497 1 ss080807mega.txt SAI STICKER Supplement to the currently effective Statements of Additional Information of each of the listed funds/portfolios:
Cash Management Fund Institutional DWS Equity Income Fund DWS Micro Cap Fund Cash Reserves Fund Institutional DWS Equity Partners Fund DWS Mid Cap Growth Fund Daily Assets Fund Institutional DWS Europe Equity Fund DWS Moderate Allocation Fund DWS Alternative Asset Allocation Plus DWS Floating Rate Plus Fund DWS Money Market Prime Series Fund DWS Global Bond Fund DWS Money Market Series DWS Balanced Fund DWS Global Opportunities Fund DWS New York Tax-Free Income Fund DWS Blue Chip Fund DWS Global Thematic Fund DWS RREEF Global Real Estate DWS California Tax-Free Income Fund DWS GNMA Fund Securities Fund DWS Capital Growth Fund DWS Gold & Precious Metals Fund DWS RREEF Real Estate Securities Fund DWS Commodity Securities Fund DWS Growth & Income Fund DWS S&P 500 Index Fund DWS Communications Fund DWS Growth Allocation Fund DWS Short Duration Fund DWS Conservative Allocation Fund DWS Growth Plus Allocation Fund DWS Short Duration Plus Fund DWS Core Fixed Income Fund DWS Health Care Fund DWS Short-Term Municipal Bond Fund DWS Core Plus Allocation Fund DWS High Income Fund DWS Small Cap Core Fund DWS Core Plus Income Fund DWS High Income Plus Fund DWS Small Cap Growth Fund DWS Disciplined Long/Short Growth Fund DWS High Yield Tax Free Fund DWS Small Cap Value Fund DWS Disciplined Long/Short Value Fund DWS Inflation Protected Plus Fund DWS Strategic Income Fund DWS Disciplined Market Neutral Fund DWS Intermediate Tax/AMT Free Fund DWS Technology Fund DWS Dreman Concentrated Value Fund DWS International Fund DWS U.S. Bond Index Fund DWS Dreman High Return Equity Fund DWS International Select Equity Fund DWS U.S. Government Securities Fund DWS Dreman Mid Cap Value Fund DWS International Value Opportunities DWS Value Builder Fund DWS Dreman Small Cap Value Fund Fund NY Tax Free Money Fund DWS EAFE(R) Equity Index Fund DWS Japan Equity Fund Tax Free Money Fund Investment DWS Emerging Markets Equity Fund DWS Large Cap Value Fund Tax-Exempt California Money Market Fund DWS Emerging Markets Fixed Income Fund DWS Large Company Growth Fund Treasury Money Fund DWS Enhanced S&P 500 Index Fund DWS Latin America Equity Fund Treasury Money Fund Investment DWS Equity 500 Index Fund DWS Lifecycle Long Range Fund DWS Managed Municipal Bond Fund DWS Massachusetts Tax-Free Fund
The following information replaces similar disclosure under "Revenue Sharing" in the "Purchase and Redemption of Shares" section of each Fund's/Portfolio's Statements of Additional Information: Revenue Sharing In light of recent regulatory developments, the Advisor, the Distributor and their affiliates have undertaken to furnish certain additional information below regarding the level of payments made by them to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ("financial advisors") in connection with the sale and/or distribution of Fund shares or the retention and/or servicing of investors and Fund shares ("revenue sharing"). The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the Fund, to financial advisors in connection with the sale and/or distribution of Fund shares or the retention and/or servicing of Fund investors and Fund shares. Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service plan of any fund, any record keeping/sub-transfer agency/networking fees payable by the Fund (generally through the Distributor or an affiliate) and/or the Distributor to certain financial advisors for performing such services and any sales charges, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the NASD or other concessions [Logo]DWS SCUDDER Deutsche Bank Group described in the fee table or elsewhere in the Prospectuses or the SAI as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for providing the Fund with "shelf space" or access to a third party platform or fund offering list, or other marketing programs including, without limitation, inclusion of the Fund on preferred or recommended sales lists, mutual fund "supermarket" platforms and other formal sales programs; granting the Distributor access to the financial advisor's sales force; granting the Distributor access to the financial advisor's conferences and meetings; assistance in training and educating the financial advisor's personnel; and, obtaining other forms of marketing support. The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor. The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connection with the sale and/or distribution of DWS Fund shares, or the retention and/or servicing of investors, to financial advisors in amounts that generally range from .01% up to .50% of assets of the Fund serviced and maintained by the financial advisor, .10% to .25% of sales of the Fund attributable to the financial advisor, a flat fee of $12,500 up to $500,000, or any combination thereof. These amounts are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation, may influence your financial advisor's recommendation of this Fund or of any particular share class of the Fund. You should review your financial advisor's compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensation may have influenced your financial advisor's recommendation of this Fund. The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both