0000088053-13-001163.txt : 20131010 0000088053-13-001163.hdr.sgml : 20131010 20131010162846 ACCESSION NUMBER: 0000088053-13-001163 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131010 DATE AS OF CHANGE: 20131010 EFFECTIVENESS DATE: 20131010 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: 131146203 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: 131146204 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 xb100113sec.htm 485B XBRL FILING - DWS SECURITIES TRUST xb100113sec.htm
Filed electronically with the Securities and Exchange Commission on October 10, 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. 129
| X |
and/or
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
| X |
   
Amendment No. 113
 
   
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 Enhanced Commodity Strategy Fund — Class  A, Class B, Class C, Institutional Class and Class S
·  
DWS Health Care 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 7th day of October 2013.

  DWS SECURITIES TRUST

 
By:  /s/Robert Kendall
Robert Kendall*
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/Robert Kendall
   
Robert Kendall*
President
October 7, 2013
     
 /s/Paul H. Schubert     
Paul H. Schubert
Chief Financial Officer and Treasurer
October 7, 2013
     
/s/John W. Ballantine
   
John W. Ballantine*
Trustee
October 7, 2013
     
/s/Henry P. Becton, Jr.
   
Henry P. Becton, Jr.*
Trustee
October 7, 2013
     
 /s/Dawn-Marie Driscoll
   
Dawn-Marie Driscoll*
Trustee
October 7, 2013
     
/s/Keith R. Fox
   
Keith R. Fox*
Trustee
October 7, 2013
     
/s/Paul K. Freeman
   
Paul K. Freeman*
Trustee
October 7, 2013
     
/s/Kenneth C. Froewiss
   
Kenneth C. Froewiss*
Chairperson and Trustee
October 7, 2013
     
/s/Richard J. Herring
   
Richard J. Herring*
Trustee
October 7, 2013
     
/s/William McClayton
   
William McClayton*
Vice Chairperson and Trustee
October 7, 2013
     
/s/Rebecca W. Rimel
   
Rebecca W. Rimel*
Trustee
October 7, 2013
     
/s/William N. Searcy, Jr.
   
William N. Searcy, Jr.*
Trustee
October 7, 2013
     
/s/Jean Gleason Stromberg
   
Jean Gleason Stromberg*
Trustee
October 7, 2013
     
/s/Robert H. Wadsworth
   
Robert H. Wadsworth*
Trustee
October 7, 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. 128 to the Registration Statement as filed on October 9, 2013; 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


