an annual rate of up to 0.25% of the average daily net assets of Class A, B, C and R shares of a fund, as applicable.

With respect to Class A and Class R Shares of a fund, DIDI pays each firm a service fee, payable quarterly, at an annual rate of up to 0.25% of the net assets in fund accounts that it maintains and services attributable to Class A and Class R Shares of a fund, generally

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commencing with the month after investment (for Class A shares) and immediately after investment (for Class R shares). With respect to Class B and Class C Shares of a fund, DIDI currently advances to firms the first-year service fee at a rate of up to 0.25% of the purchase price of such shares. DIDI does not advance the first year service fee to firms attributable to Class C shares to employer-sponsored employee benefit plans using the OmniPlus subaccount record keeping system made available through ADP, Inc. under an alliance between ADP, Inc. and DIDI and its affiliates. For periods after the first year, DIDI currently intends to pay firms a service fee at a rate of up to 0.25% (calculated monthly and paid quarterly) of the net assets attributable to Class B and Class C shares of a fund maintained and serviced by the firm.

Firms to which service fees may be paid include affiliates of DIDI. In addition DIDI may, from time to time, pay certain firms from its own resources additional amounts for ongoing administrative services and assistance provided to their customers and clients who are shareholders of a fund.

DIDI also may provide some of the above services and may retain any portion of the fee under the Services Agreement not paid to firms to compensate itself for shareholder or administrative functions performed for a fund. Currently, the shareholder services fee payable to DIDI is payable at an annual rate of up to 0.25% of net assets based upon fund assets in accounts for which a firm provides administrative services and at the annual rate of 0.15% of net assets based upon fund assets in accounts for which there is no firm of record (other than DIDI) listed on a fund's records. The effective shareholder services fee rate to be charged against all assets of each fund while this procedure is in effect will depend upon the proportion of fund assets that is held in accounts for which a firm of record provides shareholder services. The Board of each fund, in its discretion, may approve basing the fee to DIDI at the annual rate of 0.25% on all fund assets in the future.

II. MONEY MARKET FUNDS (EXCEPT DWS CASH INVESTMENT TRUST CLASS A, B AND C SHARES, WHICH ARE ADDRESSED UNDER RETAIL FUNDS ABOVE)

RULE 12B-1 PLANS. Certain Money Market Funds have adopted for certain classes of shares a plan pursuant to Rule 12b-1 under the 1940 Act (each a Rule 12b-1 Plan) that provides for fees payable as an expense of the class that are used by DIDI to pay for distribution services for those classes. Additionally, in accordance with the Rule 12b-1 Plan for certain classes, shareholder and administrative services are provided to the applicable fund for the benefit of the relevant classes under a fund's Services Agreement with DIDI. With respect to certain classes, shareholder and administrative services may be provided outside of a Rule 12b-1 Plan either by DIDI pursuant to the Services Agreement or by financial services firms under a Shareholder Services Plan. Because Rule 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 Rule 12b-1 Plans provide alternative methods for paying for distribution services and provide compensation to DIDI or financial services firms for post-sales servicing, which may help funds grow or maintain asset levels to provide operational efficiencies and economies of scale. Each Rule 12b-1 Plan is approved and reviewed separately for each such class 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. A Rule 12b-1 Plan 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 a fund.

If a Rule 12b-1 Plan is terminated in accordance with its terms, the obligation of the applicable fund to make payments to DIDI pursuant to the Rule 12b-1 Plan will cease and a fund will not be required to make any payments not previously accrued past the termination date. Thus, there is no legal obligation for a 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. Because the Rule 12b-1 Plans are compensation plans, future fees under a 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 applicable Rule 12b-1 Plan than it has expended over that same period.

DISTRIBUTION AND SHAREHOLDER SERVICES

Service Shares - Cash Account Trust. The Distribution Agreement authorizes the fund to pay DIDI, as an expense of the Service Shares classes of the Money Market Portfolio, the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio of Cash Account Trust, a distribution services fee, payable monthly, at an annual rate of 0.60% of average daily net assets of the Service Shares of the applicable fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for

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distribution and administrative services, payable monthly, at a maximum annual rate of up to 0.60% of average daily net assets of Service Shares held in accounts that they maintain and service.

Premier Shares - Tax-Exempt California Money Market Fund. The Distribution Agreement authorizes the fund to pay DIDI, as an expense of the Premier Shares class of the Tax-Exempt California Money Market Fund, a distribution services fee, payable monthly, at an annual rate of 0.33% of average daily net assets of the Premier Shares of the fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for distribution and administrative services, payable monthly, at a maximum annual rate of up to 0.33% of average daily net assets of Premier Shares held in accounts that they maintain and service.

Tax-Exempt New York Money Market Fund - NY Tax Free Money Fund. The Distribution Agreement authorizes the fund to pay DIDI, as an expense of Tax-Exempt New York Money Market Fund shares, a class of NY Tax Free Money fund, a series of DWS Money Market Trust, a distribution services fee, payable monthly, at an annual rate of 0.50% of average daily net assets of the Tax-Exempt New York Money Market Fund shares of the fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for distribution and administrative services, payable monthly, at a maximum annual rate of up to 0.50% of average daily net assets of Tax-Exempt New York Money Market Fund shares held in accounts that they maintain and service.

Premium Reserve Money Market Shares - Cash Account Trust. The Services Agreement authorizes the fund to pay DIDI, as an expense of the Premium Reserve Money Market Shares class of the Money Market Portfolio of Cash Account Trust, an administrative service fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Premium Reserve Money Market Shares of the fund. A portion of this administrative service fee (0.10% of the 0.25% fee) is paid pursuant to a Rule 12b-1 Plan. The Premium Money Market Reserve Shares pay the full amount authorized by the Plan as part of its 0.25% administrative service rate. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of Premium Reserve Money Market Shares held in accounts that they maintain and service.

Premier Money Market Shares - Investors Cash Trust. The Distribution Agreement authorizes a fund to pay DIDI, as an expense of the Premier Money Market Shares class of the Treasury Portfolio of Investors Cash Trust, a distribution services fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Premier Money Market Shares of the fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for distribution services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of Premier Money Market Shares held in accounts that they maintain and service. The Services Agreement authorizes a fund to pay DIDI, as an expense of the Premier Money Market Shares of the fund, an administrative service fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Premier Money Market Shares of the fund. This administrative service fee is not paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of Premier Money Market Shares held in accounts that they maintain and service.

Davidson Cash Equivalent Shares - Cash Account Trust. The Distribution Agreement authorizes a fund to pay DIDI, as an expense of the Davidson Cash Equivalent Shares and the Davidson Cash Equivalent Plus Shares classes of the Money Market Portfolio, the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio of Cash Account Trust, a distribution services fee, payable monthly, at an annual rate of 0.30% in the case of the Davidson Cash Equivalent Shares and 0.25% in the case of the Davidson Cash Equivalent Plus Shares of average daily net assets of the applicable class of a fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays the sole sub-distributor for the classes, D.A. Davidson & Co., a fee for distribution services, payable monthly, at a maximum annual rate of up to 0.30% of average daily net assets of those accounts in the Davidson Cash Equivalent Shares that it maintains and services and 0.25% of average daily net assets in the case of those accounts in the Davidson Cash Equivalent Plus Shares that it maintains and services. The Services Agreement authorizes a fund to pay DIDI, as an expense of the aforementioned classes, an administrative service fee, payable monthly, at an annual rate of 0.25% in the case of the Davidson Cash Equivalent Shares and 0.25% (currently limited to 0.20%) in the case of the Davidson Cash Equivalent Plus Shares of average daily net assets of those shares of a fund. This administrative service fee is not paid pursuant to a Rule 12b-1 Plan. DIDI normally pays the sole sub-distributor a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of those accounts in the Davidson Cash Equivalent Shares that it maintains and services and 0.20% of average daily net assets in the case of those accounts in the Davidson Cash

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Equivalent Plus Shares that it maintains and services. The Davidson Cash Equivalent Plus Shares class is limited to the Money Market Portfolio and the Government & Agency Securities Portfolio.

Capital Assets Funds - Cash Account Trust. The Distribution Agreement authorizes a fund to pay DIDI, as an expense of the Capital Assets Funds Shares, the Government & Agency Securities Portfolio and the Tax-Exempt Portfolio of Cash Account Trust, a distribution services fee, payable monthly, at an annual rate of 0.33% of average daily net assets of the Capital Assets Funds Shares of the applicable fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays the sole sub-distributor for the classes, Apex Clearing Corporation, a fee for distribution services, payable monthly, at a maximum annual rate of up to 0.33% of average daily net assets of those accounts in the Capital Assets Funds Shares that it maintains and services. The Services Agreement authorizes a fund to pay DIDI, as an expense of the aforementioned classes, an administrative service fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Capital Assets Funds Shares of the applicable fund. This administrative service fee is not paid pursuant to a Rule 12b-1 Plan. DIDI normally pays the sole sub-distributor a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of those accounts in the Capital Assets Funds Shares that it maintains and services.

Managed Shares - Cash Account Trust. The Services Agreement currently authorizes a fund to pay DIDI, as an expense of the Government Cash Managed Shares class of the Government & Agency Securities Portfolio of Cash Account Trust and the Tax-Exempt Cash Managed Shares class of the Tax-Exempt Portfolio of Cash Account Trust, an administrative service fee, payable monthly, at an annual rate of 0.15% of average daily net assets of the Managed Shares of a fund. This fee is paid pursuant to a Rule 12b-1 Plan. The Rule 12b-1 Plan for the Tax-Exempt Cash Managed Shares class authorizes the payment of up to 0.25% of average daily net assets of the class and, at the discretion of the Board, the administrative service fee may be increased from the current level to a maximum of 0.25% of average daily net assets. The Rule 12b-1 Plan for the Government Cash Managed Shares class authorizes the payment of up to 0.15% of average daily net assets of the class. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.15% of average daily net assets of Managed Shares held in accounts that they maintain and service.

