WASHINGTON, D. C. 20549
February 28, 2014
Semiannual Report
to Shareholders
DWS Target Date Series
DWS LifeCompass Retirement Fund
DWS LifeCompass 2015 Fund
DWS LifeCompass 2020 Fund
DWS LifeCompass 2030 Fund
DWS LifeCompass 2040 Fund
Contents
18 Portfolio Management Team 30 Statements of Assets and Liabilities 34 Statements of Operations 36 Statements of Changes in Net Assets 60 Notes to Financial Statements 84 Information About Each Fund's Expenses 90 Advisory Agreement Board Considerations and Fee Evaluation 97 Account Management Resources |
This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider each fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.
Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because exchange-traded funds ("ETFs") trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details.
Target date funds are designed for investors seeking to meet their respective investment goals, such as retirement, around the target date year. The target date is the approximate date when investors plan to start withdrawing their money in the fund. As the fund approaches its target year, the fund will decrease its emphasis on growth of capital and increase its emphasis on current income. The principal value of the funds is not guaranteed at any time, including at the target date. There is no guarantee that the fund will provide adequate income at and through retirement.
Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Dear Shareholder:
Having recently joined Deutsche Asset & Wealth Management as president of the DWS funds and head of Fund Administration, I'd like to take this opportunity to introduce myself. I come with 20 years of experience in asset management and the mutual fund industry. My job is to work closely with your fund board to ensure optimal oversight of the DWS funds' management and operations. I look forward to serving in this role on your behalf.
As for the economy, experts seem to agree that both the U.S. and global economies are recovering. Interest rates, while destined to rise to a level more in line with historical "normal" at some point, will likely remain relatively low for the foreseeable future. The stock markets continue to demonstrate strength as housing rebounds, American manufacturing strengthens, the U.S. budget deficit improves and unemployment continues to move lower. However, uncertainty persists regarding the pace of the recovery, the eventual tapering of government bond purchases, the potential for further political gridlock around the fiscal impasse and lingering effects of the financial crisis. All this uncertainty may well contribute to volatility in both the bond and stock markets.
It may help to remember that market fluctuations are not unusual. However, significant market swings may also reflect behavior that is driven more by investor emotion than any fundamental factors relating to the securities in question. If volatility is making you nervous, it may be time to review your investments. A trusted financial advisor can help you determine if a strategy change is appropriate and identify risk management strategies that serve your specific goals and situation.
Best regards,
Brian Binder
President, DWS Funds
Performance Summaries February 28, 2014 (Unaudited)
DWS LifeCompass Retirement Fund
| Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 7.60% | 7.86% | 10.91% | 4.00% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | 1.41% | 1.65% | 9.60% | 3.39% |
S&P® Target Date Retirement Income Index† | 5.86% | 5.97% | 9.60% | 4.76% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 8.22% | 9.20% | 4.12% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | | 1.99% | 7.91% | 3.50% |
S&P® Target Date Retirement Income Index† | | 6.28% | 7.62% | 4.85% |
| Class B | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 7.19% | 6.96% | 10.10% | 3.23% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | 3.19% | 3.96% | 9.96% | 3.23% |
S&P® Target Date Retirement Income Index† | 5.86% | 5.97% | 9.60% | 4.76% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 7.39% | 8.39% | 3.34% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | | 4.39% | 8.24% | 3.34% |
S&P® Target Date Retirement Income Index† | | 6.28% | 7.62% | 4.85% |
| Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 7.19% | 6.96% | 10.08% | 3.23% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 6.19% | 6.96% | 10.08% | 3.23% |
S&P® Target Date Retirement Income Index† | 5.86% | 5.97% | 9.60% | 4.76% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 7.40% | 8.37% | 3.35% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | | 7.40% | 8.37% | 3.35% |
S&P® Target Date Retirement Income Index† | | 6.28% | 7.62% | 4.85% |
DWS LifeCompass Retirement Fund
| Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| No Sales Charges | 7.74% | 8.04% | 11.20% | 4.26% |
S&P® Target Date Retirement Income Index† | 5.86% | 5.97% | 9.60% | 4.76% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| No Sales Charges | | 8.49% | 9.46% | 4.38% |
S&P® Target Date Retirement Income Index† | | 6.28% | 7.62% | 4.85% |
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2013 are 1.29%, 2.09%, 2.01% and 1.00% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
DWS LifeCompass Retirement Fund
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
|
|
| Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
† The S&P Target Date Retirement Income Index seeks to represent investment opportunity generally available in target date funds through an asset allocation which targets an immediate retirement allocation.
‡ Total returns shown for periods less than one year are not annualized.
| | | Class A | | | Class B | | | Class C | | | Class S | |
| Net Asset Value | |
| 2/28/14 | | $ | 12.60 | | | $ | 12.60 | | | $ | 12.59 | | | $ | 12.59 | |
| 8/31/13 | | $ | 11.84 | | | $ | 11.84 | | | $ | 11.83 | | | $ | 11.83 | |
Distribution Information as of 2/28/14 | |
| Income Dividends, Six Months | | $ | .14 | | | $ | .09 | | | $ | .09 | | | $ | .15 | |
DWS LifeCompass 2015 Fund | Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 8.72% | 10.19% | 13.53% | 4.20% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | 2.47% | 3.86% | 12.19% | 3.58% |
S&P Target Date 2015 Index† | 8.49% | 10.64% | 13.35% | 5.75% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 11.28% | 10.74% | 4.36% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | | 4.88% | 9.44% | 3.75% |
S&P Target Date 2015 Index† | | 12.16% | 10.54% | 5.92% |
| Class B | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 8.41% | 9.38% | 12.69% | 3.42% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | 4.41% | 6.38% | 12.56% | 3.42% |
S&P Target Date 2015 Index† | 8.49% | 10.64% | 13.35% | 5.75% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 10.44% | 9.89% | 3.58% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | | 7.44% | 9.75% | 3.58% |
S&P Target Date 2015 Index† | | 12.16% | 10.54% | 5.92% |
| Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 8.32% | 9.38% | 12.67% | 3.42% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 7.32% | 9.38% | 12.67% | 3.42% |
S&P Target Date 2015 Index† | 8.49% | 10.64% | 13.35% | 5.75% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 10.44% | 9.92% | 3.60% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | | 10.44% | 9.92% | 3.60% |
S&P Target Date 2015 Index† | | 12.16% | 10.54% | 5.92% |
DWS LifeCompass 2015 Fund
| Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| No Sales Charges | 8.87% | 10.49% | 13.81% | 4.45% |
S&P Target Date 2015 Index† | 8.49% | 10.64% | 13.35% | 5.75% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| No Sales Charges | | 11.57% | 11.01% | 4.62% |
S&P Target Date 2015 Index† | | 12.16% | 10.54% | 5.92% |
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2013 are 1.25%, 2.13%, 1.97% and 1.02% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
DWS LifeCompass 2015 Fund
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
|
|
| Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
† The S&P Target Date 2015 Index seeks to represent investment opportunity generally available in target date funds through an asset allocation which targets retirement horizon on or around 2015.
‡ Total returns shown for periods less than one year are not annualized.
| | | Class A | | | Class B | | | Class C | | | Class S | |
| Net Asset Value | |
| 2/28/14 | | $ | 12.54 | | | $ | 12.53 | | | $ | 12.52 | | | $ | 12.52 | |
| 8/31/13 | | $ | 11.66 | | | $ | 11.64 | | | $ | 11.64 | | | $ | 11.64 | |
Distribution Information as of 2/28/14 | |
| Income Dividends, Six Months | | $ | .13 | | | $ | .09 | | | $ | .09 | | | $ | .15 | |
DWS LifeCompass 2020 Fund | Class A | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 10.19% | 12.62% | 14.97% | 4.66% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | 3.85% | 6.15% | 13.62% | 4.04% |
S&P Target Date 2020 Index† | 9.61% | 12.66% | 14.96% | 6.07% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 14.49% | 11.74% | 4.89% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | | 7.90% | 10.43% | 4.27% |
S&P Target Date 2020 Index† | | 14.76% | 11.75% | 6.26% |
| Class B | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 9.70% | 11.75% | 14.14% | 3.89% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | 5.70% | 8.75% | 14.03% | 3.89% |
S&P Target Date 2020 Index† | 9.61% | 12.66% | 14.96% | 6.07% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 13.67% | 10.95% | 4.12% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | | 10.67% | 10.81% | 4.12% |
S&P Target Date 2020 Index† | | 14.76% | 11.75% | 6.26% |
| Class C | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 9.70% | 11.75% | 14.12% | 3.88% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 8.70% | 11.75% | 14.12% | 3.88% |
S&P Target Date 2020 Index† | 9.61% | 12.66% | 14.96% | 6.07% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 13.59% | 10.90% | 4.11% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | | 13.59% | 10.90% | 4.11% |
S&P Target Date 2020 Index† | | 14.76% | 11.75% | 6.26% |
DWS LifeCompass 2020 Fund
| Class S | 6-Month‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 2/28/14 |
| No Sales Charges | 10.31% | 12.91% | 15.28% | 4.92% |
S&P Target Date 2020 Index† | 9.61% | 12.66% | 14.96% | 6.07% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| No Sales Charges | | 14.78% | 12.03% | 5.15% |
S&P Target Date 2020 Index† | | 14.76% | 11.75% | 6.26% |
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2013 are 1.28%, 2.05%, 1.99% and 1.03% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
DWS LifeCompass 2020 Fund
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
|
|
| Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
† The S&P Target Date 2020 Index seeks to represent investment opportunity generally available in target date funds through an asset allocation which targets retirement horizon on or around 2020.
‡ Total returns shown for periods less than one year are not annualized.
| | Class A | | | Class B | | | Class C | | | Class S | |
| Net Asset Value | |
| 2/28/14 | | $ | 15.46 | | | $ | 15.38 | | | $ | 15.38 | | | $ | 15.47 | |
| 8/31/13 | | $ | 14.34 | | | $ | 14.22 | | | $ | 14.22 | | | $ | 14.37 | |
Distribution Information as of 2/28/14 | |
| Income Dividends, Six Months | | $ | .34 | | | $ | .22 | | | $ | .22 | | | $ | .38 | |
DWS LifeCompass 2030 Fund | Class A | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 12.07% | 16.56% | 17.55% | 5.35% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | 5.63% | 9.86% | 16.17% | 4.68% |
S&P Target Date 2030 Index† | 11.31% | 16.02% | 17.59% | 6.84% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 19.77% | 13.45% | 5.33% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | | 12.88% | 12.12% | 4.65% |
S&P Target Date 2030 Index† | | 19.14% | 13.60% | 6.82% |
| Class B | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 11.53% | 15.67% | 16.71% | 4.56% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | 7.53% | 12.67% | 16.60% | 4.56% |
S&P Target Date 2030 Index† | 11.31% | 16.02% | 17.59% | 6.84% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 18.82% | 12.60% | 4.55% |
| Adjusted for the Maximum Sales Charge (max 4.00% CDSC) | | 15.82% | 12.47% | 4.55% |
S&P Target Date 2030 Index† | | 19.14% | 13.60% | 6.82% |
| Class C | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 11.54% | 15.68% | 16.69% | 4.55% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 10.54% | 15.68% | 16.69% | 4.55% |
S&P Target Date 2030 Index† | 11.31% | 16.02% | 17.59% | 6.84% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 18.83% | 12.58% | 4.54% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | | 18.83% | 12.58% | 4.54% |
S&P Target Date 2030 Index† | | 19.14% | 13.60% | 6.82% |
DWS LifeCompass 2030 Fund
| Class S | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| No Sales Charges | 12.06% | 16.87% | 17.83% | 5.60% |
S&P Target Date 2030 Index† | 11.31% | 16.02% | 17.59% | 6.84% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| No Sales Charges | | 20.09% | 13.72% | 5.59% |
S&P Target Date 2030 Index† | | 19.14% | 13.60% | 6.82% |
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2013 are 1.43%, 2.22%, 2.13% and 1.18% for Class A, Class B, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
DWS LifeCompass 2030 Fund
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
|
|
| Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
* The Fund commenced operations on November 1, 2004. The performance shown for each index is for the time period of October 31, 2004 through February 28, 2014 (through December 31, 2013 for the most recent calendar quarter end returns), which is based on the performance period of the life of the Fund.
† The S&P Target Date 2030 Index seeks to represent investment opportunity generally available in target date funds through an asset allocation which targets retirement horizon on or around 2030.
‡ Total returns shown for periods less than one year are not annualized.
| | | Class A | | | Class B | | | Class C | | | Class S | |
| Net Asset Value | |
| 2/28/14 | | $ | 11.51 | | | $ | 11.51 | | | $ | 11.50 | | | $ | 11.50 | |
| 8/31/13 | | $ | 10.66 | | | $ | 10.63 | | | $ | 10.62 | | | $ | 10.68 | |
Distribution Information as of 2/28/14 | |
| Income Dividends, Six Months | | $ | .31 | | | $ | .22 | | | $ | .22 | | | $ | .34 | |
| Capital Gain Distributions | | $ | .13 | | | $ | .13 | | | $ | .13 | | | $ | .13 | |
DWS LifeCompass 2040 Fund | Class A | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 13.03% | 18.85% | 18.46% | 3.15% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | 6.53% | 12.01% | 17.06% | 2.18% |
S&P Target Date 2040 Index† | 12.58% | 18.29% | 19.26% | 4.45% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 22.99% | 13.94% | 13.10% |
| Adjusted for the Maximum Sales Charge (max 5.75% load) | | 15.91% | 12.59% | 2.11% |
S&P Target Date 2040 Index† | | 22.10% | 14.77% | 4.39% |
| Class C | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| Unadjusted for Sales Charge | 12.52% | 17.93% | 17.53% | 2.37% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 11.54% | 17.93% | 17.53% | 2.37% |
S&P Target Date 2040 Index† | 12.58% | 18.29% | 19.26% | 4.45% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| Unadjusted for Sales Charge | | 22.02% | 13.10% | 2.34% |
| Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | | 22.02% | 13.10% | 2.34% |
S&P Target Date 2040 Index† | | 22.10% | 14.77% | 4.39% |
| Class S | 6-Month‡ | 1-Year | 5-Year | Life of Fund* |
Average Annual Total Returns as of 2/28/14 |
| No Sales Charges | 13.19% | 19.13% | 18.78% | 3.42% |
S&P Target Date 2040 Index† | 12.58% | 18.29% | 19.26% | 4.45% |
Average Annual Total Returns as of 12/31/13 (most recent calendar quarter end) |
| No Sales Charges | | 23.28% | 14.25% | 3.38% |
S&P Target Date 2040 Index† | | 22.10% | 14.77% | 4.39% |
Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws-investments.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.
The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated December 1, 2013 are 1.60%, 2.36% and 1.36% for Class A, Class C and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. These expense ratios include net expenses of the underlying funds in which the Fund invests.
DWS LifeCompass 2040 Fund
Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
|
|
| Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.
The growth of $10,000 is cumulative.
Performance of other share classes will vary based on the sales charges and the fee structure of those classes.
* The Fund commenced operations on November 15, 2007. The performance shown for each index is for the time period of November 30, 2007 through February 28, 2014 (through December 31, 2013 for the most recent calendar quarter end returns), which is based on the performance period of the life of the Fund.
† The S&P Target Date 2040 Index seeks to represent investment opportunity generally available in target date funds through an asset allocation which targets retirement horizon on or around 2040.
‡ Total returns shown for periods less than one year are not annualized.
| | | Class A | | | Class C | | | Class S | |
| Net Asset Value | |
| 2/28/14 | | $ | 9.03 | | | $ | 9.02 | | | $ | 9.04 | |
| 8/31/13 | | $ | 9.20 | | | $ | 9.16 | | | $ | 9.22 | |
Distribution Information as of 2/28/14 | |
| Income Dividends, Six Months | | $ | .26 | | | $ | .18 | | | $ | .29 | |
| Capital Gain Distributions | | $ | 1.09 | | | $ | 1.09 | | | $ | 1.09 | |
Portfolio Management Team
Pankaj Bhatnagar, PhD, Managing Director
Portfolio Manager of the fund. Joined the fund in 2013.
— Joined Deutsche Asset & Wealth Management in 2000 with seven years of industry experience; previously, served in Quantitative Strategy roles at Nomura Securities, Credit Suisse and Salomon Brothers.
— Portfolio Manager for the Quantitative Group: New York.
— Degree in Civil Engineering, Indian Institute of Technology; MBA, Kent State University; PhD in Finance, University of North Carolina at Chapel Hill.
Louis Cucciniello, Managing Director
Portfolio Manager of the fund. Joined the fund in 2013.
— Global Co-Head of Retirement and Hybrid Products and Member of Alternatives and Fund Solutions Executive Committee.
— Joined Deutsche Asset & Wealth Management in 2013.
— Formerly, Global Head of Multi-Asset Trading at Deutsche Bank, London.
— Joined Deutsche Bank in 2006 with 13 years of industry experience; previously served as Head of FX Options, Trading and Sales for non-Japan Asia at JP Morgan Singapore, as an Emerging Markets and Commodities Trader and as an Analyst in the Market Risk Management Group at JP Morgan NY.
— BS in Engineering Physics, Cornell University; MBA, University of Chicago.
Benjamin Pace, Managing Director
— Portfolio Manager of the fund. Joined the fund in 2013.
— Joined Deutsche Asset & Wealth Management in 1994 after 11 years of industry experience; previously served as a securities analyst and equity income fund manager for Princeton Bank and Trust. Before that he held portfolio management positions at Midlantic Bank and United Jersey Bank.
— Chief Investment Officer and Head of Discretionary Portfolio Management for Wealth Management in the Americas, Member of the Wealth Management Global Investment Committee, Chair of the Americas Investment Committee and Member of the Wealth Management Americas Executive Committee and the Deutsche Asset & Wealth Management Americas Executive Committee: New York.
— BA in Economics, Columbia University; MBA in Finance, New York University.
Darwei Kung, Director
Portfolio Manager of the fund. Joined the fund in 2013.
— Joined Deutsche Asset & Wealth Management in 2006; previously has worked as a Director, Engineering and Business Development at Calpoint LLC from 2001–2004.
— Portfolio Manager: New York.
— BS and MS, University of Washington, Seattle; MS and MBA, Carnegie Mellon University.
Portfolio Summaries (Unaudited)
Investment Portfolios as of February 28, 2014 (Unaudited)
DWS LifeCompass Retirement Fund | | | Shares | | | Value ($) | |
| | | | |
| Equity — Equity Funds 37.5% | |
| DWS Capital Growth Fund "Institutional" (a) | | | 10,349 | | | | 785,866 | |
| DWS Core Equity Fund "Institutional" (a) | | | 298,892 | | | | 7,056,829 | |
| DWS EAFE Equity Index Fund "Institutional" (a) | | | 165,359 | | | | 2,453,923 | |
| DWS Emerging Markets Equity Fund "Institutional" (a) | | | 32,123 | | | | 495,979 | |
| DWS Equity 500 Index Fund "Institutional" (a) | | | 37,109 | | | | 7,825,135 | |
| DWS Global Equity Fund "Institutional" (a) | | | 77,559 | | | | 640,641 | |
| DWS Global Growth Fund "Institutional" (a) | | | 16,577 | | | | 493,997 | |
| DWS Global Small Cap Growth Fund "Institutional" (a) | | | 22,826 | | | | 1,083,107 | |
| DWS Latin America Equity Fund "S" (a) | | | 1,042 | | | | 26,676 | |
| DWS Small Cap Core Fund "S" (a) | | | 86,376 | | | | 2,324,369 | |
| DWS Small Cap Growth Fund "S" (a) | | | 4,585 | | | | 154,231 | |
| DWS Small Cap Value Fund "Institutional" (a) | | | 3,636 | | | | 103,032 | |
| DWS World Dividend Fund "Institutional" (a) | | | 8,423 | | | | 244,354 | |
Total Equity — Equity Funds (Cost $17,882,706) | | | | 23,688,139 | |
| | |
| Equity — Exchange-Traded Fund 5.7% | |
| SPDR Barclays Convertible Securities Fund (Cost $3,193,847) | | | 72,938 | | | | 3,604,596 | |
| | |
| Fixed Income — Bond Funds 50.0% | |
| DWS Core Fixed Income Fund "Institutional" (a) | | | 839,426 | | | | 8,251,560 | |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | | | 44,110 | | | | 699,148 | |
| DWS Enhanced Emerging Markets Fixed Income Fund "Institutional" (a) | | | 177,886 | | | | 1,873,144 | |
| DWS Enhanced Global Bond Fund "S" (a) | | | 183,537 | | | | 1,804,167 | |
| DWS Floating Rate Fund "Institutional" (a) | | | 181,342 | | | | 1,719,120 | |
| DWS Global Inflation Fund "Institutional" (a) | | | 141,980 | | | | 1,422,645 | |
| DWS High Income Fund "Institutional" (a) | | | 114,126 | | | | 577,476 | |
| DWS Short Duration Fund "S" (a) | | | 754,109 | | | | 6,930,264 | |
| DWS U.S. Bond Index Fund "Institutional" (a) | | | 816,487 | | �� | | 8,238,352 | |
Total Fixed Income — Bond Funds (Cost $32,008,169) | | | | 31,515,876 | |
| | |
| Market Neutral Fund 1.1% | |
| DWS Diversified Market Neutral Fund "Institutional" (a) (Cost $721,494) | | | 76,422 | | | | 670,986 | |
| Fixed Income — Money Market Fund 5.8% | |
| Central Cash Management Fund, 0.06% (a) (b) (Cost $3,668,572) | | | 3,668,572 | | | | 3,668,572 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $57,474,788)† | | | 100.1 | | | | 63,148,169 | |
| Other Assets and Liabilities, Net | | | (0.1 | ) | | | (47,331 | ) |
| Net Assets | | | 100.0 | | | | 63,100,838 | |
† The cost for federal income tax purposes was $57,965,112. At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $5,183,057. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $6,351,987 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,168,930.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc.
