Mutual Fund Summary Prospectus (497k)

SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES
	DWS Alternative Asset Allocation Fund DWS Alternative Asset Allocation VIP DWS LifeCompass Retirement Fund DWS LifeCompass 2015 Fund		DWS LifeCompass 2020 Fund DWS LifeCompass 2030 Fund DWS LifeCompass 2040 Fund DWS Select Alternative Allocation Fund

 

The following information is added to the existing disclosure contained under the “MAIN RISKS” section within the funds’ summary prospectuses:

 

 

Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. In addition, issuers of dividend-paying stocks may have discretion to defer or stop paying dividends for a stated period of time. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be adversely affected.

Preferred stocks, a type of dividend-paying stock, present certain additional risks. These risks include credit risk, interest rate risk, subordination to bonds and other debt securities in a company’s capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the fund may be forced to reinvest in lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the fund.

 

Please Retain This Supplement for Future Reference

 

 

 

 

 

 

 

October 4, 2013 PROSTKR-304