0000088053-12-001095.txt : 20121015 0000088053-12-001095.hdr.sgml : 20121015 20121015145104 ACCESSION NUMBER: 0000088053-12-001095 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121015 DATE AS OF CHANGE: 20121015 EFFECTIVENESS DATE: 20121015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS SECURITIES TRUST CENTRAL INDEX KEY: 0000088048 IRS NUMBER: 132661231 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-36238 FILM NUMBER: 121143578 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 SECURITIES TRUST DATE OF NAME CHANGE: 19950908 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER DEVELOPMENT FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER AM FUND DATE OF NAME CHANGE: 19710112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS SECURITIES TRUST CENTRAL INDEX KEY: 0000088048 IRS NUMBER: 132661231 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02021 FILM NUMBER: 121143579 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 SECURITIES TRUST DATE OF NAME CHANGE: 19950908 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER DEVELOPMENT FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER AM FUND DATE OF NAME CHANGE: 19710112 0000088048 S000006103 DWS Health Care Fund C000016782 Class A SUHAX C000016784 Class B SUHBX C000016785 Class C SUHCX C000016786 Class S SCHLX C000016787 Institutional Class SUHIX 0000088048 S000032043 DWS Enhanced Commodity Strategy Fund C000099774 Institutional Class SKIRX C000099775 Class A SKNRX C000099776 Class B SKBRX C000099777 Class C SKCRX C000099779 Class S SKSRX 485BPOS 1 xb100112sec.htm 485B XBRL FILING - DWS SECURITIES TRUST xb100112sec.htm
Filed electronically with the Securities and Exchange Commission on October 15, 2012.

              File No. 002-36238
              File No. 811-02021

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Pre-Effective Amendment No. ___
Post-Effective Amendment No. 119
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 103


DWS SECURITIES TRUST
(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
DWS SECURITIES TRUST
One Beacon Street, Boston, MA  02108
(Name and Address of Agent for Service)
 
 
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 Health Care Fund — Class A, Class B, Class C, Institutional Class and Class S
·  
DWS Enhanced Commodity Strategy Fund — Class  A, Class B, Class C, Institutional Class 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 October 2012.

  DWS SECURITIES TRUST

 
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
October 15, 2012
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
October 15, 2012
     
/s/John W. Ballantine
   
John W. Ballantine*
Trustee
October 15, 2012
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
October 15, 2012
     
 /s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
October 15, 2012
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
October 15, 2012
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Chairperson and Trustee
October 15, 2012
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Trustee
October 15, 2012
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
October 15, 2012
     
/s/William McClayton
   
William McClayton*
Trustee
October 15, 2012
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
October 15, 2012
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
October 15, 2012
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
October 15, 2012
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
October 15, 2012


*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. 111 to the Registration Statement filed on August 2, 2011; and as filed on September 26, 2008 in Post-Effective Amendment No.100 to the Registration Statement.



 
 

 


