0000088053-13-000300.txt : 20130320 0000088053-13-000300.hdr.sgml : 20130320 20130320141210 ACCESSION NUMBER: 0000088053-13-000300 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130320 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS VALUE SERIES, INC CENTRAL INDEX KEY: 0000825062 IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05385 FILM NUMBER: 13704456 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER VALUE SERIES INC DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE SERIES INC DATE OF NAME CHANGE: 19990119 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE FUND INC DATE OF NAME CHANGE: 19970722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS VALUE SERIES, INC CENTRAL INDEX KEY: 0000825062 IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-18477 FILM NUMBER: 13704457 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER VALUE SERIES INC DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE SERIES INC DATE OF NAME CHANGE: 19990119 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE FUND INC DATE OF NAME CHANGE: 19970722 0000825062 S000006144 DWS Large Cap Value Fund C000016920 Class A KDCAX C000016922 Class B KDCBX C000016923 Class C KDCCX C000016924 Class R KDCQX C000016925 Class S KDCSX C000016926 Institutional Class KDCIX 0000825062 S000006146 DWS Equity Dividend Fund C000016932 Class A KDHAX C000016933 Class B KDHBX C000016934 Class C KDHCX C000016935 Class R KDHRX C000016936 Class S KDHSX C000016937 Institutional Class KDHIX 0000825062 S000006149 DWS Mid Cap Value Fund C000016946 Class A MIDVX C000016947 Class B MIDYX C000016948 Class C MIDZX C000016949 Class S MIDTX C000016950 Institutional Class MIDIX C000098419 Class R MIDQX 0000825062 S000006150 DWS Small Cap Value Fund C000016952 Class A KDSAX C000016953 Class B KDSBX C000016954 Class C KDSCX C000016956 Class S KDSSX C000016957 Institutional Class KDSIX 485BPOS 1 xb030113vs.htm 485B XBRL FILING - DWS VALUE SERIES, INC. xb030113vs.htm
Filed electronically with the Securities and Exchange Commission on March 20, 2013

File No. 033-18477
File No. 811-05385

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. 65
| X |
and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
| X |
   
Amendment No. 67
 
   
DWS Value Series, Inc.
(Exact Name of Registrant as Specified in Charter)
 
   
345 Park Avenue, New York, NY  10154
(Address of Principal Executive Offices)   (Zip Code)
 
   
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:
David A. Sturms, Esq.
Vedder Price, P.C.
222 North LaSalle Street
Chicago, IL 60601
 

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

|X|
Immediately upon filing pursuant to paragraph (b)
|__|
On ________________ 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)
|__|
On ________________ 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.

 
 

 

This filing relates solely to the following Funds, each a series of the Registrant:

·  
DWS Equity Dividend Fund – Class A, Class B, Class C, Class R, Institutional and Class S
·  
DWS Large Cap Value Fund – Class A, Class B, Class C, Class R, Institutional and Class S
·  
DWS Mid Cap Value Fund (formerly DWS Dreman Mid Cap Value Fund) – Class A, Class B, Class C, Class R, Institutional and Class S
·  
DWS Small Cap Value Fund (formerly DWS Dreman Small Cap Value Fund) – Class A, Class B, Class C, Institutional and Class S



 
 

 



SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York on the 15th day of March 2013.

                                             DWS VALUE SERIES, INC.