(b) The rate shown is the annualized seven-day yield at period end.
EAFE: Europe, Australasia and Far East
SPDR: Standard & Poor's Depositary Receipt
During the year ended February 28, 2014, purchases and sales of affiliated Underlying Funds (excluding money market funds) aggregated $17,045,173 and $34,951,281, respectively. Purchases and sales of non-affiliated Underlying Funds (excluding money market funds) aggregated $2,906,538 and $420,047, respectively.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
| Equity Funds | | $ | 23,688,139 | | | $ | — | | | $ | — | | | $ | 23,688,139 | |
| Exchange-Traded Fund | | | 3,604,596 | | | | — | | | | — | | | | 3,604,596 | |
| Bond Funds | | | 31,515,876 | | | | — | | | | — | | | | 31,515,876 | |
| Market Neutral Fund | | | 670,986 | | | | — | | | | — | | | | 670,986 | |
| Money Market Fund | | | 3,668,572 | | | | — | | | | — | | | | 3,668,572 | |
| Total | | $ | 63,148,169 | | | $ | — | | | $ | — | | | $ | 63,148,169 | |
There have been no transfers between fair value measurement levels during the period ended February 28, 2014.
The accompanying notes are an integral part of the financial statements.
DWS LifeCompass 2015 Fund | | | Shares | | | Value ($) | |
| | | | |
| Equity — Equity Funds 45.9% | |
| DWS Capital Growth Fund "Institutional" (a) | | | 16,398 | | | | 1,245,238 | |
| DWS Core Equity Fund "Institutional" (a) | | | 473,627 | | | | 11,182,322 | |
| DWS EAFE Equity Index Fund "Institutional" (a) | | | 361,645 | | | | 5,366,808 | |
| DWS Emerging Markets Equity Fund "Institutional" (a) | | | 69,429 | | | | 1,071,976 | |
| DWS Equity 500 Index Fund "Institutional" (a) | | | 58,803 | | | | 12,399,877 | |
| DWS Global Equity Fund "Institutional" (a) | | | 169,603 | | | | 1,400,919 | |
| DWS Global Growth Fund "Institutional" (a) | | | 36,254 | | | | 1,080,368 | |
| DWS Global Small Cap Growth Fund "Institutional" (a) | | | 49,921 | | | | 2,368,752 | |
| DWS Latin America Equity Fund "S" (a) | | | 2,255 | | | | 57,744 | |
| DWS Small Cap Core Fund "S" (a) | | | 105,760 | | | | 2,846,002 | |
| DWS Small Cap Growth Fund "S" (a) | | | 5,615 | | | | 188,890 | |
| DWS Small Cap Value Fund "Institutional" (a) | | | 4,451 | | | | 126,137 | |
| DWS World Dividend Fund "Institutional" (a) | | | 18,420 | | | | 534,363 | |
Total Equity — Equity Funds (Cost $29,336,240) | | | | 39,869,396 | |
| | |
| Equity — Exchange-Traded Fund 4.9% | |
| SPDR Barclays Convertible Securities Fund (Cost $3,686,947) | | | 86,681 | | | | 4,283,775 | |
| | |
| Fixed Income — Bond Funds 43.1% | |
| DWS Core Fixed Income Fund "Institutional" (a) | | | 1,011,914 | | | | 9,947,113 | |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | | | 29,395 | | | | 465,918 | |
| DWS Enhanced Emerging Markets Fixed Income Fund "Institutional" (a) | | | 215,724 | | | | 2,271,572 | |
| DWS Enhanced Global Bond Fund "S" (a) | | | 184,022 | | | | 1,808,939 | |
| DWS Floating Rate Fund "Institutional" (a) | | | 234,003 | | | | 2,218,347 | |
| DWS Global Inflation Fund "Institutional" (a) | | | 171,150 | | | | 1,714,921 | |
| DWS High Income Fund "Institutional" (a) | | | 147,261 | | | | 745,141 | |
| DWS Short Duration Fund "S" (a) | | | 909,067 | | | | 8,354,326 | |
| DWS U.S. Bond Index Fund "Institutional" (a) | | | 984,245 | | | | 9,931,033 | |
Total Fixed Income — Bond Funds (Cost $37,779,133) | | | | 37,457,310 | |
| | |
| Market Neutral Fund 1.3% | |
| DWS Diversified Market Neutral Fund "Institutional" (a) (Cost $1,206,356) | | | 127,776 | | | | 1,121,876 | |
| | |
| Fixed Income — Money Market Fund 4.9% | |
| Central Cash Management Fund, 0.06% (a) (b) (Cost $4,214,586) | | | 4,214,586 | | | | 4,214,586 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $76,223,262)† | | | 100.1 | | | | 86,946,943 | |
| Other Assets and Liabilities, Net | | | (0.1 | ) | | | (81,106 | ) |
| Net Assets | | | 100.0 | | | | 86,865,837 | |
† The cost for federal income tax purposes was $77,160,468. At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $9,786,475. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,394,812 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,608,337.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc.
(b) The rate shown is the annualized seven-day yield at period end.
EAFE: Europe, Australasia and Far East
SPDR: Standard & Poor's Depositary Receipt
During the year ended February 28, 2014, purchases and sales of affiliated Underlying Funds (excluding money market funds) aggregated $21,948,425 and $37,138,405, respectively. Purchases and sales of non-affiliated Underlying Funds (excluding money market funds) aggregated $2,856,344 and $1,482,809, respectively.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
| Equity Funds | | $ | 39,869,396 | | | $ | — | | | $ | — | | | $ | 39,869,396 | |
| Exchange-Traded Funds | | | 4,283,775 | | | | — | | | | — | | | | 4,283,775 | |
| Bond Funds | | | 37,457,310 | | | | — | | | | — | | | | 37,457,310 | |
| Market Neutral Fund | | | 1,121,876 | | | | — | | | | — | | | | 1,121,876 | |
| Money Market Fund | | | 4,214,586 | | | | — | | | | — | | | | 4,214,586 | |
| Total | | $ | 86,946,943 | | | $ | — | | | $ | — | | | $ | 86,946,943 | |
There have been no transfers between fair value measurement levels during the year ended February 28, 2014.
The accompanying notes are an integral part of the financial statements.
DWS LifeCompass 2020 Fund | | | Shares | | | Value ($) | |
| | | | |
| Equity — Equity Funds 59.0% | |
| DWS Capital Growth Fund "Institutional" (a) | | | 42,908 | | | | 3,258,397 | |
| DWS Core Equity Fund "Institutional" (a) | | | 1,239,318 | | | | 29,260,297 | |
| DWS EAFE Equity Index Fund "Institutional" (a) | | | 888,767 | | | | 13,189,304 | |
| DWS Emerging Markets Equity Fund "Institutional" (a) | | | 242,365 | | | | 3,742,117 | |
| DWS Equity 500 Index Fund "Institutional" (a) | | | 153,866 | | | | 32,445,809 | |
| DWS Global Equity Fund "Institutional" (a) | | | 416,807 | | | | 3,442,829 | |
| DWS Global Growth Fund "Institutional" (a) | | | 89,095 | | | | 2,655,040 | |
| DWS Global Small Cap Growth Fund "Institutional" (a) | | | 122,684 | | | | 5,821,333 | |
| DWS Latin America Equity Fund "S" (a) | | | 7,871 | | | | 201,573 | |
| DWS Small Cap Core Fund "S" (a) | | | 253,549 | | | | 6,822,991 | |
| DWS Small Cap Growth Fund "S" (a) | | | 13,459 | | | | 452,761 | |
| DWS Small Cap Value Fund "Institutional" (a) | | | 10,672 | | | | 302,442 | |
| DWS World Dividend Fund "Institutional" (a) | | | 45,270 | | | | 1,313,284 | |
Total Equity — Equity Funds (Cost $80,776,169) | | | | 102,908,177 | |
| | |
| Equity — Exchange-Traded Fund 3.6% | |
| SPDR Barclays Convertible Securities Fund (Cost $5,086,344) | | | 125,670 | | | | 6,210,611 | |
| | |
| Fixed Income — Bond Funds 32.8% | |
| DWS Core Fixed Income Fund "Institutional" (a) | | | 1,490,928 | | | | 14,655,817 | |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | | | 111,610 | | | | 1,769,012 | |
| DWS Enhanced Emerging Markets Fixed Income Fund "Institutional" (a) | | | 337,266 | | | | 3,551,411 | |
| DWS Enhanced Global Bond Fund "S" (a) | | | 367,906 | | | | 3,616,520 | |
| DWS Floating Rate Fund "Institutional" (a) | | | 324,598 | | | | 3,077,189 | |
| DWS Global Inflation Fund "Institutional" (a) | | | 252,183 | | | | 2,526,877 | |
| DWS High Income Fund "Institutional" (a) | | | 204,278 | | | | 1,033,649 | |
| DWS Short Duration Fund "S" (a) | | | 1,339,453 | | | | 12,309,573 | |
| DWS U.S. Bond Index Fund "Institutional" (a) | | | 1,450,253 | | | | 14,633,055 | |
Total Fixed Income — Bond Funds (Cost $58,088,552) | | | | 57,173,103 | |
| | |
| Market Neutral Fund 1.0% | |
| DWS Diversified Market Neutral Fund "Institutional" (a) (Cost $1,824,026) | | | 193,304 | | | | 1,697,210 | |
| | |
| Fixed Income — Money Market Fund 3.7% | |
| Central Cash Management Fund, 0.06% (a) (b) (Cost $6,462,845) | | | 6,462,845 | | | | 6,462,845 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $152,237,936)† | | | 100.1 | | | | 174,451,946 | |
| Other Assets and Liabilities, Net | | | (0.1 | ) | | | (131,329 | ) |
| Net Assets | | | 100.0 | | | | 174,320,617 | |
† The cost for federal income tax purposes was $153,493,310. At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $20,958,636. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $23,706,101 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,747,465.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc.
(b) The rate shown is the annualized seven-day yield at period end.
EAFE: Europe, Australasia and Far East
SPDR: Standard & Poor's Depositary Receipt
During the year ended February 28, 2014, purchases and sales of affiliated Underlying Funds (excluding money market funds) aggregated $44,123,634 and $57,046,866, respectively. Purchase and sales on non-affiliated Underlying Funds (excluding money market funds) aggregated $2,391,104 and $584,882, respectively.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
| Equity Funds | | $ | 102,908,177 | | | $ | — | | | $ | — | | | $ | 102,908,177 | |
| Exchange-Traded Fund | | | 6,210,611 | | | | — | | | | — | | | | 6,210,611 | |
| Bond Funds | | | 57,173,103 | | | | — | | | | — | | | | 57,173,103 | |
| Market Neutral Fund | | | 1,697,210 | | | | — | | | | — | | | | 1,697,210 | |
| Money Market Fund | | | 6,462,845 | | | | — | | | | — | | | | 6,462,845 | |
| Total | | $ | 174,451,946 | | | $ | — | | | $ | — | | | $ | 174,451,946 | |
There have been no transfers between fair value measurement levels during the period ended February 28, 2014.
The accompanying notes are an integral part of the financial statements.
DWS LifeCompass 2030 Fund | | | Shares | | | Value ($) | |
| | | | |
| Equity — Equity Funds 74.8% | |
| DWS Capital Growth Fund "Institutional" (a) | | | 19,653 | | | | 1,492,463 | |
| DWS Core Equity Fund "Institutional" (a) | | | 567,665 | | | | 13,402,575 | |
| DWS EAFE Equity Index Fund "Institutional" (a) | | | 335,204 | | | | 4,974,432 | |
| DWS Emerging Markets Equity Fund "Institutional" (a) | | | 109,129 | | | | 1,684,956 | |
| DWS Equity 500 Index Fund "Institutional" (a) | | | 70,478 | | | | 14,861,623 | |
| DWS Global Equity Fund "Institutional" (a) | | | 157,206 | | | | 1,298,525 | |
| DWS Global Growth Fund "Institutional" (a) | | | 33,601 | | | | 1,001,301 | |
| DWS Global Small Cap Growth Fund "Institutional" (a) | | | 46,270 | | | | 2,195,525 | |
| DWS Latin America Equity Fund "S" (a) | | | 3,544 | | | | 90,771 | |
| DWS Small Cap Core Fund "S" (a) | | | 112,824 | | | | 3,036,099 | |
| DWS Small Cap Growth Fund "S" (a) | | | 5,988 | | | | 201,422 | |
| DWS Small Cap Value Fund "Institutional" (a) | | | 4,749 | | | | 134,575 | |
| DWS World Dividend Fund "Institutional" (a) | | | 17,074 | | | | 495,318 | |
Total Equity — Equity Funds (Cost $34,932,297) | | | | 44,869,585 | |
| | |
| Equity — Exchange-Traded Fund 2.1% | |
| SPDR Barclays Convertible Securities Fund (Cost $990,283) | | | 25,660 | | | | 1,268,117 | |
| | |
| Fixed Income — Bond Funds 18.4% | |
| DWS Core Fixed Income Fund "Institutional" (a) | | | 304,172 | | | | 2,990,012 | |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | | | 39,955 | | | | 633,284 | |
| DWS Enhanced Emerging Markets Fixed Income Fund "Institutional" (a) | | | 29,107 | | | | 306,502 | |
| DWS Enhanced Global Bond Fund "S" (a) | | | 72,542 | | | | 713,084 | |
| DWS Floating Rate Fund "Institutional" (a) | | | 29,052 | | | | 275,417 | |
| DWS Global Inflation Fund "Institutional" (a) | | | 51,446 | | | | 515,494 | |
| DWS High Income Fund "Institutional" (a) | | | 18,286 | | | | 92,526 | |
| DWS Short Duration Fund "S" (a) | | | 273,278 | | | | 2,511,428 | |
| DWS U.S. Bond Index Fund "Institutional" (a) | | | 295,865 | | | | 2,985,279 | |
Total Fixed Income — Bond Funds (Cost $11,329,824) | | | | 11,023,026 | |
| | |
| Market Neutral Fund 1.0% | |
| DWS Diversified Market Neutral Fund "Institutional" (a) (Cost $650,298) | | | 69,088 | | | | 606,594 | |
| | |
| Fixed Income — Money Market Fund 3.8% | |
| Central Cash Management Fund, 0.06% (a) (b) (Cost $2,271,614) | | | 2,271,614 | | | | 2,271,614 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $50,174,316)† | | | 100.1 | | | | 60,038,936 | |
| Other Assets and Liabilities, Net | | | (0.1 | ) | | | (71,006 | ) |
| Net Assets | | | 100.0 | | | | 59,967,930 | |
† The cost for federal income tax purposes was $50,630,164. At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $9,408,772. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,355,928 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $947,156.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc.
(b) The rate shown is the annualized seven-day yield at period end.
EAFE: Europe, Australasia and Far East
SPDR: Standard & Poor's Depositary Receipt
During the year ended February 28, 2014, purchases and sales of affiliated Underlying Funds (excluding money market funds) aggregated $15,548,541 and $24,724,968, respectively. Purchase and sales on non-affiliated Underlying Funds (excluding money market funds) aggregated $166,427 and $440,771, respectively.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
| Equity Funds | | $ | 44,869,585 | | | $ | — | | | $ | — | | | $ | 44,869,585 | |
| Exchange-Traded Fund | | | 1,268,117 | | | | — | | | | — | | | | 1,268,117 | |
| Bond Funds | | | 11,023,026 | | | | — | | | | — | | | | 11,023,026 | |
| Market Neutral Fund | | | 606,594 | | | | — | | | | — | | | | 606,594 | |
| Money Market Fund | | | 2,271,614 | | | | — | | | | — | | | | 2,271,614 | |
| Total | | $ | 60,038,936 | | | $ | — | | | $ | — | | | $ | 60,038,936 | |
There have been no transfers between fair value measurement levels during the year ended February 28, 2014.
The accompanying notes are an integral part of the financial statements.
DWS LifeCompass 2040 Fund
| | | Shares | | | Value ($) | |
| | | | |
| Equity — Equity Funds 85.6% | |
| DWS Capital Growth Fund "Institutional" (a) | | | 9,275 | | | | 704,328 | |
| DWS Core Equity Fund "Institutional" (a) | | | 267,882 | | | | 6,324,698 | |
| DWS EAFE Equity Index Fund "Institutional" (a) | | | 181,047 | | | | 2,686,738 | |
| DWS Emerging Markets Equity Fund "Institutional" (a) | | | 72,056 | | | | 1,112,540 | |
| DWS Equity 500 Index Fund "Institutional" (a) | | | 33,260 | | | | 7,013,475 | |
| DWS Global Equity Fund "Institutional" (a) | | | 84,902 | | | | 701,292 | |
| DWS Global Growth Fund "Institutional" (a) | | | 18,149 | | | | 540,835 | |
| DWS Global Small Cap Growth Fund "Institutional" (a) | | | 24,991 | | | | 1,185,819 | |
| DWS Latin America Equity Fund "S" (a) | | | 2,341 | | | | 59,956 | |
| DWS Small Cap Core Fund "S" (a) | | | 62,238 | | | | 1,674,811 | |
| DWS Small Cap Growth Fund "S" (a) | | | 3,303 | | | | 111,119 | |
| DWS Small Cap Value Fund "Institutional" (a) | | | 2,619 | | | | 74,212 | |
| DWS World Dividend Fund "Institutional" (a) | | | 9,221 | | | | 267,491 | |
Total Equity — Equity Funds (Cost $16,275,063) | | | | 22,457,314 | |
| | |
| Equity — Exchange-Traded Fund 0.8% | |
| SPDR Barclays Convertible Securities Fund (Cost $164,540) | | | 4,534 | | | | 224,070 | |
| | |
| Fixed Income — Bond Funds 8.8% | |
| DWS Core Fixed Income Fund "Institutional" (a) | | | 51,555 | | | | 506,785 | |
| DWS Enhanced Commodity Strategy Fund "Institutional" (a) | | | 17,808 | | | | 282,261 | |
| DWS Enhanced Emerging Markets Fixed Income Fund "Institutional" (a) | | | 12,488 | | | | 131,504 | |
| DWS Enhanced Global Bond Fund "S" (a) | | | 20,575 | | | | 202,255 | |
| DWS Floating Rate Fund "Institutional" (a) | | | 13,046 | | | | 123,677 | |
| DWS Global Inflation Fund "Institutional" (a) | | | 8,722 | | | | 87,391 | |
| DWS High Income Fund "Institutional" (a) | | | 8,217 | | | | 41,580 | |
| DWS Short Duration Fund "S" (a) | | | 46,313 | | | | 425,620 | |
| DWS U.S. Bond Index Fund "Institutional" (a) | | | 50,144 | | | | 505,956 | |
Total Fixed Income — Bond Funds (Cost $2,342,497) | | | | 2,307,029 | |
| | |
| Market Neutral Fund 1.0% | |
| DWS Diversified Market Neutral Fund "Institutional" (a) (Cost $274,040) | | | 31,168 | | | | 273,657 | |
| | |
| Fixed Income — Money Market Fund 4.1% | |
| Central Cash Management Fund, 0.06% (a) (b) (Cost $1,064,175) | | | 1,064,175 | | | | 1,064,175 | |
| | | % of Net Assets | | | Value ($) | |
| | | | |
Total Investment Portfolio (Cost $20,120,315)† | | | 100.3 | | | | 26,326,245 | |
| Other Assets and Liabilities, Net | | | (0.3 | ) | | | (82,642 | ) |
| Net Assets | | | 100.0 | | | | 26,243,603 | |
† The cost for federal income tax purposes was $20,389,467. At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $5,936,778. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $6,290,274 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $353,496.
(a) Affiliated fund managed by Deutsche Investment Management Americas Inc.
(b) The rate shown is the annualized seven-day yield at period end.
EAFE: Europe, Australasia and Far East
SPDR: Standard & Poor's Depositary Receipt
During the year ended February 28, 2014, purchases and sales of affiliated Underlying Funds (excluding money market funds) aggregated $9,490,591 and $15,946,426, respectively. Purchase and sales on non-affiliated Underlying Funds (excluding money market funds) aggregated $30,761 and $579,235, respectively.
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
| Assets | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | |
| Equity Funds | | $ | 22,457,314 | | | $ | — | | | $ | — | | | $ | 22,457,314 | |
| Exchange-Traded Fund | | | 224,070 | | | | — | | | | — | | | | 224,070 | |
| Bond Funds | | | 2,307,029 | | | | — | | | | — | | | | 2,307,029 | |
| Market Neutral Fund | | | 273,657 | | | | — | | | | — | | | | 273,657 | |
| Money Market Fund | | | 1,064,175 | | | | — | | | | — | | | | 1,064,175 | |
| Total | | $ | 26,326,245 | | | $ | — | | | $ | — | | | $ | 26,326,245 | |
There have been no transfers between fair value measurement levels during the period ended February 28, 2014.
