Date of fiscal year end:
|
12/31
|
Date of reporting period:
|
12/31/2010
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
DECEMBER 31, 2010
Annual Report
to Shareholders
|
DWS RREEF Real Estate
Securities Fund
|
![]() |
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Management Review
13 Portfolio Summary
15 Investment Portfolio
18 Statement of Assets and Liabilities
20 Statement of Operations
21 Statement of Changes in Net Assets
22 Financial Highlights
28 Notes to Financial Statements
37 Report of Independent Registered Public Accounting Firm
38 Tax Information
39 Investment Management Agreement Approval
43 Summary of Management Fee Evaluation by Independent Fee Consultant
47 Board Members and Officers
51 Account Management Resources
|
Average Annual Total Returns as of 12/31/10
|
||||
Unadjusted for Sales Charge
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Class A
|
28.66%
|
0.48%
|
3.28%
|
11.36%
|
Class B
|
27.62%
|
-0.17%
|
2.55%
|
10.49%
|
Class C
|
27.77%
|
-0.17%
|
2.58%
|
10.55%
|
Adjusted for the Maximum Sales Charge
|
||||
Class A (max 5.75% load)
|
21.26%
|
-1.49%
|
2.06%
|
10.71%
|
Class B (max 4.00% CDSC)
|
24.62%
|
-0.80%
|
2.40%
|
10.49%
|
Class C (max 1.00% CDSC)
|
27.77%
|
-0.17%
|
2.58%
|
10.55%
|
No Sales Charges
|
||||
Class R
|
28.22%
|
0.26%
|
3.08%
|
11.10%
|
Class S
|
28.90%
|
0.69%
|
3.52%
|
11.48%
|
Institutional Class
|
29.27%
|
0.82%
|
3.65%
|
11.72%
|
S&P 500® Index+
|
15.06%
|
-2.86%
|
2.29%
|
1.41%
|
MSCI US REIT Index++
|
28.48%
|
1.13%
|
2.99%
|
10.57%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
[] DWS RREEF Real Estate Securities Fund — Class A
[] S&P 500 Index+
[] MSCI US REIT (Morgan Stanley US Real Estate Investment Trust) Index++
|
![]() |
Yearly periods ended December 31
|
Net Asset Value and Distribution Information
|
||||||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
|||||||||||||||||||
Net Asset Value:
12/31/10
|
$ | 17.67 | $ | 17.81 | $ | 17.82 | $ | 17.70 | $ | 17.75 | $ | 17.67 | ||||||||||||
12/31/09
|
$ | 13.96 | $ | 14.05 | $ | 14.06 | $ | 14.00 | $ | 14.01 | $ | 13.95 | ||||||||||||
Distribution Information:
Twelve Months as of 12/31/10:
Income Dividends
|
$ | .26 | $ | .11 | $ | .13 | $ | .23 | $ | .28 | $ | .33 |
Lipper Rankings — Real Estate Funds Category as of 12/31/10
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
65
|
of
|
224
|
29
|
3-Year
|
92
|
of
|
207
|
45
|
5-Year
|
44
|
of
|
173
|
26
|
Class B
1-Year
|
104
|
of
|
224
|
47
|
3-Year
|
122
|
of
|
207
|
59
|
5-Year
|
80
|
of
|
173
|
46
|
Class C
1-Year
|
97
|
of
|
224
|
44
|
3-Year
|
123
|
of
|
207
|
60
|
5-Year
|
79
|
of
|
173
|
46
|
Class R
1-Year
|
77
|
of
|
224
|
35
|
3-Year
|
99
|
of
|
207
|
48
|
5-Year
|
56
|
of
|
173
|
33
|
Class S
1-Year
|
58
|
of
|
224
|
26
|
3-Year
|
84
|
of
|
207
|
41
|
5-Year
|
34
|
of
|
173
|
20
|
Institutional Class
1-Year
|
47
|
of
|
224
|
21
|
3-Year
|
81
|
of
|
207
|
39
|
5-Year
|
28
|
of
|
173
|
17
|
10-Year
|
5
|
of
|
87
|
6
|
Expenses and Value of a $1,000 Investment for the six months ended December 31, 2010
|
||||||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 7/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 12/31/10
|
$ | 1,222.90 | $ | 1,219.20 | $ | 1,219.20 | $ | 1,220.70 | $ | 1,226.40 | $ | 1,226.20 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 6.05 | $ | 9.90 | $ | 9.90 | $ | 8.23 | $ | 3.70 | $ | 3.48 | ||||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 7/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 12/31/10
|
$ | 1,019.76 | $ | 1,016.28 | $ | 1,016.28 | $ | 1,017.80 | $ | 1,021.88 | $ | 1,022.08 | ||||||||||||
Expenses Paid per $1,000*
|
$ | 5.50 | $ | 9.00 | $ | 9.00 | $ | 7.48 | $ | 3.36 | $ | 3.16 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
DWS RREEF Real Estate Securities Fund
|
1.08%
|
1.77%
|
1.77%
|
1.47%
|
.66%
|
.62%
|
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)
|
12/31/10
|
12/31/09
|
Common Stocks
|
99%
|
99%
|
Cash Equivalents
|
1%
|
1%
|
100%
|
100%
|
Sector Diversification (As a % of Common Stocks)
|
12/31/10
|
12/31/09
|
Office
|
16%
|
18%
|
Apartments
|
16%
|
16%
|
Regional Malls
|
15%
|
16%
|
Health Care
|
12%
|
16%
|
Shopping Centers
|
11%
|
7%
|
Hotels
|
8%
|
5%
|
Storage
|
7%
|
8%
|
Industrial
|
6%
|
4%
|
Diversified
|
5%
|
8%
|
Other
|
2%
|
1%
|
Specialty Services
|
1%
|
1%
|
Manufactured Homes
|
1%
|
—
|
100%
|
100%
|
Ten Largest Equity Holdings at December 31, 2010 (50.6% of Net Assets)