 
By:  /s/W. Douglas Beck
W. Douglas Beck*
President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

SIGNATURE
TITLE
DATE
 
     
/s/W. Douglas Beck
   
W. Douglas Beck*
President
March 15, 2013
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
March 15, 2013
     
/s/John W. Ballantine
   
John W. Ballantine*
Director
March 15, 2013
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Director
March 15, 2013
     
 /s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Director
March 15, 2013
     
/s/Keith R. Fox
   
Keith R. Fox*
Director
March 15, 2013
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Director
March 15, 2013
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Chairperson and Director
March 15, 2013
     
/s/Richard J. Herring
   
Richard J. Herring*
Director
March 15, 2013
     
/s/William McClayton
   
William McClayton*
Vice Chairperson and Director
March 15, 2013
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Director
March 15, 2013
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Director
March 15, 2013
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Director
March 15, 2013
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Director
March 15, 2013
     
/s/Michael J. Woods
   
Michael J. Woods*
Director
March 15, 2013

*By:           
/s/Caroline Pearson
Caroline Pearson**
Chief Legal Officer

 
**
Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to Post-Effective Amendment No. 64 to the Registration Statement, as filed on February 28, 2013; Post-Effective Amendment No. 61 to the Registration Statement, as filed on December 30, 2011; and to Post-Effective Amendment No. 55 to the Registration Statement, as filed on March 6, 2009.


 
 

 

EXHIBIT INDEX

Index No.
 
