DWS TECHNOLOGY FUND CLASS B (KTCBX) Exchange: NMFQS

DELISTED - Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of companies in the technology sector. For purposes of the fund's 80% investment policy, the fund defines a company as being in the technology sector if it commits at least half its assets to, or derives at least half its revenues or net income from, that sector. Examples of industries within the technology sector are semiconductors, software, telecom equipment, computer/hardware, IT services, the Internet and health technology. The fund may invest in companies of any size and may invest in initial public offerings. While the fund invests mainly in US stocks, it could invest up to 35% of net assets in foreign securities (including emerging markets securities).The fund will concentrate its assets in the group of industries constituting the technology sector and may concentrate in one or more industries in the technology sector.Management process. In choosing securities, portfolio management uses a combination of three analytical disciplines:Bottom-up research. Portfolio management looks for individual companies that it believes have a history of above-average growth, strong competitive positioning, attractive prices relative to potential growth, innovative products and services, sound financial strength and effective management, among other factors.Growth orientation. 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.Top-down analysis. Portfolio management considers the economic outlooks for various industries within the technology sector and looks for those that may benefit from changes in the overall business environment.Portfolio management may favor securities from various industries and companies within the technology sector at different times.Derivatives. Portfolio management generally may use option contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities) (i) for hedging purposes; (ii) as a substitute for direct investment; (iii) for locking in the purchase price of a security or currency which portfolio management expects to purchase in the near future; and (iv) for non-hedging purposes to seek to enhance potential gain.The fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions.