-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JNNxJIO4MQQwDMZe7c1bpgIupvDek+pNFjBaBLTM92kBtbBKHTiTg+Slwkd9YQu7 uiKBbrE2KdJjKMR4vmXbSw== 0000088053-08-000394.txt : 20080403 0000088053-08-000394.hdr.sgml : 20080403 20080403172019 ACCESSION NUMBER: 0000088053-08-000394 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080403 DATE AS OF CHANGE: 20080403 EFFECTIVENESS DATE: 20080403 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS VALUE SERIES, INC CENTRAL INDEX KEY: 0000825062 IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-18477 FILM NUMBER: 08738376 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER VALUE SERIES INC DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE SERIES INC DATE OF NAME CHANGE: 19990119 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER VALUE FUND INC DATE OF NAME CHANGE: 19970722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS TECHNOLOGY FUND CENTRAL INDEX KEY: 0000096790 IRS NUMBER: 366051878 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-10668 FILM NUMBER: 08738377 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER TECHNOLOGY FUND DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER TECHNOLOGY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: TECHNOLOGY FUND INC DATE OF NAME CHANGE: 19870120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STRATEGIC GOVERNMENT SECURITIES FUND CENTRAL INDEX KEY: 0000202163 IRS NUMBER: 163060398 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-57937 FILM NUMBER: 08738380 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: DWS U.S. GOVERNMENT SECURITIES FUND DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER U S GOVERNMENT SECURITIES FUND DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER U S GOVERNMENT SECURITIES FUND DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STATE TAX-FREE INCOME SERIES CENTRAL INDEX KEY: 0000714287 IRS NUMBER: 363221104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-81549 FILM NUMBER: 08738381 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER STATE TAX-FREE INCOME SERIES DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER STATE TAX FREE INCOME SERIES DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19900815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH ACCOUNT TRUST CENTRAL INDEX KEY: 0000858372 IRS NUMBER: 371259201 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-32476 FILM NUMBER: 08738382 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS BALANCED FUND CENTRAL INDEX KEY: 0000095603 IRS NUMBER: 366103490 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-21789 FILM NUMBER: 08738386 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER TOTAL RETURN FUND DATE OF NAME CHANGE: 20010614 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER TOTAL RETURN FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER TOTAL RETURN FUND INC DATE OF NAME CHANGE: 19871206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS CASH TRUST CENTRAL INDEX KEY: 0000863209 IRS NUMBER: 363708479 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-34645 FILM NUMBER: 08738388 BUSINESS ADDRESS: STREET 1: 345 PARK PLACE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK PLACE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS HIGH INCOME SERIES CENTRAL INDEX KEY: 0000225528 IRS NUMBER: 362955386 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-60330 FILM NUMBER: 08738383 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER HIGH INCOME SERIES DATE OF NAME CHANGE: 20030404 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER HIGH YIELD SERIES DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER HIGH YIELD SERIES DATE OF NAME CHANGE: 19971020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS BLUE CHIP FUND CENTRAL INDEX KEY: 0000823342 IRS NUMBER: 363542349 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-17777 FILM NUMBER: 08738385 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER BLUE CHIP FUND DATE OF NAME CHANGE: 20010614 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER BLUE CHIP FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAX-EXEMPT CALIFORNIA MONEY MARKET FUND CENTRAL INDEX KEY: 0000811911 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-12938 FILM NUMBER: 08738387 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: TAX EXEMPT CALIFORNIA MONEY MARKET FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS STRATEGIC INCOME FUND CENTRAL INDEX KEY: 0000216314 IRS NUMBER: 362921989 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-58921 FILM NUMBER: 08738379 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER STRATEGIC INCOME FUND DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER DIVERSIFIED INCOME FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER OPTION INCOME FUND DATE OF NAME CHANGE: 19890622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS TARGET FUND CENTRAL INDEX KEY: 0000854905 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-30876 FILM NUMBER: 08738378 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER TARGET FUND DATE OF NAME CHANGE: 20020220 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER TARGET EQUITY FUND DATE OF NAME CHANGE: 20010625 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER TARGET EQUITY FUND DATE OF NAME CHANGE: 19940912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS MONEY FUNDS CENTRAL INDEX KEY: 0000055189 IRS NUMBER: 362809723 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-51992 FILM NUMBER: 08738389 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER MONEY FUNDS DATE OF NAME CHANGE: 20020410 FORMER COMPANY: FORMER CONFORMED NAME: ZURICH MONEY FUNDS DATE OF NAME CHANGE: 19970708 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER MONEY FUNDS DATE OF NAME CHANGE: 19960410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS EQUITY TRUST CENTRAL INDEX KEY: 0001052427 