497 1 sp012809af_cfi.txt PROSPECTUS STICKER SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES: ----------------- DWS Core Fixed Income Fund The fund's Board has approved the termination of Aberdeen Asset Management Inc. ("AAMI") as the fund's subadvisor. Effective on or about February 27, 2009, Deutsche Investment Management Americas Inc. (the "Advisor") will assume all day-to-day advisory responsibilities for the fund that were previously delegated to AAMI. The fund's Board has also approved certain changes to the fund's investment strategy. Effective on or about February 27, 2009, the following information replaces "The Fund's Main Investment Strategy" section of the fund's prospectuses: The fund seeks to maximize total return consistent with preservation of capital and prudent investment management, by investing for both current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets, determined at the time of purchase, in fixed income securities. Fixed income securities include those of the US Treasury, as well as US government agencies and instrumentalities, corporate, mortgage-backed and asset backed securities, taxable municipal and tax-exempt municipal bonds and liquid Rule 144A securities. The fund invests primarily in investment-grade fixed income securities rated within the top four credit rating categories. The fund may invest up to 25% of its total assets in US dollar-denominated securities of foreign issuers and governments. The fund may hold up to 20% of its total assets in cash or money market instruments in order to maintain liquidity, or in the event the portfolio managers determine that securities meeting the fund's investment objective are not readily available for purchase. The fund's investments in foreign issuers are limited to US dollar denominated securities to avoid currency risk. The portfolio managers utilize a core US fixed income strategy that seeks to add incremental returns to the Barclays Capital US Aggregate Index. In managing the fund, the portfolio managers use a balanced "top-down" and "bottom-up" approach. The portfolio managers seek pricing changes in a broad range of securities and sectors in order to achieve the fund's investment objective. Company research is a very important part of the investment process. In selecting individual securities for investment, the portfolio managers: o assign a relative value, based on creditworthiness, cash flow and price, to each bond; o determine the intrinsic value of each issue by examining credit, structure, option value and liquidity risks. The managers look to exploit any inefficiencies between intrinsic value and market trading price; o use credit analysis to determine the issuer's ability to pay interest and repay principal on its bonds; and o subordinate sector weightings to individual bonds that may add above-market value. Derivatives. The fund is permitted, but not required, to use various types of derivatives (contracts whose value is based on, for example, indices, currencies or securities). Derivatives may be used for hedging and for risk management or for non-hedging purposes to seek to enhance potential gains. The fund may use derivatives in circumstances where portfolio management believes they offer an economical means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market. In particular, the fund may use futures, swaps and options. Securities Lending. The fund may lend its investment securities in an amount up to 33 1/3% of its total assets to approved institutional borrowers who need to borrow securities in order to complete certain transactions. [Logo]DWS INVESTMENTS Deutsche Bank Group January 28, 2009 DTXIF1-3602 Effective on or about February 27, 2009, the following information replaces information about the portfolio management team in the "Portfolio management" section of the fund's prospectuses: The following people handle the day-to-day management of DWS Core Fixed Income Fund:
Kenneth R. Bowling, CFA, Managing Director J. Richard Robben, CFA, Vice President Head of Institutional Fixed Income Investments, Americas: Portfolio Manager for Institutional Fixed Income: Louisville. Louisville. o Joined Deutsche Asset Management in March 2007 after 11 o Joined Deutsche Asset Management in 2007 after 14 years of years of experience at INVESCO Institutional, most recently experience at INVESCO where he was most recently director as senior portfolio manager for LIBOR-related strategies and of US fixed Income. head of portfolio construction group for North American o BS and MEng from University of Louisville. Fixed Income. o BA from Bellarmine University. Jamie Guenther, CFA, Managing Director Head of Institutional Credit: Louisville. David Vignolo, CFA, Vice President o Joined Deutsche Asset Management in 2007 after 25 years of Portfolio and Sector Manager for Institutional Fixed Income: experience, most recently as head of Credit Research and Louisville. CDO/CSO Credit for INVESCO. Prior to that he was head of o Joined Deutsche Asset Management in March 2007 after 20 financial institution investment research at Duff & Phelps years of experience that included head of corporate bond Investment Research. Before that he was a global security trading and portfolio manager for INVESCO and Conning Asset analyst for Alexander & Alexander. He began his career in Management Co., and corporate bond trader and portfolio 1982 at Touche Ross Financial Consulting. manager for ANB Investment Management Co. o BBA from Western Michigan University. o BS from Indiana University; MBA from Case Western Reserve University. John Brennan, Director Portfolio and Sector Manager for Institutional Fixed Income: J. Kevin Horsley, CFA, CPA, Director Louisville. Credit Analyst for Institutional Fixed Income: Louisville. o Joined Deutsche Asset Management in March 2007 after 14 o Joined Deutsche Asset Management in March 2007 after 13 years of experience at INVESCO and Freddie Mac. Prior to years of experience, of which 11 were at INVESCO as senior joining was head of Structured Securities sector team for analyst for a variety of credit sectors. He also has INVESCO and before that was senior fixed income portfolio experience in the structured securities market (asset-backed manager at Freddie Mac specializing in MBS, CMBS, and commercial mortgage-backed securities), and in research collateralized mortgage obligations, ARMS, mortgage coverage of foreign exchange markets, corporate finance, derivatives, US Treasuries and agency debt. market planning in the telecom sector, and in public o BS from University of Maryland; MBA from William & Mary. accounting. o BA from Transylvania University; MBA from Owen Graduate Bruce Harley, CFA, CEBS, Director School of Management, Vanderbilt University. Portfolio and Sector Manager for Institutional Fixed Income: Louisville. Stephen Willer, CFA, Vice President o Joined Deutsche Asset Management in March 2007 after 18 Portfolio manager for Institutional Fixed Income: Louisville. years of experience at INVESCO where he was head of o Joined Deutsche Asset Management in March 2007 after 13 Governments and Derivatives, responsible for positioning years of experience, 11 of which were at AMVESCAP, INVESCO for US duration and term structure; Government and futures Institutional, where he was CDO portfolio manager trading. responsible for structuring, pricing and managing corporate o BS in Economics from University of Louisville. credit CSOs, developing CDS based trading strategies and vehicles, and Alpha decisions for CDS index trading. He started his career as a financial analyst at Providian Capital Management. o BS in Finance/Economics from the University of Richmond.
Please Retain This Supplement for Future Reference January 28, 2009 DTXIF1-3602