|
|
1. Simon Property Group, Inc.
Owner and operator of regional shopping malls
|
11.0%
|
2. Host Hotels & Resorts, Inc.
Owns and controls upscale and luxurious hotels
|
5.1%
|
3. Public Storage
Owner and operator of personal and business mini-warehouses
|
4.9%
|
4. ProLogis
Owner, manager and developer of global corporate distribution facilities
|
4.8%
|
5. AvalonBay Communities, Inc.
Self-managed, multifamily real estate investment trust
|
4.7%
|
6. Boston Properties, Inc.
Owner, manager and developer of commercial and industrial real estate
|
4.4%
|
7. SL Green Realty Corp.
Owns and operates office buildings
|
4.3%
|
8. Equity Residential
Owner, operator and developer of multifamily properties
|
4.3%
|
9. HCP, Inc.
Invests in health-care-related real estate
|
3.8%
|
10. Regency Centers Corp.
Owner, developer and operator of community shopping centers
|
3.3%
|
Shares
|
Value ($)
|
|||||||
Common Stocks 99.3%
|
||||||||
Real Estate Investments Trusts ("REITs") 97.5%
|
||||||||
Apartments 16.2%
|
||||||||
Apartment Investment & Management Co. "A"
|
831,325 | 21,481,438 | ||||||
AvalonBay Communities, Inc. (a)
|
518,190 | 58,322,284 | ||||||
BRE Properties, Inc. (a)
|
778,344 | 33,857,964 | ||||||
Campus Crest Communities, Inc.
|
544,600 | 7,635,292 | ||||||
Equity Residential (a)
|
1,024,805 | 53,238,620 | ||||||
Post Properties, Inc. (a)
|
713,910 | 25,914,933 | ||||||
200,450,531 | ||||||||
Diversified 5.2%
|
||||||||
Colonial Properties Trust (a)
|
1,114,501 | 20,116,743 | ||||||
Digital Realty Trust, Inc. (a)
|
722,537 | 37,239,557 | ||||||
PS Business Parks, Inc.
|
117,757 | 6,561,420 | ||||||
Washington Real Estate Investment Trust
|
28 | 868 | ||||||
63,918,588 | ||||||||
Health Care 11.9%
|
||||||||
Brookdale Senior Living, Inc.* (a)
|
1,312,676 | 28,104,393 | ||||||
Cogdell Spencer, Inc.
|
1,353,331 | 7,849,320 | ||||||
HCP, Inc. (a)
|
1,280,600 | 47,113,274 | ||||||
LTC Properties, Inc.
|
535,096 | 15,025,496 | ||||||
Medical Properties Trust, Inc. (a)
|
232,217 | 2,514,910 | ||||||
Nationwide Health Properties, Inc. (a)
|
220,500 | 8,021,790 | ||||||
Sabra Health Care REIT, Inc.
|
273,900 | 5,039,760 | ||||||
Senior Housing Properties Trust
|
1,548,275 | 33,969,153 | ||||||
147,638,096 | ||||||||
Hotels 7.5%
|
||||||||
Host Hotels & Resorts, Inc. (a)
|
3,538,094 | 63,225,740 | ||||||
Pebblebrook Hotel Trust
|
839,939 | 17,067,560 | ||||||
Strategic Hotels & Resorts, Inc.*
|
2,450,454 | 12,962,902 | ||||||
93,256,202 | ||||||||
Industrial 6.1%
|
||||||||
AMB Property Corp.
|
101,160 | 3,207,784 | ||||||
DCT Industrial Trust, Inc. (a)
|
2,496,727 | 13,257,620 | ||||||
ProLogis (a)
|
4,139,534 | 59,774,871 | ||||||
76,240,275 | ||||||||
Manufactured Homes 0.6%
|
||||||||
Equity Lifestyle Properties, Inc.