Description of Exhibit
   
EX-101.INS
  
XBRL Instance Document
   
EX-101.SCH
  
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
  
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase

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2012-03-02 2013-03-01 0000825062 dim5:S000006150Member dim5:BeforeTaxMember dim5:C000016957Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member dim5:BeforeTaxMember dim5:C000016954Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member dim5:BeforeTaxMember dim5:C000016953Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member rr:AfterTaxesOnDistributionsAndSalesMember dim5:C000016952Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member rr:AfterTaxesOnDistributionsMember dim5:C000016952Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member dim5:BeforeTaxMember dim5:C000016952Member 2012-03-02 2013-03-01 0000825062 dim5:S000006150Member dim5:RussellTwoThousandValueIndexMember dim5:C000016956Member 2012-03-02 2013-03-01 pure iso4217:USD <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSEquityDividendFund column period compact * ~</div> 485BPOS 2012-11-30 DWS VALUE SERIES, INC 0000825062 false 2013-02-28 2013-03-01 2013-03-01 <b>DWS Equity Dividend Fund</b> <b>Investment Objective</b> The fund seeks to achieve a high rate of total return. <b>Fees and Expenses of the Fund</b> 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. 30) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). <b>SHAREHOLDER FEES (paid directly from your investment)</b> 0.0575 0 0 0 0 0 0 0.04 0.01 0 0 0 20 20 20 0 0 20 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSLargeCapValueFund column period compact * ~</div> 0.0072 0.0072 0.0072 0.0072 0.0072 0.0072 0.0024 0.01 0.01 0.0048 0 0 0.0024 0.0038 0.0023 0.0033 0.0011 0.0024 0.012 0.021 0.0195 0.0153 0.0083 0.0096 0 -0.001 0 -0.0002 0 0 0.012 0.02 0.0195 0.0151 0.0083 0.0096 The Advisor has contractually agreed through February 28, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at ratios no higher than 2.00% and 1.51% (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) for Class B and Class R, respectively. The agreement may only be terminated with the consent of the fund's Board. <b>EXAMPLE</b> 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 for Class B and Class R) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>DWS Large Cap Value Fund</b> <b>Investment Objective</b> The fund seeks long-term capital appreciation, with current income as a secondary objective. <b>Fees and Expenses of the Fund</b> 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. 30) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). <b>SHAREHOLDER FEES (paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> 690 603 298 154 85 98 934 948 612 481 265 306 1197 1320 1052 832 460 531 1946 1981 2275 1822 1025 1178 0.0575 0 0 0 0 0 0 0.04 0.01 0 0 0 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSSmallCapValueFund column period compact * ~</div> 20 20 20 0 0 20 You would pay the following expenses if you did not redeem your shares: 690 203 198 154 85 98 934 648 612 481 265 306 1197 1120 1052 832 460 531 1946 1981 2275 1822 1025 0.0042 0.0042 0.0042 0.0042 0.0042 0.0042 0.0024 0.01 0.01 0.005 0 0 1178 0.0034 0.0038 0.0028 0.0041 0.0027 0.0027 0.01 0.018 0.017 0.0133 0.0069 0.0069 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>PORTFOLIO TURNOVER</b> 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.<br /><br />Portfolio turnover rate for fiscal year 2012: 58%. <b>Principal Investment Strategy</b> <b>Main investments. </b>Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in dividend-paying equity securities (mainly common stocks). Equity securities may also include preferred stocks, depository receipts and other securities with equity characteristics, such as convertible securities and warrants. The fund focuses on stocks of large US companies that are similar in size to the companies in the S&amp;P 500 Index and that portfolio management believes are undervalued. As of January 31, 2013, the index had a median market capitalization of $13.5 billion. <br /><br />Although the fund can invest in stocks of any economic sector (which is comprised of two or more industries), at times it may emphasize one or more sectors and may invest more than 25% of total assets in a single sector. The fund may invest up to 20% of total assets in foreign securities. The fund may also invest in the equity securities of real estate investment trusts ("REITs"). <br /><br /><b>Management process. </b>Portfolio management aims to add value through stock selection. Portfolio management utilizes a proprietary investment process designed to identify attractive investment candidates generated by more than 5,000 equity analysts around the globe, who collectively cover over 10,000 securities. Through the quality of these analysts' fundamental research, this process seeks to identify investments that may offer the potential for price appreciation. In addition, portfolio management utilizes a screening process to identify stocks that may offer above-average dividend yields. <br /><br />The investment process also takes into consideration various factors &#8212; both risk and return factors relative to the benchmark &#8212; and assists portfolio management in devising allocations among investable securities. Portfolio management may buy a security when its research resources indicate the potential for future upside price appreciation relative to the benchmark or its investment process identifies an attractive investment opportunity. Conversely, portfolio management may sell a security when its research resources indicate the potential for future downside or its investment process identifies more attractive investment opportunities elsewhere. <br /><br /><b>Derivatives. </b>Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. In addition, portfolio management generally may use forward currency contracts to hedge the fund's exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings or to facilitate transactions in foreign currency denominated securities. Portfolio management generally may use structured notes to gain exposure to certain foreign markets that may not permit direct investment. <br /><br />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. <br /><br /><b>Securities Lending. </b>The fund may lend securities (up to one-third of total assets) to approved institutions. <b>Main Risks</b> <b>DWS Mid Cap Value Fund</b><br/><br/>(formerly DWS Dreman Mid Cap Value Fund) There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. 