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-43815 FILM NUMBER: 08738384 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER EQUITY TRUST/IL DATE OF NAME CHANGE: 20010726 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER EQUITY TRUST DATE OF NAME CHANGE: 19980106 0000055189 S000006073 DWS Money Market Prime Series C000016691 DWS Money Market Fund KMMXX C000035161 DWS Cash Investment Trust - Class A C000035162 DWS Cash Investment Trust - Class B C000035163 DWS Cash Investment Trust - Class C C000035164 DWS Cash Investment Trust - Class S 0000095603 S000006138 DWS Balanced Fund C000016894 Class A KTRAX C000016896 Class B KTRBX C000016897 Class C KTRCX C000016899 Class S KTRSX C000016900 Institutional Class KTRIX 0000096790 S000006136 DWS Technology Fund C000016884 Class A KTCAX C000016886 Class B KTCBX C000016887 Class C KTCCX C000016888 Class S KTCSX C000016889 Institutional Class KTCIX 0000202163 S000006139 DWS STRATEGIC GOVERNMENT SECURITIES FUND C000016901 Class A KUSAX C000016902 Class B KUSBX C000016903 Class C KUSCX C000016905 Institutional Class KUSIX C000035542 Class S 0000216314 S000006114 DWS Strategic Income Fund C000016828 Class A KSTAX C000016829 Class B KSTBX C000016830 Class C KSTCX C000016831 Class S KSTSX 0000225528 S000005947 DWS High Income Fund C000016398 Class A KHYAX C000016399 Class B KHYBX C000016400 Class C KHYCX C000016401 Institutional Class KHYIX 0000714287 S000006111 DWS California Tax-Free Income Fund C000016814 Class A KCTAX C000016815 Class B KCTBX C000016816 Class C KCTCX C000016817 Class S SDCSX 0000714287 S000006112 DWS New York Tax-Free Income Fund C000016818 Class A KNTAX C000016819 Class B KNTBX C000016820 Class C KNTCX C000016821 Class S SNWYX 0000811911 S000006315 TAX-EXEMPT CALIFORNIA MONEY MARKET FUND C000017380 TAX-EXEMPT CALIFORNIA MONEY MARKET FUND 0000823342 S000005741 DWS Blue Chip Fund C000015761 Class A KBCAX C000015762 Class B KBCBX C000015763 Class C KBCCX C000015764 Class S KBCSX C000015765 Institutional Class KBCIX 0000825062 S000006144 DWS Large Cap Value Fund C000016920 Class A KDCAX C000016922 Class B KDCBX C000016923 Class C KDCCX C000016925 Class S KDCSX C000016926 Institutional Class KDCIX 0000825062 S000006145 DWS Dreman Concentrated Value Fund C000016927 Class A LOPEX C000016928 Class B LOPBX C000016929 Class C LOPCX C000016930 Institutional Class LOPIX 0000825062 S000006146 DWS Dreman High Return Equity Fund C000016932 Class A KDHAX C000016933 Class B KDHBX C000016934 Class C KDHCX C000016935 Class R KDHRX C000016936 Class S KDHSX C000016937 Institutional Class KDHIX 0000825062 S000006149 DWS Dreman Mid Cap Value Fund C000016946 Class A MIDVX C000016947 Class B MIDYX C000016948 Class C MIDZX C000016949 Class S MIDTX C000016950 Institutional Class MIDIX 0000825062 S000006150 DWS Dreman Small Cap Value Fund C000016952 Class A KDSAX C000016953 Class B KDSBX C000016954 Class C KDSCX C000016956 Class S KDSSX C000016957 Institutional Class KDSIX 0000854905 S000006123 DWS Target 2008 Fund C000016850 DWS Target 2008 Fund KRFGX 0000854905 S000006124 DWS Target 2010 Fund C000016851 Scudder Target 2010 Fund KRFAX 0000854905 S000006125 DWS Target 2011 Fund C000016852 Scudder Target 2011 Fund KRFBX 0000854905 S000006126 DWS Target 2012 Fund C000016853 Scudder Target 2012 Fund KRFCX 0000854905 S000006127 DWS Target 2013 Fund C000016854 Scudder Target 2013 Fund KRFDX 0000854905 S000006128 DWS Target 2014 Fund C000016855 Scudder Target 2014 Fund KRFEX 0000854905 S000017805 DWS LifeCompass Protect Fund C000049324 Class A C000049325 Class C C000049326 Class S C000049327 Institutional Class 0000854905 S000017806 DWS LifeCompass Income Fund C000049328 Class A C000049329 Class C C000049330 Class S C000049331 Institutional Class 0000858372 S000006301 Government & Agency Securities Portfolio C000017333 Premier Money Market Shares C000017334 Service Shares C000017335 Capital Assets Funds Shares C000017336 Davidson Cash Equivalent Shares C000017337 Davidson Cash Equivalent Plus Shares C000035155 DWS Government & Agency Money Fund C000035156 DWS Government Cash Institutional Shares C000035157 Government Cash Managed Shares 0000858372 S000006302 Money Market Portfolio C000017338 Capital Assets Funds Shares C000017339 Capital Assets Funds Preferred Shares C000017340 Institutional Money Market Shares C000017341 Premier Money Market Shares C000017342 Service Shares C000017343 Davidson Cash Equivalent Plus Shares C000017344 Institutional Select Money Market Shares C000019814 Premium Reserve Money Market Shares C000019815 Davidson Cash Equivalent Shares 0000858372 S000006303 Tax-Exempt Portfolio C000017345 Capital Assets Funds Shares C000017346 Davidson Cash Equivalent Shares C000017347 Premier Money Market Shares C000017348 DWS Tax-Exempt Cash Institutional Shares C000017349 Service Shares C000017350 Tax-Exempt Cash Managed Shares C000035158 DWS Tax-Exempt Money Fund C000035159 DWS Tax-Free Money Fund Class S C000035160 Tax-Free Investment Class 0000863209 S000006308 Treasury Portfolio C000017364 Premier Money Market Shares C000017365 Institutional Class C000035153 DWS U.S. Treasury Money Fund Class S C000035154 Investment Class 0001052427 S000012892 DWS Core Plus Allocation Fund C000034853 Class A C000034854 Class C C000034855 Class S C000034856 Institutional Class 0001052427 S000013772 DWS Disciplined Market Neutral Fund C000037761 Class A C000037763 Class C C000037764 Institutional Class C000037765 Class S 0001052427 S000014370 DWS Disciplined Long/Short Growth Fund C000039055 Class A C000039056 Class C C000039057 Class S C000039058 Institutional Class 0001052427 S000014371 DWS Disciplined Long/Short Value Fund C000039059 Class A C000039060 Class C C000039061 Class S C000039062 Institutional Class 0001052427 S000018311 DWS Alternative Asset Allocation Plus Fund C000050509 Class A C000050510 Class C C000050511 Class S C000050512 Institutional Class 497 1 boardchicago.htm SAI STICKER

SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION FOR EACH OF THE LISTED FUNDS

 

 

Cash Account Trust

DWS Strategic Government Securities Fund

Government & Agency Securities Portfolio

DWS Strategic Income Fund

Money Market Portfolio

DWS Target Fund

Tax-Exempt Portfolio

DWS LifeCompass Income Fund

Investors Cash Trust

DWS LifeCompass Protect Fund

Treasury Portfolio

DWS Target 2008 Fund

Tax-Exempt California Money Market Fund

DWS Target 2010 Fund

DWS Balanced Fund

DWS Target 2011 Fund

DWS Blue Chip Fund

DWS Target 2012 Fund

DWS Equity Trust

DWS Target 2013 Fund

DWS Alternative Asset Allocation Plus Fund

DWS Target 2014 Fund

DWS Core Plus Allocation Fund

DWS Technology Fund

DWS Disciplined Long/Short Growth Fund

DWS Value Series, Inc.

DWS Disciplined Long/Short Value Fund

DWS Dreman Concentrated Value Fund

DWS Disciplined Market Neutral Fund

DWS Dreman High Return Equity Fund

DWS High Income Series

DWS Dreman Mid Cap Value Fund

DWS High Income Fund

DWS Dreman Small Cap Value Fund

DWS Money Funds

DWS Large Cap Value Fund

DWS Money Market Prime Series

 

DWS State Tax-Free Trust

 

DWS California Tax-Free Income Fund

 

DWS New York Tax-Free Income Fund

 

 

 

Shareholders of the funds listed above recently elected Board Members and certain of the funds listed above approved: (1) an amended and restated investment management agreement with Deutsche Investment Management Americas Inc. (the -Advisor-); (2) a subadviser approval policy; and (3) the revision and/or removal of certain fundamental investment policies.

Board Members

For all funds the following replaces the relevant disclosure with respect to the Board under Trustees and Officers or Directors and Officers, as applicable:

The following table presents certain information regarding the Board Members of the Funds. Each Board Member-s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Board Member that is not an -interested person- (as defined in the 1940 Act) of the Funds or the Advisor (each, an -Independent Board Member-), is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. The term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Funds. Because the Funds do not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the DWS fund complex.

Independent Board Members

 

Name, Year of Birth, Position with the Funds and Length of Time Served(1)

Business Experience and
Directorships During the Past 5 Years

Number of Funds in DWS Fund Complex Overseen

Dawn-Marie Driscoll (1946)
Chairperson since 2004,(2) and Board Member since 1987

President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley College; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene-s (1978-1988). Directorships: Trustee of 8 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley College; Trustee, Southwest Florida Community Foundation (charitable organization); Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)

135

Paul K. Freeman

(1950)
Vice Chairperson since 2008, and Board Member since 1993

Consultant, World Bank/Inter-American Development Bank; formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)

133

John W. Ballantine (1946)
Board Member since 1999

Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank

135

Henry P. Becton, Jr. (1943)
Board Member since
1990

Vice Chair, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Becton Dickinson and Company(3) (medical technology company); Belo Corporation(3) (media company); Boston Museum of Science; Public Radio International. Former Directorships: American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service

135

Keith R. Fox (1954)
Board Member since
1996

Managing General Partner, Exeter Capital Partners (a series of private equity funds). Directorships: Progressive Holding Corporation (kitchen goods importer and distributor); Natural History, Inc. (magazine publisher); Box Top Media Inc. (advertising); The Kennel Shop (retailer)

135

Kenneth C. Froewiss
(1945)
Board Member since
2001

Clinical Professor of Finance, NYU Stern School of Business (1997-present); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)

135

 

 

Richard J. Herring
(1946)
Board Member since
1990

Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)

135

William McClayton (1944)
Board Member since 2004

Chief Administrative Officer, Diamond Management & Technology Consultants, Inc. (global management consulting firm) (2001-present); formerly, Senior Partner, Arthur Andersen LLP (accounting) (1966-2001). Directorship: Board of Managers, YMCA of Metropolitan Chicago. Formerly Trustee, Ravinia Festival

135

Rebecca W. Rimel
(1951)
Board Member since
1995

President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001 to present). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983 to 2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care(3) (January 2007-June 2007)

135

William N. Searcy, Jr.
(1946)
Board Member since
1993

Private investor since October 2003; Trustee of 8 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation(3) (telecommunications) (November 1989-September 2003)

135

Jean Gleason Stromberg
(1943)
Board Member since
1997

Retired. Formerly, Consultant (1997-2001); Director, US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; Service Source, Inc. Former Directorships: Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)

135

Robert H. Wadsworth (1940)
Board Member since 1999

President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present).

138

Interested Board Member

 

Name, Year of Birth, Position with the Funds and Length of Time Served(1)

Business Experience and
Directorships During the Past 5 Years

Number of Funds in DWS Fund Complex Overseen

Axel Schwarzer(4)
(1958)
Board Member since
2006

Managing Director(5), Deutsche Asset Management; Head of Deutsche Asset Management Americas; CEO of DWS Scudder; formerly, board member of DWS Investments, Germany (1999-2005); formerly, Head of Sales and Product Management for the Retail and Private Banking Division of Deutsche Bank in Germany (1997-1999); formerly, various strategic and operational positions for Deutsche Bank Germany Retail and Private Banking Division in the field of investment funds, tax driven instruments and asset management for corporates (1989-1996)

135

 

Officers(6)

 

Name, Year of Birth, Position with the Funds and Length of Time Served(7)

Business Experience and
Directorships During the Past 5 Years

Michael G. Clark(8) (1965)
President, 2006-present

Managing Director(5), Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)

John Millette(9) (1962)
Vice President and Secretary, 1999-present

Director(5), Deutsche Asset Management

Paul H. Schubert(8) (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present

Managing Director(5), Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)

Patricia DeFilippis(8) (1963)
Assistant Secretary, 2005-present

Vice President, Deutsche Asset Management (since June 2005); formerly, Counsel, New York Life Investment Management LLC (2003-2005); legal associate, Lord, Abbett & Co. LLC (1998-2003)

Elisa D. Metzger(8) (1962)
Assistant Secretary, 2005-present

Director(5), Deutsche Asset Management (since September 2005); formerly, Counsel, Morrison and Foerster LLP (1999-2005)