|
139,250 | 7,788,253 | ||||||
Office 16.5%
|
||||||||
Boston Properties, Inc. (a)
|
626,891 | 53,975,315 | ||||||
Brandywine Realty Trust
|
2,200,918 | 25,640,695 | ||||||
CommonWealth REIT
|
767,932 | 19,589,945 | ||||||
Douglas Emmett, Inc.
|
1,044,416 | 17,337,306 | ||||||
Hudson Pacific Properties, Inc. (a)
|
201,700 | 3,035,585 | ||||||
SL Green Realty Corp. (a)
|
791,181 | 53,412,629 | ||||||
Vornado Realty Trust (a)
|
370,407 | 30,866,015 | ||||||
203,857,490 | ||||||||
Regional Malls 14.7%
|
||||||||
General Growth Properties, Inc.
|
746,325 | 11,553,111 | ||||||
Glimcher Realty Trust
|
1,048,408 | 8,806,627 | ||||||
Simon Property Group, Inc. (a)
|
1,372,264 | 136,526,545 | ||||||
Taubman Centers, Inc. (a)
|
491,941 | 24,833,182 | ||||||
181,719,465 | ||||||||
Shopping Centers 11.0%
|
||||||||
Developers Diversified Realty Corp.
|
2,752,555 | 38,783,500 | ||||||
Kimco Realty Corp.
|
1,849,088 | 33,357,548 | ||||||
Ramco-Gershenson Properties Trust (a)
|
728,822 | 9,073,834 | ||||||
Regency Centers Corp. (a)
|
962,763 | 40,667,109 | ||||||
Tanger Factory Outlet Centers, Inc. (a)
|
282,400 | 14,456,056 | ||||||
136,338,047 | ||||||||
Specialty Services 1.1%
|
||||||||
Entertainment Properties Trust (a)
|
283,255 | 13,100,544 | ||||||
Storage 6.7%
|
||||||||
Extra Space Storage, Inc. (a)
|
1,323,993 | 23,037,478 | ||||||
Public Storage (a)
|
594,731 | 60,317,618 | ||||||
83,355,096 | ||||||||
1,207,662,587 | ||||||||
Other 1.8%
|
||||||||
Real Estate Management & Development
|
||||||||
Brookfield Properties Corp. (a)
|
1,240,200 | 21,740,706 | ||||||
Total Common Stocks (Cost $866,644,056)
|
1,229,403,293 | |||||||
Securities Lending Collateral 20.7%
|
||||||||
Daily Assets Fund Institutional, 0.27% (b) (c) (Cost $256,041,505)
|
256,041,505 | 256,041,505 | ||||||
Cash Equivalents 0.6%
|
||||||||
Central Cash Management Fund, 0.19% (b) (Cost $7,327,617)
|
7,327,617 | 7,327,617 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,130,013,178)+
|
120.6 | 1,492,772,415 | ||||||
Other Assets and Liabilities, Net
|
(20.6 | ) | (254,619,154 | ) | ||||
Net Assets
|
100.0 | 1,238,153,261 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks (d)
|
$ | 1,229,403,293 | $ | — | $ | — | $ | 1,229,403,293 | ||||||||
Short-Term Investments (d)
|
263,369,122 | — | — | 263,369,122 | ||||||||||||
Total
|
$ | 1,492,772,415 | $ | — | $ | — | $ | 1,492,772,415 |
as of December 31, 2010
|
||||
Assets
|
||||
Investments:
Investments in securities, at value (cost $866,644,056) — including $250,076,567 of securities loaned
|
$ | 1,229,403,293 | ||
Investment in Daily Assets Fund Institutional (cost $256,041,505)*
|
256,041,505 | |||
Investment in Central Cash Management Fund (cost $7,327,617)
|
7,327,617 | |||
Total investments, at value (cost $ 1,130,013,178)
|
1,492,772,415 | |||
Cash
|
182,440 | |||
Receivable for investments sold
|
7,855,802 | |||
Receivable for Fund shares sold
|
3,676,939 | |||
Dividends receivable
|
3,821,404 | |||
Interest receivable
|
28,946 | |||
Other assets
|
55,938 | |||
Total assets
|
1,508,393,884 | |||
Liabilities
|
||||
Payable for investments purchased
|
10,155,593 | |||
Payable for Fund shares redeemed
|
2,433,699 | |||
Payable upon return of securities loaned
|
256,041,505 | |||
Accrued management fee
|
405,573 | |||
Other accrued expenses and payables
|
1,204,253 | |||
Total liabilities
|
270,240,623 | |||
Net assets, at value
|
$ | 1,238,153,261 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
1,732,105 | |||
Net unrealized appreciation (depreciation) on investments
|
362,759,237 | |||
Accumulated net realized gain (loss)
|
(372,121,779 | ) | ||
Paid-in capital
|
1,245,783,698 | |||
Net assets, at value
|
$ | 1,238,153,261 |
Statement of Assets and Liabilities as of December 31, 2010 (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price(a) per share ($537,041,611 ÷ 30,385,377 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.67 | ||
Maximum offering price per share (100 ÷ 94.25 of $17.67)
|
$ | 18.75 | ||
Class B
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($3,728,041 ÷ 209,360 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.81 | ||
Class C
Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($30,723,028 ÷ 1,723,958 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.82 | ||
Class R
Net Asset Value, offering and redemption price(a) per share ($14,132,593 ÷ 798,272 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.70 | ||
Class S