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. <br /><br /><b>Stock market risk. </b>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 the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. <br /><br /><b>Security selection risk. </b>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. <br /><br /><b>Dividend-paying stock risk. </b>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, 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. <br /><br /><b>Value investing risk. </b>As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time. In addition, value stocks selected for investment by portfolio management may not perform as anticipated. <br /><br /><b>Focus risk. </b>To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors will have a significant impact on the fund's performance. <br /><br /><b>Derivatives risk. </b>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. <br /><br /><b>Counterparty risk. </b>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. <br /><br /><b>Liquidity risk. </b>In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br /><br /><b>Real estate securities risk. </b>The value of real estate securities in general, and REITs in particular, are subject to the same risks as direct investments and will depend on the value of the underlying properties or the underlying loans or interest. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. <br /><br /><b>Securities lending risk. </b>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. <br /><br /><b>Foreign investment risk. </b>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 their full value. 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. <br /><br /><b>Emerging markets risk. </b>Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. <br /><br /><b>Pricing risk. </b>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. 671 <b>Investment Objective </b> 583 273 135 70 70 <b>Past Performance</b> The fund seeks long-term capital appreciation. <b>Fees and Expenses of the Fund</b> 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 www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.<br /><br />For Class R shares, historical performance prior to class inception is based on the performance of the fund's original share class (Class A) adjusted to reflect the higher expenses of Class R. 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. 30) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). 875 866 536 421 221 221 <b>SHAREHOLDER FEES (paid directly from your investment) </b> 1096 1175 923 729 384 384 <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b> 1729 1712 2009 1601 859 859 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) </b> 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. 671 183 173 135 70 70 875 566 536 421 221 221 0.3134 0.1348 1096 0.0772 975 923 729 384 384 0.174 0.0575 0 0 0 0 0 -0.0114 1729 1712 2009 1601 859 859 -0.455 0.2344 0.1242 -0.0228 0 0.04 0.01 0 0 0 0.1197 Best Quarter: <b>EXAMPLE</b> 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: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. 20 0 0 20 20 20 2003-06-30 0.2043 Worst Quarter: 2008-12-31 -0.2321 <b>Average Annual Total Returns<br />(For periods ended 12/31/2012 expressed as a %)</b> 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 S index comparison began on 2/28/05. 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0024 0.01 0.01 0.005 0 0 1988-03-18 1995-09-11 1995-09-11 2003-10-01 2002-08-19 0.0035 0.0022 0.0039 0.0033 0.0044 0.0034 0.0553 0.0515 0.0406 0.081 0.1114 0.1167 0.1238 0.16 0.0133 -0.0485 -0.0516 -0.0408 -0.0469 -0.0444 0.0219 -0.0402 0.0208 -0.0336 0.0164 0.0166 0.0097 0.011 0.0381 0.0332 0.0327 0.0357 -0.0009 0.0364 0.0413 0.0479 0.071 0 -0.0013 -0.0007 -0.0018 -0.0007 0.0126 0.0201 0.0201 0.0151 0.0097 <b>PORTFOLIO TURNOVER</b> 0.0101 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.<br/><br/>Portfolio turnover rate for fiscal year 2012: 51%. <b>Principal Investment Strategy</b> <b>Main Investments.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks and other equity securities of large US companies that are similar in size to the companies in the Russell 1000&#174; Value Index and that portfolio management believes are undervalued. These are typically companies that have been sound historically, but are temporarily out of favor. While the market capitalization range of the Russell 1000&#174; Value Index changes throughout the year, as of the most recent reconstitution date of the index (June 22, 2012), the market capitalization range of the Russell 1000&#174; Value Index was between $96.8 million and $384 billion.<br/><br/>Although the fund can invest in stocks of any economic sector (which is comprised of two or more industries), at times it may emphasize certain sectors, even investing more than 25% of total assets in any one sector. The fund may invest up to 20% of total assets in foreign securities.<br/><br/><b>Management process.