Caroline Pearson(9) (1962)
Assistant Secretary, 1997-present

Managing Director(5), Deutsche Asset Management

Paul Antosca(9)
(1957)
Assistant Treasurer, 2007-present

Director(5), Deutsche Asset Management (since 2006); formerly, Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)

Jack Clark (9)

(1967)

Assistant Treasurer,

2007-present

Director(5), Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)

Kathleen Sullivan D-Eramo(9)
(1957)
Assistant Treasurer, 2003-present

Director(5), Deutsche Asset Management

Diane Kenneally(9)

(1966)

Assistant Treasurer,

2007-present

Director(5), Deutsche Asset Management

Jason Vazquez(8) (1972)
Anti-Money Laundering Compliance Officer, 2007-present

Vice President, Deutsche Asset Management (since 2006); formerly, AML Operations Manager for Bear Stearns (2004-2006), Supervising Compliance Principal and Operations Manager for AXA Financial (1999-2004)

 

 

Robert Kloby(8) (1962)
Chief Compliance Officer, 2006-present

Managing Director(5), Deutsche Asset Management (2004-present); formerly, Chief Compliance Officer/Chief Risk Officer, Robeco USA (2000-2004); Vice President, The Prudential Insurance Company of America (1988-2000); E.F. Hutton and Company (1984-1988)

J. Christopher Jackson(8)

(1951)
Chief Legal Officer, 2006-present

Director(5), Deutsche Asset Management (2006-present); formerly, Director, Senior Vice President, General Counsel, and Assistant Secretary, Hansberger Global Investors, Inc. (1996-2006); Director, National Society of Compliance Professionals (2002-2005)(2006-2009)
 

(1)

The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
   

(2)

Represents the year in which Ms. Driscoll was first appointed Chairperson of certain DWS funds.
   

(3)

A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
   

(4)

The mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas Inc., 345 Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board Member by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Schwarzer receives no compensation from the Funds.
   

(5)

Executive title, not a board directorship.
   

(6)

As a result of their respective positions held with the Advisor, these individuals are considered -interested persons- of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.
   

(7)

The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
   

(8)

Address: 345 Park Avenue, New York, New York 10154.
   

(9)

Address: Two International Place, Boston, Massachusetts 02110.

Certain officers hold similar positions for other investment companies for which the Advisor or an affiliate serves as the advisor.

Officer-s Role with Principal Underwriter: DWS Scudder Distributors, Inc.

 

Paul H. Schubert:

Vice President

Caroline Pearson:

Secretary

Board Members- Responsibilities. The officers of the Funds manage its day-to-day operations under the direction of the Board. The primary responsibility of the Board is to represent the interests of the Funds and to provide oversight of the management of the Funds.

Board Committees. The Board has established the following standing committees: Audit Committee, Nominating and Governance Committee, Contract Committee, Equity Oversight Committee, Fixed-Income and Quant Oversight Committee, Marketing and Shareholder Services Committee, and Operations Committee. For each committee, the Board has adopted a written charter setting forth each committee-s responsibilities. Each committee was reconstituted effective April 1, 2008.

Audit Committee: The Audit Committee, which consists entirely of Independent Board Members, assists the Board in fulfilling its responsibility for oversight of (1) the integrity of the financial statements, (2) the Funds- accounting and financial reporting policies and procedures, (3) the Funds- compliance with legal and regulatory requirements related to accounting and financial reporting and (4) the qualifications, independence and performance of the independent registered public accounting firm for the Funds. It also approves and recommends to the Board the appointment, retention or termination of the independent registered public accounting firm for the Funds, reviews the scope of audit and internal controls, considers and reports to the Board on matters relating to the Funds- accounting and financial reporting practices, and performs such other tasks as the full Board deems necessary or appropriate. The Audit Committee receives annual representations from the independent registered public accounting firm as to its independence. The members of the Audit Committee are William McClayton (Chair), Kenneth C. Froewiss (Vice Chair), John W. Ballantine, Henry P. Becton, Jr., Keith R. Fox and William N. Searcy, Jr. During the calendar year 2007, the Audit Committee of the Funds- Board held eight (8) meetings.

Nominating and Governance Committee: The Nominating and Governance Committee, which consists entirely of Independent Board Members, recommends individuals for membership on the Board, nominates officers, board and committee chairs, vice chairs and committee members, and oversees the operations of the Board. The Nominating and Governance Committee also reviews recommendations by shareholders for candidates for Board positions. Shareholders may recommend candidates for Board positions by forwarding their correspondence by US mail or courier service to Dawn-Marie Driscoll, P.O. Box 100176, Cape Coral, FL 33904. The members of the Nominating and Governance Committee are Henry P. Becton, Jr. (Chair), Rebecca W. Rimel (Vice Chair), Paul K. Freeman and William McClayton. During the calendar year 2007, the Nominating and Governance Committee of the Funds- Board performed similar functions and held six (6) meetings.

Contract Committee: The Contract Committee, which consists entirely of Independent Board Members, reviews at least annually, (a) the Funds- financial arrangements with DIMA and its affiliates, and (b) the Funds- expense ratios. The members of the Contract Committee are Robert H. Wadsworth (Chair), Keith R. Fox (Vice Chair), Henry P. Becton, Jr., Richard J. Herring, William McClayton and Jean Gleason Stromberg. During the calendar year 2007, the Contract Review Committee of the Funds- Board performed similar functions and held two (2) meetings.

Equity Oversight Committee: The Equity Oversight Committee reviews the investment operations of those Funds that primarily invest in equity securities (except for those funds managed by a quantitative investment team). The members of the Equity Oversight Committee are John W. Ballantine (Chair), William McClayton (Vice Chair), Henry P. Becton, Jr., Keith R. Fox, Richard J. Herring and Rebecca W. Rimel. During the calendar year 2007, the Equity Oversight Committee of the Funds- Board performed similar functions and held five (5) meetings.

