497 1 sp041307mega.txt PROSPECTUS STICKER SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS --------------
DWS Balanced Fund DWS Europe Equity Fund DWS Managed Municipal Bond Fund DWS Blue Chip Fund DWS Global Bond Fund DWS Massachusetts Tax-Free Fund DWS California Tax-Free Income Fund DWS Global Opportunities Fund DWS Micro Cap Fund DWS Capital Growth Fund DWS Global Thematic Fund DWS Mid Cap Growth Fund DWS Commodity Securities Fund DWS GNMA Fund DWS Moderate Allocation Fund DWS Communications Fund DWS Gold & Precious Metals Fund DWS New York Tax-Free Income Fund DWS Conservative Allocation Fund DWS Growth & Income Fund DWS Pacific Opportunities Equity Fund DWS Core Fixed Income Fund DWS Growth Allocation Fund DWS RREEF Global Real Estate Securities Fund DWS Core Plus Allocation Fund DWS Growth Plus Allocation Fund DWS RREEF Real Estate Securities Fund DWS Core Plus Income Fund DWS Health Care Fund DWS S&P 500 Index Fund DWS Disciplined Long/Short Growth Fund DWS High Income Fund DWS Short Duration Fund DWS Disciplined Long/Short Value Fund DWS High Income Plus Fund DWS Short Duration Plus Fund DWS Disciplined Market Neutral Fund DWS High Yield Tax Free Fund DWS Short Term Bond Fund DWS Dreman Concentrated Value Fund DWS Inflation Protected Plus Fund DWS Short-Term Municipal Bond Fund DWS Dreman High Return Equity Fund DWS Intermediate Tax/AMT Free Fund DWS Small Cap Core Fund DWS Dreman Mid Cap Value Fund DWS International Equity Fund DWS Small Cap Growth Fund DWS Dreman Small Cap Value Fund DWS International Fund DWS Small Cap Value Fund DWS EAFE(R) Equity Index Fund DWS International Select Equity Fund DWS Strategic Income Fund DWS Emerging Markets Equity Fund DWS International Value Opportunities Fund DWS Technology Fund DWS Emerging Markets Fixed Income Fund DWS Japan Equity Fund DWS U.S. Bond Index Fund DWS Enhanced S&P 500 Index Fund DWS Large Cap Value Fund DWS U.S. Government Securities Fund DWS Equity 500 Index Fund DWS Large Company Growth Fund DWS Value Builder Fund DWS Equity Income Fund DWS Latin America Equity Fund DWS Equity Partners Fund DWS Lifecycle Long Range Fund
-------------------------------------------------------------------------------- The following information replaces similar disclosure under "Redemption fees" in the "Policies You Should Know About" section of each fund's prospectuses: The redemption fee will not be charged in connection with the following exchange or redemption transactions: (i) transactions on behalf of participants in certain research wrap programs; (ii) transactions on behalf of participants in certain group retirement plans and financial intermediaries whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (iii) transactions on behalf of a shareholder to return any excess IRA contributions to the shareholder; (iv) transactions on behalf of a shareholder to effect a required minimum distribution on an IRA; (v) transactions on behalf of any mutual fund advised by the Advisor and its affiliates (e.g., "funds of funds") or, in the case of a master/feeder relationship, redemptions by the feeder fund from the master portfolio; (vi) transactions on behalf of certain unaffiliated mutual funds operating as funds of funds; (vii) transactions following death or disability of any registered shareholder, beneficial owner or grantor of a living trust with respect to shares purchased before death or disability; (viii) transactions involving hardship of any registered shareholder; (ix) systematic transactions with predefined trade dates for purchases, exchanges or redemptions, such as automatic account rebalancing, or loan origination and repayments; (x) transactions involving shares purchased through the reinvestment of dividends or other distributions; (xi) transactions involving shares transferred from another account in the same fund or converted from another class of the same fund (e.g., shares converting from Class B to Class A) (the redemption fee period will carry over to the acquired shares); (xii) transactions initiated by the fund or administrator (e.g., redemptions for not meeting account minimums, to pay account fees funded by share redemptions, or in the event of the liquidation or merger of the fund); (xiii) transactions in cases when there are legal or contractual limitations or restrictions on the imposition of the redemption fee (as determined by the fund or its agents in their sole discretion); or (xiv) for DWS Massachusetts Tax-Free Fund, DWS Short Term Bond Fund and DWS Intermediate Tax/AMT Free Fund only: checkwriting transactions in these funds. The policy of the DWS funds is to permit transactions on behalf of fund platform providers without the imposition of a redemption fee if such fund platform providers are able to implement trade block policies in which the period of time covered by the trade block is equal to or greater than the relevant redemption fee holding period for the DWS fund. Please Retain This Supplement for Future Reference. [Logo]DWS April 13, 2007 SCUDDER DMF-3636 Deutsche Bank Group