Net Asset Value, offering and redemption price(a) per share ($62,168,408 ÷ 3,502,038 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.75 | ||
Institutional Class
Net Asset Value, offering and redemption price(a) per share ($590,359,580 ÷ 33,413,295 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
|
$ | 17.67 |
for the year ended December 31, 2010
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $26,044)
|
$ | 28,035,135 | ||
Income distributions — Central Cash Management Fund
|
21,384 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
352,152 | |||
Total income
|
28,408,671 | |||
Expenses:
Management fee
|
4,340,666 | |||
Administration fee
|
1,093,333 | |||
Services to shareholders
|
2,039,912 | |||
Custodian fee
|
44,792 | |||
Distribution and service fees
|
1,564,660 | |||
Professional fees
|
85,422 | |||
Trustees' fees and expenses
|
35,533 | |||
Reports to shareholders
|
172,127 | |||
Registration fees
|
107,931 | |||
Other
|
63,500 | |||
Total expenses
|
9,547,876 | |||
Net investment income
|
18,860,795 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
160,026,385 | |||
Capital gains dividend received
|
4,444,982 | |||
164,471,367 | ||||
Change in net unrealized appreciation (depreciation) on investments
|
91,492,553 | |||
Net gain (loss)
|
255,963,920 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 274,824,715 |
Years Ended December 31,
|
||||||||
Increase (Decrease) in Net Assets
|
2010
|
2009
|
||||||
Operations:
Net investment income
|
$ | 18,860,795 | $ | 27,838,835 | ||||
Net realized gain (loss)
|
164,471,367 | (149,789,444 | ) | |||||
Change in net unrealized appreciation (depreciation)
|
91,492,553 | 366,956,668 | ||||||
Net increase (decrease) in net assets resulting from operations
|
274,824,715 | 245,006,059 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(7,962,042 | ) | (10,508,272 | ) | ||||
Class B
|
(29,574 | ) | (112,335 | ) | ||||
Class C
|
(232,802 | ) | (473,814 | ) | ||||
Class R
|
(178,920 | ) | (247,463 | ) | ||||
Class S
|
(997,539 | ) | (3,636,413 | ) | ||||
Institutional Class
|
(10,716,928 | ) | (11,679,853 | ) | ||||
Total distributions
|
(20,117,805 | ) | (26,658,150 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
440,478,618 | 351,482,568 | ||||||
Reinvestment of distributions
|
15,780,064 | 20,916,497 | ||||||
Cost of shares redeemed
|
(440,141,794 | ) | (354,264,794 | ) | ||||
In-kind redemptions
|
— | (166,459,479 | ) | |||||
Redemption fees
|
63,125 | 125,171 | ||||||
Net increase (decrease) in net assets from Fund share transactions
|
16,180,013 | (148,200,037 | ) | |||||
Increase (decrease) in net assets
|
270,886,923 | 70,147,872 | ||||||
Net assets at beginning of period
|
967,266,338 | 897,118,466 | ||||||
Net assets at end of period (including undistributed net investment income of $1,732,105 and $2,536,944, respectively)
|
$ | 1,238,153,261 | $ | 967,266,338 |
Class A
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 13.96 | $ | 11.09 | $ | 19.07 | $ | 26.53 | $ | 20.83 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.24 | .33 | .41 | .39 | .39 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.73 | 2.88 | (7.75 | ) | (4.61 | ) | 7.33 | |||||||||||||
Total from investment operations
|
3.97 | 3.21 | (7.34 | ) | (4.22 | ) | 7.72 | |||||||||||||
Less distributions from:
Net investment income
|
(.26 | ) | (.34 | ) | (.46 | ) | (.35 | ) | (.51 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.26 | ) | (.34 | ) | (.64 | ) | (3.24 | ) | (2.02 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.67 | $ | 13.96 | $ | 11.09 | $ | 19.07 | $ | 26.53 | ||||||||||
Total Return (%)b
|
28.66 | 29.98 | (39.34 | ) | (15.89 | ) | 37.73 | c | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
537 | 437 | 384 | 596 | 1,205 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.06 | 1.04 | .94 | .97 | .91 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.06 | 1.04 | .94 | .97 | .82 | |||||||||||||||
Ratio of net investment income (%)
|
1.54 | 3.13 | 2.42 | 1.50 | 1.62 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | d | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Class B
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.05 | $ | 11.09 | $ | 19.04 | $ | 26.48 | $ | 20.83 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.11 | .23 | .26 | .19 | .18 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.76 | 2.96 | (7.72 | ) | (4.60 | ) | 7.33 | |||||||||||||
Total from investment operations
|
3.87 | 3.19 | (7.46 | ) | (4.41 | ) | 7.51 | |||||||||||||
Less distributions from:
