0000088053-13-000305.txt : 20130321 0000088053-13-000305.hdr.sgml : 20130321 20130321121051 ACCESSION NUMBER: 0000088053-13-000305 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130321 EFFECTIVENESS DATE: 20130321 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: 13706935 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: 1933 Act SEC FILE NUMBER: 002-36238 FILM NUMBER: 13706936 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 S000031521 DWS Gold & Precious Metals Fund C000098001 Class A SGDAX C000098002 Class B SGDBX C000098003 Class C SGDCX C000098004 Class S SCGDX C000098005 Institutional Class SGDIX 0000088048 S000031522 DWS Technology Fund C000098006 Institutional Class KTCIX C000098007 Class A KTCAX C000098008 Class B KTCBX C000098009 Class C KTCCX C000098010 Class S KTCSX 485BPOS 1 xb030113sec.htm 485B XBRL FILING - DWS SECURITIES TRUST xb030113sec.htm
Filed electronically with the Securities and Exchange Commission on March 21, 2013

                          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
| X |
   
Pre-Effective Amendment No.  ___
|__|
Post-Effective Amendment No. 121
| X |
and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
| X |
   
Amendment No. 105
 
   
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
Vice President and Secretary
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 Gold & Precious Metals Fund:  Class A, Class B, Class C, Institutional Class and Class S
·  
DWS Technology 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 March 2013.

  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
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*
Trustee
March 15, 2013
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
March 15, 2013
     
 /s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
March 15, 2013
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
March 15, 2013
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Trustee
March 15, 2013
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Chairperson and Trustee
March 15, 2013
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
March 15, 2013
     