DWS funds and non-DWS funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform") with the level of revenue sharing payments being based upon sales of both the DWS funds and the non-DWS funds by the financial advisor on the Platform or current assets of both the DWS funds and the non-DWS funds serviced and maintained by the financial advisor on the Platform. As of the date hereof, the Fund has been advised that the Advisor, the Distributor and their affiliates expect that the following firms will receive revenue sharing payments at different points during the coming year as described above: Channel: Broker-Dealers and Financial Advisors A G Edwards & Sons Inc. AIG Advisors Group Ameriprise Cadaret, Grant & Co. Inc. Capital Analyst, Incorporated Citigroup Global Markets, Inc. (dba Smith Barney) Commonwealth Equity Services, LLP (dba Commonwealth Financial Network) First Clearing/Wachovia Securities HD Vest Investment Securities, Inc. ING Group LaSalle Financial Services, Inc. (dba ABN Amro) Linsco/Private Ledger Corp. Marsh Insurance and Investment Company Merrill Lynch, Pierce, Fenner & Smith Inc. Morgan Stanley Oppenheimer & Co., Inc. Pacific Select Distributors Group Raymond James & Associates Raymond James Financial Services RBC Dain Rauscher, Inc 2 Securities America, Inc. UBS Financial Services Wells Fargo Investments, LLC Channel: Cash Product Platform ADP Clearing & Outsourcing Allegheny Investments LTD Bank of New York (Hare & Co.) Bear, Stearns Securities Corp. Brown Brothers Harriman Brown Investment Advisory & Trust Company Cadaret Grant & Co. Chicago Mercantile Exchange Citibank NA D.A. Davidson & Company Deutsche Bank Securities Inc. Deutsche Bank Trust Company Americas Emmett A. Larkin Company Fiduciary Trust Co. - International H.C. Denison Co. Huntleigh Securities Investors Bank & Trust JPMorgan Chase Lincoln Investment Planning Linsco Private Ledger Financial Services Mellon Financial Markets LLC Penson Financial Services Pershing Choice Platform ProFunds Distributors, Inc. Romano Brothers and Company SAMCO Capital Markets (Fund Services, Inc.) Smith Moore & Company State Street Bank & Trust Co. Sungard Institutional Brokerage Inc. US Bancorp UBS Financial Services Inc. William Blair & Company Channel: Third Party Insurance Platforms Acacia National Life Insurance Allmerica Financial Life Insurance Company Allstate Life Insurance Company of New York Ameritas Life Insurance Group American General Life Insurance Company Annuity Investors Life Insurance Company Columbus Life Insurance Company Commonwealth Annuity and Life Insurance Company Companion Life Insurance Company Connecticut General Life Insurance Company Farmers New World Life Insurance Company Fidelity Security Life Insurance Company First Allmerica Financial Life Insurance Company Genworth Life Insurance Company of New York Genworth Life and Annuity Insurance Company Great West Life and Annuity Insurance Company Hartford Life Insurance Company 3 ICMG Registered Variable Life Integrity Life Insurance Company John Hancock Life Insurance companies Kemper Investors Life Insurance Company Lincoln Benefit Life Insurance Company Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Massachusetts Mutual Life Insurance Group MetLife Group Minnesota Life Insurance Company Mutual of America Life Insurance Company National Life Insurance Company National Integrity Life Insurance Company Nationwide Group New York Life Insurance and Annuity Corporation Phoenix Life Insurance Company Protective Life Insurance Provident Mutual Life Insurance Prudential Insurance Company of America Sun Life GroupSymetra Life Insurance Company Transamerica Life Insurance Company Union Central Life Insurance Company United of Omaha Life Insurance Company United Investors Life Insurance Company Western Southern Life Assurance Company Any additions, modifications or deletions to the financial advisors identified above that have occurred since the date hereof are not reflected. The Advisor, the Distributor or their affiliates may enter into additional revenue sharing arrangements or change or discontinue existing arrangements with financial advisors at any time without notice. The prospect of receiving, or the receipt of additional compensation or promotional incentives described above by financial advisors may provide such financial advisors and/or their salespersons with an incentive to favor sales of shares of the DWS Funds or a particular DWS Fund over sales of shares of mutual funds (or non-mutual fund investments) with respect to which the financial advisor does not receive additional compensation or promotional incentives, or receives lower levels of additional compensation or promotional incentives. Similarly, financial advisors may receive different compensation or incentives that may influence their recommendation of any particular share class of the Fund or of other funds. These payment arrangements, however, will not change the price that an investor pays for Fund shares or the amount that the Fund receives to invest on behalf of an investor and will not increase Fund expenses. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your financial advisor and review your financial advisor's disclosures. Please Retain This Supplement for Future Reference August 8, 2007 4