Net investment income
|
(.11 | ) | (.23 | ) | (.31 | ) | (.14 | ) | (.35 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.11 | ) | (.23 | ) | (.49 | ) | (3.03 | ) | (1.86 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.81 | $ | 14.05 | $ | 11.09 | $ | 19.04 | $ | 26.48 | ||||||||||
Total Return (%)b
|
27.62 | 29.31 | (39.71 | ) | (16.51 | ) | 36.53 | c | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
4 | 6 | 8 | 20 | 36 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.88 | 2.00 | 1.82 | 1.73 | 1.73 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.88 | 2.00 | 1.82 | 1.73 | 1.72 | |||||||||||||||
Ratio of net investment income (%)
|
.72 | 2.17 | 1.54 | .74 | .72 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | d | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Class C
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.06 | $ | 11.12 | $ | 19.10 | $ | 26.55 | $ | 20.88 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.13 | .24 | .27 | .20 | .20 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.76 | 2.94 | (7.75 | ) | (4.61 | ) | 7.35 | |||||||||||||
Total from investment operations
|
3.89 | 3.18 | (7.48 | ) | (4.41 | ) | 7.55 | |||||||||||||
Less distributions from:
Net investment income
|
(.13 | ) | (.24 | ) | (.32 | ) | (.15 | ) | (.37 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.13 | ) | (.24 | ) | (.50 | ) | (3.04 | ) | (1.88 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.82 | $ | 14.06 | $ | 11.12 | $ | 19.10 | $ | 26.55 | ||||||||||
Total Return (%)b
|
27.77 | 29.26 | (39.76 | ) | (16.46 | )c | 36.67 | c | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
31 | 27 | 27 | 60 | 126 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.78 | 1.90 | 1.78 | 1.69 | 1.64 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.78 | 1.90 | 1.78 | 1.69 | 1.62 | |||||||||||||||
Ratio of net investment income (%)
|
.82 | 2.27 | 1.58 | .78 | .82 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | d | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Class R
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.00 | $ | 11.11 | $ | 19.09 | $ | 26.55 | $ | 20.83 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.19 | .32 | .38 | .34 | .34 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.74 | 2.88 | (7.76 | ) | (4.61 | ) | 7.34 | |||||||||||||
Total from investment operations
|
3.93 | 3.20 | (7.38 | ) | (4.27 | ) | 7.68 | |||||||||||||
Less distributions from:
Net investment income
|
(.23 | ) | (.31 | ) | (.42 | ) | (.30 | ) | (.45 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.23 | ) | (.31 | ) | (.60 | ) | (3.19 | ) | (1.96 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.70 | $ | 14.00 | $ | 11.11 | $ | 19.09 | $ | 26.55 | ||||||||||
Total Return (%)
|
28.22 | 29.74 | (39.42 | ) | (16.00 | ) | 37.45 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
14 | 11 | 9 | 16 | 25 | |||||||||||||||
Ratio of expenses (%)
|
1.40 | 1.19 | 1.14 | 1.14 | 1.03 | |||||||||||||||
Ratio of net investment income (%)
|
1.20 | 2.98 | 2.22 | 1.33 | 1.41 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | b | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Class S
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.01 | $ | 11.11 | $ | 19.11 | $ | 26.53 | $ | 20.80 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.27 | .36 | .44 | .44 | .41 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.75 | 2.90 | (7.77 | ) | (4.60 | ) | 7.35 | |||||||||||||
Total from investment operations
|
4.02 | 3.26 | (7.33 | ) | (4.16 | ) | 7.76 | |||||||||||||
Less distributions from:
Net investment income
|
(.28 | ) | (.36 | ) | (.49 | ) | (.37 | ) | (.52 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.28 | ) | (.36 | ) | (.67 | ) | (3.26 | ) | (2.03 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.75 | $ | 14.01 | $ | 11.11 | $ | 19.11 | $ | 26.53 | ||||||||||
Total Return (%)
|
28.90 | 30.34 | (39.34 | ) | (15.63 | ) | 37.98 | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
62 | 47 | 174 | 288 | 19 | |||||||||||||||
Ratio of expenses (%)
|
.87 | .80 | .79 | .83 | .73 | |||||||||||||||
Ratio of net investment income (%)
|
1.73 | 3.37 | 2.57 | 1.64 | 1.71 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | b | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Institutional Class
Years Ended December 31,
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 13.95 | $ | 11.09 | $ | 19.09 | $ | 26.53 | $ | 20.81 | ||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.31 | .38 | .47 | .49 | .46 | |||||||||||||||