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities | as of February 28, 2014 (Unaudited) | |
| Assets | | DWS LifeCompass Retirement Fund | | | DWS LifeCompass 2015 Fund | | | DWS LifeCompass 2020 Fund | |
| Investments in affiliated Underlying Funds, at value (cost $54,280,941, $72,536,315 and $147,151,592) | | $ | 59,543,573 | | | $ | 82,663,168 | | | $ | 168,241,335 | |
| Investments in non-affiliated Underlying Funds, at value (cost $3,193,847, $3,686,947 and $5,086,344) | | | 3,604,596 | | | | 4,283,775 | | | | 6,210,611 | |
| Total investments in securities, at value (cost $57,474,788, $76,223,262 and $152,237,936) | | | 63,148,169 | | | | 86,946,943 | | | | 174,451,946 | |
| Receivable for Fund shares sold | | | 1,909 | | | | 14,468 | | | | 21,631 | |
| Dividends receivable | | | 4,007 | | | | 3,852 | | | | 5,608 | |
| Interest receivable | | | 110 | | | | 146 | | | | 270 | |
| Other assets | | | 32,134 | | | | 32,461 | | | | 34,886 | |
| Total assets | | | 63,186,329 | | | | 86,997,870 | | | | 174,514,341 | |
| Liabilities | |
| Payable for Fund shares redeemed | | | 10,920 | | | | 28,729 | | | | 42,750 | |
| Accrued Trustees' fees | | | 1,606 | | | | 1,521 | | | | 2,768 | |
| Other accrued expenses and payables | | | 72,965 | | | | 101,783 | | | | 148,206 | |
| Total liabilities | | | 85,491 | | | | 132,033 | | | | 193,724 | |
| Net assets, at value | | $ | 63,100,838 | | | $ | 86,865,837 | | | $ | 174,320,617 | |
| Net Assets Consist of | |
| Undistributed net investment income | | | 622,133 | | | | 674,409 | | | | 794,524 | |
| Net unrealized appreciation (depreciation) on investments | | | 5,673,381 | | | | 10,723,681 | | | | 22,214,010 | |
| Accumulated net realized gain (loss) | | | (11,825,333 | ) | | | (36,905,322 | ) | | | (20,541,284 | ) |
| Paid-in capital | | | 68,630,657 | | | | 112,373,069 | | | | 171,853,367 | |
| Net assets, at value | | $ | 63,100,838 | | | $ | 86,865,837 | | | $ | 174,320,617 | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities as of February 28, 2014 (Unaudited) (continued) | |
| Net Asset Value | | DWS LifeCompass Retirement Fund | | | DWS LifeCompass 2015 Fund | | | DWS LifeCompass 2020 Fund | |
Class A Net assets applicable to shares outstanding | | $ | 15,726,924 | | | $ | 42,500,096 | | | $ | 71,414,035 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 1,248,601 | | | | 3,389,614 | | | | 4,619,354 | |
Net Asset Value and redemption price per share | | $ | 12.60 | | | $ | 12.54 | | | $ | 15.46 | |
| Maximum offering price per share (100 ÷ 94.25 of net asset value) | | $ | 13.37 | | | $ | 13.31 | | | $ | 16.40 | |
Class B Net assets applicable to shares outstanding | | $ | 170,615 | | | $ | 545,588 | | | $ | 1,215,138 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 13,543 | | | | 43,556 | | | | 78,999 | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | | $ | 12.60 | | | $ | 12.53 | | | $ | 15.38 | |
Class C Net assets applicable to shares outstanding | | $ | 4,041,160 | | | $ | 9,867,246 | | | $ | 13,769,545 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 321,037 | | | | 788,026 | | | | 895,061 | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | | $ | 12.59 | | | $ | 12.52 | | | $ | 15.38 | |
Class S Net assets applicable to shares outstanding | | $ | 43,162,139 | | | $ | 33,952,907 | | | $ | 87,921,899 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 3,427,467 | | | | 2,711,319 | | | | 5,684,876 | |
Net Asset Value, offering and redemption price per share | | $ | 12.59 | | | $ | 12.52 | | | $ | 15.47 | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities as of February 28, 2014 (Unaudited) (continued) | |
| Assets | | DWS LifeCompass 2030 Fund | | | DWS LifeCompass 2040 Fund | |
| Investments in affiliated Underlying Funds, at value (cost $49,184,033 and $19,955,775) | | $ | 58,770,819 | | | $ | 26,102,175 | |
| Investments in non-affiliated Underlying Funds, at value (cost $990,283 and $164,540) | | | 1,268,117 | | | | 224,070 | |
| Total investments in securities, at value (cost $50,174,316 and $20,120,315) | | | 60,038,936 | | | | 26,326,245 | |
| Receivable for Fund shares sold | | | 10,867 | | | | 2,644 | |
| Dividends receivable | | | 1,560 | | | | 268 | |
| Interest receivable | | | 79 | | | | 44 | |
| Other assets | | | 27,739 | | | | 24,506 | |
| Total assets | | | 60,079,181 | | | | 26,353,707 | |
| Liabilities | |
| Payable for Fund shares redeemed | | | 37,278 | | | | 60,395 | |
| Accrued Trustees' fees | | | 1,815 | | | | 846 | |
| Other accrued expenses and payables | | | 72,158 | | | | 48,863 | |
| Total liabilities | | | 111,251 | | | | 110,104 | |
| Net assets, at value | | $ | 59,967,930 | | | $ | 26,243,603 | |
| Net Assets Consist of | |
| Distributions in excess of net investment income | | | (492,857 | ) | | | (364,324 | ) |
| Net unrealized appreciation (depreciation) on investments | | | 9,864,620 | | | | 6,205,930 | |
| Accumulated net realized gain (loss) | | | 2,907,779 | | | | 1,992,959 | |
| Paid-in capital | | | 47,688,388 | | | | 18,409,038 | |
| Net assets, at value | | $ | 59,967,930 | | | $ | 26,243,603 | |
The accompanying notes are an integral part of the financial statements.
Statements of Assets and Liabilities as of February 28, 2014 (Unaudited) (continued) | |
| Net Asset Value | | DWS LifeCompass 2030 Fund | | | DWS LifeCompass 2040 Fund | |
Class A Net assets applicable to shares outstanding | | $ | 35,255,108 | | | $ | 14,200,480 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 3,064,171 | | | | 1,572,625 | |
Net Asset Value and redemption price per share | | $ | 11.51 | | | $ | 9.03 | |
| Maximum offering price per share (100 ÷ 94.25 of net asset value) | | $ | 12.21 | | | $ | 9.58 | |
Class B Net assets applicable to shares outstanding | | $ | 325,532 | | | | — | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 28,284 | | | | — | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | | $ | 11.51 | | | | — | |
Class C Net assets applicable to shares outstanding | | $ | 5,533,672 | | | $ | 330,229 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 481,034 | | | | 36,595 | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share | | $ | 11.50 | | | $ | 9.02 | |
Class S Net assets applicable to shares outstanding | | $ | 18,853,618 | | | $ | 11,712,894 | |
| Shares outstanding of beneficial interest, $.01 par value, unlimited number of shares authorized | | | 1,639,237 | | | | 1,296,084 | |
Net Asset Value, offering and redemption price per share | | $ | 11.50 | | | $ | 9.04 | |
The accompanying notes are an integral part of the financial statements.
| for the six months ended February 28, 2014 (Unaudited) | |
| Investment Income | | DWS LifeCompass Retirement Fund | | | DWS LifeCompass 2015 Fund | | | DWS LifeCompass 2020 Fund | |
| Income distributions from affiliated Underlying Funds | | $ | 773,125 | | | $ | 1,062,069 | | | $ | 1,890,578 | |
| Dividends | | | 55,934 | | | | 76,792 | | | | 114,341 | |
| Total income | | | 829,059 | | | | 1,138,861 | | | | 2,004,919 | |
Expenses: Administration fee | | | 33,121 | | | | 45,037 | | | | 87,119 | |
| Services to shareholders | | | 60,648 | | | | 92,519 | | | | 195,463 | |
| Distribution and service fees | | | 42,405 | | | | 104,964 | | | | 161,418 | |
| Custodian fee | | | 6,065 | | | | 6,717 | | | | 6,396 | |
| Audit and tax fees | | | 22,263 | | | | 22,263 | | | | 22,263 | |
| Legal fees | | | 7,298 | | | | 6,953 | | | | 9,419 | |
| Reports to shareholders | | | 12,904 | | | | 16,231 | | | | 20,551 | |
| Registration fees | | | 23,706 | | | | 23,449 | | | | 23,703 | |
| Trustees' fees and expenses | | | 2,266 | | | | 1,155 | | | | 4,066 | |
| Other | | | 3,114 | | | | 3,199 | | | | 4,354 | |
| Total expenses before expense reductions | | | 213,790 | | | | 322,487 | | | | 534,752 | |
| Expense reductions | | | (101,018 | ) | | | (121,597 | ) | | | (188,208 | ) |
| Total expenses after expense reductions | | | 112,772 | | | | 200,890 | | | | 346,544 | |
| Net investment income | | | 716,287 | | | | 937,971 | | | | 1,658,375 | |
| Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: Sale of affiliated Underlying Funds | | | (588,405 | ) | | | 1,485,133 | | | | 3,117,099 | |
| Sale of non-affiliated Underlying Funds | | | 183 | | | | (45,633 | ) | | | 406 | |
| Capital gain distributions from affiliated Underlying Funds | | | 1,219,382 | | | | 1,728,667 | | | | 3,597,945 | |
| | | | 631,160 | | | | 3,168,167 | | | | 6,715,450 | |
| Change in net unrealized appreciation (depreciation) on investments | | | 3,647,396 | | | | 3,551,745 | | | | 8,625,844 | |
| Net gain (loss) | | | 4,278,556 | | | | 6,719,912 | | | | 15,341,294 | |
| Net increase (decrease) in net assets resulting from operations | | $ | 4,994,843 | | | $ | 7,657,883 | | | $ | 16,999,669 | |
The accompanying notes are an integral part of the financial statements.
Statements of Operations for the six months ended February 28, 2014 (Unaudited) (continued) | |
| Investment Income | | DWS LifeCompass 2030 Fund | | | DWS LifeCompass 2040 Fund | |
| Income distributions from affiliated Underlying Funds | | $ | 608,781 | | | $ | 257,304 | |
| Dividends | | | 27,671 | | | | 9,050 | |
| Total income | | | 636,452 | | | | 266,354 | |
Expenses: Administration fee | | | 30,386 | | | | 14,268 | |
| Services to shareholders | | | 74,942 | | | | 42,454 | |
| Distribution and service fees | | | 70,848 | | | | 20,500 | |
| Custodian fee | | | 5,072 | | | | 4,812 | |
| Audit and tax fees | | | 22,204 | | | | 22,444 | |
| Legal fees | | | 7,588 | | | | 6,731 | |
| Reports to shareholders | | | 8,755 | | | | 7,992 | |
| Registration fees | | | 23,271 | | | | 18,120 | |
| Trustees' fees and expenses | | | 2,511 | | | | 1,586 | |
| Other | | | 2,173 | | | | 2,292 | |
| Total expenses before expense reductions | | | 247,750 | | | | 141,199 | |
| Expense reductions | | | (111,311 | ) | | | (89,650 | ) |
| Total expenses after expense reductions | | | 136,439 | | | | 51,549 | |
| Net investment income | | | 500,013 | | | | 214,805 | |
| Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: Sale of affiliated Underlying Funds | | | 2,005,800 | | | | 1,681,193 | |
| Sale of non-affiliated Underlying Funds | | | 27,103 | | | | 75,686 | |
| Capital gain distributions from affiliated Underlying Funds | | | 1,371,046 | | | | 632,826 | |
| | | | 3,403,949 | | | | 2,389,705 | |
| Change in net unrealized appreciation (depreciation) on investments | | | 3,102,642 | | | | 972,021 | |
| Net gain (loss) | | | 6,506,591 | | | | 3,361,726 | |
| Net increase (decrease) in net assets resulting from operations | | $ | 7,006,604 | | | $ | 3,576,531 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets | DWS LifeCompass Retirement Fund | |
| Increase (Decrease) in Net Assets | | Six Months Ended February 28, 2014 (Unaudited) | | | Year Ended August 31, 2013 | |
Operations: Net investment income | | $ | 716,287 | | | $ | 1,783,709 | |
Operations: Net investment income | | $ | 716,287 | | | $ | 1,783,709 | |
| Net realized gain (loss) | | | 631,160 | | | | 1,626,366 | |
| Change in net unrealized appreciation (depreciation) | | | 3,647,396 | | | | 324,400 | |
| Net increase (decrease) in net assets resulting from operations | | | 4,994,843 | | | | 3,734,475 | |
Distributions to shareholders from: Net investment income: Class A | | | (195,208 | ) | | | (531,042 | ) |
| Class B | | | (1,441 | ) | | | (5,786 | ) |
| Class C | | | (29,988 | ) | | | (60,155 | ) |
| Class S | | | (556,983 | ) | | | (1,135,083 | ) |
| Total distributions | | | (783,620 | ) | | | (1,732,066 | ) |
Fund share transactions: Proceeds from shares sold | | | 3,288,347 | | | | 7,255,554 | |
| Reinvestment of distributions | | | 729,879 | | | | 1,629,194 | |
| Payments for shares redeemed | | | (17,494,530 | ) | | | (26,324,212 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (13,476,304 | ) | | | (17,439,464 | ) |
| Increase (decrease) in net assets | | | (9,265,081 | ) | | | (15,437,055 | ) |
| Net assets at beginning of period | | | 72,365,919 | | | | 87,802,974 | |
| Net assets at end of period (including undistributed net investment income of $622,133 and $689,466, respectively) | | $ | 63,100,838 | | | $ | 72,365,919 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets (continued) DWS LifeCompass 2015 Fund | |
| Increase (Decrease) in Net Assets | | Six Months Ended February 28, 2014 (Unaudited) | | | Year Ended August 31, 2013 | |
Operations: Net investment income | | $ | 937,971 | | | $ | 2,597,186 | |
Operations: Net investment income | | $ | 937,971 | | | $ | 2,597,186 | |
| Net realized gain (loss) | | | 3,168,167 | | | | 3,021,698 | |
| Change in net unrealized appreciation (depreciation) | | | 3,551,745 | | | | 3,028,312 | |
| Net increase (decrease) in net assets resulting from operations | | | 7,657,883 | | | | 8,647,196 | |
Distributions to shareholders from: Net investment income: Class A | | | (482,141 | ) | | | (1,013,306 | ) |
| Class B | | | (4,857 | ) | | | (13,224 | ) |
| Class C | | | (69,463 | ) | | | (124,673 | ) |
| Class S | | | (457,732 | ) | | | (1,252,690 | ) |
| Total distributions | | | (1,014,193 | ) | | | (2,403,893 | ) |
Fund share transactions: Proceeds from shares sold | | | 4,455,999 | | | | 11,680,242 | |
| Reinvestment of distributions | | | 986,872 | | | | 2,352,615 | |
| Payments for shares redeemed | | | (17,714,379 | ) | | | (69,746,965 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (12,271,508 | ) | | | (55,714,108 | ) |
| Increase (decrease) in net assets | | | (5,627,818 | ) | | | (49,470,805 | ) |
| Net assets at beginning of period | | | 92,493,655 | | | | 141,964,460 | |
| Net assets at end of period (including undistributed net investment income of $674,409 and $750,631, respectively) | | $ | 86,865,837 | | | $ | 92,493,655 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets (continued) DWS LifeCompass 2020 Fund | |
| Increase (Decrease) in Net Assets | | Six Months Ended February 28, 2014 (Unaudited) | | | Year Ended August 31, 2013 | |
Operations: Net investment income | | $ | 1,658,375 | | | $ | 3,848,910 | |
Operations: Net investment income | | $ | 1,658,375 | | | $ | 3,848,910 | |
| Net realized gain (loss) | | | 6,715,450 | | | | 5,564,685 | |
| Change in net unrealized appreciation (depreciation) | | | 8,625,844 | | | | 6,456,533 | |
| Net increase (decrease) in net assets resulting from operations | | | 16,999,669 | | | | 15,870,128 | |
Distributions to shareholders from: Net investment income: Class A | | | (1,576,885 | ) | | | (1,459,194 | ) |
| Class B | | | (18,342 | ) | | | (28,814 | ) |
| Class C | | | (195,670 | ) | | | (154,707 | ) |
| Class S | | | (2,206,725 | ) | | | (2,258,510 | ) |
| Total distributions | | | (3,997,622 | ) | | | (3,901,225 | ) |
Fund share transactions: Proceeds from shares sold | | | 9,741,190 | | | | 22,018,173 | |
| Reinvestment of distributions | | | 3,903,214 | | | | 3,814,271 | |
| Payments for shares redeemed | | | (25,465,625 | ) | | | (66,386,724 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (11,821,221 | ) | | | (40,554,280 | ) |
| Increase (decrease) in net assets | | | 1,180,826 | | | | (28,585,377 | ) |
| Net assets at beginning of period | | | 173,139,791 | | | | 201,725,168 | |
| Net assets at end of period (including undistributed net investment income of $794,524 and $3,133,771, respectively) | | $ | 174,320,617 | | | $ | 173,139,791 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets (continued) DWS LifeCompass 2030 Fund | |
| Increase (Decrease) in Net Assets | | Six Months Ended February 28, 2014 (Unaudited) | | | Year Ended August 31, 2013 | |
Operations: Net investment income | | $ | 500,013 | | | $ | 1,274,250 | |
Operations: Net investment income | | $ | 500,013 | | | $ | 1,274,250 | |
| Net realized gain (loss) | | | 3,403,949 | | | | 4,149,138 | |
| Change in net unrealized appreciation (depreciation) | | | 3,102,642 | | | | 2,247,623 | |
| Net increase (decrease) in net assets resulting from operations | | | 7,006,604 | | | | 7,671,011 | |
Distributions to shareholders from: Net investment income: Class A | | | (936,205 | ) | | | (690,169 | ) |
| Class B | | | (6,746 | ) | | | (6,214 | ) |
| Class C | | | (97,384 | ) | | | (40,054 | ) |
| Class S | | | (557,333 | ) | | | (424,344 | ) |
Net realized gains: Class A | | | (383,216 | ) | | | — | |
| Class B | | | (3,904 | ) | | | — | |
| Class C | | | (56,413 | ) | | | — | |
| Class S | | | (207,781 | ) | | | — | |
| Total distributions | | | (2,248,982 | ) | | | (1,160,781 | ) |
Fund share transactions: Proceeds from shares sold | | | 5,798,042 | | | | 20,688,469 | |
| Reinvestment of distributions | | | 2,234,315 | | | | 1,154,677 | |
| Payments for shares redeemed | | | (15,862,158 | ) | | | (32,806,627 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (7,829,801 | ) | | | (10,963,481 | ) |
| Increase (decrease) in net assets | | | (3,072,179 | ) | | | (4,453,251 | ) |
| Net assets at beginning of period | | | 63,040,109 | | | | 67,493,360 | |
| Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $492,857 and $604,798, respectively) | | $ | 59,967,930 | | | $ | 63,040,109 | |
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets (continued) DWS LifeCompass 2040 Fund | |
| Increase (Decrease) in Net Assets | | Six Months Ended February 28, 2014 (Unaudited) | | | Year Ended August 31, 2013 | |
Operations: Net investment income | | $ | 214,805 | | | $ | 733,627 | |
Operations: Net investment income | | $ | 214,805 | | | $ | 733,627 | |
| Net realized gain (loss) | | | 2,389,705 | | | | 3,100,651 | |
| Change in net unrealized appreciation (depreciation) | | | 972,021 | | | | 1,237,864 | |
| Net increase (decrease) in net assets resulting from operations | | | 3,576,531 | | | | 5,072,142 | |
Distributions to shareholders from: Net investment income: Class A | | | (424,135 | ) | | | (314,923 | ) |
| Class C | | | (6,606 | ) | | | (1,747 | ) |
| Class S | | | (355,254 | ) | | | (332,082 | ) |
Net realized gains: Class A | | | (1,779,542 | ) | | | (157,332 | ) |
| Class C | | | (39,685 | ) | | | (1,860 | ) |
| Class S | | | (1,352,960 | ) | | | (140,701 | ) |
| Total distributions | | | (3,958,182 | ) | | | (948,645 | ) |
Fund share transactions: Proceeds from shares sold | | | 5,196,784 | | | | 15,013,740 | |
| Reinvestment of distributions | | | 3,956,379 | | | | 948,565 | |
| Payments for shares redeemed | | | (13,220,905 | ) | | | (29,309,123 | ) |
| Net increase (decrease) in net assets from Fund share transactions | | | (4,067,742 | ) | | | (13,346,818 | ) |
| Increase (decrease) in net assets | | | (4,449,393 | ) | | | (9,223,321 | ) |
| Net assets at beginning of period | | | 30,692,996 | | | | 39,916,317 | |
| Net assets at end of period (including distributions in excess of net investment income and undistributed net investment income of $364,324 and $206,866, respectively) | | $ | 26,243,603 | | | $ | 30,692,996 | |
The accompanying notes are an integral part of the financial statements.