Institutional Shares - Investors Cash Trust. The Services Agreement authorizes each fund to pay DIDI, as an expense of the Institutional Shares class of the Treasury Portfolio and DWS Variable NAV Money Fund, each a series of Investors Cash Trust, an administrative service fee, payable monthly, at an annual rate of 0.05% of average daily net assets of the Institutional Shares of the fund, which may be increased to 0.10% for the Institutional Shares of the Treasury Portfolio at the discretion of the Board. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.05% of average daily net assets of Institutional Shares held in accounts that they maintain and service.

Tax-Free Investment Class - Cash Account Trust and Investment Class - Investors Cash Trust. The Distribution Agreement authorizes a fund to pay DIDI, as an expense of the Tax-Free Investment Class of the Tax-Exempt Portfolio of Cash Account Trust and the Investment Class of the Treasury Portfolio of Investors Cash Trust (collectively, Investment Class), a distribution services fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Investment Class shares of the applicable fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for distribution services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of shares of the Investment Class held in accounts that they maintain and service. The Services Agreement authorizes a fund to pay DIDI, as an expense of the Investment Class of the aforementioned funds, an administrative service fee, payable monthly, at an annual rate of 0.07% of average daily net assets of the Investment Class shares of the applicable fund. This administrative service fee is not paid pursuant to Rule 12b-1 Plan. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.07% of average daily net assets of shares of the Investment Class held in accounts that they maintain and service.

Cash Reserve Prime Shares - Cash Reserve Fund, Inc. The Distribution Agreement authorizes the fund to pay DIDI, as an expense of the Cash Reserve Prime Shares class of the Prime Series of Cash Reserve Fund Inc., a distribution services fee, payable monthly, at an annual rate of 0.25% of average daily net assets of the Cash Reserve Prime Shares of the fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for distribution services, payable monthly, at a maximum annual rate of up to 0.25% of average daily net assets of shares of the Cash Reserve Prime Shares held in accounts that they maintain and service. The Distribution Agreement also authorizes the fund to pay DIDI,

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as an expense of the Cash Reserve Prime Shares, an administrative service fee, payable monthly, at an annual rate of 0.07% of average daily net assets of the Cash Reserve Prime Shares of the fund. This administrative service fee is not paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.07% of average daily net assets of shares of the Cash Reserve Prime Shares held in accounts that they maintain and service.

Managed Shares - Cash Reserve Fund, Inc. The Services Agreement authorizes the fund to pay DIDI, as an expense of the Managed Shares class of the Prime Series of Cash Reserve Fund, Inc., an administrative service fee, payable monthly, at an annual rate of 0.15% of average daily net assets of the Managed Shares of the fund. This fee is paid pursuant to a Rule 12b-1 Plan. DIDI normally pays firms a fee for administrative services, payable monthly, at a maximum annual rate of up to 0.15% of average daily net assets of Managed Shares held in accounts that they maintain and service.

Shareholder Services Plan for Cash Management Fund - Institutional Class, Cash Reserves Fund Institutional - Institutional Class, NY Tax Free Money Fund - Investment Class and Tax-Free Money Fund - Investment Shares, each a series and class of DWS Money Market Trust. Each fund has adopted for the classes specified (Class) a shareholder service plan (Plan). Under the Plan, which is not a Rule 12b-1 Plan, a fund may pay financial services firms a service fee at an annual rate of up to 0.25 of 1% of the average daily net assets of shares of the Class held in accounts that the firm maintains and services. The service fee is accrued daily as an expense of the Class. A fund together with DIDI may enter into agreements with firms pursuant to which the firms provide personal service and/or maintenance of shareholder accounts including, but not limited to, establishing and maintaining shareholder accounts and records, distributing monthly statements, processing purchase and redemption transactions, automatic investment in fund shares of client account cash balances, answering routine client inquiries regarding a fund, assistance to clients in changing dividend options, account designations and addresses, aggregating trades of all the firm's clients, providing account information to clients in client sensitive formats and such other services as a fund may reasonably request. Service fees are not payable for advertising, promotion or other distribution services.

The Plan continues in effect from year to year so long as its continuance is approved at least annually by the vote of a majority of (a) the Board, and (b) the Board Members who are not "interested persons" of a fund and who have no direct or indirect financial interest in the operation of the Plan, or any related agreements. The Plan may be terminated with respect to the Class at any time by vote of the Board, including a vote by the Board Members who are not "interested persons" of a fund and who have no direct or indirect financial interest in the operation of the Plan, or any related agreements. The Plan may not be amended to increase materially the amount of service fees provided for in the Plan unless the amendment is approved in the manner provided for annual continuance of the Plan discussed above. If the Plan is terminated or not renewed, a fund will not be obligated to make any payments of service fees that accrued after the termination date.

III. DWS VARIABLE SERIES I AND DWS VARIABLE SERIES II

RULE 12B-1 PLAN. Each fund of DWS Variable Series I and DWS Variable Series II that has authorized the issuance of Class B shares has adopted a distribution plan under Rule 12b-1 (Plan) that provides for fees payable as an expense of the Class B shares. Under the Plan, a fund may make quarterly payments as reimbursement to DIDI for distribution and shareholder servicing related expenses incurred or paid by the Distributor or a participating insurance company. No such payment shall be made with respect to any quarterly period in excess of an amount determined for such period at the annual rate of 0.25% of the average daily net assets of Class B shares during that quarterly period. The fee is payable by a fund, on behalf of Class B shares, of up to 0.25% of the average daily net assets attributable to Class B shares of the fund. Because 12b-1 fees are paid out of fund assets on an ongoing basis, they will, over time, increase the cost of investment and may cost more than other types of sales charges. The Plan and any Rule 12b-1 related agreement that is entered into by a fund or the Distributor in connection with the Plan will continue in effect for a period of more than one year only so long as continuance is specifically approved at least annually by a vote of a majority of the Board, and of a majority of the Board Members who are not interested persons (as defined in the 1940 Act) of a fund, cast in person at a meeting called for the purpose of voting on the Plan, or the Rule 12b-1 related agreement, as applicable. In addition, the Plan and any Rule 12b-1 related agreement may be terminated as to Class B shares of a fund at any time, without penalty, by vote of a majority of the outstanding Class B shares of that fund or by vote of a majority of the Board Members who are not interested persons of a fund and who have no direct or indirect financial interest in the operation of the Plan or any Rule 12b-1 related agreement. The Plan provides that it may not be amended to increase

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materially the amount that may be spent for distribution of Class B shares of a fund without the approval of Class B shareholders of that fund.

IV. DWS INVESTMENTS VIT FUNDS

RULE 12B-1 PLAN. DWS Equity 500 Index VIP and DWS Small Cap Index VIP of DWS Investments VIT Funds have each adopted a distribution plan under Rule 12b-1 (Plan) that provides for fees payable as an expense of the Class B shares and, in the case of the DWS Equity 500 Index VIP, the Class B2 shares. Under the Plan, a fund may make payments to DIDI for remittance directly or indirectly to a participating dealer, shareholder service agent, life insurance company or other applicable party a fee in an amount not to exceed the annual rate of 0.25% of the average daily net assets of the Class B shares or Class B2 shares, as applicable, under a participation agreement, service agreement, sub-distribution agreement or other similar agreement which provides for Class B shares or Class B2 shares. DIDI is authorized pursuant to the Plan to pay for anything reasonably designed to enhance sales or retention of shareholders and for the provision of services to shareholders of the Class B shares or Class B2 shares. Because 12b-1 fees are paid out of fund assets on an ongoing basis, they will, over time, increase the cost of investment in Class B or Class B2 shares, and may cost more than other types of sales charges. The Plan and any Rule 12b-1 related agreement that is entered into by a fund or the Distributor in connection with the Plan will continue in effect for a period of more than one year only so long as continuance is specifically approved at least annually by a vote of a majority of the Board, and of a majority of the Board Members who are not interested persons (as defined in the 1940 Act) of a fund, cast in person at a meeting called for the purpose of voting on the Plan, or the Rule 12b-1 related agreement, as applicable. In addition, the Plan and any Rule 12b-1 related agreement may be terminated as to Class B shares or Class B2 shares of a fund at any time, without penalty, by vote of a majority of the outstanding Class B shares or Class B2 shares, as applicable, of that fund or by vote of a majority of the Board Members who are not interested persons of a fund and who have no direct or indirect financial interest in the operation of the Plan or any Rule 12b-1 related agreement. The Plan provides that it may not be amended to increase materially the amount that may be spent for distribution of Class B shares or Class B2 shares of a fund without the approval of the shareholders of such class.

INVESTMENTS

GENERAL INVESTMENT PRACTICES AND TECHNIQUES

PART II - APPENDIX II-G includes a description of the investment practices and techniques which a fund may employ in pursuing its investment objective, as well as the associated risks. Descriptions in this SAI of a particular investment practice or technique in which a fund may engage are meant to describe the spectrum of investments that the Advisor (and/or sub-advisor or sub-subadvisor, if applicable) in its discretion might, but is not required to, use in managing a fund. The Advisor (and/or sub-advisor or sub-subadvisor, if applicable) 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. Furthermore, 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 a fund's performance.