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



EX-101.INS 2 dst1-20120927.xml XBRL INSTANCE DOCUMENT 0000088048 dst1:S000032043Member dst1:C000099775Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:C000099776Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:C000099777Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:C000099774Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:C000099779Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:C000016782Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:C000016784Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:C000016785Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:C000016787Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:C000016786Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member 2011-10-02 2012-10-01 0000088048 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:BeforeTaxMember dst1:C000099775Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:BeforeTaxMember dst1:C000099776Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:BeforeTaxMember dst1:C000099777Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:BeforeTaxMember dst1:C000099774Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:BeforeTaxMember dst1:C000099779Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:BeforeTaxMember dst1:C000016782Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:BeforeTaxMember dst1:C000016784Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:BeforeTaxMember dst1:C000016785Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:BeforeTaxMember dst1:C000016787Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:BeforeTaxMember dst1:C000016786Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member rr:AfterTaxesOnDistributionsMember dst1:C000099775Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member rr:AfterTaxesOnDistributionsAndSalesMember dst1:C000099775Member 2011-10-02 2012-10-01 0000088048 dst1:S000032043Member dst1:DowJonesUBSCommodityIndexMember 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member rr:AfterTaxesOnDistributionsMember dst1:C000016782Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member rr:AfterTaxesOnDistributionsAndSalesMember dst1:C000016782Member 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:StandardAndPoorsFiveHundredIndexMember 2011-10-02 2012-10-01 0000088048 dst1:S000006103Member dst1:SAndPNorthAmericanHealthCareSectorIndexMember 2011-10-02 2012-10-01 pure iso4217:USD 1351 1250 1210 638 723 1327 2012-06-30 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSEnhancedCommodityStrategyFund column period compact * ~</div> 1239 1173 631 657 2012-06-30 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSHealthCareFund column period compact * ~</div> 1351 1450 1210 638 723 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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: 98%. www.dws-investments.com 1327 1439 1173 631 657 www.dws-investments.com 0.3297 <h3>EXAMPLE</h3> <h3>EXAMPLE</h3> <h3>SHAREHOLDER FEES (paid directly from your investment)</h3> 0.0575 0 0 0 0 <h3>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</h3> <h1>DWS Enhanced Commodity Strategy Fund </h1> 720 637 329 134 118 How a fund&#146;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). -0.0344 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSEnhancedCommodityStrategyFund column period compact * ~</div> <h1>DWS Health Care Fund </h1> 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 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 <h3>SHAREHOLDER FEES (paid directly from your investment) </h3> 0.0575 0 0 0 0 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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%. How a fund&#146;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). 0.1316 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSHealthCareFund column period compact * ~</div> <h3>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</h3> 485BPOS DWS SECURITIES TRUST 2012-09-27 0 0 0.01 0.04 0 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. 18) and Purchase and Redemption of Shares in the fund&#146;s Statement of Additional Information (SAI) (p. II-15). 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&#146;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: <h2>Principal Investment Strategy </h2> <b>Non-diversification risk. </b>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. Best Quarter: 20.94%, Q2 2008 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: -34.47%, Q3 2008<br/>Year-to-Date as of 6/30/2012: -3.44% <h3>Average Annual Total Returns <br/>(For periods ended 12/31/2011 expressed as a %) </h3> After-tax returns (which are shown only for Class A and would be different for other classes) reflect the 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 2/28/05. 2005-02-14 2005-02-14 2005-02-14 2005-02-14 2005-02-14 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSEnhancedCommodityStrategyFundBarChart column period compact * ~</div> 237 720 229 118 2273 2279 2595 1409 1590 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. 18) and Purchase and Redemption of Shares in the fund&#146;s Statement of Additional Information (SAI) (p. II-15). 0 0.04 0.01 0 0 -0.0014 -0.0008 -0.0013 -0.0029 -0.0016 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) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 703 611 311 110 110 2239 2262 2534 1402 1465 You would pay the following expenses if you did not redeem your shares: <h2>Principal Investment Strategy </h2> <h3>Average Annual Total Returns <br/>(For periods ended 12/31/2011 expressed as a %) </h3> 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. 2000-12-29 2000-12-29 2000-12-29 2000-12-29 1998-03-02 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSHealthCareFundBarChart column period compact * ~</div> Best Quarter: 15.04%, Q2 2003 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worst Quarter: -16.51%, Q4 2008<br/>Year-to-Date as of 6/30/2012: 13.16% 2012-09-27 0000088048 false 2012-10-01 0.0024 0.01 0.01 0 0 0.0151 0.0234 0.0226 0.0116 0.0132 <h2>Investment Objective </h2> <h2>Fees and Expenses of the Fund </h2> 1025 1030 706 368 418 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <h3>PORTFOLIO TURNOVER </h3> <b>Main investments.