</b> Portfolio management begins by screening for stocks whose price-to-earnings ratios are below the average for the S&amp;P 500 Index. Portfolio management then compares a company's stock price to its book value, cash flow and yield, and analyzes individual companies to identify those that are financially sound and appear to have strong potential for long-term share price appreciation and income.<br/><br/>Portfolio management assembles the fund's portfolio from among the most attractive stocks, drawing on an analysis of economic outlooks for various sectors and industries.<br/><br/><b>Derivatives.</b> Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.<br/><br/>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.<br/><br/><b>Securities Lending.</b> The fund may lend securities (up to one-third of total assets) to approved institutions. <b>Main Risks</b> 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.<br/><br/><b>Stock market risk.</b> 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 the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance.<br/><br/><b>Security selection risk.</b> 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.<br/><br/><b>Value investing risk.</b> As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time. In addition, value stocks selected for investment by portfolio management may not perform as anticipated.<br/><br/><b>Focus risk.</b> To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors will have a significant impact on the fund's performance.<br/><br/><b>Derivatives risk.</b> 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.<br/><br/><b>Counterparty risk.</b> 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.<br/><br/><b>Liquidity risk.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.<br/><br/><b>Securities lending risk.</b> 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.<br/><br/><b>Foreign investment risk.</b> 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 their full value. 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.<br/><br/><b>Emerging markets risk.</b> Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.<br/><br/><b>Pricing risk.</b> 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. <b>Past Performance</b> 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 www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.<br/><br/>For Class R shares, historical performance prior to class inception is based on the performance of the fund's original share class (Class A) adjusted to reflect the higher expenses of Class R. The Advisor has contractually agreed through September 30, 2013 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.21%, 1.96%, 1.96%, 1.46% and 0.96%; and for the period from October 1, 2013 through February 28, 2014, at ratios no higher than 1.26%, 2.01%, 2.01%, 1.51% and 1.01% (in each instance, excluding extraordinary expenses, taxes, brokerage and interest expenses) for Classes A, B, C, R and S, respectively. These agreements may only be terminated with the consent of the fund's Board. <b>EXAMPLE </b> <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A)</b> 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. 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 for Class A, Class B, Class C, Class R and Class S) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.3246 0.0927 0.0185 696 604 304 154 99 103 341 309 505 645 968 966 1256 1358 1112 880 536 597 1332 1190 1933 2405 2091 2079 0.1556 0.1252 -0.3565 0.2494 0.1036 -0.0037 0.0954 You would pay the following expenses if you did not redeem your shares: 696 204 204 154 99 103 341 309 505 645 668 966 1256 1158 1112 880 536 597 1332 1190 1933 2405 2091 2079 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>PORTFOLIO TURNOVER </b> 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. <br/><br/>Portfolio turnover rate for the fiscal year 2012: 28%. <b>Principal Investment Strategy </b> <b>Main investments.</b> Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of mid-cap companies that portfolio management believes are undervalued, but have favorable prospects for appreciation. The fund defines mid-cap companies as companies that have a market capitalization similar to the companies included in the Russell Midcap&#174; Value Index. While the market capitalization range of the Russell Midcap&#174; Value Index changes throughout the year, as of January 31, 2013, the market capitalization range of the Russell Midcap&#174; Value Index was between $317 million and $25 billion. The fund may invest up to 20% of total assets in foreign securities. <br/><br/> The fund may also invest in the equity securities of real estate investment trusts (REITs). <br/><br/><b> Management process.</b> Portfolio management begins by screening for stocks of mid-cap companies with below-market price-to-earnings ratios. Portfolio management then compares the company's stock price to such measures as book value, cash flow and yield and analyzes individual companies to identify those that are financially sound and appear to have strong potential for long-term capital appreciation and dividend growth. <br/><br/> Portfolio management assembles the fund's portfolio from among the most attractive stocks, drawing, in addition, on an analysis of economic outlooks for various sectors and industries. <br/><br/><b> Securities Lending.</b> The fund may lend securities (up to one-third of total assets) to approved institutions. <b>Main Risks </b> 2005-02-28 0.1222 0.16 -0.0354 0.0166 0.003 0.0436 0.0324 0.0295 0.0248 0.0571 0.0877 0.092 0.0991 0.1751 -0.0212 -0.0157 -0.0181 -0.0163 -0.0136 -0.009 -0.0028 0.0059 0.0575 0.0488 0.0551 0.0491 0.056 0.061 0.0678 0.0738 <b>Past Performance </b> 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 www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. <br/><br/> For Class R shares, historical performance prior to class inception is based on the performance of the fund's Class A shares adjusted to reflect the higher expenses of Class R. <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A) </b> 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. 