Net realized and unrealized gain (loss)
|
3.74 | 2.86 | (7.76 | ) | (4.61 | ) | 7.33 | |||||||||||||
Total from investment operations
|
4.05 | 3.24 | (7.29 | ) | (4.12 | ) | 7.79 | |||||||||||||
Less distributions from:
Net investment income
|
(.33 | ) | (.38 | ) | (.53 | ) | (.43 | ) | (.56 | ) | ||||||||||
Net realized gains
|
— | — | (.09 | ) | (2.89 | ) | (1.51 | ) | ||||||||||||
Return of capital
|
— | — | (.09 | ) | — | — | ||||||||||||||
Total distributions
|
(.33 | ) | (.38 | ) | (.71 | ) | (3.32 | ) | (2.07 | ) | ||||||||||
Redemption fees
|
.00 | * | .00 | * | .00 | * | .00 | * | .00 | * | ||||||||||
Net asset value, end of period
|
$ | 17.67 | $ | 13.95 | $ | 11.09 | $ | 19.09 | $ | 26.53 | ||||||||||
Total Return (%)
|
29.27 | 30.29 | (38.99 | ) | (15.50 | )b | 38.14 | b | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||
Net assets, end of period ($ millions)
|
590 | 440 | 296 | 409 | 720 | |||||||||||||||
Ratio of expenses before expense reductions (%)
|
.63 | .63 | .63 | .57 | .58 | |||||||||||||||
Ratio of expenses after expense reductions (%)
|
.63 | .63 | .63 | .56 | .54 | |||||||||||||||
Ratio of net investment income (%)
|
1.97 | 3.54 | 2.73 | 1.91 | 1.90 | |||||||||||||||
Portfolio turnover rate (%)
|
106 | 120 | c | 84 | 81 | 60 | ||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Excludes portfolio securities delivered as a result of processing redemption in-kind transactions.
* Amount is less than $.005.
|
Capital loss carryforwards
|
$ | (296,415,000 | ) | |
Unrealized appreciation (depreciation) on investments
|
$ | 287,052,499 |
Years Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Distributions from ordinary income*
|
$ | 20,117,805 | $ | 26,658,150 |
First $100 million of the Fund's average daily net assets
|
.565 | % | ||
Next $100 million of such net assets
|
.465 | % | ||
Next $100 million of such net assets
|
.415 | % | ||
Over $300 million of such net assets
|
.365 | % |
Services to Shareholders
|
Total Aggregated
|
Unpaid at December 31, 2010
|
||||||
Class A
|
$ | 784,865 | $ | 207,521 | ||||
Class B
|
11,469 | 2,625 | ||||||
Class C
|
48,293 | 11,701 | ||||||
Class R
|
5,837 | 1,555 | ||||||
Class S
|
49,447 | 13,935 | ||||||
Institutional Class
|
95,793 | 24,630 | ||||||
$ | 995,704 | $ | 261,967 |
Distribution Fee
|
Total Aggregated
|
Unpaid at December 31, 2010
|
||||||
Class B
|
$ | 34,578 | $ | 2,856 | ||||
Class C
|
212,422 | 18,246 | ||||||
Class R
|
31,496 | 3,022 | ||||||
$ | 278,496 | $ | 24,124 |
Service Fee
|
Total Aggregated
|
Unpaid at December 31, 2010
|
Annual Effective Rate
|
|||||||||
Class A
|
$ | 1,174,276 | $ | 316,622 | .25 | % | ||||||
Class B
|
11,750 | 2,030 | .25 | % | ||||||||
Class C
|
71,863 | 16,455 | .25 | % | ||||||||
Class R
|
28,275 | 7,027 | .22 | % | ||||||||
$ | 1,286,164 | $ | 342,134 |
Year Ended December 31, 2010
|
Year Ended December 31, 2009
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
8,193,229 | $ | 128,415,324 | 13,701,406 | $ | 137,118,220 | ||||||||||
Class B
|
14,353 | 231,116 | 55,186 | 579,781 | ||||||||||||
Class C
|
255,126 | 4,073,293 | 274,339 | 2,946,374 | ||||||||||||
Class R
|
310,980 | 4,940,663 | 369,848 | 3,864,434 | ||||||||||||
Class S
|
1,963,418 | 30,832,142 | 4,022,044 | 42,998,395 | ||||||||||||
Institutional Class
|
17,210,675 | 271,986,080 | 15,881,566 | 163,975,364 | ||||||||||||
$ | 440,478,618 | $ | 351,482,568 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
450,272 | $ | 7,198,047 | 890,947 | $ | 9,555,103 | ||||||||||
Class B
|
1,520 | 24,332 | 9,402 | 94,934 | ||||||||||||
Class C
|
11,966 | 193,646 | 36,240 | 382,266 | ||||||||||||
Class R
|
11,057 | 176,903 | 22,761 | 244,800 | ||||||||||||
Class S
|
47,628 | 760,229 | 343,789 | 3,288,334 | ||||||||||||
Institutional Class
|
462,794 | 7,426,907 | 671,702 | 7,351,060 | ||||||||||||
$ | 15,780,064 | $ | 20,916,497 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(9,528,970 | ) | $ | (148,466,343 | ) | (17,912,166 | ) | $ | (172,251,164 | ) | ||||||
Class B
|
(211,274 | ) | (3,295,649 | ) | (379,500 | ) | (3,984,359 | ) | ||||||||
Class C
|
(433,697 | ) | (6,774,068 | ) | (867,290 | ) | (8,590,841 | ) | ||||||||
Class R
|
(307,415 | ) | (4,816,250 | ) | (430,142 | ) | (4,490,905 | ) | ||||||||
Class S
|
(1,886,226 | ) | (29,828,365 | ) | (3,621,678 | ) | (36,045,076 | ) | ||||||||
Institutional Class
|
(15,801,717 | ) | (246,961,119 | ) | (11,667,271 | ) | (128,902,449 | ) | ||||||||