</b> Under normal circumstances, the fund invests in commodity-linked derivative instruments backed by a portfolio of fixed income instruments. The fund invests in commodity-linked derivative instruments (a contract whose value is based on a particular commodity), such as commodity-linked swap contracts, commodity-linked structured notes, options and futures contracts, to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities. Physical commodities are assets that have tangible properties such as gas, heating oil, industrial and other precious metals, livestock or agricultural products. <br/><br/>The fund may gain exposure to the commodity markets by investing up to 25% of the fund&#146;s total assets in a wholly-owned subsidiary (the &#147;Subsidiary&#148;), which shares the same portfolio management team as the fund and is expected to invest mainly in commodity-linked derivative instruments and fixed income instruments some of which may serve as margin or collateral for the Subsidiary&#146;s derivatives positions. <br/><br/>The fund invests in fixed income securities, including inflation-indexed securities, of varying maturities issued by the US government, non-US governments, their agencies or instrumentalities, and US and non-US corporations and derivatives related to each of these types of securities. The fund may invest in mortgage-backed and asset-backed securities, adjustable rate loans that have a senior right to payment (&#147;Senior Loans&#148;) and other floating rate debt securities, taxable municipal bonds and tax-exempt municipal bonds. <br/><br/>The fund may invest up to 10% of its total assets in below investment grade fixed income securities (also referred to as junk bonds). <br/><br/>The fund concentrates its investments in commodities-related industries. Currently, the fund considers commodities-related industries to include oil, natural gas, agricultural products and metals industries; however, these criteria are provided for illustrative purposes only and are not part of the fund&#146;s fundamental investment policy regarding the concentration of its investments in any particular industry or group of industries. Accordingly, the fund may change the criteria it uses from time to time without shareholder approval. <br/><br/><b>Management process. </b>Portfolio management generally will allocate the fund&#146;s commodity-linked investments among a variety of different commodity sectors. Portfolio management employs three main strategies with respect to its commodity-linked investments: a relative value strategy, a tactical strategy, and a &#147;roll enhancement&#148; strategy. In implementing the relative value strategy, portfolio management will use a proprietary quantitative, rules-based methodology in determining the fund&#146;s commodity sector weightings relative to the fund&#146;s benchmark index, the Dow Jones UBS Commodity Index. Portfolio management normally will rebalance commodity sector positions when a sector undergoes a &#147;trigger event,&#148; reducing the fund&#146;s exposure to commodity sectors that are believed to be &#147;expensive&#148; and increasing its exposure to sectors that are believed to be &#147;cheap.&#148; The tactical strategy focuses on the direction of commodity markets as a whole. Portfolio management will use a proprietary, momentum-driven, quantitative formula that seeks to anticipate the direction of the commodity markets. Portfolio management may reduce the fund&#146;s exposure to all commodity sectors when commodities in general appear overvalued. In implementing the &#147;roll enhancement&#148; strategy, portfolio management seeks to invest in commodity contracts whose expiration is further out on the &#147;commodity curve&#148; than the subsequent month so as to avoid continually paying premiums to replace expiring contracts. <br/><br/>With respect to the Fund&#146;s fixed income investments, portfolio management uses a relative value style to seek to construct a diversified portfolio of fixed income securities. With respect to these investments, portfolio management normally targets a dollar-weighted average portfolio duration of three years or less, and primarily invests in fixed income securities that are rated, at the time of purchase, within the top four rating categories as rated by Moody&#146;s Investors Service, Inc., the Standard &amp; Poor&#146;s Division of The McGraw-Hill Companies, Inc., Fitch, Inc., or another Nationally Recognized Statistical Rating Organization, or, if unrated, are determined by the Advisor to be of similar quality. <br/><br/><b>Derivatives. </b>In addition to commodity-linked derivative instruments, the fund may also use various types of derivatives (a contract whose value is based on, for example, indices, currencies or securities) (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. There are several risk factors that could hurt the fund&#146;s performance, cause you to lose money or cause the fund&#146;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>Commodities-related investments risk.</b> The commodities-linked derivatives instruments in which the fund invests tend to be more volatile than many other types of securities and may subject the fund to special risks that do not apply to all derivatives transactions. <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&#146;s exposure to the market and magnify potential losses. <br/><br/><b>Security selection risk.</b> The securities in the fund&#146;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>Credit risk.</b> The fund&#146;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. <br/><br/><b>Interest rate risk.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund&#146;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.) <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&#146;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>Non-diversification risk. </b>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. <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>Inflation-indexed bond risk. </b>Any rise in interest rates may cause inflation-indexed bonds to decline in price, hurting fund performance. If interest rates rise owing to reasons other than inflation, the fund&#146;s investment in these securities may not be fully protected from the effects of rising interest rates. The performance of any bonds that are indexed to non-US rates of inflation may be higher or lower than those indexed to US inflation rates. The fund&#146;s actual returns could fail to match the real rate of inflation. <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>Prepayment and extension risk.