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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. 19) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). 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>SHAREHOLDER FEES (paid directly from your investment)</b> 0.0575 0 0 0 0 0 0.04 0.01 0 0 20 20 20 0 20 -0.02 -0.02 -0.02 -0.02 -0.02 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> 0.0093 0.0093 0.0093 0.0093 0.0093 0.003 0.0044 0.0033 0.0021 0.0036 0.0146 0.0225 0.0225 0.0114 0.0129 0.0146 0.0237 0.0226 0.0114 0.0129 0 -0.0012 -0.0001 0 0 The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 2.25% and 2.25% (excluding extraordinary expenses, taxes, brokerage and interest expenses) for Class B and Class C, respectively. The agreement may only be terminated with the consent of the fund's Board. September 30, 2014 <b>EXAMPLE </b> This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period for Class B and Class C) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>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 2013: 71%. 0.71 <b>Principal Investment Strategy</b> <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's total assets in a wholly-owned subsidiary (the "Subsidiary"), 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'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 ("Senior Loans") 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'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'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 "roll enhancement" strategy. In implementing the relative value strategy, portfolio management will use a proprietary quantitative, rules-based methodology in determining the fund's commodity sector weightings relative to the fund's benchmark index, the Dow Jones-UBS Commodity Index. Portfolio management normally will rebalance commodity sector positions when a sector undergoes a "trigger event," reducing the fund's exposure to commodity sectors that are believed to be "expensive" and increasing its exposure to sectors that are believed to be "cheap." 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's exposure to all commodity sectors when commodities in general appear overvalued. In implementing the "roll enhancement" strategy, portfolio management seeks to invest in commodity contracts whose expiration is further out on the "commodity curve" than the subsequent month so as to avoid continually paying premiums to replace expiring contracts. <br /><br />With respect to the Fund'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's Investors Service, Inc., Standard &amp; Poor's Ratings Services, Fitch Ratings, 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. The fund concentrates its investments in commodities-related industries. <b>Main Risks</b> There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <br /><br /><b>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 />The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, minerals, or agricultural products), a futures contract, swap or commodity index, or other economic variables linked to changes in the value of commodities or the commodities markets. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, changes in storage costs, embargoes, tariffs, policies of commodity cartels and international economic, political and regulatory developments. Also, a liquid secondary market may not exist for the types of commodity-linked derivative instruments the fund buys, which may make it difficult for the fund to sell them at an acceptable price. The fund's ability to gain exposure to commodity-linked investments and achieve its investment objective may be limited by its intention to qualify as a regulated investment company under the Internal Revenue Code. <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>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>Credit risk.</b> The fund's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in a payment default, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities. <br /><br />Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities. <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>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 the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. <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>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 due to reasons other than inflation, the fund'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'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'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>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>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'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's affiliates in the senior loan market may restrict the fund'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 derivative instruments does not constitute "qualifying income" to the fund for purposes of qualification as a "regulated investment company." 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 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>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. There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <b>Past Performance</b> How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com <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. 0.0141 Best Quarter: 20.94%, Q2 2008&nbsp;Worst Quarter: -34.47%, Q3 2008<br />Year-to-Date as of 6/30/2013: -7.76% <b>Average Annual Total Returns<br/>(For periods ended 12/31/2012 expressed as a %)</b> After-tax returns (which are shown only for Class A and would be different for other classes) reflect the 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. 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) Year-to-Date 2013-06-30 -0.0776 Best Quarter: 2008-06-30 0.2094 Worst Quarter: 2008-09-30 -0.3447 -0.0739 -0.0789 -0.0479 -0.0525 -0.0264 -0.0124 -0.0134 -0.0114 -0.0718 -0.115 -0.0672 -0.0682 -0.0676 -0.0573 -0.0587 -0.0554 0.012 -0.0192 0.0042 0.0121 0.0121 0.0228 0.0217 -0.0152 2005-02-14 2005-02-14 2005-02-14 2005-02-14 2005-02-14 0.0024 0.01 0.01 0 0 704 612 312 111 111 997 1009 673 359 366 1312 1432 1161 627 640 2202 2234 2506 1392 1424 704 212 212 111 111 997 709 673 359 366 1312 1232 1161 627 640 2202 2234 2506 1392 1424 0.0906 0.0783 0.0547 0.1243 -0.2363 0.2121 0.0734 0.0813 0.176 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleShareholderFeesDWSHealthCareFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualFundOperatingExpensesDWSHealthCareFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAnnualTotalReturnsDWSHealthCareFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleAverageAnnualTotalReturnsTransposedDWSHealthCareFund column period compact * ~</div> <b>DWS Health Care Fund</b> <b>Investment Objective</b> The fund seeks long-term growth of capital. <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. 19) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (SAI) (p. II-15). 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>SHAREHOLDER FEES (paid directly from your investment)</b> 0.0575 0 0 0 0 0 0.04 0.01 0 0 20 20 20 0 20 -0.02 -0.02 -0.02 -0.02 -0.02 0.0077 0.0077 0.0077 0.0077 0.0077 0.0044 0.0058 0.0041 0.0038 0.0041 0.0145 0.0235 0.0218 0.0115 0.0118 0.0134 0.0209 0.0209 0.0109 0.0109 -0.0009 -0.0006 -0.0009 -0.0026 -0.0011 The Advisor has contractually agreed through September 30, 2014 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses at 1.34%, 2.09%, 2.09%, 1.09% and 1.09% (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. September 30, 2014 <b>EXAMPLE </b> This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses (including one year of capped expenses in each period) 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: <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)</b> Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund's performance. <br /><br />Portfolio turnover rate for fiscal year 2013: 40%. 0.4 <b>Principal Investment Strategy</b> <b>Main investments.</b> The fund concentrates its assets in securities related to the health care sector. 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'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'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. <b>Main Risks</b> There are several risk factors that could hurt the fund's performance, cause you to lose money or cause the fund's performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <br /><br /><b>Stock market risk.</b> 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.</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 />Because the fund concentrates its investments in companies in the health care sector, it may be vulnerable to setbacks in that industry. In particular, health care companies can be affected by rapid product obsolescence and the unpredictability of winning government approvals. <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>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>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's investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. <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'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'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's performance, cause you to lose money or cause the fund's performance to trail that of other investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <b>Past Performance</b> How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends were reinvested. For more recent performance figures, go to www.dws-investments.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. How a fund's returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. www.dws-investments.com <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. 0.3297 <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSEnhancedCommodityStrategyFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSEnhancedCommodityStrategyFund column period compact * ~</div> These year-by-year returns do not include sales charges, if any, and would be lower if they did. Best Quarter: 2003-06-30 0.1504 Worst Quarter: 2008-12-31 -0.1651 Best Quarter: 15.04%, Q2 2003&nbsp;Worst Quarter: -16.51%, Q4 2008<br />Year-to-Date as of 6/30/2013: 19.44% Year-to-Date 2013-06-30 0.1944 <b>Average Annual Total Returns<br/>(For periods ended 12/31/2012 expressed as a %)</b> After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. 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 (which are shown only for Class A and would be different for other classes) 2000-12-29 2000-12-29 2000-12-29 2000-12-29 1998-03-02 0.1083 0.0933 0.0909 0.1366 0.1669 0.1798 0.179 0.16 0.1978 0.0355 0.0268 0.0286 0.0381 0.0401 0.0527 0.0508 0.0166 0.0583 0.0824 0.0755 0.0716 0.0801 0.0805 0.0933 0.0916 0.071 0.0832 The Advisor believes the additional index (S&amp;P North American Health Care Sector Index) represents the fund's overall investment process. <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleDWSHealthCareFund column period compact * ~</div> <div style="display:none">~ http://www.dws-investments.com/role/ScheduleExpenseExampleNoRedemptionDWSHealthCareFund column period compact * ~</div> The fund concentrates its assets in securities related to the health care sector. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. The Advisor believes the additional index (S&amp;P North American Health Care Sector Index) represents the fund's overall investment process. 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