IT IS POSSIBLE THAT CERTAIN INVESTMENT PRACTICES AND TECHNIQUES MAY NOT BE PERMISSIBLE FOR A FUND BASED ON ITS INVESTMENT RESTRICTIONS, AS DESCRIBED HEREIN, AND IN A FUND'S PROSPECTUS.

PORTFOLIO TRANSACTIONS

The Advisor is generally responsible for placing orders for the purchase and sale of portfolio securities, including the allocation of brokerage. With respect to those funds for which a sub-investment advisor manages a fund's investments, references in this section to the "Advisor" should be read to mean the Sub-Advisor, except as noted below.

The policy of the Advisor in placing orders for the purchase and sale of securities for a 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

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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 funds 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 funds to their customers. However, the Advisor does not consider sales of shares of the funds as a factor in the selection of broker-dealers to execute portfolio transactions for the funds and, accordingly, has implemented policies and procedures reasonably designed to prevent its traders from considering sales of shares of the funds as a factor in the selection of broker-dealers to execute portfolio transactions for the funds.

The Advisor is permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended (1934 Act), when placing portfolio transactions for a fund, to cause a 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 a 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 a fund. Services received from broker-dealers that executed securities transactions for a fund will not necessarily be used by the Advisor specifically to service that 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. Provided a Sub-Advisor is acting in accordance with any instructions and directions of the Advisor or the Board, the Sub-Advisor is authorized to pay to a broker or dealer who provides third party brokerage and

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research services a commission for executing a portfolio transaction for a fund in excess of what another broker or dealer may charge, if the Sub-Advisor determines in good faith that such commission was reasonable in relation to the value of the third party brokerage and research services provided by such broker or dealer.

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.

The Advisor 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 a 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 a fund with those to be sold or purchased for other accounts in executing transactions. The Advisor has adopted policies and procedures that are reasonably designed to ensure that when the Advisor aggregates securities purchased or sold on behalf of accounts, the securities are allocated among the participating accounts in a manner that the Advisor believes to be fair and equitable. The Advisor may make allocations among accounts based upon a number of factors that may include, but not limited to, investment objectives and guidelines, risk tolerance, availability of other investment opportunities and available cash for investment. With respect to limited opportunities or initial public offerings, the Advisor may make allocations among accounts on a pro-rata basis with consideration given to suitability. 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, a fund, in other cases it is believed that the ability to engage in volume transactions will be beneficial to a fund.

The Advisor and its affiliates and each 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. The Advisor 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. The Advisor 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 funds and receive brokerage commissions or other transaction-related compensation from the funds 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 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 funds a rate consistent with that charged to comparable unaffiliated customers in similar transactions.

PORTFOLIO TURNOVER. Portfolio turnover rate is defined by the SEC as the ratio of the lesser of sales or purchases to the monthly average value of such securities owned during the year, excluding all securities whose remaining maturities at the time of acquisition were one year or less.

Higher levels of activity by a fund result in higher transaction costs and may also result in taxes on realized capital gains to be borne by a fund's shareholders. Purchases and sales are made whenever necessary, in the Advisor's discretion, to meet a fund's objective.

PORTFOLIO HOLDINGS INFORMATION

In addition to the public disclosure of fund portfolio holdings through required SEC quarterly filings (and monthly filings for money market funds), each fund may make its portfolio holdings information publicly available on the DWS funds' Web site as described in a fund's

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prospectus. Each fund does not disseminate non-public information about portfolio holdings except in accordance with policies and procedures adopted by a fund.

Each fund's procedures permit non-public portfolio holdings information to be shared with Deutsche Asset & Wealth Management and its affiliates, 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 a 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, to shareholders in connection with in-kind redemptions or, in connection with investing in underlying funds, subadvisors to DWS funds of funds (Authorized Third Parties).

Prior to any disclosure of a fund's non-public portfolio holdings information to Authorized Third Parties, a person authorized by the Board must make a good faith determination in light of the facts then known that a fund has a legitimate business purpose for providing the information, that the disclosure is in the best interest of a 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 a fund or Deutsche Asset & Wealth Management for disclosing non-public holdings information. Periodic reports regarding these procedures will be provided to the Board.

Portfolio holdings information distributed by the trading desks of Deutsche Asset & Wealth Management 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 a 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, small, mid and large cap stocks, currencies and cash, types of bonds, bond maturities, duration, bond coupons and bond credit quality ratings, alpha, beta, tracking error, default rate, portfolio turnover, and risk and style characteristics so long as the identity of the fund's holdings could not be derived from such information.

Registered investment companies that are subadvised by Deutsche Asset & Wealth Management may be subject to different portfolio holdings disclosure policies, and neither Deutsche Asset & Wealth Management nor the Board exercise control over such policies. In addition, separate account clients of Deutsche Asset & Wealth Management have access to their portfolio holdings and are not subject to a fund's portfolio holdings disclosure policy. The portfolio holdings of some of the funds subadvised by Deutsche Asset & Wealth Management and some of the separate accounts managed by Deutsche Asset & Wealth Management may substantially overlap with the portfolio holdings of a fund.

Deutsche Asset & Wealth Management also manages certain unregistered commingled trusts and creates model portfolios, the portfolio holdings of which may substantially overlap with the portfolio holdings of a 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, Deutsche Asset & Wealth Management 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 a 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.

NET ASSET VALUE

APPLICABLE TO FUNDS OTHER THAN MONEY MARKET FUNDS. The net asset value per share of a fund is normally computed as of the close of regular trading on the New York Stock Exchange (Exchange) on each day the Exchange is open for trading (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

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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 (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 foreign exchange or OTC market (which may sometimes be referred to by the exchange or one or more pricing agents 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 shall be valued based on information obtained from an approved pricing agent, or if such information is not available, the money market instruments shall be valued using the average of the most recent reliable bid quotations or evaluated prices obtained from two or more broker-dealers. 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 prices obtained from a broker-dealer. Other debt securities 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 two 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 as of the Value Time at a price supplied by an approved pricing agent, if available, and otherwise 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 Exchange. For stock index futures contracts which trade on the Chicago Mercantile Exchange, closing settlement prices are normally available at approximately 4:20 pm Eastern time. If no settlement price is available, the last traded price on such exchange will be used.

If market quotations for a fund asset are not readily available or if the Advisor believes that the value of a fund asset as determined in accordance with Board-approved procedures is unreliable, the value of the fund asset is taken to be an amount which, in the opinion of a fund's Pricing Committee (or, in some cases, the Board's Valuation Committee), represents fair market value. The value of other holdings 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 Board and overseen primarily by a fund's Pricing Committee.

THE FOLLOWING PARAGRAPH APPLIES TO FUNDS THAT INVEST IN UNDERLYING MUTUAL FUNDS. The net asset value of each underlying DWS mutual fund is determined based upon the nature of the securities as set forth in the prospectus and statement of additional information of such underlying DWS mutual fund. Shares of each underlying DWS mutual fund in which the fund may invest are valued at the net asset value per share of each underlying DWS mutual fund as of the close of regular trading on the Exchange on each day the Exchange is open for trading.

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The net asset value per share of the underlying DWS mutual funds will be calculated and reported to the fund by each underlying DWS mutual fund's accounting agent.

THE FOLLOWING ADDITIONAL PARAGRAPHS APPLY TO DWS EQUITY 500 INDEX FUND AND DWS S&P 500 INDEX FUND (FEEDER FUNDS). Each feeder fund pursues its investment objective by investing substantially all of its assets in a master portfolio - the DWS Equity 500 Index Portfolio (Portfolio), which has the same investment objective and is subject to the same investment risks as the feeder fund.

Net asset value per share of a feeder fund is determined as of the Value Time separately for each class of shares by dividing the value of the total assets of the feeder fund (i.e., the value of the feeder fund's investment in the Portfolio and any other assets) attributable to the shares of that class, less all liabilities attributable to that class, by the total number of shares of that class outstanding.

As of the Value Time, the Portfolio determines its net value (i.e., the value of the Portfolio's portfolio instruments and any other assets less all liabilities) using the valuation procedures for securities and other assets described above.

Each investor in the Portfolio, including a feeder fund, may add to or reduce its investment in the Portfolio on each day that net asset value of the feeder fund and the Portfolio are computed as described above. At the close of a Value Time, the value of each investor's beneficial interest in the Portfolio will be determined by multiplying the net value of the Portfolio, determined as provided above, by the percentage, effective for that day, which represents that investor's share of the aggregate beneficial interests in the Portfolio. Any additions or withdrawals, which are to be effected as of the Value Time on that day, will then be effected. The percentage of the aggregate beneficial interests in the Portfolio held by each investor in the Portfolio, including a feeder fund, will then be recomputed as the percentage equal to the fraction
(i) the numerator of which is the value of the investor's investment in the Portfolio as of the Value Time on such day plus or minus, as the case may be, the amount of net additions to or withdrawals from such investor's investment in the Portfolio effected as of the Value Time on such day, and (ii) the denominator of which is the aggregate net value of the Portfolio, determined as provided above, as of the Value Time on such day plus or minus, as the case may be, the amount of net additions to or withdrawals from the aggregate investments in the Portfolio by all investors, including the feeder fund, in the Portfolio. The percentage so determined for a feeder fund will then be applied to determine the value of the feeder fund's interest in the Portfolio as of the Value Time on the following day that net asset value is determined.