Fixed-Income and Quant Oversight Committee: The Fixed-Income and Quant Oversight Committee reviews the investment operations of those Funds that primarily invest in fixed-income securities or are managed by a quantitative investment team. The members of the Fixed-Income and QuantOversight Committee are William N. Searcy, Jr. (Chair), Jean Gleason Stromberg (Vice Chair), Dawn-Marie Driscoll, Paul K. Freeman, Kenneth C. Froewiss and Robert H. Wadsworth. During the calendar year 2007, the Fixed-Income Oversight Committee of the Funds- Board performed similar functions and held five (5) meetings.

Marketing and Shareholder Services Committee: The Marketing and Shareholder Services Committee reviews the Funds- marketing program, sales practices and literature and shareholder services. The members of the Marketing and Shareholder Services Committee are Richard J. Herring (Chair), Dawn-Marie Driscoll (Vice Chair), Paul K. Freeman, Rebecca W. Rimel, Jean Gleason Stromberg and Robert H. Wadsworth. The Marketing and Shareholder Services Committee was newly established effective April 1, 2008.

The Operations Committee: The Operations Committee reviews the administrative operations, legal affairs and general compliance matters of the Funds. The Operations Committee reviews administrative matters related to the operations of the Funds, policies and procedures relating to portfolio transactions, custody arrangements, fidelity bond and insurance arrangements, valuation of Fund assets and securities and such other tasks as the full Board deems necessary or appropriate. The Operations Committee also oversees the valuation of the Funds- securities and other assets and determines, as needed, the fair value of Fund securities or other assets under certain circumstances as described in the Funds- Valuation Procedures. The Operations Committee has appointed a Valuation Sub-Committee, which may make determinations of fair value required when the Operations Committee is not in session. The members of the Operations Committee are Paul K. Freeman (Chair), Dawn-Marie Driscoll (Vice Chair), John W. Ballantine, Kenneth C. Froewiss, Rebecca W. Rimel and William N. Searcy, Jr. The members of the Valuation Sub-Committee are Kenneth C. Froewiss (Chair), John W. Ballantine, Dawn-Marie Driscoll (Alternate), Paul K. Freeman (Alternate), Rebecca W. Rimel (Alternate) and William N. Searcy, Jr. (Alternate). During the calendar year 2007, the Operations Committee, which held six (6) meetings, and Valuation Committee, which held one (1) meeting, except for DWS Blue Chip Fund, DWS Disciplined Market Neutral Fund, DWS High Income Fund and DWS Technology Fund which held two (2) meetings, performed similar functions.

Ad Hoc Committees. In addition to the standing committees described above, from time to time the Board may also form ad hoc committees to consider specific issues.

Remuneration. Each Independent Board Member receives compensation from the Funds for his or her services, which includes an annual retainer and an attendance fee for each meeting attended. No additional compensation is paid to any Independent Board Member for travel time to meetings, attendance at directors' educational seminars or conferences, service on industry or association committees, participation as speakers at directors' conferences or service on special fund industry director task forces or subcommittees. Independent Board Members do not receive any employee benefits such as pension or retirement benefits or health insurance from the Funds or any fund in the DWS fund complex.

Board Members who are officers, directors, employees or stockholders of Deutsche Asset Management (-DeAM-) or its affiliates receive no direct compensation from the Funds, although they are compensated as employees of Deutsche Asset Management, or its affiliates, and as a result may be deemed to participate in fees paid by the Funds. The following tables show compensation from the Funds and aggregate compensation from all of the funds in the DWS fund complex received by each Independent Board Member during the calendar year 2007. Mr. Schwarzer is an interested person of the Funds and received no compensation from the Funds or any fund in the DWS fund complex during the relevant periods.

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

Government &
Agency
Securities Portfolio

 

  

Money
Market Portfolio

 

  

Tax-Exempt
Portfolio

 

  

Treasury
Portfolio

 

John W. Ballantine

 

$7,130

 

$8,470

 

$6,660

 

$3,180

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$8,862

 

$10,460

 

$8,359

 

$4,081

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$6,810

 

$8,080

 

$6,350

 

$3,040

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$6,810

  

$8,080

  

$6,350

  

$3,040

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Alternative
Asset Allocation
Plus Fund

 

  

DWS
Balanced Fund

 

  

DWS Blue
Chip Fund

 

  

DWS California
Tax-Free
Income Fund

 

John W. Ballantine

 

$50

 

$6,340

 

$4,270

 

$4,840

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$85

 

$7,826

 

$5,260

 

$5,979

 

 

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$50

 

$6,050

 

$4,080

 

$4,620

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$50

  

$6,050

  

$4,080

  

$4,620

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Core Plus Allocation Fund

 

  

DWS Disciplined Long/Short
Growth Fund

 

  

DWS Disciplined Long/Short
Value Fund

 

  

DWS Disciplined Market
Neutral Fund

 

John W. Ballantine

 

$1,110

 

$1,070

 

$1,090

 

$1,140

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$1,403

 

$1,319

 

$1,368

 

$1,440

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$1,050

 

$1,020

 

$1,050

 

$1,100

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$1,050

  

$1,020

  

$1,050

  

$1,100

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Dreman Concentrated
Value Fund

 

  

DWS Dreman
High Return
Equity Fund

 

  

DWS Dreman
Mid Cap
Value Fund

 

  

DWS Dreman
Small Cap
Value Fund

 

John W. Ballantine

 

$2,050

 

$11,050

 

$1,980

 

$6,630

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$2,540

 

$13,647

 

$2,448

 

$8,190

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$1,960

 

$10,530

 

$1,890

 

$6,310

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$1,960

  

$10,530

  

$1,890

  

$6,310

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

 

 

Name of Board Member

 

  

DWS High
Income Fund

 

  

DWS Large
Cap Value Fund

 

  

DWS Life
Compass
Income Fund

 

  

DWS Life
Compass
Protect Fund

 

John W. Ballantine

 

$6,680

 

$6,390

 

$0

 

$0

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$8,239

 

$7,870

 