/s/William McClayton
   
William McClayton*
Vice Chairperson and Trustee
March 15, 2013
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
March 15, 2013
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
March 15, 2013
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
March 15, 2013
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
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. 111 to the Registration Statement as 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 dim6-20130228.xml XBRL INSTANCE DOCUMENT 0000088048 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:C000098001Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:C000098002Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:C000098003Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:C000098005Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:C000098004Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:C000098007Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:C000098008Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:C000098009Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:C000098006Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:C000098010Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:BeforeTaxMember dim6:C000098001Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member rr:AfterTaxesOnDistributionsMember dim6:C000098001Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member rr:AfterTaxesOnDistributionsAndSalesMember dim6:C000098001Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:BeforeTaxMember dim6:C000098002Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:BeforeTaxMember dim6:C000098003Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:BeforeTaxMember dim6:C000098004Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:StandardAndPoorsFiveHundredIndexMember dim6:C000098004Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:SandPCitigroupGoldAndPreciousMetalsIndexMember dim6:C000098004Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:StandardAndPoorsFiveHundredIndexMember dim6:C000098005Member 2012-03-02 2013-03-01 0000088048 dim6:S000031521Member dim6:SandPCitigroupGoldAndPreciousMetalsIndexMember dim6:C000098005Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:BeforeTaxMember dim6:C000098007Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member rr:AfterTaxesOnDistributionsMember dim6:C000098007Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member rr:AfterTaxesOnDistributionsAndSalesMember dim6:C000098007Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:BeforeTaxMember dim6:C000098008Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:BeforeTaxMember dim6:C000098009Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:BeforeTaxMember dim6:C000098006Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:StandardAndPoorsFiveHundredIndexMember dim6:C000098006Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:SAndPNorthAmericanTechnologySectorIndexMember dim6:C000098006Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:StandardAndPoorsFiveHundredIndexMember dim6:C000098010Member 2012-03-02 2013-03-01 0000088048 dim6:S000031522Member dim6:SAndPNorthAmericanTechnologySectorIndexMember dim6:C000098010Member 2012-03-02 2013-03-01 pure iso4217:USD 485BPOS 2012-10-31 DWS SECURITIES TRUST 0000088048 false 2013-02-28 2013-03-01 2013-03-01 <b>DWS Gold &amp; Precious Metals Fund </b> <b>Investment Objective </b> The fund seeks maximum return (principal change and income). <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSTechnologyFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSTechnologyFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSTechnologyFund column period compact * ~</div> <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. 20) 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 0.04 0.01 0 0 -0.02 -0.02 -0.02 -0.02 -0.02 20 20 20 0 20 <b>DWS Technology Fund</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) </b> <b>Investment Objective</b> The fund seeks growth of capital. 0.0084 0.0084 0.0084 0.0084 0.0084 <b>Fees and Expenses of the Fund</b> 0.0024 0.01 0.01 0 0 0.0038 0.004 0.0035 0.0032 0.0037 0.0146 0.0224 0.0219 0.0116 0.0121 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. 20) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). -0.0018 -0.0013 -0.0016 -0.0021 -0.0018 <b>SHAREHOLDER FEES (paid directly from your investment) </b> 0.0103 0.0103 0.0203 0.0203 0.0128 0.0575 0 0 0 0 0 0.04 0.01 0 0 -0.02 -0.02 -0.02 -0.02 -0.02 20 20 20 0 20 February 28, 2014 <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: 41%. 0.41 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> <b>Principal Investment Strategy </b> 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 1.18%, 1.93%, 1.93%, 0.93% and 0.93%; and for the period October 1, 2013 through February 28, 2014 at ratios no higher than 1.28%, 2.03%, 2.03%, 1.03% and 1.03% (in each instance, excluding extraordinary expenses, taxes, brokerage, interest expenses, and acquired funds fees and expenses) for Class A, Class B, Class C, Institutional Class and Class S, respectively. These agreements may only be terminated with the consent of the fund's Board. 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> 0.0046 0.0046 0.0046 0.0046 0.0046 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: 0.0022 0.0099 0.01 0 0 0.0046 0.0021 0.0044 0.0066 0.0033 0.0101 0.0211 0.019 0.0067 0.0092 698 606 306 105 105 994 980 670 356 366 1310 1381 1160 626 648 2206 2181 2511 1397 1450 <b>EXAMPLE</b> You would pay the following expenses if you did not redeem your shares: 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: 698 206 206 105 105 994 680 670 356 366 1310 1181 1160 626 648 672 614 293 68 94 2206 2181 2511 1397 1450 878 961 597 214 293 1101 1334 1026 373 509 1740 1900 2222 835 1131 Class B converts to Class A after six years; the Class B Example reflects Class A fees after the conversion. You would pay the following expenses if you did not redeem your shares: <b>Main investments. </b>The fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks and other equities of US and foreign companies engaged in activities related to gold, silver, platinum or other precious metals, and in gold coin and bullion directly. The fund's investments in coins and bullion will not earn income, and the sole source of return to the fund from these investments will be from gains or losses realized on the sale of such investments. Companies in which the fund invests may be involved in activities such as exploration, mining, fabrication, processing and distribution. While the fund invests mainly in common stocks, it may invest up to 20% of net assets in high-quality debt securities of companies in precious metals and minerals operations and in debt securities whose return is linked to precious metals prices. The fund may invest in companies of any size and may invest in initial public offerings. The fund may invest in securities of foreign issuers, including issuers located in countries with new or emerging markets. <br /><br />The fund may invest in other types of equity securities such as preferred stocks or convertible securities. <br /><br />The fund intends to gain exposure to the commodity markets through direct investments in commodities or investments in commodity-linked derivatives instruments by investing up to 25% of the fund's assets in a wholly owned subsidiary, DWS Cayman Precious Metals Fund, Inc. organized under the laws of the Cayman Islands (the "Subsidiary"). <br /><br /><b>Management process. </b>In choosing securities, portfolio management uses a combination of two analytical disciplines: <br /><br /><b>Bottom-up research. </b>Portfolio management looks for companies that it believes have strong management and highly marketable securities. It also considers the quality of metals and minerals mined by a company, its fabrication techniques and costs, and its unmined reserves, 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 />The fund may concentrate in securities issued by wholly owned subsidiaries and securities of companies that are primarily engaged in the exploration, mining, fabrication, processing or distribution of gold and other precious metals and in gold, silver, platinum and palladium bullion and coins. At various times, portfolio management may focus on particular countries or regions. <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> 672 214 193 68 94 878 661 597 214 293 1101 1134 1026 373 509 1740 1900 2222 835 1131 Class B converts to Class A after six years; the Class B Example 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: 22%. 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>To the extent the fund invests in a particular sector, the fund's performance may be proportionately affected by that sector's general performance. 