| DWS LifeCompass Retirement Fund — Class A | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.84 | | | $ | 11.58 | | | $ | 11.06 | | | $ | 10.47 | | | $ | 10.08 | | | $ | 11.49 | |
Income (loss) from investment operations: Net investment incomea | | | .13 | | | | .25 | | | | .22 | | | | .24 | | | | .25 | | | | .36 | |
| Net realized and unrealized gain (loss) | | | .77 | | | | .25 | | | | .52 | | | | .58 | | | | .42 | | | | (1.36 | ) |
| Total from investment operations | | | .90 | | | | .50 | | | | .74 | | | | .82 | | | | .67 | | | | (1.00 | ) |
Less distributions from: Net investment income | | | (.14 | ) | | | (.24 | ) | | | (.22 | ) | | | (.23 | ) | | | (.28 | ) | | | (.41 | ) |
| Net asset value, end of period | | $ | 12.60 | | | $ | 11.84 | | | $ | 11.58 | | | $ | 11.06 | | | $ | 10.47 | | | $ | 10.08 | |
Total Return (%)b,c,d | | | 7.60 | ** | | | 4.33 | | | | 6.79 | | | | 7.81 | | | | 6.67 | | | | (8.29 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 16 | | | | 23 | | | | 29 | | | | 27 | | | | 31 | | | | 31 | |
Ratio of expenses before expense reductions (%)e | | | .83 | * | | | .74 | | | | .74 | | | | .71 | | | | .74 | | | | .77 | |
Ratio of expenses after expense reductions (%)e | | | .46 | * | | | .47 | | | | .62 | | | | .62 | | | | .61 | | | | .52 | |
| Ratio of net investment income (%) | | | 2.05 | * | | | 2.08 | | | | 1.99 | | | | 2.12 | | | | 2.39 | | | | 3.84 | |
| Portfolio turnover rate (%) | | | 30 | ** | | | 28 | | | | 53 | | | | 37 | | | | 53 | | | | 41 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass Retirement Fund — Class B | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.84 | | | $ | 11.58 | | | $ | 11.06 | | | $ | 10.47 | | | $ | 10.08 | | | $ | 11.49 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .16 | | | | .14 | | | | .15 | | | | .17 | | | | .29 | |
| Net realized and unrealized gain (loss) | | | .77 | | | | .25 | | | | .52 | | | | .58 | | | | .42 | | | | (1.36 | ) |
| Total from investment operations | | | .85 | | | | .41 | | | | .66 | | | | .73 | | | | .59 | | | | (1.07 | ) |
Less distributions from: Net investment income | | | (.09 | ) | | | (.15 | ) | | | (.14 | ) | | | (.14 | ) | | | (.20 | ) | | | (.34 | ) |
| Net asset value, end of period | | $ | 12.60 | | | $ | 11.84 | | | $ | 11.58 | | | $ | 11.06 | | | $ | 10.47 | | | $ | 10.08 | |
Total Return (%)b,c,d | | | 7.19 | ** | | | 3.55 | | | | 5.99 | | | | 7.00 | | | | 5.87 | | | | (8.99 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | .2 | | | | .2 | | | | 1 | | | | 1 | | | | 2 | | | | 3 | |
Ratio of expenses before expense reductions (%)e | | | 1.71 | * | | | 1.54 | | | | 1.48 | | | | 1.43 | | | | 1.43 | | | | 1.56 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.23 | | | | 1.37 | | | | 1.37 | | | | 1.36 | | | | 1.27 | |
| Ratio of net investment income (%) | | | 1.27 | * | | | 1.36 | | | | 1.24 | | | | 1.37 | | | | 1.64 | | | | 3.09 | |
| Portfolio turnover rate (%) | | | 30 | ** | | | 28 | | | | 53 | | | | 37 | | | | 53 | | | | 41 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass Retirement Fund — Class C | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.83 | | | $ | 11.57 | | | $ | 11.05 | | | $ | 10.46 | | | $ | 10.07 | | | $ | 11.49 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .16 | | | | .14 | | | | .15 | | | | .17 | | | | .29 | |
| Net realized and unrealized gain (loss) | | | .77 | | | | .25 | | | | .52 | | | | .58 | | | | .42 | | | | (1.37 | ) |
| Total from investment operations | | | .85 | | | | .41 | | | | .66 | | | | .73 | | | | .59 | | | | (1.08 | ) |
Less distributions from: Net investment income | | | (.09 | ) | | | (.15 | ) | | | (.14 | ) | | | (.14 | ) | | | (.20 | ) | | | (.34 | ) |
| Net asset value, end of period | | $ | 12.59 | | | $ | 11.83 | | | $ | 11.57 | | | $ | 11.05 | | | $ | 10.46 | | | $ | 10.07 | |
Total Return (%)b,c,d | | | 7.19 | ** | | | 3.55 | | | | 6.00 | | | | 7.01 | | | | 5.88 | | | | (9.06 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 4 | | | | 4 | | | | 5 | | | | 6 | | | | 7 | | | | 8 | |
Ratio of expenses before expense reductions (%)e | | | 1.50 | * | | | 1.46 | | | | 1.43 | | | | 1.40 | | | | 1.40 | | | | 1.45 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.37 | | | | 1.37 | | | | 1.36 | | | | 1.27 | |
| Ratio of net investment income (%) | | | 1.27 | * | | | 1.32 | | | | 1.23 | | | | 1.37 | | | | 1.64 | | | | 3.09 | |
| Portfolio turnover rate (%) | | | 30 | ** | | | 28 | | | | 53 | | | | 37 | | | | 53 | | | | 41 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass Retirement Fund — Class S | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.83 | | | $ | 11.57 | | | $ | 11.06 | | | $ | 10.46 | | | $ | 10.08 | | | $ | 11.49 | |
Income (loss) from investment operations: Net investment incomea | | | .14 | | | | .28 | | | | .25 | | | | .26 | | | | .28 | | | | .38 | |
| Net realized and unrealized gain (loss) | | | .77 | | | | .25 | | | | .51 | | | | .59 | | | | .41 | | | | (1.35 | ) |
| Total from investment operations | | | .91 | | | | .53 | | | | .76 | | | | .85 | | | | .69 | | | | (.97 | ) |
Less distributions from: Net investment income | | | (.15 | ) | | | (.27 | ) | | | (.25 | ) | | | (.25 | ) | | | (.31 | ) | | | (.44 | ) |
| Net asset value, end of period | | $ | 12.59 | | | $ | 11.83 | | | $ | 11.57 | | | $ | 11.06 | | | $ | 10.46 | | | $ | 10.08 | |
Total Return (%)b,c | | | 7.74 | ** | | | 4.59 | | | | 6.97 | | | | 8.18 | | | | 6.84 | | | | (8.04 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 43 | | | | 45 | | | | 53 | | | | 54 | | | | 53 | | | | 53 | |
Ratio of expenses before expense reductions (%)d | | | .49 | * | | | .45 | | | | .45 | | | | .39 | | | | .42 | | | | .50 | |
Ratio of expenses after expense reductions (%)d | | | .21 | * | | | .22 | | | | .37 | | | | .37 | | | | .36 | | | | .27 | |
| Ratio of net investment income (%) | | | 2.29 | * | | | 2.34 | | | | 2.20 | | | | 2.37 | | | | 2.64 | | | | 4.09 | |
| Portfolio turnover rate (%) | | | 30 | ** | | | 28 | | | | 53 | | | | 37 | | | | 53 | | | | 41 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. d The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2015 Fund — Class A | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.66 | | | $ | 11.14 | | | $ | 10.57 | | | $ | 9.70 | | | $ | 9.39 | | | $ | 11.12 | |
Income (loss) from investment operations: Net investment incomea | | | .12 | | | | .24 | | | | .20 | | | | .20 | | | | .20 | | | | .26 | |
| Net realized and unrealized gain (loss) | | | .89 | | | | .51 | | | | .58 | | | | .85 | | | | .33 | | | | (1.68 | ) |
| Total from investment operations | | | 1.01 | | | | .75 | | | | .78 | | | | 1.05 | | | | .53 | | | | (1.42 | ) |
Less distributions from: Net investment income | | | (.13 | ) | | | (.23 | ) | | | (.21 | ) | | | (.18 | ) | | | (.22 | ) | | | (.31 | ) |
| Net asset value, end of period | | $ | 12.54 | | | $ | 11.66 | | | $ | 11.14 | | | $ | 10.57 | | | $ | 9.70 | | | $ | 9.39 | |
Total Return (%)b,c,d | | | 8.72 | ** | | | 6.74 | | | | 7.54 | | | | 10.80 | | | | 5.61 | | | | (12.46 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 43 | | | | 44 | | | | 58 | | | | 63 | | | | 70 | | | | 77 | |
Ratio of expenses before expense reductions (%)e | | | .73 | * | | | .68 | | | | .66 | | | | .65 | | | | .65 | | | | .69 | |
Ratio of expenses after expense reductions (%)e | | | .46 | * | | | .47 | | | | .58 | | | | .58 | | | | .57 | | | | .48 | |
| Ratio of net investment income (%) | | | 2.05 | * | | | 2.08 | | | | 1.83 | | | | 1.88 | | | | 2.02 | | | | 3.05 | |
| Portfolio turnover rate (%) | | | 28 | ** | | | 31 | | | | 39 | | | | 31 | | | | 51 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2015 Fund — Class B | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | | | $ | 11.11 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .16 | | | | .12 | | | | .12 | | | | .13 | | | | .20 | |
| Net realized and unrealized gain (loss) | | | .90 | | | | .49 | | | | .59 | | | | .84 | | | | .32 | | | | (1.69 | ) |
| Total from investment operations | | | .98 | | | | .65 | | | | .71 | | | | .96 | | | | .45 | | | | (1.49 | ) |
Less distributions from: Net investment income | | | (.09 | ) | | | (.14 | ) | | | (.13 | ) | | | (.10 | ) | | | (.14 | ) | | | (.24 | ) |
| Net asset value, end of period | | $ | 12.53 | | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | |
Total Return (%)b,c,d | | | 8.41 | ** | | | 5.86 | | | | 6.84 | | | | 9.88 | | | | 4.82 | | | | (13.14 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 1 | | | | 1 | | | | 1 | | | | 3 | | | | 7 | | | | 10 | |
Ratio of expenses before expense reductions (%)e | | | 1.71 | * | | | 1.56 | | | | 1.54 | | | | 1.45 | | | | 1.37 | | | | 1.48 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.33 | | | | 1.33 | | | | 1.32 | | | | 1.23 | |
| Ratio of net investment income (%) | | | 1.32 | * | | | 1.39 | | | | 1.13 | | | | 1.13 | | | | 1.27 | | | | 2.30 | |
| Portfolio turnover rate (%) | | | 28 | ** | | | 31 | | | | 39 | | | | 31 | | | | 51 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2015 Fund — Class C | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | | | $ | 11.10 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .15 | | | | .12 | | | | .12 | | | | .13 | | | | .20 | |
| Net realized and unrealized gain (loss) | | | .89 | | | | .50 | | | | .59 | | | | .84 | | | | .32 | | | | (1.68 | ) |
| Total from investment operations | | | .97 | | | | .65 | | | | .71 | | | | .96 | | | | .45 | | | | (1.48 | ) |
Less distributions from: Net investment income | | | (.09 | ) | | | (.14 | ) | | | (.13 | ) | | | (.10 | ) | | | (.14 | ) | | | (.24 | ) |
| Net asset value, end of period | | $ | 12.52 | | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | |
Total Return (%)b,c,d | | | 8.32 | ** | | | 5.86 | | | | 6.84 | | | | 9.89 | | | | 4.83 | | | | (13.05 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 10 | | | | 10 | | | | 11 | | | | 13 | | | | 15 | | | | 18 | |
Ratio of expenses before expense reductions (%)e | | | 1.44 | * | | | 1.40 | | | | 1.38 | | | | 1.36 | | | | 1.34 | | | | 1.41 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.33 | | | | 1.33 | | | | 1.32 | | | | 1.23 | |
| Ratio of net investment income (%) | | | 1.31 | * | | | 1.30 | | | | 1.10 | | | | 1.13 | | | | 1.28 | | | | 2.30 | |
| Portfolio turnover rate (%) | | | 28 | ** | | | 31 | | | | 39 | | | | 31 | | | | 51 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2015 Fund — Class S | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | | | $ | 11.11 | |
Income (loss) from investment operations: Net investment incomea | | | .14 | | | | .28 | | | | .22 | | | | .23 | | | | .22 | | | | .28 | |
| Net realized and unrealized gain (loss) | | | .89 | | | | .48 | | | | .60 | | | | .84 | | | | .33 | | | | (1.68 | ) |
| Total from investment operations | | | 1.03 | | | | .76 | | | | .82 | | | | 1.07 | | | | .55 | | | | (1.40 | ) |
Less distributions from: Net investment income | | | (.15 | ) | | | (.25 | ) | | | (.24 | ) | | | (.21 | ) | | | (.24 | ) | | | (.33 | ) |
| Net asset value, end of period | | $ | 12.52 | | | $ | 11.64 | | | $ | 11.13 | | | $ | 10.55 | | | $ | 9.69 | | | $ | 9.38 | |
Total Return (%)b,c | | | 8.87 | ** | | | 6.92 | | | | 7.92 | | | | 10.98 | | | | 5.89 | | | | (12.25 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 34 | | | | 38 | | | | 71 | | | | 70 | | | | 73 | | | | 71 | |
Ratio of expenses before expense reductions (%)d | | | .49 | * | | | .45 | | | | .44 | | | | .42 | | | | .41 | | | | .46 | |
Ratio of expenses after expense reductions (%)d | | | .21 | * | | | .22 | | | | .33 | | | | .33 | | | | .32 | | | | .23 | |
| Ratio of net investment income (%) | | | 2.34 | * | | | 2.41 | | | | 2.07 | | | | 2.13 | | | | 2.27 | | | | 3.30 | |
| Portfolio turnover rate (%) | | | 28 | ** | | | 31 | | | | 39 | | | | 31 | | | | 51 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. d The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2020 Fund — Class A | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 14.34 | | | $ | 13.50 | | | $ | 12.74 | | | $ | 11.56 | | | $ | 11.21 | | | $ | 13.66 | |
Income (loss) from investment operations: Net investment incomea | | | .14 | | | | .27 | | | | .22 | | | | .22 | | | | .21 | | | | .27 | |
| Net realized and unrealized gain (loss) | | | 1.32 | | | | .83 | | | | .78 | | | | 1.18 | | | | .36 | | | | (2.27 | ) |
| Total from investment operations | | | 1.46 | | | | 1.10 | | | | 1.00 | | | | 1.40 | | | | .57 | | | | (2.00 | ) |
Less distributions from: Net investment income | | | (.34 | ) | | | (.26 | ) | | | (.24 | ) | | | (.22 | ) | | | (.23 | ) | | | (.37 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (.08 | ) |
| Total distributions | | | (.34 | ) | | | (.26 | ) | | | (.24 | ) | | | (.22 | ) | | | (.23 | ) | | | (.45 | ) |
| Increase from regulatory settlements | | | — | | | | — | | | | — | | | | — | | | | .01 | f | | | — | |
| Net asset value, end of period | | $ | 15.46 | | | $ | 14.34 | | | $ | 13.50 | | | $ | 12.74 | | | $ | 11.56 | | | $ | 11.21 | |
Total Return (%)b,c,d | | | 10.19 | ** | | | 8.28 | | | | 8.01 | | | | 12.08 | | | | 5.10 | f | | | (14.08 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 71 | | | | 72 | | | | 80 | | | | 79 | | | | 80 | | | | 77 | |
Ratio of expenses before expense reductions (%)e | | | .67 | * | | | .67 | | | | .63 | | | | .68 | | | | .67 | | | | .71 | |
Ratio of expenses after expense reductions (%)e | | | .46 | * | | | .47 | | | | .59 | | | | .59 | | | | .58 | | | | .49 | |
| Ratio of net investment income (%) | | | 1.83 | * | | | 1.93 | | | | 1.69 | | | | 1.70 | | | | 1.82 | | | | 2.63 | |
| Portfolio turnover rate (%) | | | 27 | ** | | | 32 | | | | 45 | | | | 26 | | | | 50 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. f Includes a non-recurring payment from the Advisor which amounted to $0.0004 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.0063 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.06% lower. * Annualized ** Not annualized | |
| DWS LifeCompass 2020 Fund — Class B | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 14.22 | | | $ | 13.39 | | | $ | 12.62 | | | $ | 11.45 | | | $ | 11.11 | | | $ | 13.53 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .18 | | | | .14 | | | | .13 | | | | .13 | | | | .19 | |
| Net realized and unrealized gain (loss) | | | 1.30 | | | | .82 | | | | .77 | | | | 1.16 | | | | .34 | | | | (2.24 | ) |
| Total from investment operations | | | 1.38 | | | | 1.00 | | | | .91 | | | | 1.29 | | | | .47 | | | | (2.05 | ) |
Less distributions from: Net investment income | | | (.22 | ) | | | (.17 | ) | | | (.14 | ) | | | (.12 | ) | | | (.14 | ) | | | (.29 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (.08 | ) |
| Total distributions | | | (.22 | ) | | | (.17 | ) | | | (.14 | ) | | | (.12 | ) | | | (.14 | ) | | | (.37 | ) |
| Increase from regulatory settlements | | | — | | | | — | | | | — | | | | — | | | | .01 | f | | | — | |
| Net asset value, end of period | | $ | 15.38 | | | $ | 14.22 | | | $ | 13.39 | | | $ | 12.62 | | | $ | 11.45 | | | $ | 11.11 | |
Total Return (%)b,d | | | 9.70 | c** | | | 7.55 | c | | | 7.34 | | | | 11.24 | c | | | 4.24 | c,f | | | (14.69 | )c |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 1 | | | | 1 | | | | 3 | | | | 5 | | | | 10 | | | | 14 | |
Ratio of expenses before expense reductions (%)e | | | 1.55 | * | | | 1.44 | | | | 1.23 | | | | 1.54 | | | | 1.39 | | | | 1.47 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.23 | | | | 1.34 | | | | 1.33 | | | | 1.24 | |
| Ratio of net investment income (%) | | | 1.06 | * | | | 1.26 | | | | 1.07 | | | | .95 | | | | 1.07 | | | | 1.88 | |
| Portfolio turnover rate (%) | | | 27 | ** | | | 32 | | | | 45 | | | | 26 | | | | 50 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. f Includes a non-recurring payment from the Advisor which amounted to $0.0004 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.0063 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.06% lower. * Annualized ** Not annualized | |
| DWS LifeCompass 2020 Fund — Class C | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 14.22 | | | $ | 13.38 | | | $ | 12.63 | | | $ | 11.45 | | | $ | 11.11 | | | $ | 13.54 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .16 | | | | .12 | | | | .13 | | | | .13 | | | | .19 | |
| Net realized and unrealized gain (loss) | | | 1.30 | | | | .84 | | | | .77 | | | | 1.17 | | | | .34 | | | | (2.25 | ) |
| Total from investment operations | | | 1.38 | | | | 1.00 | | | | .89 | | | | 1.30 | | | | .47 | | | | (2.06 | ) |
Less distributions from: Net investment income | | | (.22 | ) | | | (.16 | ) | | | (.14 | ) | | | (.12 | ) | | | (.14 | ) | | | (.29 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (.08 | ) |
| Total distributions | | | (.22 | ) | | | (.16 | ) | | | (.14 | ) | | | (.12 | ) | | | (.14 | ) | | | (.37 | ) |
| Increase from regulatory settlements | | | — | | | | — | | | | — | | | | — | | | | .01 | f | | | — | |
| Net asset value, end of period | | $ | 15.38 | | | $ | 14.22 | | | $ | 13.38 | | | $ | 12.63 | | | $ | 11.45 | | | $ | 11.11 | |
Total Return (%)b,d | | | 9.70 | c** | | | 7.52 | c | | | 7.17 | | | | 11.33 | c | | | 4.24 | c,f | | | (14.74 | )c |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 14 | | | | 13 | | | | 14 | | | | 16 | | | | 18 | | | | 21 | |
Ratio of expenses before expense reductions (%)e | | | 1.38 | * | | | 1.38 | | | | 1.33 | | | | 1.40 | | | | 1.37 | | | | 1.44 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.33 | | | | 1.34 | | | | 1.33 | | | | 1.24 | |
| Ratio of net investment income (%) | | | 1.08 | * | | | 1.18 | | | | .95 | | | | .95 | | | | 1.07 | | | | 1.88 | |
| Portfolio turnover rate (%) | | | 27 | ** | | | 32 | | | | 45 | | | | 26 | | | | 50 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. f Includes a non-recurring payment from the Advisor which amounted to $0.0004 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $0.0063 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.06% lower. * Annualized ** Not annualized | |
| DWS LifeCompass 2020 Fund — Class S | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 14.37 | | | $ | 13.52 | | | $ | 12.77 | | | $ | 11.58 | | | $ | 11.23 | | | $ | 13.69 | |
Income (loss) from investment operations: Net investment incomea | | | .16 | | | | .31 | | | | .24 | | | | .25 | | | | .24 | | | | .29 | |
| Net realized and unrealized gain (loss) | | | 1.32 | | | | .84 | | | | .78 | | | | 1.19 | | | | .36 | | | | (2.28 | ) |
| Total from investment operations | | | 1.48 | | | | 1.15 | | | | 1.02 | | | | 1.44 | | | | .60 | | | | (1.99 | ) |
Less distributions from: Net investment income | | | (.38 | ) | | | (.30 | ) | | | (.27 | ) | | | (.25 | ) | | | (.26 | ) | | | (.39 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | | | (.08 | ) |
| Total distributions | | | (.38 | ) | | | (.30 | ) | | | (.27 | ) | | | (.25 | ) | | | (.26 | ) | | | (.47 | ) |
| Increase from regulatory settlements | | | — | | | | — | | | | — | | | | — | | | | .01 | e | | | — | |
| Net asset value, end of period | | $ | 15.47 | | | $ | 14.37 | | | $ | 13.52 | | | $ | 12.77 | | | $ | 11.58 | | | $ | 11.23 | |
Total Return (%)b,c | | | 10.31 | ** | | | 8.62 | | | | 8.19 | | | | 12.43 | | | | 5.36 | e | | | (13.90 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 88 | | | | 87 | | | | 105 | | | | 107 | | | | 96 | | | | 96 | |