</b> 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&#146;s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund&#146;s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. <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&#146;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>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>Senior loans risk.</b> Senior loans may not be rated by a rating agency, registered with the Securities and Exchange Commission or any state securities commission or listed on any national securities exchange. Therefore, there may be less publicly available information about them than for registered or exchange-listed securities. Also, because portfolio management relies mainly on its own evaluation of the creditworthiness of borrowers, the fund is particularly dependent on portfolio management&#146;s analytical abilities. Senior loans involve other risks, including conflict of interest risk, credit risk, interest rate risk, liquidity risk, and prepayment and extension risk. <br/><br/><b>Conflict of interest risk. </b>Affiliates of the Advisor may participate in the primary and secondary market for senior loans. Because of limitations imposed by applicable law, the presence of the Advisor&#146;s affiliates in the senior loan market may restrict the fund&#146;s ability to participate in a restructuring of a senior loan or to acquire some senior loans, or affect the timing or price of such acquisition. <br/><br/><b>Tax status risk.</b> Income from certain commodity-linked investments does not constitute &#147;qualifying income&#148; to the fund for purposes of qualification as a &#147;regulated investment company.&#148; Receipt of such income could cause the fund to be subject to tax at the fund level. The IRS has issued a private ruling to the fund that such income earned through its wholly-owned subsidiary constitutes qualifying income. Income from other commodity-linked derivatives in which the fund invests directly may not constitute qualifying income. If such income were determined not to constitute qualifying income and caused the fund&#146;s nonqualifying income to exceed 10% of the fund&#146;s gross income, the fund would be subject to a tax at the fund level or tax on all its income. <br/><br/><b>Subsidiary risk. </b>The fund may invest in the Subsidiary, which is not registered as an investment company under the Investment Company Act of 1940, as amended, and therefore it is not subject to all of the investor protections of the Investment Company Act of 1940. Moreover, neither the fund nor the Subsidiary currently is subject to the investor protections of the Commodity Exchange Act because of their reliance on certain exclusions from the definition of commodity pool operator. A regulatory change in the US or the Cayman Islands that impacts the Subsidiary or how the fund invests in the Subsidiary, such as a change in tax law, could adversely affect the fund. As a result of recent changes to certain exclusions from the definition of commodity pool operator under the Commodities Exchange Act, the fund and the Subsidiary may no longer be able to rely on such exclusions from registration under the Commodities Exchange Act and may be subject to regulations under the Commodities Exchange Act. Amendments to such exclusions have been challenged in a court of law. Accordingly, the impact of such rule changes on the fund and the Subsidiary remains uncertain. The fund is exposed to the risks associated with the Subsidiary&#146;s investments, which generally include the risks of investing in derivatives and commodities-related investments. There are several risk factors that could hurt the fund&#146;s performance, cause you to lose money or cause the fund&#146;s performance to trail that of other investments. <h2>CALENDAR YEAR TOTAL RETURNS (%) (Class A) </h2> Past performance may not indicate future results. -0.4591 0.2709 -0.0892 2008-06-30 0.2094 Worst Quarter: 2008-09-30 After-tax returns (which are shown only for Class A and would be different for other classes) reflect the 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) -0.1416 -0.1617 -0.0591 -0.1213 -0.0929 -0.0862 -0.1337 -0.0877 0.0164 -0.0187 0.0077 0.0174 0.0179 0.0281 0.027 -0.0158 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSEnhancedCommodityStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSEnhancedCommodityStrategyFund column period compact * ~</div> 134 1025 730 706 368 418 <h2>Investment Objective </h2> <h2>Fees and Expenses of the Fund </h2> 0.0024 0.0099 0.01 0 0 0.0149 0.0237 0.0221 0.0116 0.0122 September 30, 2013 1004 1012 679 361 373 703 211 211 110 110 1004 712 679 361 373 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <h3>PORTFOLIO TURNOVER </h3> <b>Main investments.</b> Under normal circumstances, the fund will invest at least 80% of total assets in common stock of companies in the health care sector. For purposes of the fund&#146;s 80% investment policy, to be considered part of the health care sector, companies must commit at least half of their assets to, or derive at least half of the revenues or net income from, that sector. Industries in the health care sector include pharmaceuticals, biotechnology, medical products and supplies, and health care services. The fund invests primarily in securities of US companies, but may invest in foreign companies as well. The fund may invest in companies of any size. While the fund invests mainly in common stocks, it may also invest up to 20% of total assets in US Treasury and US agency debt obligations. <br/><br/><b>Management process.</b> In choosing stocks, portfolio management uses a combination of three analytical disciplines: <br/><br/><b>Bottom-up research.</b> Portfolio management looks for individual companies with a history of above-average growth, strong competitive positioning, new tests or treatments, the ability to take advantage of demographic trends, attractive prices relative to potential growth, sound financial strength and effective management, among other factors. <br/><br/><b>Growth orientation.