$0

 

$0

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$6,370

 

$6,090

 

$0

 

$0

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$6,370

  

$6,090

  

$0

  

$0

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Money Market Prime Series

 

  

DWS New York Tax-Free
Income Fund

 

  

DWS Strategic Government Securities Fund

 

  

DWS Strategic
Income Fund

 

John W. Ballantine

 

$8,250

 

$3,670

 

$6,830

 

$3,630

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$10,243

 

$4,542

 

$8,424

 

$4,473

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$7,870

 

$3,500

 

$6,510

 

$3,450

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$7,870

  

$3,500

  

$6,510

  

$3,450

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Target
2008 Fund

 

  

DWS Target
2010 Fund

 

  

DWS Target
2011 Fund

 

  

DWS Target
2012 Fund

 

John W. Ballantine

 

$1,280

 

$1,750

 

$2,070

 

$1,910

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$1,580

 

$2,154

 

$2,552

 

$2,345

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$1,230

 

$1,670

 

$1,960

 

$1,810

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

 

 

Robert H. Wadsworth

  

$1,230

  

$1,670

  

$1,960

  

$1,810

 

 

 

  

Aggregate Compensation from Fund/Portfolio

 

Name of Board Member

 

  

DWS Target
2013 Fund

 

  

DWS Target
2014 Fund

 

  

DWS
Technology Fund

 

  

Tax-Exempt
California Money Market Fund

 

John W. Ballantine

 

$1,670

 

$1,690

 

$5,200

 

$2,210

Henry P. Becton, Jr.

  

$0

  

$0

  

$0

  

$0

Dawn-Marie Driscoll

  

$0

  

$0

  

$0

  

$0

Keith R. Fox

  

$0

  

$0

  

$0

  

$0

Paul K. Freeman

 

$2,066

 

$2,090

 

$6,413

 

$2,727

Kenneth C. Froewiss

  

$0

  

$0

  

$0

  

$0

Richard J. Herring

 

$0

 

$0

 

$0

 

$0

William McClayton

 

$1,590

 

$1,610

 

$4,960

 

$2,110

Rebecca W. Rimel

 

$0

 

$0

 

$0

 

$0

William N. Searcy, Jr.

 

$0

 

$0

 

$0

 

$0

Jean Gleason Stromberg

 

$0

 

$0

 

$0

 

$0

Robert H. Wadsworth

  

$1,590

  

$1,610

  

$4,960

  

$2,110

 

 

Name of Board Member

 

  

Total  Compensation  from

Fund  and  DWS Fund  Complex(1)

 

Independent Board Members

  

 

John W. Ballantine

  

$215,000

Henry P. Becton, Jr.(4)

  

$200,000

Dawn-Marie Driscoll(2)(4)

  

$253,000

Keith R. Fox(4)

  

$203,000

Paul K. Freeman(3)

  

$265,000

Kenneth C. Froewiss(4)

  

$200,000

Richard J. Herring(4)

  

$195,000

William McClayton(5)

  

$205,000

Rebecca W. Rimel(4)

  

$194,000

William N. Searcy, Jr.(4)

  

$200,000

Jean Gleason Stromberg(4)

  

$189,000

Robert H. Wadsworth

  

$245,250
 

(1)

The DWS fund complex is composed of 138 funds as of December 31, 2007.
   

(2)

Includes $50,000 in annual retainer fees received by Ms. Driscoll as Chairperson of certain DWS funds.
   

(3)

Includes $25,000 paid to Dr. Freeman for numerous special meetings of an ad hoc committee in connection with board consolidation initiatives and $50,000 in annual retainer fees received by Dr. Freeman as Chairperson of certain DWS funds.
   

(4)

Aggregate compensation includes amounts paid to the Board Members for special meetings of ad hoc committees of the board in connection with the consolidation of the DWS fund boards and various funds, meetings for considering fund expense simplification initiatives, and consideration of issues specific to the
 

Funds- direct shareholders (i.e., those shareholders who did not purchase shares through financial intermediaries). Such amounts totaled $1,000 for Mr. Becton, $1,000 for Ms. Driscoll, $1,000 for Mr. Fox, $1,000 for Mr. Froewiss, $1,000 for Dr. Herring, $5,000 for Ms. Rimel, $1,000 for Mr. Searcy and $1,000 for Ms. Stromberg. These meeting fees were borne by the Advisor.

 

(5)

Does not include $15,000 to be paid to Mr. McClayton in calendar year 2008 for numerous special meetings of an ad hoc committee of the former Chicago Board in connection with board consolidation initiatives.
 

Dr. Freeman, prior to his service as Independent Board Member, served as a board member of certain funds in the Deutsche Bank complex (-DB Funds-). In connection with his resignation and the resignation of certain other board members of the DB Funds on July 30, 2002 (the -Effective Date-), which was part of a restructuring of the boards overseeing the DB Funds, Deutsche Asset Management, Inc. (-DAMI-) agreed to recommend, and, if necessary obtain, directors and officers (-D&O-) liability insurance coverage for the prior board members, including Dr. Freeman, that is at least as equivalent in scope and amount to the D&O coverage provided to the prior board members for the six-year period following the Effective Date. In the event that D&O insurance coverage is not available in the commercial marketplace on commercially reasonable terms from a conventional third party insurer, DeAM reserved the right to provide substantially equivalent protection in the form of an indemnity or financial guarantee from an affiliate of DeAM. The D&O policy in effect prior to the Effective Date provided aggregate coverage of $25,000,000, subject to a $250,000 per claim deductible.

Board Member Ownership

 

Each Board Member owns over $100,000 of shares on an aggregate basis in all DWS funds overseen by the Board as of December 31, 2007. Securities beneficially owned as defined under the 1934 Act include direct and/or indirect ownership of securities where a Board Member-s economic interest is tied to the securities, employment ownership and securities when the Board Member can exert voting power and when the Board Member has authority to sell the securities. The dollar ranges are: None, $1-$10,000, $10,001-$50,000, $50,001-$100,000 and over $100,000.