APPLICABLE TO MONEY MARKET FUNDS OTHER THAN DWS MONEY MARKET SERIES, CASH MANAGEMENT FUND, CASH RESERVES FUND-INSTITUTIONAL AND PRIME SERIES OF CASH RESERVE FUND, INC. AND DWS VARIABLE NAV MONEY FUND. The net asset value (NAV) per share of a fund is calculated on each day (Valuation Day) on which the fund is open for business as of the time described in the fund's prospectus. A fund is open for business each day the New York Stock Exchange (Exchange) is open for trading, and the fund may, but is not required to, accept certain types of purchase and redemption orders (not including exchanges) on days that the Exchange is not open or beyond an early Exchange closing time, as described in the fund's prospectus. 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. Although there is no guarantee, a fund's NAV per share will normally be $1.00.

A fund values its portfolio instruments at amortized cost, which does not take into account unrealized capital gains or losses. This involves initially valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the fund would receive if it sold the instrument.

The Board has established procedures reasonably designed to stabilize a fund's NAV per share at $1.00. Under the procedures, the Advisor will monitor and notify the Board of circumstances where a fund's NAV per share calculated by using market valuations may deviate from the $1.00 per share calculated using amortized cost. If there were any deviation that the Board believed would result in a material dilution or unfair result for investors or existing shareholders, the Board would promptly

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consider what action, if any, should be initiated. Such actions could include selling assets prior to maturity to realize capital gains or losses; shortening the average maturity of a fund's portfolio; adjusting the level of dividends; redeeming shares in kind; or valuing assets based on market valuations. For example, if a fund's net asset value per share (computed using market values) declined, or was expected to decline, below $1.00 (computed using amortized cost), the fund might temporarily reduce or suspend dividend payments in an effort to maintain the net asset value at $1.00 per share. As a result of such reduction or suspension of dividends or other action by the Board, an investor would receive less income during a given period than if such a reduction or suspension had not taken place. Such action could result in investors receiving no dividend for the period during which they hold their shares and receiving, upon redemption, a price per share lower than that which they paid. On the other hand, if a fund's net asset value per share (computed using market values) were to increase, or were anticipated to increase above $1.00 (computed using amortized cost), a fund might supplement dividends in an effort to maintain the net asset value at $1.00 per share.

Market valuations are obtained by using actual quotations provided by market makers, estimates of market value, or values obtained from yield data relating to classes of money market instruments published by reputable sources at the mean between the bid and asked prices for the instruments. In accordance with procedures approved by the Board, in the event market quotations are not readily available for certain portfolio assets the fair value of such portfolio assets will be determined in good faith by a fund's Pricing Committee (or, in some cases, the Board's Valuation Committee) based upon input from the Advisor or other third parties.

THE FOLLOWING PARAGRAPH APPLIES TO DWS VARIABLE NAV MONEY FUND ONLY. The net asset value of shares of the fund is generally calculated on each day the New York Stock Exchange is open for trading, as described in the fund's prospectuses. Pursuant to Board approved valuation procedures, the fund generally values its portfolio instruments using information furnished by an independent pricing service or market quotations. Interactive Data Corporation serves as the primary independent pricing service for the fund. In accordance with Board approved procedures, in the event pricing service information or market quotations are not readily available for certain portfolio assets, or when the value of certain portfolio assets is believed to have been materially affected by a significant event, the fair value of such portfolio assets will be determined by the fund's Pricing Committee (or, in some cases, the Board's Valuation Committee). In accordance with its procedures, the fund will typically value newly acquired securities at amortized cost on date of acquisition, and thereafter using information furnished by an independent pricing service.

APPLICABLE TO THE FOLLOWING MONEY MARKET FUNDS (EACH, A FUND): DWS MONEY MARKET SERIES, CASH MANAGEMENT FUND, CASH RESERVES FUND INSTITUTIONAL AND PRIME SERIES OF CASH RESERVE FUND, INC. Each of these funds pursues its investment objective by investing substantially all of its assets in a master portfolio - the Cash Management Portfolio (Portfolio), which has the same investment objective and is subject to the same investment risks as a fund. The net asset value (NAV) per share of a fund is calculated on each day (Valuation Day) on which a fund is open for business as of the time described in a fund's prospectus. The fund is open for business each day the New York Stock Exchange (Exchange) is open for trading, and the fund may, but is not required to, accept certain types of purchase and redemption orders (not including exchanges) on days that the Exchange is not open or beyond an early Exchange closing time, as described in a fund's prospectus. 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 (i.e., the value of a fund's investment in the Portfolio and any other assets) attributable to the shares of that class, less all liabilities attributable to that class, by the total number of shares of that class outstanding. Although there is no guarantee, a fund's NAV per share will normally be $1.00.

On each Valuation Day, the Portfolio determines its net value (i.e., the value of the Portfolio's portfolio instruments and any other assets less all liabilities). The Portfolio values its portfolio instruments at amortized cost, which does not take into account unrealized capital gains or losses. This involves initially valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Portfolio would receive if it sold the instrument.

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Each investor in the Portfolio, including a fund, may add to or reduce its investment in the Portfolio on each Valuation Day. At the close of each such Valuation Day, the value of each investor's beneficial interest in the Portfolio will be determined by multiplying the net value of the Portfolio, as determined by amortized cost, by the percentage, effective for that day, which represents that investor's share of the aggregate beneficial interests in the Portfolio. Any additions or withdrawals, which are to be effected as of the close of business on that day, will then be effected. The percentage of the aggregate beneficial interests in the Portfolio held by each investor in the Portfolio, including a fund will then be recomputed as the percentage equal to the fraction (i) the numerator of which is the value of the investor's investment in the Portfolio as of the close of business on such day plus or minus, as the case may be, the amount of net additions to or withdrawals from such investor's investment in the Portfolio effected as of the close of business on such day, and (ii) the denominator of which is the aggregate net value of the Portfolio, as determined by amortized cost, as of the close of business on such day plus or minus, as the case may be, the amount of net additions to or withdrawals from the aggregate investments in the Portfolio by all investors, including a fund, in the Portfolio. The percentage so determined for a fund will then be applied to determine the value of a fund's interest in the Portfolio as of the close of the following Valuation Day.

The Board has established procedures reasonably designed to stabilize a fund's NAV per share at $1.00. Under the procedures, the Advisor will monitor and notify the Board of circumstances where a fund's NAV per share calculated based on valuing the fund's investment in the Portfolio and the fund's other assets using market valuations may deviate from the $1.00 per share calculated based on valuing a fund's investment in the Portfolio and a fund's other assets using amortized cost. If there were any deviation that the Board believed would result in a material dilution or unfair result for investors or existing shareholders, the Board would promptly consider what action, if any, should be initiated. Such actions could include selling assets prior to maturity to realize capital gains or losses; shortening average maturity of the investment portfolio; adjusting the level of dividends; redeeming shares in kind; or valuing assets based on market valuations. For example, if a fund's net asset value per share (computed using market values) declined, or was expected to decline, below $1.00 (computed using amortized cost), the fund might temporarily reduce or suspend dividend payments in an effort to maintain the net asset value at $1.00 per share. As a result of such reduction or suspension of dividends or other action by the Board, an investor would receive less income during a given period than if such a reduction or suspension had not taken place. Such action could result in investors receiving no dividend for the period during which they hold their shares and receiving, upon redemption, a price per share lower than that which they paid. On the other hand, if a fund's net asset value per share (computed using market values) were to increase, or were anticipated to increase above $1.00 (computed using amortized cost), a fund might supplement dividends in an effort to maintain the net asset value at $1.00 per share. Because a fund invests substantially all of its assets in the Portfolio, certain of these actions could be implemented at the Portfolio level at the discretion of its Board.

Market valuations are obtained by using actual quotations provided by market makers, estimates of market value, or values obtained from yield data relating to classes of money market instruments published by reputable sources at the mean between the bid and asked prices for the instruments. In accordance with procedures approved by the Board, in the event market quotations are not readily available for certain portfolio assets the fair value of such portfolio assets will be determined in good faith by the Portfolio's Pricing Committee (or, in some cases, the Board's Valuation Committee) based upon input from the Advisor or other third parties.

PROXY VOTING GUIDELINES

Each fund has delegated proxy voting responsibilities to the Advisor, subject to the Board's general oversight. A fund has delegated proxy voting to the Advisor with the direction that proxies should be voted consistent with the fund's best economic interests. The Advisor has adopted its own Proxy Voting Policies and Procedures (Policies), and Proxy Voting Guidelines (Guidelines) for this purpose. The Policies address, among other things, conflicts of interest that may arise between the interests of a fund, and the interests of the Advisor and its affiliates, including a fund's principal underwriter. The Policies are included in PART II - APPENDIX II-I.

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 dws-investments.com (click on "proxy voting" at the bottom of the page).

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MISCELLANEOUS

A fund's prospectuses and this SAI omit certain information contained in the Registration Statement which a 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. This Registration Statement and its amendments are available for inspection by the public at the SEC in Washington, D.C.

RATINGS OF INVESTMENTS

BONDS 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.'S LONG-TERM OBLIGATION RATINGS

Moody's long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

AAA Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

AA Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

BAA Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

BA Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

CAA Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

CA Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

NOTE: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a ("hyb") indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

MOODY'S INVESTORS SERVICE, INC.'S SHORT-TERM OBLIGATION RATINGS

Moody's short-term ratings are forward-looking 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.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

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MOODY'S INVESTORS SERVICE, INC.'S US MUNICIPAL SHORT-TERM DEBT AND DEMAND OBLIGATION RATINGS

SHORT-TERM OBLIGATION RATINGS

There are three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as Municipal Investment Grade (MIG) and are divided into three levels - MIG 1 through MIG 3. In addition, those short-term obligations that are of speculative quality are designated SG, or speculative grade. MIG ratings expire at the maturity of the obligation.

MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

DEMAND OBLIGATION RATINGS

In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade (VMIG) scale.

The rating transitions on the VMIG scale differ from those on the Prime scale to reflect the risk that external liquidity support generally will terminate if the issuer's long-term ratings drops below investment grade.

VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

SG This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

STANDARD & POOR'S RATINGS SERVICES LONG-TERM ISSUE CREDIT RATINGS

INVESTMENT GRADE

AAA An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

SPECULATIVE GRADE

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the lowest degree of speculation and 'C' the highest. While such obligations will likely have

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some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but Standard & Poor's expects default to be a virtual certainty, regardless of the anticipated time to default.

C An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

NR This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

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.

STANDARD & POOR'S RATINGS SERVICES SHORT-TERM ISSUE CREDIT RATINGS

A-1 A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used

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upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

SPUR (STANDARD & POOR'S UNDERLYING RATING) A SPUR rating is an opinion about the stand-alone capacity of an obligor to pay debt service on a credit-enhanced debt issue, without giving effect to the enhancement that applies to it. These ratings are published only at the request of the debt issuer/obligor with the designation SPUR to distinguish them from the credit-enhanced rating that applies to the debt issue. Standard & Poor's maintains surveillance of an issue with a published SPUR.

STANDARD & POOR'S RATINGS SERVICES MUNICIPAL SHORT-TERM NOTE RATINGS DEFINITIONS

A Standard & Poor's U.S. municipal note rating reflects Standard & Poor's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, Standard & Poor's analysis will review the following considerations:

o Amortization schedule - the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

o Source of payment - the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

DUAL RATINGS

Standard & Poor's may assign "dual" ratings to all debt issues that have a put option or demand feature as part of their structure. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

STANDARD & POOR'S DIVIDEND RANKINGS FOR COMMON STOCKS

Standard & Poor's has provided Earnings and Dividend Rankings, commonly referred to as Quality Rankings, on common stocks since 1956. Quality Rankings reflect the long-term growth and stability of a company's earnings and dividends.

The Quality Rankings System attempts to capture the growth and stability of earnings and dividends record in a single symbol. In assessing Quality Rankings, Standard & Poor's recognizes that earnings and dividend performance is the end result of the interplay of various factors such as products and industry position, corporate resources and financial policy. Over the long run, the record of earnings and dividend performance has a considerable bearing on the relative quality of stocks.

The rankings, however, do not profess to reflect all of the factors, tangible or intangible, that bear on stock quality.

The rankings are generated by a computerized system and are based on per-share earnings and dividend records of the most recent 10 years - a period long enough to measure significant secular growth, capture indications of basic change in trend as they develop, encompass the full peak-to-peak range of the business cycle, and include a bull and a bear market. Basic scores are computed for earnings and dividends, and then adjusted as indicated by a set of predetermined modifiers for change in the rate of growth, stability within long-term trends, and cyclicality. Adjusted scores for earnings and dividends are then combined to yield a final ranking.

The ranking system makes allowance for the fact that corporate size generally imparts certain advantages from an investment standpoint. Conversely, minimum size limits (in sales volume) are set for the various rankings. However, the system provides for making exceptions where the

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score reflects an outstanding earnings and dividend record. The following table shows the letter classifications and brief descriptions of Quality Rankings.

A+   Highest           B+   Average           C     Lowest
A    High              B    Below Average     D     In Reorganization
A-   Above Average     B-   Lower             LIQ   Liquidation

The ranking system grants some exceptions to the pure quantitative ranking. Thus, if a company has not paid any dividend over the past 10 years, it is very unlikely that it will rank higher than A-. In addition, companies may receive a bonus score based on their sales volume. If a company omits a dividend on preferred stock, it will receive a rank of no better than C that year. If a company pays a dividend on the common stock, it is highly unlikely that the rank will be below B-, even if it has incurred losses. In addition, if a company files for bankruptcy, the model's rank is automatically changed to D.

FITCH RATINGS LONG-TERM RATING SCALES

INVESTMENT GRADE

AAA: Highest credit quality. `AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA: Very high credit quality. `AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A: High credit quality. `A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB: Good credit quality. `BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

SPECULATIVE GRADE

BB: Speculative. `BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B: Highly speculative. `B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC: Substantial credit risk. Default is a real possibility.

CC: Very high levels of credit risk. Default of some kind appears probable.

C: Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a `C' category rating for an issuer include:

a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

c. Fitch Ratings otherwise believes a condition of `RD' or `D' to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

RD: Restricted default. `RD' ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include:

a. the selective payment default on a specific class or currency of debt;

b. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

c. the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

d. execution of a distressed debt exchange on one or more material financial obligations.

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D: Default. `D' ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

"Imminent" default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

NOTE: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the `AAA' Long-Term IDR category, or to Long-Term IDR categories below `B'.

FITCH RATINGS SHORT-TERM RATINGS

F1: Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2: Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3: Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B: Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C: High short-term default risk. Default is a real possibility.

RD: Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D: Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

FITCH RATINGS MUNICIPAL SHORT-TERM RATINGS

The highest ratings for state and municipal short-term obligations are "F-1+," "F-1," and "F-2."

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PART II: APPENDIX II-A - BOARD MEMBERS AND OFFICERS

IDENTIFICATION AND BACKGROUND

The following table presents certain information regarding the Board Members of the Trust/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 Trust/Corporation or the Advisor (each, an "Independent Board Member") is c/o Kenneth C. Froewiss, Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078. 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 Trust/Corporation. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

INDEPENDENT BOARD MEMBERS

NAME, YEAR OF BIRTH,
POSITION                                                                      NUMBER OF
WITH THE TRUST/CORPORATION                                                    FUNDS IN DWS
AND LENGTH OF TIME            BUSINESS EXPERIENCE AND                         FUND COMPLEX   OTHER DIRECTORSHIPS
SERVED/(1)/                   DIRECTORSHIPS DURING THE PAST 5 YEARS           OVERSEEN       HELD BY BOARD MEMBER
Kenneth C. Froewiss (1945)    Adjunct Professor of Finance, NYU Stern              103       _
Chairperson since 2013, and   School of Business (September 2009-
Board Member since 2001       present; Clinical Professor from 1997-
                              September 2009); Member, Finance
                              Committee, Association for Asian Studies
                              (2002-present); Director, Mitsui Sumitomo
                              Insurance Group (US) (2004-present); prior
                              thereto, Managing Director, J.P. Morgan
                              (investment banking firm) (until 1996)
William McClayton (1944)      Private equity investor (since October 2009);        103       _
Vice Chairperson since        previously: Managing Director, Diamond
2013, and Board Member        Management & Technology Consultants, Inc.
since 2004                    (global consulting firm) (2001-2009);
                              Directorship: Board of Managers, YMCA of
                              Metropolitan Chicago; formerly: Senior
                              Partner, Arthur Andersen LLP (accounting)
                              (1966-2001); Trustee, Ravinia Festival
John W. Ballantine (1946)     Retired; formerly: Executive Vice President          103       Chairman of the Board,
Board Member since 1999       and Chief Risk Management Officer, First                       Healthways Inc./(2)/ (provider
                              Chicago NBD Corporation/The First National                     of disease and care
                              Bank of Chicago (1996-1998); Executive Vice                    management services) (2003-
                              President and Head of International Banking                    present); Portland General
                              (1995-1996); former Directorships: Stockwell                   Electric/(2)/ (utility company)
                              Capital Investments PLC (private equity);                      (2003-present)
                              First Oak Brook Bancshares, Inc. and Oak
                              Brook Bank; Prisma Energy International
Henry P. Becton, Jr. (1943)   Vice Chair and former President, WGBH                103       Lead Director, Becton
Board Member since 1990       Educational Foundation; Directorships: Public                  Dickinson and Company/(2)/
                              Radio International; Public Radio Exchange                     (medical technology
                              (PRX); North Bennett Street School (Boston);                   company);
                              former Directorships: Belo Corporation/(2)/
                              (media company); The PBS Foundation;
                              Association of Public Television Stations;
                              Boston Museum of Science; American
                              Public Television; Concord Academy; New
                              England Aquarium; Mass. Corporation for
                              Educational Telecommunications; Committee
                              for Economic Development; Public
                              Broadcasting Service; Connecticut College