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. The market as a whole may not favor the types of investments the fund makes, which could affect the fund's ability to sell them at an attractive price. <br /><br /><b>Concentration risk. </b>Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance. <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>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>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>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>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>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>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>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>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'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>Restricted securities risk. </b>The fund may purchase securities that are subject to legal or contractual restriction on resale ("restricted securities"). The fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. This investment practice, therefore, could increase the level of illiquidity of the fund. <br /><br /><b>Tax status risk. </b>Income from certain commodity-linked derivative instruments does not constitute "qualifying income" to the fund for purposes of qualification as a "regulated investment company." The IRS has issued a private ruling to the fund that income earned from such commodity-linked investments by the fund's wholly-owned subsidiary constitutes qualifying income to the fund. Income from other commodity-linked derivatives in which the fund invests directly may not constitute qualifying income. If such income were determined to cause the fund's nonqualifying income to exceed 10% of the fund's gross income, the fund would be subject to a tax at the fund level. <br /><br /><b>Credit risk. </b>The fund's performance could be hurt if an issuer of a security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or inability to meet a financial obligation. <br /><br /><b>Interest rate risk. </b>When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) <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's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. <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 is not subject to all of the investor protections of the Investment Company Act of 1940. 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. By investing in the Subsidiary, the fund is exposed to the risks associated with the Subsidiary's investments, which generally include the risks of investing in derivatives and commodities-related investments. <b>Principal Investment Strategy </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. <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. 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). 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. <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 companies in the technology sector. For purposes of the fund's 80% investment policy, the fund defines a company as being in the technology sector if it commits at least half its assets to, or derives at least half its revenues or net income from, that sector. Examples of industries within the technology sector are semiconductors, software, telecom equipment, computer/hardware, IT services, the Internet and health technology. The fund may invest in companies of any size and may invest in initial public offerings. While the fund invests mainly in US stocks, it could invest up to 35% of net assets in foreign securities (including emerging markets securities).<br /><br />The fund will concentrate its assets in the group of industries constituting the technology sector and may concentrate in one or more industries in the technology sector. <br /><br /><b>Management process.</b> In choosing securities, portfolio management uses a combination of three analytical disciplines:<br /><br /><b>Bottom-up research.</b> Portfolio management looks for individual companies that it believes have a history of above-average growth, strong competitive positioning, attractive prices relative to potential growth, innovative products and services, 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 outlooks for various industries within the technology sector and looks for those that may benefit from changes in the overall business environment. <br /><br />Portfolio management may favor securities from various industries and companies within the technology sector at different times. <br /><br /><b>Derivatives.</b> Portfolio management generally may use option contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities) (i) for hedging purposes; (ii) as a substitute for direct investment; (iii) for locking in the purchase price of a security or currency which portfolio management expects to purchase in the near future; and (iv) for non-hedging purposes to seek to enhance potential gain. <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> 0.942 -0.0914 0.2053 0.2892 0.2512 -0.3286 0.4122 0.3722 -0.2281 -0.0765 Best Quarter: 44.30%, Q3 2003 Worst Quarter: -35.04%, Q3 2008 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> To the extent the fund invests in a particular sector, the fund's performance may be proportionately affected by that sector's general performance. 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. The market as a whole may not favor the types of investments the fund makes, which could affect the fund's ability to sell them at an attractive price. <br /><br /><b>Concentration risk.</b> Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund's performance. <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>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>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>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>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>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>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>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>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'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>Restricted securities risk.</b> The fund may purchase securities that are subject to legal or contractual restriction on resale ("restricted securities"). The fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. This investment practice, therefore, could increase the level of illiquidity of the fund. <br /><br /><b>Credit risk.</b> The fund's performance could be hurt if an issuer of a security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or inability to meet a financial obligation. <br /><br /><b>Interest rate risk.</b> When interest rates rise, prices of debt securities generally decline. The longer the duration of the fund's debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) <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's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund's share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Best Quarter: <b>Past Performance </b> 2003-09-30 0.443 Worst Quarter: 2008-09-30 -0.3504 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. <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. 0.4819 0.0163 0.0364 <b>Average Annual Total Returns<br/>(For periods ended 12/31/2012 expressed as a %) </b> 0.0026 0.1394 -0.4587 0.5825 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. 0.1828 -0.043 0.141 Best Quarter: 2012-03-31 0.2254 Worst Quarter: 2008-12-31 After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. -0.2528 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. Institutional Class index comparisons began on 2/29/2008. Best Quarter: 22.54%, Q1 2012 Worst Quarter: -25.28%, Q4 2008 <b>Average Annual Total Returns<br />(For periods ended 12/31/2012 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Class S index comparisons began on 12/31/2004. The Advisor believes the additional S&amp;P/Citigroup Gold &amp; Precious Metals Index generally reflects fund asset allocations and generally represents the fund's overall investment process. -0.1296 -0.1308 -0.0828 -0.1121 -0.0837 -0.0753 0.16 -0.1006 -0.0265 -0.0389 -0.0225 -0.0238 -0.0221 -0.0126 0.0166 -0.0114 0.1161 0.0951 0.0987 0.1141 0.1146 0.1253 0.071 0.1024 2001-06-25 2001-06-25 1988-09-02 2001-06-25 -0.0743 0.16 -0.1006 -0.0533 0.0374 -0.0429 2008-03-03 The Advisor believes the additional S&amp;P North American Technology Sector Index generally reflects fund asset allocations and generally represents the fund's overall investment process. 0.22 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. <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. 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 The fund intends to gain exposure to the commodity markets through direct investments in commodities or investments in commodity-linked derivatives instruments by investing up to 25% of the fund's assets in a wholly owned subsidiary, DWS Cayman Precious Metals Fund, Inc. organized under the laws of the Cayman Islands (the "Subsidiary"). 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. 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. 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