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

Government &
Agency Securities Portfolio

 

  

Money Market Portfolio

 

  

Tax-Exempt Portfolio

 

  

Treasury Portfolio

 

 

  

Independent Board Members

John W. Ballantine

  

None

  

None

  

None

  

None

Henry P. Becton, Jr.

  

$1 - $10,000

  

None

  

$1 - $10,000

  

$1 - $10,000

Dawn-Marie Driscoll

  

None

  

None

  

$1 - $10,000

  

None

Keith R. Fox

  

None

  

None

  

None

  

None

Paul K. Freeman

  

None

  

None

  

None

  

None

Kenneth C. Froewiss

  

None

  

None

  

None

  

None

Richard J. Herring

  

None

  

None

  

None

  

None

William McClayton

  

None

  

None

  

None

  

None

Rebecca W. Rimel

  

None

  

None

  

None

  

None

William N. Searcy, Jr.

  

$1 - $10,000

  

None

  

None

  

None

Jean Gleason Stromberg

  

None

  

None

  

None

  

None

Robert H. Wadsworth

  

None

  

None

  

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

  

None

  

None

  

None

 

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

DWS Alternative
Asset Allocation
Plus Fund

 

  

DWS
Balanced Fund

 

  

DWS
Blue Chip Fund

 

  

DWS California
Tax-Free
Income Fund

 

 

  

Independent Board Members

John W. Ballantine

  

None

  

None

  

None

  

None

Henry P. Becton, Jr.

  

None

  

$1 - $10,000

  

None

  

$1 - $10,000

Dawn-Marie Driscoll

  

None

  

None

  

None

  

$10,001 - $50,000

Keith R. Fox

  

None

  

None

  

None

  

None

Paul K. Freeman

  

None

  

None

  

None

  

None

Kenneth C. Froewiss

  

$1 - $10,000

  

None

  

$1 - $10,000

  

None

Richard J. Herring

  

None

  

None

  

None

  

None

William McClayton

  

None

  

None

  

None

  

None

Rebecca W. Rimel

  

None

  

$10,001 - $50,000

  

None

  

None

William N. Searcy, Jr.

  

None

  

None

  

None

  

None

Jean Gleason Stromberg

  

$10,001 - $50,000

  

None

  

$1 - $10,000

  

None

Robert H. Wadsworth

  

None

  

None

  

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

  

None

  

None

  

None

 

 

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

DWS Core
Plus Allocation Fund

 

  

DWS Disciplined Long/Short
Growth Fund

 

  

DWS Disciplined Long/Short
Value Fund

 

  

DWS Disciplined Market
Neutral Fund

 

 

  

Independent Board Members

John W. Ballantine

  

None

  

None

  

None

  

None

Henry P. Becton, Jr.

  

$1 - $10,000

  

$1 - $10,000

  

None

  

None

Dawn-Marie Driscoll

  

None

  

None

  

None

  

None

Keith R. Fox

  

None

  

None

  

None

  

None

Paul K. Freeman

  

None

  

None

  

None

  

None

Kenneth C. Froewiss

  

$1 - $10,000

  

None

  

None

  

None

Richard J. Herring

  

None

  

None

  

None

  

$10,001 - $50,000

William McClayton

  

None

  

None

  

None

  

None

Rebecca W. Rimel

  

None

  

None

  

None

  

None

William N. Searcy, Jr.

  

None

  

None

  

None

  

None

Jean Gleason Stromberg

  

None

  

None

  

None

  

None

Robert H. Wadsworth

  

None

  

None

  

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

  

None

  

None

  

None

 

 

 

 

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

 

DWS Dreman
Concentrated
Value Fund

 

  

DWS Dreman
High Return
Equity Fund

 

  

DWS Dreman
Mid Cap
Value Fund

 

  

DWS Dreman
Small Cap
Value Fund

 

 

 

Independent Board Members

John W. Ballantine

 

None

 

Over $100,000

 

None

 

None

Henry P. Becton, Jr.

 

None

 

None

 

$1 - $10,000

 

None

Dawn-Marie Driscoll

 

None

 

None

 

None

 

None

Keith R. Fox

 

None

 

None

 

None

 

None

Paul K. Freeman

 

None

 

$50,001 - $100,000

 

None

 

$1 - $10,000

Kenneth C. Froewiss

 

$1 - $10,000

 

None

 

$1 - $10,000

 

None

Richard J. Herring

 

None

 

None

 

None

 

None

William McClayton

 

None

 

None

 

None

 

None

Rebecca W. Rimel

 

None

 

None

 

None

 

$10,001 - $50,000

William N. Searcy, Jr.

 

None

 

None

 

None

 

None

Jean Gleason Stromberg

 

None

 

None

 

None

 

None

Robert H. Wadsworth

 

None

 

None

 

None

 

None

 

 

Interested Board Member

Axel Schwarzer

 

None

 

None

 

None

 

None

 

 

 

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

 

DWS High
Income Fund

 

  

DWS Large
Cap Value Fund

 

  

DWS Life
Compass
Income Fund

 

  

DWS Life
Compass
Protect Fund

 

 

 

Independent Board Members

John W. Ballantine

 

None

 

$10,001 - $50,000

 

None

 

None

Henry P. Becton, Jr.

 

None

 

$1 - $10,000

 

None

 

None

Dawn-Marie Driscoll

 

None

 

None

 

None

 

None

Keith R. Fox

 

None

 

None

 

None

 

None

Paul K. Freeman

 

$50,001 - $100,000

 

None

 

None

 

None

Kenneth C. Froewiss

 

None

 

None

 

None

 

None

Richard J. Herring

 

None

 

None

 

None

 

None

William McClayton

 

None

 

None

 

None

 

None

Rebecca W. Rimel

 

None

 

None

 

None

 

None

William N. Searcy, Jr.