$ | (440,141,794 | ) | $ | (354,264,794 | ) | |||||||||||
In-kind redemption
|
||||||||||||||||
Class S
|
— | $ | — | (12,981,321 | ) | $ | (166,459,479 | ) | ||||||||
Redemption fees
|
$ | 63,125 | $ | 125,171 | ||||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(885,469 | ) | $ | (12,842,013 | ) | (3,319,813 | ) | $ | (25,565,631 | ) | ||||||
Class B
|
(195,401 | ) | (3,040,192 | ) | (314,912 | ) | (3,309,644 | ) | ||||||||
Class C
|
(166,605 | ) | (2,506,759 | ) | (556,711 | ) | (5,262,123 | ) | ||||||||
Class R
|
14,622 | 301,445 | (37,533 | ) | (380,342 | ) | ||||||||||
Class S
|
124,820 | 1,764,682 | (12,237,166 | ) | (156,146,316 | ) | ||||||||||
Institutional Class
|
1,871,752 | 32,502,850 | 4,885,997 | 42,464,019 | ||||||||||||
$ | 16,180,013 | $ | (148,200,037 | ) |
Boston, Massachusetts
February 24, 2011
|
PricewaterhouseCoopers LLP
|
Independent Board Members
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years
|
Number of Funds in DWS Fund Complex Overseen
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
122
|
John W. Ballantine (1946)
Board Member since 1999
|
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
122
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company3 (medical technology company); Lead Director, Belo Corporation3 (media company); Public Radio International; Public Radio Exchange (PRX); The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
122
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
122
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
122
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
122
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007); Independent Director of Barclays Bank Delaware (since September 2010). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
122
|
William McClayton (1944)
Board Member since 2004+
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
122
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Director, CardioNet, Inc.2 (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care2 (January 2007-June 2007); Trustee, Pro Publica (charitable organization) (2007-2010)
|
122
|
William N. Searcy, Jr. (1946)
Board Member since 1993
|
Private investor since October 2003; Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003)
|
122
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
122
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
125
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
Michael G. Clark6 (1965)
President, 2006-present
|
Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
|
Ingo Gefeke7 (1967)
Executive Vice President since 2010
|
Managing Director3, Deutsche Asset Management; Global Head of Distribution and Product Management, DWS Global Head of Trading and Securities Lending. Member of the Board of Directors of DWS Investment GmbH Frankfurt (since July 2009) and DWS Holding & Service GmbH Frankfurt (since January 2010); formerly, Global Chief Administrative Officer, Deutsche Asset Management (2004-2009); Global Chief Operating Officer, Global Transaction Banking, Deutsche Bank AG, New York (2001-2004); Chief Operating Officer, Global Banking Division Americas, Deutsche Bank AG, New York (1999-2001); Central Management, Global Banking Services, Deutsche Bank AG, Frankfurt (1998-1999); Relationship Management, Deutsche Bank AG, Tokyo, Japan (1997-1998)
|
John Millette8 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson8 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin9 (1970)
Assistant Secretary, 2009-present
|
Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca8 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark8 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally8 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso9 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby9 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below:
For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048
For shareholders of Class S:
(800) 728-3337
|
|
Web Site
|
www.dws-investments.com
View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
|
|
Written Correspondence
|
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|
Nasdaq Symbol
|
RRRAX
|
RRRBX
|
RRRCX
|
RRREX
|
RRRRX
|
CUSIP Number
|
23339E 491
|
23339E 483
|
23339E 475
|
23339E 459
|
23339E 442
|
Fund Number
|
425
|
625
|
725
|
2325
|
595
|
For shareholders of Class R
|
||
Automated Information Line
|
DWS Investments Flex Plan Access (800) 532-8411
24-hour access to your retirement plan account.