Ratio of expenses before expense reductions (%)d | | | .43 | * | | | .42 | | | | .42 | | | | .42 | | | | .45 | | | | .51 | |
Ratio of expenses after expense reductions (%)d | | | .21 | * | | | .22 | | | | .34 | | | | .34 | | | | .33 | | | | .24 | |
| Ratio of net investment income (%) | | | 2.10 | * | | | 2.20 | | | | 1.87 | | | | 1.95 | | | | 2.07 | | | | 2.88 | |
| Portfolio turnover rate (%) | | | 27 | ** | | | 32 | | | | 45 | | | | 26 | | | | 50 | | | | 32 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. d The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. e Includes a non-recurring payment from the Advisor which amounted to $.0004 per share recorded as a result of the Advisor's settlement with the SEC and NY Attorney General in connection with certain trading arrangements. The Fund also received $.0063 per share of non-affiliated regulatory settlements. Excluding these non-recurring payments, total return would have been 0.06% lower. * Annualized ** Not annualized | |
| DWS LifeCompass 2030 Fund — Class A | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 10.66 | | | $ | 9.71 | | | $ | 9.10 | | | $ | 8.04 | | | $ | 7.87 | | | $ | 10.26 | |
Income (loss) from investment operations: Net investment incomea | | | .09 | | | | .19 | | | | .13 | | | | .12 | | | | .11 | | | | .13 | |
| Net realized and unrealized gain (loss) | | | 1.20 | | | | .92 | | | | .61 | | | | 1.04 | | | | .18 | | | | (1.94 | ) |
| Total from investment operations | | | 1.29 | | | | 1.11 | | | | .74 | | | | 1.16 | | | | .29 | | | | (1.81 | ) |
Less distributions from: Net investment income | | | (.31 | ) | | | (.16 | ) | | | (.13 | ) | | | (.10 | ) | | | (.12 | ) | | | (.11 | ) |
| Net realized gains | | | (.13 | ) | | | — | | | | — | | | | — | | | | — | | | | (.47 | ) |
| Total distributions | | | (.44 | ) | | | (.16 | ) | | | (.13 | ) | | | (.10 | ) | | | (.12 | ) | | | (.58 | ) |
| Net asset value, end of period | | $ | 11.51 | | | $ | 10.66 | | | $ | 9.71 | | | $ | 9.10 | | | $ | 8.04 | | | $ | 7.87 | |
Total Return (%)b,c,d | | | 12.07 | ** | | | 11.61 | | | | 8.26 | | | | 14.44 | | | | 3.63 | | | | (16.57 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 35 | | | | 40 | | | | 41 | | | | 38 | | | | 40 | | | | 31 | |
Ratio of expenses before expense reductions (%)e | | | .84 | * | | | .82 | | | | .80 | | | | .80 | | | | .85 | | | | 1.17 | |
Ratio of expenses after expense reductions (%)e | | | .46 | * | | | .47 | | | | .58 | | | | .58 | | | | .55 | | | | .45 | |
| Ratio of net investment income (%) | | | 1.63 | * | | | 1.84 | | | | 1.39 | | | | 1.30 | | | | 1.33 | | | | 1.83 | |
| Portfolio turnover rate (%) | | | 26 | ** | | | 41 | | | | 46 | | | | 32 | | | | 44 | | | | 40 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2030 Fund — Class B | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 10.63 | | | $ | 9.67 | | | $ | 9.06 | | | $ | 8.02 | | | $ | 7.84 | | | $ | 10.21 | |
Income (loss) from investment operations: Net investment incomea | | | .05 | | | | .12 | | | | .06 | | | | .05 | | | | .05 | | | | .08 | |
| Net realized and unrealized gain (loss) | | | 1.18 | | | | .93 | | | | .61 | | | | 1.02 | | | | .19 | | | | (1.92 | ) |
| Total from investment operations | | | 1.23 | | | | 1.05 | | | | .67 | | | | 1.07 | | | | .24 | | | | (1.84 | ) |
Less distributions from: Net investment income | | | (.22 | ) | | | (.09 | ) | | | (.06 | ) | | | (.03 | ) | | | (.06 | ) | | | (.06 | ) |
| Net realized gains | | | (.13 | ) | | | — | | | | — | | | | — | | | | — | | | | (.47 | ) |
| Total distributions | | | (.35 | ) | | | (.09 | ) | | | (.06 | ) | | | (.03 | ) | | | (.06 | ) | | | (.53 | ) |
| Net asset value, end of period | | $ | 11.51 | | | $ | 10.63 | | | $ | 9.67 | | | $ | 9.06 | | | $ | 8.02 | | | $ | 7.84 | |
Total Return (%)b,c,d | | | 11.53 | ** | | | 10.90 | | | | 7.48 | | | | 13.36 | | | | 2.98 | | | | (17.11 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | .3 | | | | 1 | | | | 1 | | | | 1 | | | | 2 | | | | 2 | |
Ratio of expenses before expense reductions (%)e | | | 1.69 | * | | | 1.61 | | | | 1.55 | | | | 1.56 | | | | 1.63 | | | | 2.07 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.33 | | | | 1.33 | | | | 1.30 | | | | 1.20 | |
| Ratio of net investment income (%) | | | .88 | * | | | 1.13 | | | | .63 | | | | .55 | | | | .59 | | | | 1.08 | |
| Portfolio turnover rate (%) | | | 26 | ** | | | 41 | | | | 46 | | | | 32 | | | | 44 | | | | 40 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2030 Fund — Class C | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 10.62 | | | $ | 9.67 | | | $ | 9.06 | | | $ | 8.01 | | | $ | 7.83 | | | $ | 10.21 | |
Income (loss) from investment operations: Net investment incomea | | | .05 | | | | .11 | | | | .06 | | | | .05 | | | | .05 | | | | .08 | |
| Net realized and unrealized gain (loss) | | | 1.18 | | | | .93 | | | | .61 | | | | 1.03 | | | | .19 | | | | (1.93 | ) |
| Total from investment operations | | | 1.23 | | | | 1.04 | | | | .67 | | | | 1.08 | | | | .24 | | | | (1.85 | ) |
Less distributions from: Net investment income | | | (.22 | ) | | | (.09 | ) | | | (.06 | ) | | | (.03 | ) | | | (.06 | ) | | | (.06 | ) |
| Net realized gains | | | (.13 | ) | | | — | | | | — | | | | — | | | | — | | | | (.47 | ) |
| Total distributions | | | (.35 | ) | | | (.09 | ) | | | (.06 | ) | | | (.03 | ) | | | (.06 | ) | | | (.53 | ) |
| Net asset value, end of period | | $ | 11.50 | | | $ | 10.62 | | | $ | 9.67 | | | $ | 9.06 | | | $ | 8.01 | | | $ | 7.83 | |
Total Return (%)b,c,d | | | 11.54 | ** | | | 10.80 | | | | 7.48 | | | | 13.50 | | | | 2.99 | | | | (17.22 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 6 | | | | 5 | | | | 5 | | | | 5 | | | | 5 | | | | 6 | |
Ratio of expenses before expense reductions (%)e | | | 1.49 | * | | | 1.52 | | | | 1.48 | | | | 1.50 | | | | 1.54 | | | | 1.96 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.33 | | | | 1.33 | | | | 1.30 | | | | 1.20 | |
| Ratio of net investment income (%) | | | .88 | * | | | 1.06 | | | | .61 | | | | .55 | | | | .59 | | | | 1.08 | |
| Portfolio turnover rate (%) | | | 26 | ** | | | 41 | | | | 46 | | | | 32 | | | | 44 | | | | 40 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2030 Fund — Class S | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 10.68 | | | $ | 9.72 | | | $ | 9.11 | | | $ | 8.05 | | | $ | 7.87 | | | $ | 10.27 | |
Income (loss) from investment operations: Net investment incomea | | | .11 | | | | .22 | | | | .15 | | | | .15 | | | | .13 | | | | .15 | |
| Net realized and unrealized gain (loss) | | | 1.18 | | | | .93 | | | | .61 | | | | 1.04 | | | | .19 | | | | (1.95 | ) |
| Total from investment operations | | | 1.29 | | | | 1.15 | | | | .76 | | | | 1.19 | | | | .32 | | | | (1.80 | ) |
Less distributions from: Net investment income | | | (.34 | ) | | | (.19 | ) | | | (.15 | ) | | | (.13 | ) | | | (.14 | ) | | | (.13 | ) |
| Net realized gains | | | (.13 | ) | | | — | | | | — | | | | — | | | | — | | | | (.47 | ) |
| Total distributions | | | (.47 | ) | | | (.19 | ) | | | (.15 | ) | | | (.13 | ) | | | (.14 | ) | | | (.60 | ) |
| Net asset value, end of period | | $ | 11.50 | | | $ | 10.68 | | | $ | 9.72 | | | $ | 9.11 | | | $ | 8.05 | | | $ | 7.87 | |
Total Return (%)b,c | | | 12.06 | ** | | | 11.99 | | | | 8.52 | | | | 14.72 | | | | 4.02 | | | | (16.43 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 19 | | | | 18 | | | | 21 | | | | 18 | | | | 11 | | | | 7 | |
Ratio of expenses before expense reductions (%)d | | | .57 | * | | | .57 | | | | .55 | | | | .55 | | | | .59 | | | | .97 | |
Ratio of expenses after expense reductions (%)d | | | .21 | * | | | .22 | | | | .33 | | | | .33 | | | | .30 | | | | .20 | |
| Ratio of net investment income (%) | | | 1.89 | * | | | 2.12 | | | | 1.58 | | | | 1.55 | | | | 1.58 | | | | 2.08 | |
| Portfolio turnover rate (%) | | | 26 | ** | | | 41 | | | | 46 | | | | 32 | | | | 44 | | | | 40 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. d The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2040 Fund — Class A | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 9.20 | | | $ | 8.26 | | | $ | 7.92 | | | $ | 7.14 | | | $ | 6.97 | | | $ | 8.77 | |
Income (loss) from investment operations: Net investment incomea | | | .07 | | | | .16 | | | | .10 | | | | .09 | | | | .08 | | | | .08 | |
| Net realized and unrealized gain (loss) | | | 1.11 | | | | .96 | | | | .51 | | | | .94 | | | | .17 | | | | (1.74 | ) |
| Total from investment operations | | | 1.18 | | | | 1.12 | | | | .61 | | | | 1.03 | | | | .25 | | | | (1.66 | ) |
Less distributions from: Net investment income | | | (.26 | ) | | | (.12 | ) | | | (.10 | ) | | | (.09 | ) | | | (.08 | ) | | | (.05 | ) |
| Net realized gains | | | (1.09 | ) | | | (.06 | ) | | | (.17 | ) | | | (.16 | ) | | | — | | | | (.09 | ) |
| Total distributions | | | (1.35 | ) | | | (.18 | ) | | | (.27 | ) | | | (.25 | ) | | | (.08 | ) | | | (.14 | ) |
| Net asset value, end of period | | $ | 9.03 | | | $ | 9.20 | | | $ | 8.26 | | | $ | 7.92 | | | $ | 7.14 | | | $ | 6.97 | |
Total Return (%)b,c,d | | | 13.03 | ** | | | 13.84 | | | | 8.04 | | | | 14.34 | | | | 3.58 | | | | (18.67 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 14 | | | | 18 | | | | 22 | | | | 17 | | | | 17 | | | | 9 | |
Ratio of expenses before expense reductions (%)e | | | 1.11 | * | | | .96 | | | | .93 | | | | 1.02 | | | | 1.22 | | | | 2.90 | |
Ratio of expenses after expense reductions (%)e | | | .46 | * | | | .47 | | | | .55 | | | | .55 | | | | .54 | | | | .49 | |
| Ratio of net investment income (%) | | | 1.39 | * | | | 1.77 | | | | 1.28 | | | | 1.11 | | | | 1.12 | | | | 1.32 | |
| Portfolio turnover rate (%) | | | 33 | ** | | | 45 | | | | 38 | | | | 33 | | | | 39 | | | | 30 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2040 Fund — Class C | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 9.16 | | | $ | 8.23 | | | $ | 7.89 | | | $ | 7.11 | | | $ | 6.94 | | | $ | 8.73 | |
Income (loss) from investment operations: Net investment incomea | | | .03 | | | | .09 | | | | .04 | | | | .03 | | | | .03 | | | | .04 | |
| Net realized and unrealized gain (loss) | | | 1.10 | | | | .96 | | | | .52 | | | | .94 | | | | .17 | | | | (1.73 | ) |
| Total from investment operations | | | 1.13 | | | | 1.05 | | | | .56 | | | | .97 | | | | .20 | | | | (1.69 | ) |
Less distributions from: Net investment income | | | (.18 | ) | | | (.06 | ) | | | (.05 | ) | | | (.03 | ) | | | (.03 | ) | | | (.01 | ) |
| Net realized gains | | | (1.09 | ) | | | (.06 | ) | | | (.17 | ) | | | (.16 | ) | | | — | | | | (.09 | ) |
| Total distributions | | | (1.27 | ) | | | (.12 | ) | | | (.22 | ) | | | (.19 | ) | | | (.03 | ) | | | (.10 | ) |
| Net asset value, end of period | | $ | 9.02 | | | $ | 9.16 | | | $ | 8.23 | | | $ | 7.89 | | | $ | 7.11 | | | $ | 6.94 | |
Total Return (%)b,c,d | | | 12.52 | ** | | | 12.88 | | | | 7.25 | | | | 13.53 | | | | 2.81 | | | | (19.43 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | .3 | | | | .3 | | | | .2 | | | | .2 | | | | .2 | | | | .2 | |
Ratio of expenses before expense reductions (%)e | | | 1.82 | * | | | 1.72 | | | | 1.75 | | | | 1.84 | | | | 2.20 | | | | 3.86 | |
Ratio of expenses after expense reductions (%)e | | | 1.21 | * | | | 1.22 | | | | 1.30 | | | | 1.30 | | | | 1.28 | | | | 1.24 | |
| Ratio of net investment income (%) | | | .70 | * | | | .97 | | | | .51 | | | | .36 | | | | .37 | | | | .57 | |
| Portfolio turnover rate (%) | | | 33 | ** | | | 45 | | | | 38 | | | | 33 | | | | 39 | | | | 30 | |
a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charge. c Total return would have been lower had certain expenses not been reduced. d Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. e The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
| DWS LifeCompass 2040 Fund — Class S | |
| | Six Months Ended 2/28/14 (Unaudited) | | | Years Ended August 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | |
| Selected Per Share Data | |
| Net asset value, beginning of period | | $ | 9.22 | | | $ | 8.29 | | | $ | 7.94 | | | $ | 7.16 | | | $ | 6.99 | | | $ | 8.79 | |
Income (loss) from investment operations: Net investment incomea | | | .08 | | | | .19 | | | | .12 | | | | .11 | | | | .10 | | | | .10 | |
| Net realized and unrealized gain (loss) | | | 1.12 | | | | .94 | | | | .52 | | | | .94 | | | | .17 | | | | (1.74 | ) |
| Total from investment operations | | | 1.20 | | | | 1.13 | | | | .64 | | | | 1.05 | | | | .27 | | | | (1.64 | ) |
Less distributions from: Net investment income | | | (.29 | ) | | | (.14 | ) | | | (.12 | ) | | | (.11 | ) | | | (.10 | ) | | | (.07 | ) |
| Net realized gains | | | (1.09 | ) | | | (.06 | ) | | | (.17 | ) | | | (.16 | ) | | | — | | | | (.09 | ) |
| Total distributions | | | (1.38 | ) | | | (.20 | ) | | | (.29 | ) | | | (.27 | ) | | | (.10 | ) | | | (.16 | ) |
| Net asset value, end of period | | $ | 9.04 | | | $ | 9.22 | | | $ | 8.29 | | | $ | 7.94 | | | $ | 7.16 | | | $ | 6.99 | |
Total Return (%)b,c | | | 13.19 | ** | | | 13.96 | | | | 8.43 | | | | 14.60 | | | | 3.83 | | | | (18.32 | ) |
| Ratios to Average Net Assets and Supplemental Data | |
| Net assets, end of period ($ millions) | | | 12 | | | | 12 | | | | 18 | | | | 14 | | | | 8 | | | | 4 | |
Ratio of expenses before expense reductions (%)d | | | .82 | * | | | .72 | | | | .68 | | | | .77 | | | | .99 | | | | 2.70 | |
Ratio of expenses after expense reductions (%)d | | | .21 | * | | | .22 | | | | .30 | | | | .30 | | | | .29 | | | | .24 | |
| Ratio of net investment income (%) | | | 1.68 | * | | | 2.15 | | | | 1.45 | | | | 1.36 | | | | 1.37 | | | | 1.57 | |
| Portfolio turnover rate (%) | | | 33 | ** | | | 45 | | | | 38 | | | | 33 | | | | 39 | | | | 30 | |
a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return would have been lower if the Advisor had not reduced some Underlying Funds' expenses. d The Fund invests in other Funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. * Annualized ** Not annualized | |
Notes to Financial Statements (Unaudited)
A. Organization and Significant Accounting Policies
DWS LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund (hereinafter referred to individually as "Fund" or collectively as "Funds") are each a diversified series of DWS Target Date Series (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust. The Funds mainly invest in other affiliated DWS funds (i.e., mutual funds, exchange-traded funds and other pooled investment vehicles managed by Deutsche Investment Management Americas Inc. or one of its affiliates, together the "Underlying DWS Funds") and non-affiliated exchange-traded funds ("Non-affiliated ETFs"). Non-affiliated ETFs and Underlying DWS Funds are collectively referred to as "Underlying Funds." Each Underlying DWS Fund's accounting policies and investment holdings are outlined in the Underlying DWS Funds' financial statements and are available upon request.
Each Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not automatically convert into another class. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as services to shareholders, distribution and service fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of each Fund have equal rights with respect to voting subject to class-specific arrangements.
The Funds' financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by each Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Investments in Mutual Funds are valued at the net asset value per share of each class of the Mutual Fund and are categorized as Level 1.
ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are categorized as Level 1 securities.
Disclosure about the classification of fair value measurements is included in a table following each Fund's Investment Portfolio.
Federal Income Taxes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Each Fund is treated as a single corporate taxpayer.
Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
At August 31, 2013, DWS LifeCompass Retirement Fund had a net tax basis capital loss carryforward of approximately $11,966,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until August 31, 2018, ($11,386,000) and August 31, 2019 ($580,000), the respective expiration dates, whichever occurs first.
At August 31, 2013, DWS LifeCompass 2015 Fund had a net tax basis capital loss carryforward of approximately $39,136,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until August 31, 2018 ($28,969,000) and August 31, 2019 ($10,167,000), the respective expiration dates, whichever occurs first.
At August 31, 2013, DWS LifeCompass 2020 Fund had a net tax basis capital loss carryforward of approximately $26,001,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until August 31, 2018 ($16,575,000) and August 31, 2019 ($9,426,000), the respective expiration dates, whichever occurs first.
The Funds have reviewed the tax positions for the open tax years as of August 31, 2013 and have determined that no provision for income tax and/or uncertain tax provisions is required in the Funds' financial statements. The Funds' federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Distributions from net investment income of DWS LifeCompass Retirement Fund and DWS LifeCompass 2015 Fund are declared and distributed to shareholders quarterly. Distributions from net investment income of DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund, if any, are declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to each Fund if not distributed and, therefore, will be distributed to shareholders at least annually. The Funds may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, each Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of a Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Contingencies. In the normal course of business, the Funds may enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet been made. However, based on experience, the Funds expect the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Distributions of income and capital gains from the Underlying Funds are recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.
B. Related Parties
Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of each Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by each Fund or delegates such responsibility to the Fund's subadvisor. The Advisor has agreed not to be paid a management fee directly from the Funds for performing its services under the Investment Management Agreement. However, the Advisor will receive management fees from managing the Underlying DWS Funds in which each Fund invests.
The Funds do not invest in the Underlying DWS Funds for the purpose of exercising management or control; however, investments within the set limits may represent 5% or more of an Underlying DWS Funds' outstanding shares. At February 28, 2014, DWS LifeCompass Retirement Fund held 5% or greater of the following Underlying DWS Fund's outstanding shares: approximately 5% of DWS U.S. Bond Index Fund. At February 28, 2014, DWS LifeCompass 2015 Fund held 5% or greater of the following Underlying DWS Funds' outstanding shares: approximately 6% of DWS U.S. Bond Index Fund. At February 28, 2014, DWS LifeCompass 2020 Fund held 5% or greater of the following Underlying DWS Funds' outstanding shares: approximately 9% of DWS U.S. Bond Index Fund, 7% of DWS Small Cap Core Fund, 5% of DWS Core Fixed Income Fund and 5% of DWS Global Equity Fund. At February 28, 2014, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund did not invest in more than 5% of any Underlying DWS Fund.
