Additional Performance Information

Fund performance includes reinvestment of all distributions.

Important Objectives, Strategy and Risk Information

The fund seeks to maximize total return.

The DWS Communications Fund is a sector-based, equity focused strategy investing in telecommunications companies and related industries including cable/video distribution, media, enabling technologies, social media and internet related companies. The team seeks to capitalize on growth by casting a wide net in search of the best opportunities, looking for companies that offer products, services, and innovative technologies - from traditional to newer data-centric communications and corporate networks.

Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.

Important Information and Definitions

©2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating™ for funds, or ’star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Risk is based on the calculation of the difference between the Morningstar Return (adjusted for loads and excess over the risk-free rate) and the Morningstar Risk-Adjusted Return (adjusted for loads, excess over risk-free rate and risk). The calculation results in a rating system such that for each time period (3-, 5-, 10-years), the top 10% are given a risk score of 5 or High, next 22.5% of 4 or Above Average, next 35% of 3 or Average, next 22.5% of 2 or Below Average and the bottom 10% of 1 or Low.
Source: Morningstar, Inc. Beta is a historical measure of a fund’s sensitivity to the movements of the fund’s benchmark index. A fund with a beta greater than 1 is more volatile than the benchmark. A fund with a beta less than 1 is less volatile.
Source: Morningstar, Inc. R-squared (R2) is a historical measure that indicates how closely a fund’s past fluctuations have correlated with those of the fund’s benchmark. An R2 of 100% means that all movements of a fund are explained by benchmark movements. Both beta and R2 are based on a 3-year period relative to the index.
Source: Morningstar, Inc. Standard deviation is a 3-year statistical measure of the volatility of a fund’s returns. Generally, the greater the standard deviation, the greater the fund’s volatility.
Source: Morningstar, Inc. The Price/Earnings Ratio, or P/E Ratio, is a stock’s current price divided by the company’s trailing 12-month earnings per share from continuous operations.
Source: Morningstar, Inc. Turnover rate is the rate of trading activity in a fund’s portfolio of investments, equal to the lesser of purchases or sales, for a year, divided by average total assets for that year.