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NAME, YEAR OF BIRTH,
POSITION                                                                    NUMBER OF
WITH THE TRUST/CORPORATION                                                  FUNDS IN DWS
AND LENGTH OF TIME           BUSINESS EXPERIENCE AND                        FUND COMPLEX   OTHER DIRECTORSHIPS
SERVED/(1)/                  DIRECTORSHIPS DURING THE PAST 5 YEARS          OVERSEEN       HELD BY BOARD MEMBER
Dawn-Marie Driscoll (1946)   Emeritus Executive Fellow, Center for               103       _
Board Member since 1987      Business Ethics, Bentley University;
                             formerly: Partner, Palmer & Dodge (1988-
                             1990); Vice President of Corporate Affairs
                             and General Counsel, Filene's (1978-1988);
                             Directorships: Director of ICI Mutual
                             Insurance Company (since 2007); Advisory
                             Board, Center for Business Ethics, Bentley
                             University; Trustee and former Chairman of
                             the Board, Southwest Florida Community
                             Foundation (charitable organization); former
                             Directorships: Sun Capital Advisers Trust
                             (mutual funds) (2007-2012); Investment
                             Company Institute (audit, executive,
                             nominating committees) and Independent
                             Directors Council (governance, executive
                             committees)
Keith R. Fox, CFA (1954)     Managing General Partner, Exeter Capital            103       _
Board Member since 1996      Partners (a series of private investment
                             funds) (since 1986); Directorships:
                             Progressive International Corporation
                             (kitchen goods importer and distributor); The
                             Kennel Shop (retailer); former Chairman,
                             National Association of Small Business
                             Investment Companies; former
                             Directorships: BoxTop Media Inc.
                             (advertising); Sun Capital Advisers Trust
                             (mutual funds) (2011-2012)
Paul K. Freeman (1950)       Consultant, World Bank/Inter-American               103       _
Board Member since 1993      Development Bank; Executive and Governing
                             Council of the Independent Directors Council
                             (Chairman of Education Committee);
                             formerly: Project Leader, International
                             Institute for Applied Systems Analysis (1998-
                             2001); Chief Executive Officer, The Eric
                             Group, Inc. (environmental insurance) (1986-
                             1998); Directorships: Denver Zoo Foundation
                             (December 2012-present); former
                             Directorships: Prisma Energy International
Richard J. Herring (1946)    Jacob Safra Professor of International              103       Director, Aberdeen Singapore
Board Member since 1990      Banking and Professor, Finance Department,                    and Japan Funds (since
                             The Wharton School, University of                             2007), Independent Director
                             Pennsylvania (since July 1972); Co-Director,                  of Barclays Bank Delaware
                             Wharton Financial Institutions Center; Co-                    (since September 2010)
                             Chair, U.S. Shadow Financial Regulatory
                             Committee; Executive Director, Financial
                             Economists Roundtable; formerly: Vice Dean
                             and Director, Wharton Undergraduate
                             Division (July 1995-June 2000); Director,
                             Lauder Institute of International
                             Management Studies (July 2000-June 2006)

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NAME, YEAR OF BIRTH,
POSITION                                                                          NUMBER OF
WITH THE TRUST/CORPORATION                                                        FUNDS IN DWS
AND LENGTH OF TIME              BUSINESS EXPERIENCE AND                           FUND COMPLEX   OTHER DIRECTORSHIPS
SERVED/(1)/                     DIRECTORSHIPS DURING THE PAST 5 YEARS             OVERSEEN       HELD BY BOARD MEMBER
Rebecca W. Rimel (1951)         President and Chief Executive Officer, The             103       Director, Becton Dickinson
Board Member since 1995         Pew Charitable Trusts (charitable                                and Company/(2)/ (medical
                                organization) (1994 to present); formerly:                       technology company) (2012-
                                Executive Vice President, The Glenmede                           present); Director,
                                Trust Company (investment trust and wealth                       BioTelemetry Inc./(2)/
                                management) (1983-2004); Board Member,                           (healthcare) (2009-present)
                                Investor Education (charitable organization)
                                (2004-2005); Trustee, Executive Committee,
                                Philadelphia Chamber of Commerce (2001-
                                2007); Director, Viasys Health Care/(2)/
                                (January 2007-June 2007); Trustee, Thomas
                                Jefferson Foundation (charitable organization)
                                (1994 to 2012)
William N. Searcy, Jr. (1946)   Private investor since October 2003;                    103       _
Board Member since 1993         formerly: Pension & Savings Trust Officer,
                                Sprint Corporation/(2)/ (telecommunications)
                                (November 1989-September 2003); Trustee,
                                Sun Capital Advisers Trust (mutual funds)
                                (1998-2012)
Jean Gleason                    Retired; formerly: Consultant (1997-2001);               103       _
Stromberg(1943)                 Director, Financial Markets US Government
Board Member since 1997         Accountability Office (1996-1997); Partner,
                                Norton Rose Fulbright, L.L.P. (law firm)
                                (1978-1996); Directorships: The William and
                                Flora Hewlett Foundation; 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 &                         106       _
Board Member since 1999         Associates, Inc. (consulting firm) (1983 to
                                present); Director, The Phoenix Boys Choir
                                Association

OFFICERS/(4)/

NAME, YEAR OF BIRTH, POSITION
WITH THE TRUST/CORPORATION         BUSINESS EXPERIENCE AND
AND LENGTH OF TIME SERVED/(5)/     DIRECTORSHIPS DURING THE PAST 5 YEARS
Brian E. Binder/(8)/ (1972)        Managing Director/(3)/ and Head of Fund Administration, Deutsche Asset & Wealth
President and Chief Executive      Management (2013-present); formerly: Head of Business Management and Consulting
Officer, 2013-present              at Invesco, Ltd. (2010-2012); Chief Administrative Officer, Van Kampen Funds Inc.
                                   (2008-2010); and Chief Administrative Officer, Morgan Stanley Investment
                                   Management Americas Distribution (2003-2008)
John Millette/(7)/ (1962)          Director/(3)/, Deutsche Asset & Wealth Management
Vice President and Secretary,
1999-present
Paul H. Schubert/(6)/ (1963)       Managing Director/(3)/, Deutsche Asset & Wealth Management (since July 2004);
Chief Financial Officer, 2004-     formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS
present                            Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at
Treasurer, 2005-present            UBS Global Asset Management (1994-1998)

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NAME, YEAR OF BIRTH, POSITION
WITH THE TRUST/CORPORATION         BUSINESS EXPERIENCE AND
AND LENGTH OF TIME SERVED/(5)/     DIRECTORSHIPS DURING THE PAST 5 YEARS
Caroline Pearson/(7)/ (1962)       Managing Director/(3)/, Deutsche Asset & Wealth Management; formerly: Assistant
Chief Legal Officer, 2010-         Secretary for DWS family of funds (1997-2010)
present
Melinda Morrow/(6)/ (1970)         Director/(3)/, Deutsche Asset & Wealth Management
Vice President, 2012-present
Hepsen Uzcan/(7)/ (1974)           Director/(3)/, Deutsche Asset & Wealth Management
Assistant Secretary, 2013-
present
Paul Antosca/(7) /(1957)           Director/(3)/, Deutsche Asset & Wealth Management
Assistant Treasurer, 2007-
present
Jack Clark /(7)/ (1967)            Director/(3)/, Deutsche Asset & Wealth Management
Assistant Treasurer, 2007-
present
Diane Kenneally/(7)/ (1966)        Director/(3)/, Deutsche Asset & Wealth Management
Assistant Treasurer, 2007-
present
John Caruso/(6)/ (1965)            Managing Director/(3)/, Deutsche Asset & Wealth Management
Anti-Money Laundering
Compliance Officer, 2010-
present
Robert Kloby/(6)/ (1962)           Managing Director/(3)/, Deutsche Asset & Wealth Management
Chief Compliance Officer,
2006-present

/(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)/ Executive title, not a board directorship.
/(4)/ 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.

/(5)/ The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. /(6)/ Address: 60 Wall Street, New York, New York 10005. /(7)/ Address: One Beacon Street, Boston, Massachusetts 02108. /(8)/ Address: 222 South Riverside Plaza, Chicago, Illinois 60606.

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
Caroline Pearson:   Secretary
John Caruso:        AML Compliance Officer

BOARD MEMBER QUALIFICATIONS

The Nominating and Governance Committee is responsible for recommending proposed nominees for election to the full Board for its approval. In recommending the election of the current Board Members, the Committee generally considered the educational, business and professional experience of each Board Member in determining his or her qualifications to serve as a Board Member, including the Board Member's record of service as a director or trustee of public and private organizations. In the case of most Board Members, this included their many years of previous service as a trustee of certain of the DWS funds. This previous service has provided these Board Members with a valuable understanding of the history of the DWS funds and the DIMA organization and has also served to demonstrate

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their high level of diligence and commitment to the interests of fund shareholders and their ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Board Members:

John W. Ballantine - Mr. Ballantine's experience in banking, financial risk management and investments acquired in the course of his service as a senior executive of a major US bank.

Henry P. Becton, Jr. - Mr. Becton's professional training and experience as an attorney, his experience as the chief executive officer of a major public media company and his experience as lead director of two NYSE companies, including his service at various times as the chair of the audit, compensation and nominating committees of one or both of such boards.

Dawn-Marie Driscoll - Ms. Driscoll's professional training and experience as an attorney, her expertise as a consultant, professor and author on the subject of business ethics, her service as a member of the executive committee of the Independent Directors Council of the Investment Company Institute and her experience as a director of an insurance company serving the mutual fund industry.

Keith R. Fox - Mr. Fox's experience as the chairman and a director of various private operating companies and investment partnerships and his experience as a director and audit committee member of several public companies. In addition, he holds the Chartered Financial Analyst designation.

Paul K. Freeman - Dr. Freeman's professional training and experience as an attorney and an economist, his experience as the founder and chief executive officer of an insurance company, his experience as a senior executive and consultant for various companies focusing on matters relating to risk management and his service on the Independent Directors Council of the Investment Company Institute.

Kenneth C. Froewiss - Dr. Froewiss' professional training and experience as an economist, his experience in finance acquired in various professional positions with governmental and private banking organizations and his experience as a professor of finance at a leading business school.

Richard J. Herring - Mr. Herring's experience as a professor of finance at a leading business school and his service as an advisor to various professional and governmental organizations.

William McClayton - Mr. McClayton's professional training and experience in public accounting, including his service as a senior partner of a major public accounting firm focusing on financial markets companies and his service as a senior executive of a public management consulting firm.

Rebecca W. Rimel - Ms. Rimel's experience on a broad range of public policy issues acquired during her service as the executive director of a major foundation and her experience as a director of several public companies.

William N. Searcy, Jr. - Mr. Searcy's experience as an investment officer for various major public company retirement plans, which included evaluation of unaffiliated investment advisers and supervision of various administrative and accounting functions.

Jean Gleason Stromberg - Ms. Stromberg's professional training and experience as an attorney specializing in federal securities law, her service in a senior position with the Securities and Exchange Commission and the US Government Accountability Office and her experience as a director and audit committee member of several major non-profit organizations.

Robert H. Wadsworth - Mr. Wadsworth's experience as an owner and chief executive officer of various businesses serving the mutual fund industry, including a registered broker-dealer and a registered transfer agent, and his previous service as a director and/or senior executive officer of several mutual funds.

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PART II: APPENDIX II-B - PORTFOLIO MANAGEMENT COMPENSATION

FOR FUNDS ADVISED BY DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC. OR ITS AFFILIATES

Each fund is managed by a team of investment professionals who each play an important role in a fund's management process. Team members work together to develop investment strategies and select securities for a fund. This team works for the Advisor or its affiliates and is supported by a large staff of economists, research analysts, traders and other investment specialists. The Advisor or its affiliates believe(s) its team approach benefits investors by bringing together many disciplines and leveraging its extensive resources. Team members with primary responsibility for management of a fund, as well as team members who have other ongoing management responsibilities for a fund, are identified in each fund's prospectus, as of the date of a fund's prospectus. Composition of the team may change over time, and shareholders and investors will be notified of changes affecting individuals with primary fund management responsibility.

COMPENSATION OF PORTFOLIO MANAGERS

Portfolio managers are paid on a Total Compensation basis, which includes: (i) fixed pay (base salary), which is linked to job function, responsibilities and internal and external peer comparison, and (ii) variable compensation, which is linked to investment performance, individual contribution, and the overall financial results of both Deutsche Asset & Wealth Management and Deutsche Bank AG. Variable compensation can be delivered via a short-term and/or long-term vehicle, namely cash, equity upfront awards, restricted equity awards, and/or restricted incentive awards. Additionally, to better align the interests of investors and portfolio managers, a portion of the long-term variable compensation that portfolio managers receive will be designated for investment in shares of the funds they manage, where possible. Variable compensation comprises a greater proportion of total compensation as a portfolio manager's seniority and total compensation level increase. The proportion of variable compensation delivered via a long-term incentive award, which is subject to clawback, increases significantly as the amount of variable compensation increases. All variable compensation delivered via long-term incentive award is subject to clawback.

To evaluate its investment professionals, Deutsche Asset & Wealth Management reviews investment performance for all accounts managed in relation to both account peer group and benchmark related data (i.e., appropriate Morningstar peer group universes and/or benchmark index(es) with respect to each account). The ultimate goal of this process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their clients' risk and return objectives. When determining Total Compensation, Deutsche Asset & Wealth Management considers a number of quantitative and qualitative factors:

o Quantitative measures (e.g. one-, three- and five-year pre-tax returns versus the benchmark and appropriate peer group, taking risk targets into account) are utilized to measure performance.

o Qualitative measures (e.g. adherence to, as well as contributions to, the enhancement of the investment process) are included in the performance review.

o Other factors (e.g. non-investment related performance, teamwork, adherence to compliance rules, risk management and 'living the values" of Deutsche Asset & Wealth Management) are included as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance on a subjective basis.

CONFLICTS

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:

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o Certain investments may be appropriate for a fund and also for other clients advised by the Advisor, including other client accounts managed by a fund's portfolio management team. Investment decisions for a 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 a 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 a fund. Purchase and sale orders for a fund may be combined with those of other clients of the Advisor in the interest of achieving the most favorable net results to a 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 a fund may manage other mutual funds and separate accounts on a long only or 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 and other potential conflicts of interest. Included in these procedures are specific guidelines developed to provide 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 in addition to managing asset management accounts, such wide ranging 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. The Advisor may take investment positions in securities in which other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing or selling for its client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities in which the Firm is undertaking the same or differing strategy in other businesses or other client 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, including the Fund. 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 a fund's Board.

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FOR FUNDS ADVISED BY ATLANTIC INVESTMENT MANAGEMENT, INC. (ATLANTIC)

COMPENSATION

Atlantic's compensation program is designed to retain and attract leading investment talent. The various components of the compensation program for individual members of the investment team include a competitive base salary and an annual discretionary bonus. Discretionary bonuses are based on numerous factors including the overall performance of the strategy and the firm, and consideration of a professional's long-term potential at the firm. Individual members of the investment team are not compensated based on individual profit and loss responsibilities.

CONFLICTS

Atlantic may from time to time act in a similar capacity to, or otherwise be involved in, other investment products and accounts, some of which may have similar investment objectives to those of a fund. Thus, each may be subject to conflicting demands in respect of allocating management time, services and other functions between the activities each has undertaken with respect to a fund and the activities each has undertaken or will undertake with respect to other investment products and accounts. It is possible that an investment product or account advised by Atlantic may, in the course of their respective businesses, have potential conflicts of interest with a fund.

Atlantic may give advice and recommend securities to others investment products and accounts, which advice or securities may be identical to, or differ from, advice given to, or securities recommended or bought for, a fund, even though their investment objectives may be the same or similar. Such other investment products and accounts may be subject to different fees, including performance based fees, and Atlantic or its affiliates may own interests in some of such other investment products and accounts. In the ordinary course of its activities, Atlantic may, from time to time, buy or sell for other investment products and accounts the same securities as those traded by a fund.

Atlantic will determine how investment and trading opportunities are allocated among the accounts that it manages, even though it may face potential conflicts of interest in making such allocations. Atlantic will act in a manner that it considers fair and equitable in allocating investment opportunities among a fund and the other investment products and accounts it manages on behalf of its clients, although situations may arise in which a fund may be disadvantaged, such as the inability of the market fully to absorb orders for the purchase or sale of particular securities placed by Atlantic for a fund and its other investment products and accounts at prices and in quantities that would be obtainable if the same were being placed only for a fund. Atlantic may aggregate orders of a fund with orders for its other investment products and accounts. Such aggregation of orders may not always be to the benefit of a fund.

FOR FUNDS ADVISED BY CHILTON INVESTMENT COMPANY, LLC (CHILTON)

COMPENSATION

Investment professionals are compensated with salary, performance bonus and, in some cases, share ownership in Chilton. Bonuses are based on numerous factors including the profit and loss of long and short ideas contributed, the overall performance of the strategy and the firm, and consideration of a professional's long-term potential at the firm. Other employees are compensated with salary, performance bonus and, in some cases, share ownership in Chilton. Bonuses are generally based on individual performance and the overall performance of the firm. In all categories above, a significant portion of the bonus compensation may be subject to a three year deferral period.

CONFLICTS

The employees and principals of Chilton and its affiliates are not obligated to devote their full time to any fund, but will devote such time as Chilton, in its sole discretion, deems necessary to carry out the operations of the fund effectively.

Chilton, its affiliates and their employees and principals act as investment managers for other investment funds and accounts, and may conduct any other business activities, including any business with respect to securities.

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Certain of the employees and principals of Chilton may acquire substantial investments in certain other investment funds managed by Chilton and its affiliates and conflicts of interest may arise in allocating management time, services or functions among the funds managed by Chilton, including funds in which Chilton's employees and/or principals may have a greater financial interest.

There may also be a conflict of interest in the allocation of investment opportunities among a fund and any other investment funds or accounts (including proprietary accounts) managed by Chilton and its affiliates. For example, there may be instances where an investment opportunity is limited or the availability of an investment at an acceptable price may be limited. Chilton and its affiliates will attempt to allocate investment opportunities in a manner that is in the best interests of all the investment funds or accounts involved in light of the circumstances prevailing at that time and Chilton's and its affiliates' applicable fiduciary duties. However, there can be no assurance that an investment opportunity that comes to the attention of Chilton and its affiliates will not be allocated (i) wholly or primarily to another fund or account (including a proprietary account) managed by Chilton or its affiliates, with a fund being unable to participate in such investment opportunity or participating only on a limited basis, or (ii) wholly or primarily to a fund, with any other fund or account (including a proprietary account) managed by Chilton or its affiliates not sharing the risks of such investment.

Chilton or its affiliates may on occasion give advice or take action with respect to other investment funds or accounts that differs from the advice given with respect to the fund (especially where the investment policies differ). For example, the fund could take a long position on a security while another fund or account managed by Chilton or its affiliates, whether for hedging or other purposes, takes a short position on such security. Thus, the transactions and portfolio strategies Chilton and its affiliates may use for other clients could conflict with the transactions and strategies employed by Chilton in managing the fund and affect the prices and availability of the securities and other financial instruments in which the fund invests. Further, the fund may, from time to time, make an investment in a company in which one or more other clients of Chilton or its affiliates invests in a different part of the capital structure of such company. There may be instances where such a portfolio company becomes insolvent or bankrupt and where the interest of the fund and the other clients of Chilton and/or its affiliates conflict. It is possible that in a bankruptcy proceeding, the fund's interest may be subordinated or otherwise adversely affected by virtue of such other clients' involvement and actions relating to its investment taken by Chilton or its affiliates. In addition, certain principals and employees of Chilton or its affiliates may serve on creditor or equity committees or in an advisory role for a company that is anticipating filing or has filed for protection under Chapter 11 of the US Bankruptcy Code (or similar non-US law). Under these circumstances, Chilton or its affiliate may be limited in making investment decisions on behalf of the fund if the fund holds an interest in such company, and the fund may be adversely affected by the actions taken by the principals or employees of Chilton or the affiliate in connection with carrying out their duties on such committees or in such roles.