For the period from September 1, 2013 through November 30, 2014, the Advisor has contractually agreed to reimburse or pay certain operating expenses to the extent necessary to maintain the Funds' operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest and indirect expenses of Underlying Funds) as a percentage of average daily net assets as follows:
| | DWS LifeCompass Retirement Fund | DWS LifeCompass 2015 Fund | DWS LifeCompass 2020 Fund | DWS LifeCompass 2030 Fund | DWS LifeCompass 2040 Fund |
| Class A | .46% | .46% | .46% | .46% | .46% |
| Class B | 1.21% | 1.21% | 1.21% | 1.21% | — |
| Class C | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
| Class S | .21% | .21% | .21% | .21% | .21% |
For the six months ended February 28, 2014, fees waived and/or expenses reimbursed for each fund were as follows:
DWS LifeCompass Retirement Fund Class A | | $ | 32,717 | |
| Class B | | | 499 | |
| Class C | | | 5,878 | |
| Class S | | | 61,924 | |
| | | $ | 101,018 | |
DWS LifeCompass 2015 Fund Class A | | $ | 57,762 | |
| Class B | | | 1,650 | |
| Class C | | | 11,007 | |
| Class S | | | 51,178 | |
| | | $ | 121,597 | |
DWS LifeCompass 2020 Fund Class A | | $ | 75,619 | |
| Class B | | | 2,300 | |
| Class C | | | 11,714 | |
| Class S | | | 98,575 | |
| | | $ | 188,208 | |
DWS LifeCompass 2030 Fund Class A | | $ | 68,909 | |
| Class B | | | 919 | |
| Class C | | | 7,072 | |
| Class S | | | 34,411 | |
| | | $ | 111,311 | |
DWS LifeCompass 2040 Fund Class A | | $ | 51,654 | |
| Class C | | | 974 | |
| Class S | | | 37,022 | |
| | | $ | 89,650 | |
Each Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying DWS Funds and Non-affiliated ETFs in which it is invested.
Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Funds. For all services provided under the Administrative Services Agreement, the Funds pay DIMA an annual fee ("Administration Fee") of 0.10% of each Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended February 28, 2014, the Administration Fee for each Fund was as follows:
| Administration Fee | | Total Aggregated | | | Unpaid at February 28, 2014 | |
| DWS LifeCompass Retirement Fund | | $ | 33,121 | | | $ | 4,793 | |
| DWS LifeCompass 2015 Fund | | $ | 45,037 | | | $ | 6,594 | |
| DWS LifeCompass 2020 Fund | | $ | 87,119 | | | $ | 13,172 | |
| DWS LifeCompass 2030 Fund | | $ | 30,386 | | | $ | 4,512 | |
| DWS LifeCompass 2040 Fund | | $ | 14,268 | | | $ | 1,989 | |
Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Funds. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Funds. For the six months ended February 28, 2014, the amounts charged to the Funds by DISC were as follows:
| Services to Shareholders | | Total Aggregated | | | Unpaid at February 28, 2014 | |
DWS LifeCompass Retirement Fund Class A | | $ | 16,955 | | | $ | 7,517 | |
| Class B | | | 287 | | | | 99 | |
| Class C | | | 1,809 | | | | 722 | |
| Class S | | | 28,836 | | | | 10,683 | |
| | | $ | 47,887 | | | $ | 19,021 | |
DWS LifeCompass 2015 Fund Class A | | $ | 35,281 | | | $ | 14,710 | |
| Class B | | | 1,248 | | | | 562 | |
| Class C | | | 4,176 | | | | 1,625 | |
| Class S | | | 34,741 | | | | 13,657 | |
| | | $ | 75,446 | | | $ | 30,554 | |
DWS LifeCompass 2020 Fund Class A | | $ | 64,303 | | | $ | 24,120 | |
| Class B | | | 2,065 | | | | 785 | |
| Class C | | | 6,701 | | | | 2,293 | |
| Class S | | | 86,055 | | | | 31,266 | |
| | | $ | 159,124 | | | $ | 58,464 | |
DWS LifeCompass 2030 Fund Class A | | $ | 42,041 | | | $ | 16,583 | |
| Class B | | | 520 | | | | 181 | |
| Class C | | | 2,546 | | | | 841 | |
| Class S | | | 20,125 | | | | 7,010 | |
| | | $ | 65,232 | | | $ | 24,615 | |
DWS LifeCompass 2040 Fund Class A | | $ | 23,311 | | | $ | 11,096 | |
| Class C | | | 408 | | | | 112 | |
| Class S | | | 15,415 | | | | 5,265 | |
| | | $ | 39,134 | | | $ | 16,473 | |
Distribution and Service Fees. Under the Funds' Class B and Class C 12b-1 Plans, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of each of Class B and C shares. In accordance with the Funds' Underwriting and Distribution Services Agreements, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended February 28, 2014, the Distribution Fees were as follows:
| Distribution Fees | | Total Aggregated | | | Unpaid at February 28, 2014 | |
DWS LifeCompass Retirement Fund Class B | | $ | 746 | | | $ | 97 | |
| Class C | | | 15,058 | | | | 2,275 | |
| | | $ | 15,804 | | | $ | 2,372 | |
DWS LifeCompass 2015 Fund Class B | | $ | 2,452 | | | $ | 319 | |
| Class C | | | 36,496 | | | | 5,615 | |
| | | $ | 38,948 | | | $ | 5,934 | |
DWS LifeCompass 2020 Fund Class B | | $ | 5,016 | | | $ | 696 | |
| Class C | | | 50,503 | | | | 7,855 | |
| | | $ | 55,519 | | | $ | 8,551 | |
DWS LifeCompass 2030 Fund Class B | | $ | 1,432 | | | $ | 257 | |
| Class C | | | 18,872 | | | | 3,185 | |
| | | $ | 20,304 | | | $ | 3,442 | |
DWS LifeCompass 2040 Fund Class C | | $ | 1,204 | | | $ | 190 | |
In addition, DIDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended February 28, 2014, the Service Fees were as follows:
| Service Fees | | Total Aggregated | | | Unpaid at February 28, 2014 | | | Annualized Effective Rate | |
DWS LifeCompass Retirement Fund Class A | | $ | 21,435 | | | $ | 8,050 | | | | .24 | % |
| Class B | | | 232 | | | | 101 | | | | .23 | % |
| Class C | | | 4,934 | | | | 1,632 | | | | .25 | % |
| | | $ | 26,601 | | | $ | 9,783 | | | | | |
DWS LifeCompass 2015 Fund Class A | | $ | 53,072 | | | $ | 18,977 | | | | .24 | % |
| Class B | | | 813 | | | | 277 | | | | .25 | % |
| Class C | | | 12,131 | | | | 4,068 | | | | .25 | % |
| | | $ | 66,016 | | | $ | 23,322 | | | | | |
DWS LifeCompass 2020 Fund Class A | | $ | 87,467 | | | $ | 28,501 | | | | .24 | % |
| Class B | | | 1,633 | | | | 511 | | | | .24 | % |
| Class C | | | 16,799 | | | | 5,565 | | | | .25 | % |
| | | $ | 105,899 | | | $ | 34,577 | | | | | |
DWS LifeCompass 2030 Fund Class A | | $ | 43,896 | | | $ | 14,238 | | | | .24 | % |
| Class B | | | 472 | | | | 143 | | | | .25 | % |
| Class C | | | 6,176 | | | | 2,044 | | | | .25 | % |
| | | $ | 50,544 | | | $ | 16,425 | | | | | |
DWS LifeCompass 2040 Fund Class A | | $ | 18,895 | | | $ | 6,135 | | | | .24 | % |
| Class C | | | 401 | | | | 139 | | | | .25 | % |
| | | $ | 19,296 | | | $ | 6,274 | | | | | |
Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Funds. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended February 28, 2014 for DWS LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund aggregated $2,655, $1,599, $4,066, $1,304 and $1,485, respectively.
In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates, ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended February 28, 2014, the CDSC for Class B shares aggregated $193, $454, $518 and $1,513, respectively, for DWS LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund and DWS LifeCompass 2030 Fund and Class C shares aggregated $30, $161 and $600, respectively, for DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund and DWS LifeCompass 2030 Fund. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Funds. For the six months ended February 28, 2014, the amounts charged to the Funds by DIMA included in the Statements of Operations under "reports to shareholders" were as follows:
| Typesetting and Filing Service Fees | | Total Aggregated | | | Unpaid at February 28, 2014 | |
| DWS LifeCompass Retirement Fund | | $ | 5,145 | | | $ | 469 | |
| DWS LifeCompass 2015 Fund | | $ | 5,430 | | | $ | 588 | |
| DWS LifeCompass 2020 Fund | | $ | 4,955 | | | $ | 294 | |
| DWS LifeCompass 2030 Fund | | $ | 5,131 | | | $ | 337 | |
| DWS LifeCompass 2040 Fund | | $ | 4,895 | | | $ | 332 | |
Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.
Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and DWS Variable NAV Money Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund seeks to provide a high level of current income consistent with liquidity and the preservation of capital. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. Central Cash Management Fund seeks to maintain a stable net asset value, and DWS Variable NAV Money Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. Central Cash Management Fund does not pay the Advisor an investment management fee.
C. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Funds. At February 28, 2014, there was one shareholder account that held approximately 16% and 32% of the outstanding shares of DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund, respectively.
D. Share Transactions
DWS LifeCompass Retirement Fund
The following table summarizes share and dollar activity in the Fund:
| | | Six Months Ended February 28, 2014 | | | Year Ended August 31, 2013 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| Shares sold | |
| Class A | | | 83,658 | | | $ | 1,027,616 | | | | 271,555 | | | $ | 3,235,053 | |
| Class B | | | 1 | | | | 12 | | | | 3,426 | | | | 40,567 | |
| Class C | | | 13,869 | | | | 171,590 | | | | 17,770 | | | | 211,923 | |
| Class S | | | 169,913 | | | | 2,089,129 | | | | 317,092 | | | | 3,768,011 | |
| | | | | | | $ | 3,288,347 | | | | | | | $ | 7,255,554 | |
| Shares issued to shareholders in reinvestment of distributions | |
| Class A | | | 15,613 | | | $ | 190,873 | | | | 44,356 | | | $ | 522,220 | |
| Class B | | | 118 | | | | 1,438 | | | | 488 | | | | 5,751 | |
| Class C | | | 2,135 | | | | 26,117 | | | | 4,567 | | | | 53,790 | |
| Class S | | | 41,821 | | | | 511,451 | | | | 89,052 | | | | 1,047,433 | |
| | | | | | | $ | 729,879 | | | | | | | $ | 1,629,194 | |
| Shares redeemed | |
| Class A | | | (788,538 | ) | | $ | (9,627,284 | ) | | | (913,414 | ) | | $ | (10,777,810 | ) |
| Class B | | | (6,816 | ) | | | (83,434 | ) | | | (39,300 | ) | | | (468,602 | ) |
| Class C | | | (74,358 | ) | | | (901,389 | ) | | | (95,763 | ) | | | (1,134,192 | ) |
| Class S | | | (561,206 | ) | | | (6,882,423 | ) | | | (1,171,840 | ) | | | (13,943,608 | ) |
| | | | | | | $ | (17,494,530 | ) | | | | | | $ | (26,324,212 | ) |
| Net increase (decrease) | |
| Class A | | | (689,267 | ) | | $ | (8,408,795 | ) | | | (597,503 | ) | | $ | (7,020,537 | ) |
| Class B | | | (6,697 | ) | | | (81,984 | ) | | | (35,386 | ) | | | (422,284 | ) |
| Class C | | | (58,354 | ) | | | (703,682 | ) | | | (73,426 | ) | | | (868,479 | ) |
| Class S | | | (349,472 | ) | | | (4,281,843 | ) | | | (765,696 | ) | | | (9,128,164 | ) |
| | | | | | | $ | (13,476,304 | ) | | | | | | $ | (17,439,464 | ) |
DWS LifeCompass 2015 Fund
The following table summarizes share and dollar activity in the Fund:
| | | Six Months Ended February 28, 2014 | | | Year Ended August 31, 2013 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| Shares sold | |
| Class A | | | 208,717 | | | $ | 2,546,861 | | | | 438,702 | | | $ | 5,070,229 | |
| Class B | | | 2 | | | | 18 | | | | 586 | | | | 6,847 | |
| Class C | | | 21,567 | | | | 266,331 | | | | 30,157 | | | | 350,403 | |
| Class S | | | 134,331 | | | | 1,642,789 | | | | 541,540 | | | | 6,252,763 | |
| | | | | | | $ | 4,455,999 | | | | | | | $ | 11,680,242 | |
| Shares issued to shareholders in reinvestment of distributions | |
| Class A | | | 38,241 | | | $ | 465,164 | | | | 85,951 | | | $ | 983,511 | |
| Class B | | | 389 | | | | 4,736 | | | | 1,109 | | | | 12,674 | |
| Class C | | | 5,138 | | | | 62,581 | | | | 9,747 | | | | 111,563 | |
| Class S | | | 37,417 | | | | 454,391 | | | | 109,304 | | | | 1,244,867 | |
| | | | | | | $ | 986,872 | | | | | | | $ | 2,352,615 | |
| Shares redeemed | |
| Class A | | | (669,426 | ) | | $ | (8,175,805 | ) | | | (1,935,559 | ) | | $ | (22,345,695 | ) |
| Class B | | | (19,094 | ) | | | (233,094 | ) | | | (70,974 | ) | | | (821,958 | ) |
| Class C | | | (66,046 | ) | | | (806,066 | ) | | | (188,525 | ) | | | (2,181,183 | ) |
| Class S | | | (698,870 | ) | | | (8,499,414 | ) | | | (3,831,023 | ) | | | (44,398,129 | ) |
| | | | | | | $ | (17,714,379 | ) | | | | | | $ | (69,746,965 | ) |
| Net increase (decrease) | |
| Class A | | | (422,468 | ) | | $ | (5,163,780 | ) | | | (1,410,906 | ) | | $ | (16,291,955 | ) |
| Class B | | | (18,703 | ) | | | (228,340 | ) | | | (69,279 | ) | | | (802,437 | ) |
| Class C | | | (39,341 | ) | | | (477,154 | ) | | | (148,621 | ) | | | (1,719,217 | ) |
| Class S | | | (527,122 | ) | | | (6,402,234 | ) | | | (3,180,179 | ) | | | (36,900,499 | ) |
| | | | | | | $ | (12,271,508 | ) | | | | | | $ | (55,714,108 | ) |
DWS LifeCompass 2020 Fund
The following table summarizes share and dollar activity in the Fund:
| | | Six Months Ended February 28, 2014 | | | Year Ended August 31, 2013 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| Shares sold | |
| Class A | | | 233,274 | | | $ | 3,551,172 | | | | 679,740 | | | $ | 9,581,129 | |
| Class B | | | 6 | | | | 84 | | | | 375 | | | | 5,280 | |
| Class C | | | 70,987 | | | | 1,071,389 | | | | 66,255 | | | | 945,480 | |
| Class S | | | 335,016 | | | | 5,118,545 | | | | 814,682 | | | | 11,486,284 | |
| | | | | | | $ | 9,741,190 | | | | | | | $ | 22,018,173 | |
| Shares issued to shareholders in reinvestment of distributions | |
| Class A | | | 101,530 | | | $ | 1,548,325 | | | | 105,996 | | | $ | 1,434,136 | |
| Class B | | | 1,185 | | | | 18,004 | | | | 2,093 | | | | 28,184 | |
| Class C | | | 11,867 | | | | 180,378 | | | | 10,294 | | | | 138,762 | |
| Class S | | | 141,410 | | | | 2,156,507 | | | | 163,576 | | | | 2,213,189 | |
| | | | | | | $ | 3,903,214 | | | | | | | $ | 3,814,271 | |
| Shares redeemed | |
| Class A | | | (731,840 | ) | | $ | (11,053,013 | ) | | | (1,723,967 | ) | | $ | (24,066,063 | ) |
| Class B | | | (24,224 | ) | | | (362,873 | ) | | | (93,028 | ) | | | (1,307,266 | ) |
| Class C | | | (95,182 | ) | | | (1,432,914 | ) | | | (197,662 | ) | | | (2,770,639 | ) |
| Class S | | | (834,322 | ) | | | (12,616,825 | ) | | | (2,703,995 | ) | | | (38,242,756 | ) |
| | | | | | | $ | (25,465,625 | ) | | | | | | $ | (66,386,724 | ) |
| Net increase (decrease) | |
| Class A | | | (397,036 | ) | | $ | (5,953,516 | ) | | | (938,231 | ) | | $ | (13,050,798 | ) |
| Class B | | | (23,033 | ) | | | (344,785 | ) | | | (90,560 | ) | | | (1,273,802 | ) |
| Class C | | | (12,328 | ) | | | (181,147 | ) | | | (121,113 | ) | | | (1,686,397 | ) |
| Class S | | | (357,896 | ) | | | (5,341,773 | ) | | | (1,725,737 | ) | | | (24,543,283 | ) |
| | | | | | | $ | (11,821,221 | ) | | | | | | $ | (40,554,280 | ) |
DWS LifeCompass 2030 Fund
The following table summarizes share and dollar activity in the Fund:
| | | Six Months Ended February 28, 2014 | | | Year Ended August 31, 2013 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| Shares sold | |
| Class A | | | 207,472 | | | $ | 2,351,464 | | | | 977,071 | | | $ | 10,132,173 | |
| Class B | | | 1,000 | | | | 11,379 | | | | 872 | | | | 8,812 | |
| Class C | | | 82,734 | | | | 934,416 | | | | 50,069 | | | | 516,039 | |
| Class S | | | 220,882 | | | | 2,500,783 | | | | 982,064 | | | | 10,031,445 | |
| | | | | | | $ | 5,798,042 | | | | | | | $ | 20,688,469 | |
| Shares issued to shareholders in reinvestment of distributions | |
| Class A | | | 115,396 | | | $ | 1,310,897 | | | | 70,183 | | | $ | 685,755 | |
| Class B | | | 925 | | | | 10,529 | | | | 544 | | | | 5,324 | |
| Class C | | | 13,312 | | | | 151,488 | | | | 4,032 | | | | 39,437 | |
| Class S | | | 67,084 | | | | 761,401 | | | | 43,455 | | | | 424,161 | |
| | | | | | | $ | 2,234,315 | | | | | | | $ | 1,154,677 | |
| Shares redeemed | |
| Class A | | | (984,716 | ) | | $ | (11,078,864 | ) | | | (1,582,047 | ) | | $ | (16,387,897 | ) |
| Class B | | | (21,628 | ) | | | (239,725 | ) | | | (48,937 | ) | | | (497,408 | ) |
| Class C | | | (50,950 | ) | | | (577,571 | ) | | | (94,406 | ) | | | (969,882 | ) |
| Class S | | | (350,164 | ) | | | (3,965,998 | ) | | | (1,444,611 | ) | | | (14,951,440 | ) |
| | | | | | | $ | (15,862,158 | ) | | | | | | $ | (32,806,627 | ) |
| Net increase (decrease) | |
| Class A | | | (661,848 | ) | | $ | (7,416,503 | ) | | | (534,793 | ) | | $ | (5,569,969 | ) |
| Class B | | | (19,703 | ) | | | (217,817 | ) | | | (47,521 | ) | | | (483,272 | ) |
| Class C | | | 45,096 | | | | 508,333 | | | | (40,305 | ) | | | (414,406 | ) |
| Class S | | | (62,198 | ) | | | (703,814 | ) | | | (419,092 | ) | | | (4,495,834 | ) |
| | | | | | | $ | (7,829,801 | ) | | | | | | $ | (10,963,481 | ) |
DWS LifeCompass 2040 Fund
The following table summarizes share and dollar activity in the Fund:
| | | Six Months Ended February 28, 2014 | | | Year Ended August 31, 2013 | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| Shares sold | |
| Class A | | | 297,262 | | | $ | 2,909,813 | | | | 753,047 | | | $ | 6,664,916 | |
| Class C | | | 5,988 | | | | 59,038 | | | | 8,538 | | | | 73,935 | |
| Class S | | | 230,199 | | | | 2,227,933 | | | | 947,361 | | | | 8,274,889 | |
| | | | | | | $ | 5,196,784 | | | | | | | $ | 15,013,740 | |
| Shares issued to shareholders in reinvestment of distributions | |
| Class A | | | 246,765 | | | $ | 2,203,612 | | | | 57,036 | | | $ | 472,255 | |
| Class C | | | 5,178 | | | | 46,290 | | | | 425 | | | | 3,528 | |
| Class S | | | 190,881 | | | | 1,706,477 | | | | 57,031 | | | | 472,782 | |
| | | | | | | $ | 3,956,379 | | | | | | | $ | 948,565 | |
| Shares redeemed | |
| Class A | | | (970,015 | ) | | $ | (9,104,501 | ) | | | (1,446,422 | ) | | $ | (12,829,812 | ) |
| Class C | | | (6,008 | ) | | | (53,654 | ) | | | (2,962 | ) | | | (26,375 | ) |
| Class S | | | (427,466 | ) | | | (4,062,750 | ) | | | (1,865,662 | ) | | | (16,452,936 | ) |
| | | | | | | $ | (13,220,905 | ) | | | | | | $ | (29,309,123 | ) |
| Net increase (decrease) | |
| Class A | | | (425,988 | ) | | $ | (3,991,076 | ) | | | (636,339 | ) | | $ | (5,692,641 | ) |
| Class C | | | 5,158 | | | | 51,674 | | | | 6,001 | | | | 51,088 | |
| Class S | | | (6,386 | ) | | | (128,340 | ) | | | (861,270 | ) | | | (7,705,265 | ) |
| | | | | | | $ | (4,067,742 | ) | | | | | | $ | (13,346,818 | ) |
E. Transactions with Affiliates
The Funds mainly invest in Underlying DWS Funds and Non-affiliated ETFs. The Underlying DWS Funds in which the Funds invest are considered to be affiliated investments. A summary of each Fund's transactions with affiliated Underlying DWS Funds during the six months ended February 28, 2014 is as follows:
DWS LifeCompass Retirement Fund
| Affiliate | | Value ($) at 8/31/2013 | | | Purchases Cost ($) | | | Sales Cost ($) | | | Realized Gain/ (Loss) ($) | | | Income Distributions ($) | | | Capital Gain Distributions ($) | | | Value ($) at 2/28/2014 | |
| DWS Capital Growth Fund | | | 1,373,306 | | | | 51,984 | | | | 771,197 | | | | 158,367 | | | | 4,761 | | | | 47,223 | | | | 785,866 | |
| DWS Core Equity Fund | | | 5,206,345 | | | | 2,257,805 | | | | 965,332 | | | | (4,670 | ) | | | 34,509 | | | | 458,295 | | | | 7,056,829 | |
| DWS Core Fixed Income Fund | | | 16,198,603 | | | | 190,135 | | | | 8,346,125 | | | | (805,304 | ) | | | 182,972 | | | | — | | | | 8,251,560 | |
| DWS Diversified Market Neutral Fund | | | 746,294 | | | | 81,205 | | | | 86,366 | | | | (3,940 | ) | | | — | | | | 79,805 | | | | 670,986 | |
