497 1 ss050106mega.txt SAI STICKER Supplement to the currently effective Statement of Additional Information of each of the listed funds: --------------------------------------------------------------------------------
Cash Account Trust DWS Global Thematic Fund DWS Short Duration Plus Fund Government & Agency Securities DWS GNMA Fund DWS Short-Term Municipal Bond Fund Portfolio DWS Gold & Precious Metals Fund DWS Small Cap Core Fund Money Market Portfolio DWS Government & Agency Money Fund DWS Small Cap Growth Fund Tax-Exempt Portfolio DWS Growth & Income Fund DWS Small Cap Value Fund Cash Reserve Fund DWS Growth Allocation Fund DWS Strategic Income Fund Prime Series DWS Growth Plus Allocation Fund DWS Target 2006 Fund Tax-Free Series DWS Health Care Fund DWS Target 2008 Fund Treasury Series DWS High Income Fund DWS Target 2010 Fund Daily Assets Fund Institutional DWS High Income Plus Fund DWS Target 2011 Fund DWS Balanced Fund DWS High Yield Tax Free Fund DWS Target 2012 Fund DWS Blue Chip Fund DWS Inflation Protected Plus Fund DWS Target 2013 Fund DWS California Tax Free Income Fund DWS Intermediate Tax/AMT Free Fund DWS Target 2014 Fund DWS Capital Growth Fund DWS International Equity Fund DWS Tax Free Money Fund DWS Cash Investment Trust DWS International Fund DWS Tax-Exempt Money Fund DWS Commodity Securities Fund DWS International Select Equity Fund DWS Technology Fund DWS Conservative Allocation Fund DWS Japan Equity Fund DWS U.S. Government Securities Fund DWS Core Fixed Income Fund DWS Large Cap Value Fund DWS U.S. Treasury Money Fund DWS Dreman Concentrated Value Fund DWS Large Company Growth Fund DWS Value Builder Fund DWS Dreman Financial Services Fund DWS Latin America Equity Fund Investors Cash Trust DWS Dreman High Return Equity Fund DWS Lifecycle Long Range Fund Government & Agency Securities Portfolio DWS Dreman Mid Cap Value Fund DWS Managed Municipal Bond Fund Treasury Portfolio DWS Dreman Small Cap Value Fund DWS Massachusetts Tax-Free Fund Investors Municipal Cash Fund DWS Emerging Markets Equity Fund DWS Micro Cap Fund Investors Florida Municipal Cash Fund DWS Emerging Markets Fixed Income Fund DWS Mid Cap Growth Fund Investors Michigan Municipal Cash Fund DWS Enhanced S&P 500 Index Fund DWS Moderate Allocation Fund Investors New Jersey Municipal Cash Fund DWS Equity Income Fund DWS Money Market Fund Investors Pennsylvania Municipal Cash DWS Equity Partners Fund DWS Money Market Series Fund DWS Europe Equity Fund DWS New York Tax-Free Income Fund Tax-Exempt New York Money Market Fund DWS Global Bond Fund DWS Pacific Opportunities Equity Fund Tax Exempt California Money Market Fund DWS Global Opportunities Fund DWS Short Duration Fund
The following replaces similar disclosure in the "Portfolio Holdings Information" section of each of the above-referenced fund's Statement of Additional Information: In addition to the public disclosure of fund portfolio holdings through required Securities and Exchange Commission ("SEC") quarterly filings, the fund may make its portfolio holdings information publicly available on the DWS Funds Web site as described in each fund's prospectus. Each fund does not disseminate non-public information about portfolio holdings except in accordance with policies and procedures adopted by the fund. Each fund's procedures permit non-public portfolio holdings information to be shared with Deutsche Asset Management, Inc. and its affiliates (collectively "DeAM"), subadvisors, if any, custodians, independent registered public accounting firms, securities lending agents, financial printers, proxy voting firms and other service providers to a fund who require access to this information to fulfill their duties to a fund, subject to the requirements described below. This non-public information may also be disclosed to certain mutual fund analysts and rating and tracking agencies, to shareholders in connection with in-kind redemptions, or to other entities if a fund has a legitimate business purpose in providing the information, subject to the requirements described below. ONE GLOBAL FORCE. ONE FOCUS. YOU. [DWS SCUDDER Logo] Deutsche Bank Group Prior to any disclosure of a fund's non-public portfolio holdings information to the foregoing types of entities or persons, a person authorized by a fund's Trustees/Directors must make a good faith determination in light of the facts then known that a fund has a legitimate business purpose for providing the information, that the disclosure is in the best interest of a fund, and that the recipient assents or otherwise has a duty to keep the information confidential and to not trade based on the information received while the information remains non-public. No compensation is received by a fund or DeAM for disclosing non-public holdings information. Periodic reports regarding these procedures will be provided to a fund's Trustees/Directors. Portfolio holdings information distributed by the trading desks of DeAM or a subadvisor for the purpose of facilitating efficient trading of such securities and receipt of relevant research is not subject to the foregoing requirements. Non-public portfolio holding information does not include portfolio characteristics (other than holdings or subsets of holdings) about each fund and information derived therefrom, including, but not limited to, how each fund's investments are divided among various sectors, industries, countries, value and growth stocks, bonds, currencies and cash, types of bonds, bond maturities, duration, bond coupons and bond credit quality ratings so long as a fund's holdings could not be derived from such information. Registered investment companies that are subadvised by DeAM may be subject to different portfolio holdings disclosure policies, and neither DeAM nor a fund's Trustees/Directors exercise control over such policies. In addition, separate account clients of DeAM have access to their portfolio holdings and are not subject to a fund's portfolio holdings disclosure policy. The portfolio holdings of some of the funds subadvised by DeAM and some of the separate accounts managed by DeAM may substantially overlap with the portfolio holdings of a fund. DeAM also manages certain unregistered commingled trusts and creates model portfolios, the portfolio holdings of which may substantially overlap with the portfolio holdings of a fund. To the extent that investors in these commingled trusts or recipients of model portfolio holdings information may receive portfolio holdings information of their trust or of a model portfolio on a different basis from that on which fund portfolio holdings information is made public, DeAM has implemented procedures reasonably designed to encourage such investors and recipients to keep such information confidential, and to prevent those investors from trading on the basis of non-public holdings information. There is no assurance that a fund's policies and procedures with respect to the disclosure of portfolio holdings information will protect a fund from the potential misuse of portfolio holdings information by those in possession of that information. Please Retain This Supplement for Future Reference May 1, 2006 2