0.1758 0.0535 -0.4003 0.3844 0.1958 -0.0607 0.1702 <b>Average Annual Total Returns<br/> (For periods ended 12/31/2012 expressed as a %) </b> Best Quarter: 22.25%, Q3 2009 Worst Quarter: -23.99%, Q4 2008 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. For all classes index comparison began on 7/31/05. 1988-03-18 1995-09-11 1995-09-11 2011-03-01 2000-06-01 February 28, 2014 0.58 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. 50000 0.1029 0.1006 0.0688 0.1319 0.1608 0.1638 0.1737 0.1734 0.1851 0.0056 0.0036 0.0042 0.008 0.0101 0.015 0.021 0.0206 0.0379 0.0364 0.0316 0.0292 0.0373 0.0373 0.0418 0.049 0.0482 0.0518 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. 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. 2005-08-01 2005-08-01 2005-08-01 2011-03-01 2005-08-01 2005-08-01 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). www.dws-investments.com Past performance may not indicate future results. These year-by-year returns do not include sales charges, if any, and would be lower if they did. Best Quarter: 20.43%, Q2 2003 Worst Quarter: -23.21%, Q4 2008 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. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) February 28, 2014 0.28 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. 50000 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. 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. 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. www.dws-investments.com 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. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) Best Quarter: 2009-09-30 0.2225 Worst Quarter: 2008-12-31 -0.2399 Best Quarter: Worst Quarter: 2003-06-30 2008-12-31 0.187 -0.2183 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSMidCapValueFund column period compact * ~</div> <b>DWS Small Cap Value Fund</b><br/><br/>(formerly DWS Dreman Small Cap Value Fund) <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSMidCapValueFund column period compact * ~</div> <b>Investment Objective </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSMidCapValueFund column period compact * ~</div> The fund seeks long-term capital appreciation. <b>Fees and Expenses of the Fund </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSMidCapValueFund column period compact * ~</div> 0.51 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. 50000 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSMidCapValueFundBarChart column period compact * ~</div> 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. 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. 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). www.dws-investments.com Past performance may not indicate future results. These year-by-year returns do not include sales charges, if any, and would be lower if they did. <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSMidCapValueFund column period compact * ~</div> 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. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) 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. 30) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). <b>SHAREHOLDER FEES (paid directly from your investment) </b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSEquityDividendFund column period compact * ~</div> <b>PORTFOLIO TURNOVER </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSEquityDividendFundBarChart column period compact * ~</div> 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.<br/><br/>Portfolio turnover rate for fiscal year 2012: 27%. 0.27 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. 50000 <b>EXAMPLE </b> 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: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>Principal Investment Strategy </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSLargeCapValueFund column period compact * ~</div> <b>Main investments. </b>Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in undervalued common stocks of small US companies, which the fund defines as companies that are similar in market value to those in the Russell 2000&#174; Value Index. While the market capitalization of the Russell 2000&#174; Value Index changes throughout the year, as of January 31, 2013, the market capitalization range of the Russell 2000&#174; Value Index was between $40 million and $5.3 billion. While the fund invests mainly in US stocks, it could invest up to 20% of total assets in foreign securities. <br /><br /><b>Management process. </b>Portfolio management begins by screening stocks of small companies with below-market price-to-earnings (P/E) ratios. Portfolio management then compares the company's stock price to such measures as book value, cash flow and yield and analyzes individual companies to identify those that are fundamentally sound and appear to have strong potential for earnings and dividend growth over the Index. <br /><br />Portfolio management then assembles the fund's portfolio from among the most attractive stocks, drawing, in addition, on an analysis of economic outlooks for various industries. <br /><br /><b>Securities Lending. </b>The fund may lend securities (up to one-third of total assets) to approved institutions. <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSLargeCapValueFundBarChart column period compact * ~</div> Best Quarter: 18.70%, Q2 2003 Worst Quarter: -21.83%, Q4 2008 <b>Average Annual Total Returns</b><br/><b>(For periods ended 12/31/2012 expressed as a %)</b> 