| DWS EAFE Equity Index Fund | | | 4,001,232 | | | | 417,036 | | | | 2,394,100 | | | | 222,053 | | | | 51,922 | | | | — | | | | 2,453,923 | |
| DWS Emerging Markets Equity Fund | | | 1,114,914 | | | | 83,681 | | | | 728,000 | | | | (57,156 | ) | | | 8,757 | | | | — | | | | 495,979 | |
| DWS Enhanced Commodity Strategy Fund | | | 766,633 | | | | 4,500 | | | | 87,300 | | | | (33,499 | ) | | | — | | | | — | | | | 699,148 | |
| DWS Enhanced Emerging Markets Fixed Income Fund | | | — | | | | 1,881,300 | | | | 39,400 | | | | (114 | ) | | | — | | | | — | | | | 1,873,144 | |
| DWS Enhanced Global Bond Fund | | | 1,893,718 | | | | 76,393 | | | | 213,500 | | | | (8,630 | ) | | | 32,070 | | | | 13,123 | | | | 1,804,167 | |
| DWS Equity 500 Index Fund | | | 9,555,418 | | | | 86,702 | | | | 2,988,219 | | | | 567,918 | | | | 86,702 | | | | — | | | | 7,825,135 | |
| DWS Floating Rate Fund | | | 760,975 | | | | 1,361,464 | | | | 409,204 | | | | 790 | | | | 31,764 | | | | — | | | | 1,719,120 | |
| DWS Global Equity Fund | | | 601,261 | | | | 108,976 | | | | 147,300 | | | | 4,727 | | | | 13,276 | | | | — | | | | 640,641 | |
| DWS Global Growth Fund | | | — | | | | 1,050,393 | | | | 597,347 | | | | 16,417 | | | | 5,393 | | | | — | | | | 493,997 | |
| DWS Global High Income Fund | | | 763,277 | | | | 8,138 | | | | 790,080 | | | | 27,017 | | | | 8,271 | | | | — | | | | — | |
| DWS Global Inflation Fund | | | 3,743,563 | | | | 1,582,410 | | | | 3,930,200 | | | | (325,921 | ) | | | 11,409 | | | | — | | | | 1,422,645 | |
| DWS Global Small Cap Growth Fund | | | — | | | | 1,334,646 | | | | 251,200 | | | | (14,004 | ) | | | 3,342 | | | | 48,305 | | | | 1,083,107 | |
| DWS High Income Fund | | | 1,918,113 | | | | 52,972 | | | | 1,445,177 | | | | 63,439 | | | | 39,172 | | | | — | | | | 577,476 | |
| DWS International Fund | | | 671,161 | | | | — | | | | 739,740 | | | | 116,509 | | | | — | | | | — | | | | — | |
| DWS Latin America Equity Fund | | | — | | | | 106,971 | | | | 59,800 | | | | (15,910 | ) | | | 1,035 | | | | 5,735 | | | | 26,676 | |
| DWS Mid Cap Value Fund | | | 187,261 | | | | — | | | | 203,195 | | | | 58,998 | | | | — | | | | — | | | | — | |
| DWS Short Duration Fund | | | 2,647,359 | | | | 4,644,139 | | | | 353,790 | | | | (1,135 | ) | | | 59,539 | | | | — | | | | 6,930,264 | |
| DWS Small Cap Core Fund | | | 2,354,005 | | | | 108,603 | | | | 473,700 | | | | 56,371 | | | | 10,820 | | | | 30,085 | | | | 2,324,369 | |
| DWS Small Cap Growth Fund | | | | | | | 261,251 | | | | 108,100 | | | | 1,987 | | | | — | | | | 13,451 | | | | 154,231 | |
| DWS Small Cap Value Fund | | | — | | | | 317,770 | | | | 180,400 | | | | 2,921 | | | | 1,418 | | | | 41,752 | | | | 103,032 | |
| DWS U.S. Bond Index Fund | | | 16,492,615 | | | | 679,525 | | | | 8,585,509 | | | | (614,509 | ) | | | 184,603 | | | | 481,608 | | | | 8,238,352 | |
| DWS World Dividend Fund | | | — | | | | 297,174 | | | | 57,000 | | | | (1,127 | ) | | | 874 | | | | — | | | | 244,354 | |
| Central Cash Management Fund | | | 566,090 | | | | 19,754,006 | | | | 16,651,524 | | | | — | | | | 516 | | | | — | | | | 3,668,572 | |
| Total | | | 71,562,143 | | | | 36,799,179 | | | | 51,602,805 | | | | (588,405 | ) | | | 773,125 | | | | 1,219,382 | | | | 59,543,573 | |
DWS LifeCompass 2015 Fund
| Affiliate | | Value ($) at 8/31/2013 | | | Purchases Cost ($) | | | Sales Cost ($) | | | Realized Gain/ (Loss) ($) | | | Income Distributions ($) | | | Capital Gain Distributions ($) | | | Value ($) at 2/28/2014 | |
| DWS Capital Growth Fund | | | 3,125,344 | | | | 91,925 | | | | 2,270,449 | | | | 605,208 | | | | 7,483 | | | | 74,241 | | | | 1,245,238 | |
| DWS Core Equity Fund | | | 7,805,972 | | | | 4,109,412 | | | | 1,588,907 | | | | 828 | | | | 52,989 | | | | 720,523 | | | | 11,182,322 | |
| DWS Core Fixed Income Fund | | | 16,258,228 | | | | 782,075 | | | | 7,330,280 | | | | (424,216 | ) | | | 207,029 | | | | — | | | | 9,947,113 | |
| DWS Diversified Market Neutral Fund | | | 1,219,603 | | | | 138,505 | | | | 119,423 | | | | (6,751 | ) | | | — | | | | 132,405 | | | | 1,121,876 | |
| DWS EAFE Equity Index Fund | | | 8,516,758 | | | | 177,908 | | | | 4,279,700 | | | | 519,913 | | | | 135,197 | | | | — | | | | 5,366,808 | |
| DWS Emerging Markets Equity Fund | | | 1,903,807 | | | | 119,714 | | | | 1,002,400 | | | | (28,941 | ) | | | 15,180 | | | | — | | | | 1,071,976 | |
| DWS Enhanced Commodity Strategy Fund | | | 499,342 | | | | 500 | | | | 44,000 | | | | (7,214 | ) | | | — | | | | — | | | | 465,918 | |
| DWS Enhanced Emerging Markets Fixed Income Fund | | | 981,335 | | | | 1,313,321 | | | | 76,800 | | | | (1,838 | ) | | | 18,121 | | | | — | | | | 2,271,572 | |
| DWS Enhanced Global Bond Fund | | | 1,855,771 | | | | 51,670 | | | | 145,094 | | | | (5,677 | ) | | | 31,414 | | | | 13,056 | | | | 1,808,939 | |
| DWS Equity 500 Index Fund | | | 15,227,214 | | | | 344,953 | | | | 4,998,671 | | | | 989,321 | | | | 137,153 | | | | — | | | | 12,399,877 | |
| DWS Floating Rate Fund | | | 1,001,062 | | | | 1,753,663 | | | | 543,920 | | | | 893 | | | | 41,063 | | | | — | | | | 2,218,347 | |
| DWS Global Equity Fund | | | 741,531 | | | | 797,808 | | | | 254,535 | | | | (1,160 | ) | | | 28,808 | | | | — | | | | 1,400,919 | |
| DWS Global Growth Fund | | | — | | | | 1,203,551 | | | | 176,688 | | | | (151 | ) | | | 5,851 | | | | — | | | | 1,080,368 | |
| DWS Global High Income Fund | | | 996,497 | | | | 10,625 | | | | 1,031,490 | | | | 39,128 | | | | 10,762 | | | | — | | | | — | |
| DWS Global Inflation Fund | | | 2,545,232 | | | | 16,651 | | | | 881,700 | | | | (56,757 | ) | | | 16,651 | | | | — | | | | 1,714,921 | |
| DWS Global Small Cap Growth Fund | | | — | | | | 2,748,475 | | | | 383,000 | | | | (18,834 | ) | | | 7,251 | | | | 104,824 | | | | 2,368,752 | |
| DWS High Income Fund | | | 2,009,553 | | | | 46,572 | | | | 1,366,815 | | | | 59,354 | | | | 45,472 | | | | — | | | | 745,141 | |
| DWS International Fund | | | 817,151 | | | | — | | | | 900,648 | | | | 106,865 | | | | — | | | | — | | | | — | |
| DWS Latin America Equity Fund | | | — | | | | 187,839 | | | | 95,700 | | | | (24,115 | ) | | | 1,796 | | | | 9,944 | | | | 57,744 | |
| DWS Short Duration Fund | | | 2,593,412 | | | | 6,289,642 | | | | 516,105 | | | | (1,508 | ) | | | 74,342 | | | | — | | | | 8,354,326 | |
| DWS Small Cap Core Fund | | | 3,035,724 | | | | 209,807 | | | | 832,300 | | | | 178,216 | | | | 13,143 | | | | 36,548 | | | | 2,846,002 | |
| DWS Small Cap Growth Fund | | | — | | | | 316,338 | | | | 128,900 | | | | 2,601 | | | | — | | | | 16,338 | | | | 188,890 | |
| DWS Small Cap Value Fund | | | — | | | | 389,133 | | | | 221,600 | | | | 2,403 | | | | 1,723 | | | | 50,710 | | | | 126,137 | |
| DWS U.S. Bond Index Fund | | | 16,746,608 | | | | 798,676 | | | | 7,177,780 | | | | (548,282 | ) | | | 203,377 | | | | 570,078 | | | | 9,931,033 | |
| DWS World Dividend Fund | | | 1,161,188 | | | | 49,662 | | | | 771,500 | | | | 105,847 | | | | 6,662 | | | | — | | | | 534,363 | |
| Central Cash Management Fund | | | 1,931,573 | | | | 24,510,934 | | | | 22,227,921 | | | | — | | | | 602 | | | | — | | | | 4,214,586 | |
| Total | | | 90,972,905 | | | | 46,459,359 | | | | 59,366,326 | | | | 1,485,133 | | | | 1,062,069 | | | | 1,728,667 | | | | 82,663,168 | |
DWS LifeCompass 2020 Fund
| Affiliate | | Value ($) at 8/31/2013 | | | Purchases Cost ($) | | | Sales Cost ($) | | | Realized Gain/ (Loss) ($) | | | Income Distributions ($) | | | Capital Gain Distributions ($) | | | Value ($) at 2/28/2014 | |
| DWS Capital Growth Fund | | | 4,582,122 | | | | 207,780 | | | | 2,069,158 | | | | 644,832 | | | | 19,027 | | | | 188,753 | | | | 3,258,397 | |
| DWS Core Equity Fund | | | 19,896,696 | | | | 9,148,692 | | | | 1,948,206 | | | | (7,732 | ) | | | 134,886 | | | | 1,831,806 | | | | 29,260,297 | |
| DWS Core Fixed Income Fund | | | 19,255,841 | | | | 789,032 | | | | 5,701,949 | | | | (302,764 | ) | | | 281,552 | | | | — | | | | 14,655,817 | |
| DWS Diversified Market Neutral Fund | | | 1,760,386 | | | | 260,403 | | | | 152,267 | | | | (8,275 | ) | | | — | | | | 194,603 | | | | 1,697,210 | |
| DWS EAFE Equity Index Fund | | | 15,976,072 | | | | 1,220,301 | | | | 5,869,000 | | | | 533,846 | | | | 269,056 | | | | — | | | | 13,189,304 | |
| DWS Emerging Markets Equity Fund | | | 5,185,471 | | | | 346,732 | | | | 1,939,600 | | | | (71,446 | ) | | | 42,116 | | | | — | | | | 3,742,117 | |
| DWS Enhanced Commodity Strategy Fund | | | 1,809,383 | | | | 50,600 | | | | 130,171 | | | | (50,974 | ) | | | — | | | | — | | | | 1,769,012 | |
| DWS Enhanced Emerging Markets Fixed Income Fund | | | 1,732,292 | | | | 1,810,982 | | | | 76,896 | | | | (3,852 | ) | | | 32,282 | | | | — | | | | 3,551,411 | |
| DWS Enhanced Global Bond Fund | | | 3,540,062 | | | | 229,961 | | | | 242,692 | | | | (6,809 | ) | | | 61,296 | | | | 25,366 | | | | 3,616,520 | |
| DWS Equity 500 Index Fund | | | 32,219,540 | | | | 321,947 | | | | 4,354,575 | | | | 833,134 | | | | 321,947 | | | | — | | | | 32,445,809 | |
| DWS Floating Rate Fund | | | 1,793,006 | | | | 1,927,159 | | | | 654,973 | | | | 1,208 | | | | 58,359 | | | | — | | | | 3,077,189 | |
| DWS Global Equity Fund | | | 4,437,427 | | | | 107,792 | | | | 1,656,372 | | | | 283,909 | | | | 68,792 | | | | — | | | | 3,442,829 | |
| DWS Global Growth Fund | | | 1,714,980 | | | | 3,422,943 | | | | 2,889,155 | | | | 89,967 | | | | 27,943 | | | | — | | | | 2,655,040 | |
| DWS Global High Income Fund | | | 1,801,017 | | | | 19,203 | | | | 1,864,261 | | | | 60,702 | | | | 19,511 | | | | — | | | | — | |
| DWS Global Inflation Fund | | | 5,688,144 | | | | 123,900 | | | | 3,372,200 | | | | (324,420 | ) | | | 28,800 | | | | — | | | | 2,526,877 | |
| DWS Global Small Cap Growth Fund | | | — | | | | 6,424,228 | | | | 612,552 | | | | (37,011 | ) | | | 17,316 | | | | 250,312 | | | | 5,821,333 | |
| DWS High Income Fund | | | 2,257,390 | | | | 101,809 | | | | 1,390,746 | | | | 82,368 | | | | 56,309 | | | | — | | | | 1,033,649 | |
| DWS International Fund | | | 1,983,163 | | | | — | | | | 2,185,802 | | | | 286,173 | | | | — | | | | — | | | | — | |
| DWS Large Cap Focus Growth Fund | | | 611,440 | | | | — | | | | 678,209 | | | | 291,539 | | | | — | | | | — | | | | — | |
| DWS Large Cap Value Fund | | | 2,219,378 | | | | 11,998 | | | | 2,377,407 | | | | 1,009,875 | | | | 11,998 | | | | — | | | | — | |
| DWS Latin America Equity Fund | | | — | | | | 515,230 | | | | 219,100 | | | | (58,331 | ) | | | 4,982 | | | | 27,592 | | | | 201,573 | |
| DWS Short Duration Fund | | | 4,947,064 | | | | 11,654,291 | | | | 4,284,071 | | | | (13,667 | ) | | | 104,791 | | | | — | | | | 12,309,573 | |
| DWS Small Cap Core Fund | | | 6,943,154 | | | | 623,591 | | | | 1,727,577 | | | | 248,708 | | | | 30,625 | | | | 85,165 | | | | 6,822,991 | |
| DWS Small Cap Growth Fund | | | — | | | | 714,865 | | | | 265,100 | | | | 5,931 | | | | — | | | | 38,065 | | | | 452,761 | |
| DWS Small Cap Value Fund | | | — | | | | 880,197 | | | | 480,215 | | | | 12,144 | | | | 4,019 | | | | 118,278 | | | | 302,442 | |
| DWS Technology Fund | | | 982,509 | | | | — | | | | 1,063,279 | | | | 442,485 | | | | — | | | | — | | | | — | |
| DWS U.S. Bond Index Fund | | | 22,204,079 | | | | 1,779,370 | | | | 8,698,277 | | | | (821,633 | ) | | | 289,358 | | | | 838,005 | | | | 14,633,055 | |
| DWS World Dividend Fund | | | — | | | | 1,430,628 | | | | 143,056 | | | | (2,808 | ) | | | 4,528 | | | | — | | | | 1,313,284 | |
| Central Cash Management Fund | | | 6,092,349 | | | | 33,300,891 | | | | 32,930,395 | | | | — | | | | 1,085 | | | | — | | | | 6,462,845 | |
| Total | | | 169,632,965 | | | | 77,424,525 | | | | 89,977,261 | | | | 3,117,099 | | | | 1,890,578 | | | | 3,597,945 | | | | 168,241,335 | |
DWS LifeCompass 2030 Fund
| Affiliate | | Value ($) at 8/31/2013 | | | Purchases Cost ($) | | | Sales Cost ($) | | | Realized Gain/ (Loss) ($) | | | Income Distributions ($) | | | Capital Gain Distributions ($) | | | Value ($) at 2/28/2014 | |
| DWS Capital Growth Fund | | | 2,914,689 | | | | 100,880 | | | | 1,812,500 | | | | 571,454 | | | | 8,505 | | | | 84,375 | | | | 1,492,463 | |
| DWS Core Equity Fund | | | 8,561,845 | | | | 4,510,342 | | | | 608,578 | | | | (3,358 | ) | | | 59,186 | | | | 818,855 | | | | 13,402,575 | |
| DWS Core Fixed Income Fund | | | 4,678,161 | | | | 118,499 | | | | 1,871,400 | | | | (68,636 | ) | | | 59,352 | | | | — | | | | 2,990,012 | |
| DWS Diversified Market Neutral Fund | | | 640,313 | | | | 95,187 | | | | 69,300 | | | | (1,856 | ) | | | — | | | | 67,887 | | | | 606,594 | |
| DWS EAFE Equity Index Fund | | | 7,793,736 | | | | 597,714 | | | | 4,276,800 | | | | 454,793 | | | | 99,030 | | | | — | | | | 4,974,432 | |
| DWS Emerging Markets Equity Fund | | | 2,205,302 | | | | 218,090 | | | | 811,800 | | | | (28,434 | ) | | | 17,176 | | | | — | | | | 1,684,956 | |
| DWS Enhanced Commodity Strategy Fund | | | 659,130 | | | | 28,800 | | | | 68,800 | | | | (26,731 | ) | | | — | | | | — | | | | 633,284 | |
| DWS Enhanced Emerging Markets Fixed Income Fund | | | — | | | | 616,900 | | | | 310,600 | | | | (3,010 | ) | | | — | | | | — | | | | 306,502 | |
| DWS Enhanced Global Bond Fund | | | 710,286 | | | | 57,085 | | | | 72,600 | | | | (1,703 | ) | | | 12,128 | | | | 4,880 | | | | 713,084 | |
| DWS Equity 500 Index Fund | | | 15,359,958 | | | | 324,859 | | | | 2,798,544 | | | | 486,092 | | | | 147,859 | | | | — | | | | 14,861,623 | |
| DWS Floating Rate Fund | | | — | | | | 601,043 | | | | 326,600 | | | | 684 | | | | 6,843 | | | | — | | | | 275,417 | |
| DWS Global Equity Fund | | | 1,350,954 | | | | 33,710 | | | | 261,600 | | | | 41,199 | | | | 25,320 | | | | — | | | | 1,298,525 | |
| DWS Global Growth Fund | | | — | | | | 1,945,689 | | | | 1,026,400 | | | | 32,209 | | | | 10,285 | | | | — | | | | 1,001,301 | |
| DWS Global Inflation Fund | | | 634,755 | | | | 22,283 | | | | 149,900 | | | | (20,425 | ) | | | 4,655 | | | | — | | | | 515,494 | |
| DWS Global Small Cap Growth Fund | | | — | | | | 2,406,534 | | | | 216,000 | | | | (12,987 | ) | | | 6,373 | | | | 92,132 | | | | 2,195,525 | |
| DWS High Income Fund | | | 984,122 | | | | 25,829 | | | | 941,000 | | | | 51,530 | | | | 15,529 | | | | — | | | | 92,526 | |
| DWS International Fund | | | 753,810 | | | | — | | | | 830,834 | | | | 108,034 | | | | — | | | | — | | | | — | |
| DWS Large Cap Value Fund | | | 1,867,876 | | | | 10,098 | | | | 2,000,877 | | | | 442,073 | | | | 10,098 | | | | — | | | | — | |
| DWS Latin America Equity Fund | | | — | | | | 213,453 | | | | 84,200 | | | | (22,244 | ) | | | 2,031 | | | | 11,254 | | | | 90,771 | |
| DWS RREEF Global Real Estate Securities Fund | | | 677,506 | | | | 32,784 | | | | 745,786 | | | | 7,427 | | | | 12,598 | | | | — | | | | — | |
| DWS RREEF Real Estate Securities Fund | | | — | | | | 391,008 | | | | 350,440 | | | | (40,568 | ) | | | 4,682 | | | | 17,892 | | | | — | |
| DWS Short Duration Fund | | | 993,009 | | | | 1,653,067 | | | | 132,275 | | | | (562 | ) | | | 21,067 | | | | — | | | | 2,511,428 | |
| DWS Small Cap Core Fund | | | 3,144,241 | | | | 292,964 | | | | 841,000 | | | | 212,314 | | | | 13,298 | | | | 36,981 | | | | 3,036,099 | |
| DWS Small Cap Growth Fund | | | — | | | | 313,935 | | | | 113,900 | | | | 2,545 | | | | — | | | | 16,535 | | | | 201,422 | |
| DWS Small Cap Value Fund | | | — | | | | 384,401 | | | | 207,400 | | | | 5,572 | | | | 1,745 | | | | 51,356 | | | | 134,575 | |
| DWS Technology Fund | | | 475,797 | | | | — | | | | 514,907 | | | | 210,854 | | | | — | | | | — | | | | — | |
| DWS U.S. Bond Index Fund | | | 5,025,530 | | | | 329,868 | | | | 2,240,327 | | | | (212,922 | ) | | | 63,852 | | | | 168,899 | | | | 2,985,279 | |
| DWS World Dividend Fund | | | 1,255,322 | | | | 223,519 | | | | 1,040,600 | | | | (177,544 | ) | | | 6,819 | | | | — | | | | 495,318 | |
| Central Cash Management Fund | | | 1,621,205 | | | | 13,244,602 | | | | 12,594,193 | | | | — | | | | 350 | | | | — | | | | 2,271,614 | |
| Total | | | 62,307,547 | | | | 28,793,143 | | | | 37,319,161 | | | | 2,005,800 | | | | 608,781 | | | | 1,371,046 | | | | 58,770,819 | |
DWS LifeCompass 2040 Fund
| Affiliate | | Value ($) at 8/31/2013 | | | Purchases Cost ($) | | | Sales Cost ($) | | | Realized Gain/ (Loss) ($) | | | Income Distributions ($) | | | Capital Gain Distributions ($) | | | Value ($) at 2/28/2014 | |
| DWS Capital Growth Fund | | | 1,816,886 | | | | 97,709 | | | | 1,391,300 | | | | 441,473 | | | | 4,193 | | | | 41,591 | | | | 704,328 | |
| DWS Core Equity Fund | | | 4,270,118 | | | | 2,774,744 | | | | 1,178,900 | | | | (10,807 | ) | | | 29,342 | | | | 403,647 | | | | 6,324,698 | |
| DWS Core Fixed Income Fund | | | 531,045 | | | | 717,138 | | | | 749,200 | | | | (12,350 | ) | | | 8,247 | | | | — | | | | 506,785 | |
| DWS Diversified Market Neutral Fund | | | 316,201 | | | | 324,052 | | | | 339,800 | | | | (19,354 | ) | | | — | | | | 31,952 | | | | 273,657 | |
| DWS EAFE Equity Index Fund | | | 4,265,093 | | | | 474,211 | | | | 2,510,000 | | | | 264,551 | | | | 55,861 | | | | — | | | | 2,686,738 | |
| DWS Emerging Markets Equity Fund | | | 1,452,842 | | | | 227,403 | | | | 620,700 | | | | (11,871 | ) | | | 10,782 | | | | — | | | | 1,112,540 | |
| DWS Enhanced Commodity Strategy Fund | | | 322,086 | | | | 31,012 | | | | 76,300 | | | | (14,426 | ) | | | — | | | | — | | | | 282,261 | |
| DWS Enhanced Emerging Markets Fixed Income Fund | | | — | | | | 303,800 | | | | 172,200 | | | | (1,484 | ) | | | — | | | | — | | | | 131,504 | |
| DWS Enhanced Global Bond Fund | | | 220,825 | | | | 222,857 | | | | 246,100 | | | | (6,325 | ) | | | 3,611 | | | | 1,446 | | | | 202,255 | |
| DWS Equity 500 Index Fund | | | 7,372,518 | | | | 560,714 | | | | 1,868,300 | | | | 273,420 | | | | 72,065 | | | | — | | | | 7,013,475 | |
| DWS Floating Rate Fund | | | — | | | | 208,503 | | | | 85,100 | | | | 156 | | | | 2,303 | | | | — | | | | 123,677 | |
| DWS Global Equity Fund | | | 704,877 | | | | 59,950 | | | | 154,700 | | | | 17,479 | | | | 14,284 | | | | — | | | | 701,292 | |
| DWS Global Growth Fund | | | 229,811 | | | | 897,343 | | | | 656,300 | | | | 18,289 | | | | 5,802 | | | | — | | | | 540,835 | |
| DWS Global Inflation Fund | | | 314,918 | | | | 4,699 | | | | 236,600 | | | | (30,665 | ) | | | 1,299 | | | | — | | | | 87,391 | |
| DWS Global Small Cap Growth Fund | | | — | | | | 1,435,280 | | | | 250,000 | | | | (13,111 | ) | | | 3,596 | | | | 51,979 | | | | 1,185,819 | |
| DWS High Income Fund | | | 326,753 | | | | 13,555 | | | | 306,700 | | | | 15,723 | | | | 5,155 | | | | — | | | | 41,580 | |
| DWS International Fund | | | 529,652 | | | | — | | | | 583,772 | | | | 146,337 | | | | — | | | | — | | | | — | |
| DWS Large Cap Value Fund | | | 1,385,513 | | | | 7,490 | | | | 1,484,168 | | | | 319,893 | | | | 7,490 | | | | — | | | | — | |
| DWS Latin America Equity Fund | | | — | | | | 146,133 | | | | 61,600 | | | | (14,593 | ) | | | 1,274 | | | | 7,060 | | | | 59,956 | |
| DWS Short Duration Fund | | | 308,692 | | | | 234,821 | | | | 117,600 | | | | (474 | ) | | | 4,521 | | | | — | | | | 425,620 | |