|
|
Web Site
|
www.dws-investments.com
Click "Retirement Plans" to reallocate assets, process transactions and review your funds through our secure online account access.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
|
|
For More Information
|
(800) 543-5776
To speak with a service representative.
|
|
Written Correspondence
|
DWS Investments Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
Class R
|
||
Nasdaq Symbol
|
RRRSX
|
|
CUSIP Number
|
23339E 467
|
|
Fund Number
|
1502
|
ITEM 2.
|
CODE OF ETHICS
|
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
|
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
|
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Fiscal Year Ended December 31,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2010
|
$ | 65,207 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2009
|
$ | 59,207 | $ | 0 | $ | 0 | $ | 0 |
Fiscal Year December 31,
|
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2010
|
$ | 7,500 | $ | 0 | $ | 0 | ||||||
2009
|
$ | 2,000 | $ | 0 | $ | 0 |
Fiscal Year Ended December 31,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2010
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2009
|
$ | 0 | $ | 0 | $ | 100,000 | $ | 100,000 |
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
|
Not applicable
|
||
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
|
Not applicable
|
||
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
|
Not applicable
|
||
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
|
||
ITEM 11.
|
CONTROLS AND PROCEDURES
|
|
(a)
|
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
(b)
|
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
ITEM 12.
|
EXHIBITS
|
|
(a)(1)
|
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
|
|
(a)(2)
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
|
(b)
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
Registrant:
|
DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
March 1, 2011
|
By:
|
/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
March 1, 2011
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
March 1, 2011
|
Page Number
|
I.
|
Overview |
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
Deutsche Asset Management, Inc. or its affiliates (“DeAM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.
The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.
The DeAM Compliance Officer and his or her contact information can be found in Appendix A.
|
II.
|
Purposes of the Officer Code
|
The purposes of the Officer Code are to deter wrongdoing and to:
|
||
•
|
promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
•
|
promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
|
•
|
promote compliance with applicable laws, rules and regulations;
|
•
|
encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and
|
•
|
establish accountability for adherence to the Officer Code.
|
|
Any questions about the Officer Code should be referred to DeAM’s Compliance Officer. |
III.
|
Responsibilities of Covered Officers
|
A.
|
Honest and Ethical Conduct
|
|
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
|
B.
|
Conflicts of Interest
|
|
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAM Compliance Officer).
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.
After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.
|
C.
|
Use of Personal Fund Shareholder Information
|
|
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAM’s privacy policies under SEC Regulation S-P.
|
D.
|
Public Communications
|
|
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.
|
E.
|
Compliance with Applicable Laws, Rules and Regulations
|
|
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.
|
IV.
|
Violation Reporting
|
A.
|
Overview
|
|
Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
|
Examples of violations of the Officer Code include, but are not limited to, the following: | |||
•
|
Unethical or dishonest behavior
|
•
|
Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
|
•
|
Failure to report violations of the Officer Code
|
•
|
Known or obvious deviations from Applicable Laws
|
•
|
Failure to acknowledge and certify adherence to the Officer Code
|
The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM. |
|
B.
|
How to Report
|
Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.
|
C.
|
Process for Violation Reporting to the Fund Board
|
|
The DeAM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
|
D.
|
Sanctions for Code Violations
|
|
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
|
V.
|
Waivers from the Officer Code
|
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
|
VI.
|
Amendments to the Code
|
The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
|
VII.
|
Acknowledgement and Certification of Adherence to the Officer Code
|
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
The DeAM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
|
VIII.
|
Scope of Responsibilities
|
A Covered Officer’s responsibilities under the Officer Code are limited to:
|
(1)
|
Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
|
(2)
|
Fund matters of which the Officer has actual knowledge.
|
IX.
|
Recordkeeping
|
The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
|
X.
|
Confidentiality
|
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
|
Fund Board
|
Principal Executive Officers
|
Principal Financial Officers
|
Treasurer
|
DWS Funds
|
Michael Clark
|
Paul Schubert
|
Paul Schubert
|
Germany*
|
Michael Clark
|
Paul Schubert
|
Paul Schubert
|
* Central Europe and Russia, European Equity, and New Germany Funds
|
As of: Jan 1, 2009 |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
|
4.
|
I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
5.
|
I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have adhered to the Officer Code.
|
4.
|
I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code’s requirements.
|
5.
|
I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
6.
|
With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
|
7.
|
With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
|
8.
|
I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
1.
|
I have reviewed this report, filed on behalf of DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
March 1, 2011
|
/s/Michael G. Clark
|
Michael G. Clark
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
March 1, 2011
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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