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 S index comparisons began on 12/31/2004. <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSEquityDividendFundSupplement column period compact * ~</div> <b>Main Risks </b> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSLargeCapValueFundSupplement column period compact * ~</div> 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. <br /><br /><b>Stock market risk. </b>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 the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. <br /><br /><b>Security selection risk. </b>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. <br /><br /><b>Value investing risk. </b>As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time. In addition, value stocks selected for investment by portfolio management may not perform as anticipated. <br /><br /><b>Small company risk. </b>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. <br /><br /><b>Focus risk. </b>To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors will have a significant impact on the fund's performance. <br /><br /><b>Foreign investment risk. </b>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 their full value. 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. <br /><br /><b>Emerging markets risk. </b>Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. <br /><br /><b>Pricing risk. </b>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. <br /><br /><b>Liquidity risk. </b>In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br /><br /><b>Securities lending risk. </b>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. 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. 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. <b>Past Performance </b> 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 www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. 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). 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.<br/><br/><b> Stock market risk.</b> 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 the fund invests in a particular capitalization or market sector, the fund's performance may be proportionately affected by that segment's general performance. <br/><br/><b> Security selection risk.</b> 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. <br/><br/><b> Value investing risk.</b> As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time. In addition, value stocks selected for investment by portfolio management may not perform as anticipated. <br/><br/><b> Medium-sized company risk.</b> Medium-sized company stocks tend to be more volatile than large company stocks. Because stock analysts are less likely to follow medium-sized companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. <br/><br/><b> Focus risk.</b> To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors will have a significant impact on the fund's performance. <br/><br/><b> Foreign investment risk.</b> 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 their full value. 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. <br/><br/><b> Emerging markets risk.</b> Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. <br/><br/><b> Pricing risk.</b> 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. <br/><br/><b> Liquidity risk.</b> In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price. <br/><br/><b> Real estate securities risk.</b> The value of real estate securities in general, and REITs in particular, are subject to the same risks as direct investments and will depend on the value of the underlying properties or the underlying loans or interest. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. <br/><br/><b> Securities lending risk.</b> 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. www.dws-investments.com Past performance may not indicate future results. <b>CALENDAR YEAR TOTAL RETURNS (%) (Class A) </b> 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. These year-by-year returns do not include sales charges, if any, and would be lower if they did. Best Quarter: 22.64%, Q2 2009 Worst Quarter: -22.90%, Q3 2011 <b>Average Annual Total Returns<br/>(For periods ended 12/31/2012 expressed as a %) </b> 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. These year-by-year returns do not include sales charges, if any, and would be lower if they did. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. After-tax returns (which are shown only for Class A and would be different for other classes) 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 S index comparison on 2/28/05. 0.0575 0 0 0 0 0 0 0.01 0.04 0 20 0 20 20 20 -0.02 -0.02 -0.02 -0.02 -0.02 689 603 295 105 82 931 927 603 328 255 444 569 1037 1278 1192 1259 990 2243 1926 1935 689 203 195 82 105 255 328 603 627 931 1192 1078 1037 444 569 1935 1926 2243 990 1259 0.0071 0.0071 0.0071 0.0071 0.0071 0.0024 0.01 0.01 0 0 0.099 0.1751 -0.0032 0.0059 0.0371 0.0378 0.0032 2004-12-20 0.0009 0.0021 0.0029 0.0024 0.0119 0.02 0.0192 0.008 0.0103 0.4264 0.2531 0.0971 0.2385 0.0248 -0.2962 0.3025 0.1927 -0.1031 0.1579 Best Quarter: 2009-06-30 0.2264 Worst Quarter: 2011-09-30 -0.229 0.0355 0.03 0.0184 0.0154 0.0109 0.0108 0.0137 0.0913 0.0849 0.0638 0.119 0.1623 0.1497 0.1805 0.1029 0.0959 0.0901 0.1001 0.1013 0.1138 0.095 1992-05-22 1995-09-11 1995-09-11 2002-08-19 0.1602 0.1805 0.0275 0.0355 0.0609 0.0454 2005-02-28 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSSmallCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSSmallCapValueFundSupplement column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSSmallCapValueFund column period compact * ~</div> EX-101.SCH 3 dim5-20130228.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000000 - 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