| DWS Small Cap Core Fund | | | 1,901,226 | | | | 189,546 | | | | 676,600 | | | | 133,962 | | | | 7,660 | | | | 21,299 | | | | 1,674,811 | |
| DWS Small Cap Growth Fund | | | — | | | | 192,127 | | | | 81,600 | | | | 967 | | | | — | | | | 9,527 | | | | 111,119 | |
| DWS Small Cap Value Fund | | | — | | | | 231,579 | | | | 132,900 | | | | (897 | ) | | | 1,004 | | | | 29,575 | | | | 74,212 | |
| DWS Technology Fund | | | 228,393 | | | | — | | | | 247,156 | | | | 104,613 | | | | — | | | | — | | | | — | |
| DWS U.S. Bond Index Fund | | | 1,136,140 | | | | 95,343 | | | | 698,030 | | | | (51,593 | ) | | | 12,736 | | | | 34,750 | | | | 505,956 | |
| DWS World Dividend Fund | | | 1,179,151 | | | | 40,582 | | | | 1,020,800 | | | | 132,280 | | | | 5,780 | | | | — | | | | 267,491 | |
| Central Cash Management Fund | | | 1,727,399 | | | | 14,528,502 | | | | 15,191,726 | | | | — | | | | 299 | | | | — | | | | 1,064,175 | |
| Total | | | 30,540,139 | | | | 24,019,093 | | | | 31,138,152 | | | | 1,681,193 | | | | 257,304 | | | | 632,826 | | | | 26,102,175 | |
Information About Each Fund's Expenses
As an investor of a Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in each Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In addition to the ongoing expenses which the Funds bear directly, the Funds' shareholders indirectly bear the expenses of the Underlying Funds in which the Funds invest. These expenses are not included in the Funds' annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period, DWS LifeCompass Retirement Fund, DWS LifeCompass 2015 Fund, DWS LifeCompass 2020 Fund, DWS LifeCompass 2030 Fund and DWS LifeCompass 2040 Fund limited the ongoing expenses the Funds bear directly; had they not done so, expenses would have been higher. The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2013 to February 28, 2014).
The tables illustrate your Fund's expenses in two ways:
—Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.
— Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, B, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, B, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.
DWS LifeCompass Retirement Fund
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2014 (Unaudited) | |
| Actual Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,076.00 | | | $ | 1,071.90 | | | $ | 1,071.90 | | | $ | 1,077.40 | |
| Expenses Paid per $1,000* | | $ | 2.37 | | | $ | 6.22 | | | $ | 6.22 | | | $ | 1.08 | |
| Hypothetical 5% Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,022.51 | | | $ | 1,018.79 | | | $ | 1,018.79 | | | $ | 1,023.75 | |
| Expenses Paid per $1,000* | | $ | 2.31 | | | $ | 6.06 | | | $ | 6.06 | | | $ | 1.05 | |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
| Annualized Expense Ratios** | Class A | Class B | Class C | Class S |
| DWS LifeCompass Retirement Fund | .46% | 1.21% | 1.21% | .21% |
** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
DWS LifeCompass 2015 Fund
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2014 (Unaudited) | |
| Actual Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,087.20 | | | $ | 1,084.10 | | | $ | 1,083.20 | | | $ | 1,088.70 | |
| Expenses Paid per $1,000* | | $ | 2.38 | | | $ | 6.25 | | | $ | 6.25 | | | $ | 1.09 | |
| Hypothetical 5% Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,022.51 | | | $ | 1,018.79 | | | $ | 1,018.79 | | | $ | 1,023.75 | |
| Expenses Paid per $1,000* | | $ | 2.31 | | | $ | 6.06 | | | $ | 6.06 | | | $ | 1.05 | |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
| Annualized Expense Ratios** | Class A | Class B | Class C | Class S |
| DWS LifeCompass 2015 Fund | .46% | 1.21% | 1.21% | .21% |
** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
DWS LifeCompass 2020 Fund
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2014 (Unaudited) | |
| Actual Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,101.90 | | | $ | 1,097.00 | | | $ | 1,097.00 | | | $ | 1,103.10 | |
| Expenses Paid per $1,000* | | $ | 2.40 | | | $ | 6.29 | | | $ | 6.29 | | | $ | 1.10 | |
| Hypothetical 5% Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,022.51 | | | $ | 1,018.79 | | | $ | 1,018.79 | | | $ | 1,023.75 | |
| Expenses Paid per $1,000* | | $ | 2.31 | | | $ | 6.06 | | | $ | 6.06 | | | $ | 1.05 | |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
| Annualized Expense Ratios** | Class A | Class B | Class C | Class S |
| DWS LifeCompass 2020 Fund | .46% | 1.21% | 1.21% | .21% |
** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
DWS LifeCompass 2030 Fund
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2014 (Unaudited) | |
| Actual Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,120.70 | | | $ | 1,115.30 | | | $ | 1,115.40 | | | $ | 1,120.60 | |
| Expenses Paid per $1,000* | | $ | 2.42 | | | $ | 6.35 | | | $ | 6.35 | | | $ | 1.10 | |
| Hypothetical 5% Fund Return | | Class A | | | Class B | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,022.51 | | | $ | 1,018.79 | | | $ | 1,018.79 | | | $ | 1,023.75 | |
| Expenses Paid per $1,000* | | $ | 2.31 | | | $ | 6.06 | | | $ | 6.06 | | | $ | 1.05 | |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
| Annualized Expense Ratios** | Class A | Class B | Class C | Class S |
| DWS LifeCompass 2030 Fund | .46% | 1.21% | 1.21% | .21% |
** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
DWS LifeCompass 2040 Fund
Expenses and Value of a $1,000 Investment for the six months ended February 28, 2014 (Unaudited) | |
| Actual Fund Return | | Class A | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,130.30 | | | $ | 1,125.20 | | | $ | 1,131.90 | |
| Expenses Paid per $1,000* | | $ | 2.43 | | | $ | 6.38 | | | $ | 1.11 | |
| Hypothetical 5% Fund Return | | Class A | | | Class C | | | Class S | |
| Beginning Account Value 9/1/13 | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value 2/28/14 | | $ | 1,022.51 | | | $ | 1,018.79 | | | $ | 1,023.75 | |
| Expenses Paid per $1,000* | | $ | 2.31 | | | $ | 6.06 | | | $ | 1.05 | |
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.
| Annualized Expense Ratios** | Class A | Class C | Class S |
| DWS LifeCompass 2040 Fund | .46% | 1.21% | .21% |
** The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. These ratios do not include these indirect fees and expenses.
For more information, please refer to the Fund's prospectus.
For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.
Advisory Agreement Board Considerations and Fee Evaluation
The Board of Trustees approved the renewal of the DWS LifeCompass Retirement Fund's, the DWS LifeCompass 2015 Fund's, the DWS LifeCompass 2020 Fund's, the DWS LifeCompass 2030 Fund's and the DWS LifeCompass 2040 Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2013.
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
— In September 2013, all of the Funds' Trustees were independent of DIMA and its affiliates.
— The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Asset Allocation Oversight Committee, reviewed comprehensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Funds' performance, fees and expenses, and profitability compiled by a fee consultant retained by the Funds' Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Funds.
— The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fee Consultant in the course of their review of the Funds' contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.
— In connection with reviewing the Agreement, the Board also reviewed the terms of each Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee's findings and recommendations.
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Funds since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Funds. The Board considered, generally, that shareholders chose to invest or remain invested in each respective Fund knowing that DIMA managed the Fund. DIMA is part of Deutsche Bank AG, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.
As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to a negotiation with DIMA of lower expense caps as part of the 2012 and 2013 contract review processes than had previously been in place. As part of these negotiations, the Board indicated that it would consider relaxing these new lower caps in future years following sustained improvements in performance, among other considerations.
In June 2012, Deutsche Bank AG ("DB"), DIMA's parent company, announced that DB would combine its Asset Management (of which DIMA was a part) and Wealth Management divisions. DB has advised the Independent Trustees that the U.S. asset management business is a critical and integral part of DB, and that it has, and will continue to, reinvest a significant portion of the substantial savings it expects to realize by combining its Asset Management and Wealth Management divisions into the new Asset and Wealth Management ("AWM") division, including ongoing enhancements to its investment capabilities. DB also has confirmed its commitment to maintaining strong legal and compliance groups within the AWM division.
While shareholders may focus primarily on fund performance and fees, the Funds' Board considers these and many other factors, including the quality and integrity of DIMA's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.
Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to each Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to each Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and the organizational depth and stability of DIMA. The Board reviewed each Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the Fee Consultant using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by an independent fund data service), and receives more frequent reporting and information from DIMA regarding such funds, along with DIMA's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds.
LifeCompass 2015 Fund. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the LifeCompass 2015 Fund's performance (Class A shares) was in the 2nd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the three- and five-year periods and has outperformed its benchmark in the one-year period ended December 31, 2012.
LifeCompass 2020 Fund. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the LifeCompass 2020 Fund's performance (Class A shares) was in 2nd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the three- and five-year periods and has outperformed its benchmark in the one-year period ended December 31, 2012.
LifeCompass 2030 Fund. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the LifeCompass 2030 Fund's performance (Class A shares) was in the 3rd quartile, 4th quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2012.
LifeCompass 2040 Fund. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the LifeCompass 2040 Fund's performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2012.
LifeCompass Retirement Fund. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2012, the LifeCompass Retirement Fund's performance (Class A shares) was in the 2nd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the three- and five-year periods and has outperformed its benchmark in the one-year period ended December 31, 2012.
The Board noted the disappointing investment performance of each Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board recognized that DIMA has made changes to its investment personnel and processes in recent years in an effort to enhance its investment platform and improve long-term performance across the DWS fund complex.
Fees and Expenses. The Board considered the Funds' investment management fee schedules, operating expenses and total expense ratios, and comparative information provided by Lipper Inc. ("Lipper") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Trustees noted that the Funds do not pay any Fund-level investment advisory fees, but do bear administrative fees.
LifeCompass 2015 Fund. As a result of the administrative fee, the total management fee rates paid by the LifeCompass 2015 Fund were at the median of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2012, and analyzing Lipper expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses").
LifeCompass 2020 Fund. As a result of the administrative fee, the total management fee rates paid by the LifeCompass 2020 Fund were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper Universe Expenses.
LifeCompass 2030 Fund. As a result of the administrative fee, the total management fee rates paid by the LifeCompass 2030 Fund were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper Universe Expenses.
LifeCompass 2040 Fund. As a result of the administrative fee, the total management fee rates paid by the LifeCompass 2040 Fund were at the median of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper Universe Expenses.
LifeCompass Retirement Fund. As a result of the administrative fee, the total management fee rates paid by the LifeCompass Retirement Fund were at the median of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2012). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper Universe Expenses.
The Board also reviewed data comparing total (net) operating expenses of each share class of each Fund to the applicable Lipper Universe Expenses. The Board also considered information prepared by the Funds' Fee Consultant regarding the competitiveness of each Fund's total expenses relative to a more customized peer universe. The Board considered the Funds' total management fee rates as compared to fees charged by DIMA to comparable funds and considered differences between the Funds and the comparable funds. The Board also considered how each Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitations agreed to by DIMA helped to ensure that each Fund's total (net) operating expenses would remain competitive.
The information considered by the Board as part of its review of management fees included information regarding fees charged by DIMA and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS U.S. mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.
On the basis of the information provided, the Board concluded that each Fund's management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.
Profitability. The Board reviewed detailed information regarding revenues received by DIMA from advising the DWS Funds along with the estimated costs and pre-tax profits realized by DIMA from advising the DWS Funds. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality. The Board did not receive profitability information with respect to the Funds (which, as noted above, do not pay any investment advisory fees), but did receive such information with respect to the funds in which the Fund invests. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Funds and whether the Funds benefit from any economies of scale. The Board concluded that each Fund's fee schedule represents an appropriate sharing between each Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.
Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Funds and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.
Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DIMA's chief compliance officer and the Funds' chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of each Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their independent counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
Account Management Resources | |
| 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 Shareholder Service representative by calling: (800) 728-3337 |
| Web Site | | dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, retirement planning information, and more. |
| Written Correspondence | | Deutsche Asset & Wealth Management 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 — dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337 |
| Portfolio Holdings | | Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on dws-investments.com from time to time. Please see the fund's current prospectus for more information. |
| 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 |
| Investment Management | | Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors. |
DWS LifeCompass Retirement Fund
| | | Class A | Class B | Class C | Class S |
| Nasdaq Symbol | | SUCAX | SUCBX | SUCCX | SCPCX |
| CUSIP Number | | 23337A 608 | 23337A 707 | 23337A 806 | 23337A 871 |
| Fund Number | | 480 | 680 | 780 | 2080 |
DWS LifeCompass 2015 Fund
| | | Class A | Class B | Class C | Class S |
| Nasdaq Symbol | | SPDAX | SPDBX | SPDCX | SPBAX |
| CUSIP Number | | 23337A 103 | 23337A 202 | 23337A 301 | 23337A 509 |
| Fund Number | | 481 | 681 | 781 | 2081 |
DWS LifeCompass 2020 Fund
| | | Class A | Class B | Class C | Class S |
| Nasdaq Symbol | | SUPAX | SUPBX | SUPCX | SPGRX |
| CUSIP Number | | 23337A 863 | 23337A 855 | 23337A 848 | 23337A 822 |
| Fund Number | | 482 | 682 | 782 | 2082 |
DWS LifeCompass 2030 Fund
| | | Class A | Class B | Class C | Class S |
| Nasdaq Symbol | | PLUSX | PLSBX | PLSCX | PPLSX |
| CUSIP Number | | 23337A 814 | 23337A 798 | 23337A 780 | 23337A 772 |
| Fund Number | | 1084 | 1284 | 1384 | 2084 |
DWS LifeCompass 2040 Fund
| | | Class A | Class C | Class S |
| Nasdaq Symbol | | TGTAX | TGTCX | TGTSX |
| CUSIP Number | | 23337A 764 | 23337A 756 | 23337A 749 |
| Fund Number | | 457 | 757 | 2057 |
| FACTS | | What Does Deutsche Asset & Wealth Management Do With Your Personal Information? |
| Why? | | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
| How? | | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing. |
| Reasons we can share your personal information | | Does Deutsche Asset & Wealth Management share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | | Yes | No |
For our marketing purposes — to offer our products and services to you | | Yes | No |
| For joint marketing with other financial companies | | No | We do not share |
For our affiliates' everyday business purposes — information about your transactions and experiences | | No | We do not share |
For our affiliates' everyday business purposes — information about your creditworthiness | | No | We do not share |
| For non-affiliates to market to you | | No | We do not share |
| Questions? | | Call (800) 728-3337 or e-mail us at service@dws.com | |
| | | | | |
| Who we are |
| Who is providing this notice? | | DWS Investments Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds |
| What we do |
| How does Deutsche Asset & Wealth Management protect my personal information? | | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Deutsche Asset & Wealth Management collect my personal information? | | We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
| Why can't I limit all sharing? | | Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |
| Affiliates | | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown. |
| Non-affiliates | | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
| Joint marketing | | A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market. |
| | | | Rev. 09/2013 |
Notes
Notes
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