</b> Portfolio management generally looks for companies that it believes have above-average potential for sustainable growth of revenue or earnings and whose market value appears reasonable in light of their business prospects. <br/><br/><b>Top-down analysis.</b> Portfolio management considers the economic outlook for various industries within the health care sector while looking for those that it believes may benefit from changes in the overall business environment. <br/><br/>Portfolio management may favor securities from different industries and companies within the health care sector at different times. Portfolio management will normally sell a stock when it believes the stock&#146;s price is unlikely to go higher, its fundamental factors have changed, other investments offer better opportunities, or in the course of adjusting their emphasis on a given health care industry. <br/><br/><b>Securities Lending. </b>The fund may lend securities (up to one-third of total assets) to approved institutions. There are several risk factors that could hurt the fund&#146;s performance, cause you to lose money or cause the fund&#146;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>The fund is affected by how the stock market performs. When stock prices fall, you should expect the value of your investment to fall as well. <br/><br/><b>Concentration risk &#150; health care sector. </b>Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Because the fund concentrates its investments in companies in the health care sector, it may be vulnerable to setbacks in that industry. <br/><br/><b>Security selection risk. </b>The securities in the fund&#146;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>Small company risk.</b> Small company stocks tend to be more volatile than medium-sized or large company stocks. Small companies are less widely followed by stock analysts and 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>Growth investing risk.</b> As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. <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&#146;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>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>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>IPO risk. </b>Prices of securities bought in an initial public offering (IPO) may rise and fall rapidly, often because of investor perceptions rather than economic reasons. To the extent a mutual fund is small in size, its IPO investments may have a significant impact on its performance since they may represent a larger proportion of the fund&#146;s overall portfolio as compared to the portfolio of a larger 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>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&#146;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. There are several risk factors that could hurt the fund&#146;s performance, cause you to lose money or cause the fund&#146;s performance to trail that of other investments. <h2>CALENDAR YEAR TOTAL RETURNS (%) (Class A) </h2> After-tax returns (which are shown only for Class A and would be different for other classes) 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) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. -0.2462 0.0783 -0.2363 0.2121 0.0813 0.0191 0.0046 0.0299 0.0737 0.0843 0.0211 0.1163 0.0848 0.0436 0.0354 0.0302 0.0297 0.0329 0.046 0.0439 0.039 0.0292 0.0333 2003-06-30 0.1504 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSHealthCareFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSHealthCareFund column period compact * ~</div> 2012-10-01 The fund&#146;s investment objective is total return. -0.02 -0.02 -0.02 -0.02 -0.02 0.0092 0.0092 0.0092 0.0092 0.0092 0.0035 0.0042 0.0034 0.0024 0.004 2273 2279 2595 1409 1590 0.98 <h2>Main Risks </h2> <h2>Past Performance </h2> How a fund&#146;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 for your share class included in this prospectus. 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. 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. 0.0141 0.3503 0.188 Best Quarter: -0.3447 Year-to-Date -0.0109 -0.0559 -0.017 -0.0074 -0.0061 0.0041 0.0027 -0.0332 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSEnhancedCommodityStrategyFund column period compact * ~</div> The fund seeks long-term growth of capital. -0.02 -0.02 -0.02 -0.02 -0.02 0.0077 0.0077 0.0077 0.0077 0.0077 0.0048 0.0061 0.0044 0.0039 0.0045 0.0133 0.0208 0.0208 0.0108 0.0108 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 1.33%, 2.08%, 2.08%, 1.08% and 1.08% (excluding extraordinary expenses, taxes, brokerage and interest expenses) for Class A, Class B, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund's Board. 2239 2262 2534 1402 1465 0.27 <h2>Main Risks </h2> <h2>Past Performance </h2> 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&#146;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 for your share class included in this prospectus. 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. 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. 0.0906 0.0547 0.1243 0.0734 0.0263 0.0175 0.0208 0.0288 0.0436 0.0414 0.0371 -0.0025 0.0309 <b>Concentration risk &#150; health care sector. </b>Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Because the fund concentrates its investments in companies in the health care sector, it may be vulnerable to setbacks in that industry. Best Quarter: -0.1651 Year-to-Date <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSHealthCareFund column period compact * ~</div> Under normal circumstances, the fund invests in commodity-linked derivative instruments backed by a portfolio of fixed income instruments. The fund invests in commodity-linked derivative instruments (a contract whose value is based on a particular commodity), such as commodity-linked swap contracts, commodity-linked structured notes, options and futures contracts, to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities. Physical commodities are assets that have tangible properties such as gas, heating oil, industrial and other precious metals, livestock or agricultural products. The Advisor believes the additional index (S&amp;P North American Health Care Sector Index) represents the fund&#146;s overall investment process. 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