Chilton, its affiliates or their employees or principals may come into possession of material nonpublic information (including in connection with managing other clients' accounts). The possession of such information may limit the ability of the fund to buy or sell a security or otherwise to participate in an investment opportunity.

In connection with managing certain funds and accounts, Chilton receives performance-based compensation. This may create a conflict of interest for Chilton in rendering advice because it may have an incentive to choose riskier investments for and/or favor the funds and accounts for which it is entitled to performance-based compensation over those funds or accounts which charge only an asset-based fee. Chilton endeavors to design, implement and consistently apply procedures, including detailed allocation procedures, to ensure that, over time, all funds and accounts are treated fairly and equitably and to prevent conflicts from unduly influencing the allocation of investment opportunities among client accounts. Further, Chilton from time to time reviews the allocations among funds and accounts and the performance of funds and accounts in an effort to ensure that higher fee paying funds and accounts are not unfairly favored.

The fund may participate in transactions in which Chilton (or any of its affiliates or their employees and principals) or any shareholder is directly or indirectly interested. In connection with such transactions, the fund, on the one hand, and, its affiliates, their employees and principals or shareholders, on the other hand, may have conflicting interests. Chilton, its affiliates, their employees or principals are not prohibited from investing for their own account (although Chilton's policies generally prohibit employees from purchasing equity securities after they join Chilton). As a result, Chilton, its affiliates and their employees and principals may hold positions in securities that are owned by the fund

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or considered by the fund. In such circumstances, liquidity and concentration considerations may limit Chilton's ability to add to the position on behalf of the fund or to dispose of the position readily. With respect to their personal or proprietary accounts, Chilton, its affiliates and their employees and principals might take or hold investment positions different from, or contrary to, those taken by the fund.

FOR FUNDS ADVISED BY DREMAN VALUE MANAGEMENT (DREMAN)

COMPENSATION

The Funds have been advised that Dreman has implemented a compensation plan that is designed to attract and retain experienced and exceptional professionals. Dreman has a competitive compensation plan made up of a fixed salary component, a variable bonus component, and comprehensive benefits. A profit sharing plan and ownership in the firm is currently offered to the Dreman partners. The variable bonus allows Dreman to compensate its investment professionals based on results, which aligns their interests directly with their clients' interests.

Base salaries are a factor of job function. Dreman offers competitive pay by many measures, including compensation surveys compiled for the asset management industry and the broader financial services industry in the New York City area.

Variable bonuses, which are based on performance, may include cash and/or the possibility of stock grants. There are many measures of performance. For Portfolio Managers and associate Portfolio Managers, success is defined largely by their ability to generate superior investment results for Dreman's clients relative to their benchmarks, peer group and client objectives.

CONFLICTS

Dreman manages its clients' accounts using a contrarian value investment strategy. For most of its investment strategies, Dreman uses a model portfolio and rebalances its clients' accounts whenever changes are made to the model portfolio. In addition, to the extent practicable Dreman aggregates its trades and allocates them to client accounts in an equitable manner. Dreman strongly believes that aggregating its trade orders protects all clients from being disadvantaged by price or time of execution. The model portfolio approach and the trade aggregation policy of Dreman seek to eliminate conflicts of interest that could arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account. Dreman does not receive any performance-based fees from any of its accounts.

Dreman investment professionals are compensated in the same manner for all client accounts irrespective of the type of account.

FOR FUNDS ADVISED BY FISCHER FRANCIS TREES & WATTS, INC. (FFTW)

COMPENSATION

FFTW aims to provide all staff with total compensation packages that are competitive with the applicable local market. Aside from creating a positive and supportive work environment, FFTW fully appreciates the need for financial incentives to retain key individuals. Bonus allocations are based primarily on quantitative parameters, specifically portfolio performance and asset growth - and to a lesser extent on qualitative factors that include teamwork, contribution to other portfolio teams, client service support, etc. The general aim is to provide staff with total compensation packages that are competitive with applicable markets across all functional areas.

In a typical year, FFTW would expect total compensation to be comprised of a 40% base salary and a 60% performance bonus. Major drivers of the performance bonus are FFTW's business results and the individual's contribution to achieving his or her team results. For retention purposes, a portion of the cash bonus above a certain threshold is deferred over a three year period, with 50% of the ultimate payout tied to the performance of BNP Paribas stock (BNP Paribas is the ultimate parent of FFTW). A second component of the bonus for key investment professionals is a "top up" long term incentive plan that is deferred over a three year period and is tied to the performance of BNP Paribas Investment

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Partners, the global brand name for BNP Paribas' asset management business (in effect, creating a phantom equity-like program). This creates an overall compensation program that includes individual, FFTW, BNPP Investment Partners and BNP Paribas performance components which FFTW believes aligns the interests of all parties.

CONFLICTS

Conflicts of interest of the type that may arise when an investment adviser serves as an adviser to both a mutual fund and to other segregated accounts are minimized at FFTW by FFTW's investment management decision making process and FFTW's trade allocation policy. FFTW's investment team is organized into teams by product area. The teams are responsible for determining strategy for all portfolios within their group. Views are debated and strategy is determined in weekly strategy sessions. Strategy and positions are expressed in terms of risk exposures relative to a benchmark which are then translated into portfolio positions according to each client's benchmark and guideline parameters.

Every portfolio, including mutual fund portfolios, is assigned to a Portfolio Manager within the relevant product area. The Portfolio Manager is responsible for implementation of the product strategy in each portfolio, subject to benchmark limitations and guideline parameters. The Portfolio Manager either executes trades in the portfolio himself or delegates to another member of the investment team who assumes responsibility for issue selection within that sector. The process ensures that investment decisions for specific portfolios are consistent with the strategy for the product area, taking into account the individual portfolio's benchmark, risk parameters and investment guidelines.

In terms of setting a portfolio's risk parameters, these are established at the portfolio's inception, based upon the client's investment guidelines and overall risk preferences. The Portfolio Manager and the Client Portfolio Manager monitor the portfolio's compliance with such parameters on an ongoing basis, while ultimately the Compliance group assumes responsibility for ensuring guideline compliance.

The process seeks to ensure that strategy is determined at the product level and executed across all portfolios within that product grouping, subject only to pre-determined risk parameters and to client guideline and benchmark parameters.

In addition, FFTW executes trades on behalf of all similarly managed accounts within a product group on a block basis. Block transactions are allocated fairly and equitably across all participating accounts utilizing an automated, non-preferential proprietary trade execution system that allocated the trades according to each participating portfolio's size and pre-determined, pre-programmed risk profiles. The automated allocation system seeks to ensure that no managed account is favored with respect to the selection of securities or timing of purchases or sales.

Trade allocation and best execution practices are monitored and reviewed on a monthly basis as part of the Global Compliance Monitoring Program, which is carried out independently by FFTW's Compliance group. This review takes into consideration FFTW's trading procedures and the nature of the fixed income markets. Trade execution prices, for a sampling of trades, are compared with an independent source. An explanation is sought from the investment professional in the event of significant variance between the trade execution price and the price determined by the independent source. The variance is noted and is included in a report issued to senior management on a quarterly basis. Any deviations which occurred from FFTW's policy to allocate investment opportunities fairly and equitably across all participating accounts, would be identified during this review.

Finally, on an annual basis, the firm engages an independent auditor to perform a SSAE 16 (formerly a SAS 70 Type II) review on the operating effectiveness of the firm's internal controls.

FOR FUNDS ADVISED BY HENDERSON ALTERNATIVE INVESTMENT ADVISOR LIMITED
(HENDERSON)

COMPENSATION

Following is a summary of the compensation received by Henderson's investment professionals for all accounts managed and not just for the Fund. Henderson's investment professionals have significant short and long-term financial incentives. In general, the compensation plan is based on:

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o Pre-defined, objective, measurable investment performance

o Performance goals that are ambitious, but attainable

o The plan provides an incentive for appropriately aggressive portfolio management to achieve maximum feasible results within the portfolio's risk return parameters

The compensation structure consists of four primary elements. There is a competitive base salary together with a short-term incentive bonus plan. In addition, there are two further incentive-based packages for senior international investment professionals that reward staff on both individual and team performance, reflecting profitable asset growth. "Profitable asset growth" refers to the increase in adviser revenues generated less the increase in costs. It is typically calculated per adviser team on a calendar year basis. Members of the relevant team receive a share of this growth, which is typically paid over a three year period.

Some managers are granted an award in a long-term incentive program that is based on several factors, including the profitability of Henderson Global Investors. Additionally, some managers participate in the distribution of performance-related fees if such funds are structured accordingly. Currently, a fund does not charge performance-related fees.

A summary of the compensation package is as follows:

o Basic Salaries: in line with or better than the industry average

o Short Term Incentive Bonus (STI): the STI bonus is usually the majority of the variable component, based largely on investment performance; for a typical fund manager, it can vary between 50 percent and 150 percent of the salary

o Growth Equity Bonus Plan (GEB): the GEB is based on a team's contribution to a rise in profits, it is designed to reward profitable asset growth

o Long Term Incentive Plan: as described above

o Employee Share Plans: from year to year, managers may be able to invest part of their remuneration in various share schemes which are then partially matched by Henderson

Performance-related fees: for some funds, any performance related fee earned by the firm is shared with individuals generating that performance. If a performance-related fee applies, compensation is based solely on performance and its terms are made public in the fund's relevant disclosure document (i.e., prospectus or offering memorandum). Performance-related fees may vary from fund