 

None

 

None

 

None

 

None

Jean Gleason Stromberg

 

None

 

$10,001 - $50,000

 

None

 

None

Robert H. Wadsworth

 

None

 

None

 

None

 

None

 

 

Interested Board Member

Axel Schwarzer

 

None

 

None

 

None

 

None

 

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

DWS Money
Market
Prime Series

 

  

DWS New York
Tax-Free
Income Fund

 

  

DWS Strategic Government
Securities Fund

 

  

DWS Strategic
Income Fund

 

 

  

Independent Board Members

John W. Ballantine

  

None

 

None

 

None

 

None

Henry P. Becton, Jr.

  

$1 - $10,000

  

$1 - $10,000

  

None

  

None

Dawn-Marie Driscoll

  

$1 - $10,000

  

None

  

None

  

None

Keith R. Fox

  

None

  

None

  

None

  

None

Paul K. Freeman

  

$1 - $10,000

  

None

  

None

  

None

Kenneth C. Froewiss

  

None

  

None

  

$1 - $10,000

  

$1 - $10,000

Richard J. Herring

  

None

  

None

  

None

  

None

William McClayton

  

Over $100,000

  

None

  

None

  

None

Rebecca W. Rimel

  

None

  

None

  

None

  

None

William N. Searcy, Jr.

  

None

  

None

  

$1 - $10,000

  

$1 - $10,000

Jean Gleason Stromberg

  

None

  

None

  

$1 - $10,000

  

None

Robert H. Wadsworth

  

$1 - $10,000

  

None

  

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

  

None

  

None

  

None

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

DWS Target
2008 Fund

 

  

DWS Target
2010 Fund

 

  

DWS Target
2011 Fund

 

  

DWS Target
2012 Fund

 

 

  

Independent Board Members

John W. Ballantine

  

None

  

None

  

None

  

None

Henry P. Becton, Jr.

  

None

  

None

  

None

  

None

Dawn-Marie Driscoll

  

None

  

None

  

None

  

None

Keith R. Fox

  

None

  

None

  

None

  

None

Paul K. Freeman

  

None

  

None

  

None

  

None

Kenneth C. Froewiss

  

None

  

None

  

None

  

None

Richard J. Herring

  

None

  

None

  

None

  

None

William McClayton

  

None

  

None

  

None

  

None

Rebecca W. Rimel

  

None

  

None

  

None

  

None

William N. Searcy, Jr.

  

None

  

None

  

None

  

None

Jean Gleason Stromberg

  

None

  

None

  

None

  

None

Robert H. Wadsworth

  

None

  

None

  

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

  

None

  

None

  

None

 

 

 

  

Aggregate Dollar Range of Equity Securities in the Fund/Portfolio

 

Name of Board Member

 

  

DWS Target
2013 Fund

 

  

DWS Target
2014 Fund

 

  

DWS
Technology Fund

 

  

Tax-Exempt
California
Money Market Fund

 

 

  

Independent Board Members

John W. Ballantine

  

None

    

None

    

None

  

None

Henry P. Becton, Jr.

  

None

    

None

    

$1-$10,000

  

None

Dawn-Marie Driscoll

  

None

    

None

    

None

  

$1-$10,000

Keith R. Fox

  

None

    

None

    

None

  

None

Paul K. Freeman

  

None

    

None

    

None

  

None

Kenneth C. Froewiss

  

None

    

None

    

None

  

None

Richard J. Herring

  

None

    

None

    

None

  

None

William McClayton

  

None

    

None

    

None

  

None

Rebecca W. Rimel

  

None

    

None

    

$10,001 - $50,000

  

None

William N. Searcy, Jr.

  

None

    

None

    

None

  

None

Jean Gleason Stromberg

  

None

    

None

    

None

  

None

Robert H. Wadsworth

  

None

    

None

    

None

  

None

 

  

Interested Board Member

Axel Schwarzer

  

None

    

None

    

None

  

None

Investment Management Agreement/Administrative Agreement

DWS Balanced Fund, DWS California Tax-Free Income Fund, DWS High Income Fund, DWS Money Market Prime Series, DWS Strategic Government Securities Fund, DWS Strategic Income Fund, DWS Target 2010 Fund, DWS Target 2011 Fund, DWS Target 2012 Fund, DWS Target 2013 Fund, DWS Technology Fund, Tax-Exempt California Money Market Fund and Treasury Portfolio, a series of Investors Cash Trust:

The following supplements the relevant disclosure underManagement of the Fund:

The Board and the Fund-s shareholders recently approved an amended and restated investment management agreement (the -Investment Management Agreement-) for the Fund. Pursuant to the Investment Management Agreement, the Advisor provides continuing investment management of the Fund-s assets. In addition to the investment management of the Fund-s assets, the Advisor determines the investments to be made for the Fund, including what portion of its assets remain uninvested in cash or cash equivalents, and with whom the orders for investments are placed, consistent with the Fund-s policies as stated in its prospectus and SAI, or as adopted by the Fund-s Board. The Advisor will also monitor, to the extent not monitored by the Fund-s administrator or other agent, the Fund-s compliance with its investment and tax guidelines and other compliance policies.

The Advisor provides assistance to the Fund-s Board in valuing the securities and other instruments held by the Fund, to the extent reasonably required by valuation policies and procedures that may be adopted by the Fund.

Pursuant to the Investment Management Agreement, (unless otherwise provided in the agreement or as determined by the Fund-s Board and to the extent permitted by applicable law), the Advisor pays the compensation and expenses of all the Board Members, officers, and executive employees of the Fund, including the Fund-s share of payroll taxes, who are affiliated persons of the Advisor.

The Investment Management Agreement provides that the Fund is generally responsible for expenses that include: fees payable to the Advisor; outside legal, accounting or auditing expenses, including with respect to expenses related to negotiation, acquisition or distribution of portfolio investments; maintenance of books and records that are maintained by the Fund, the Fund-s custodian, or other agents of the Fund; taxes and governmental fees; fees and expenses of the Fund-s accounting agent, custodian, sub-custodians, depositories, transfer agents, dividend reimbursing agents and registrars; payment for portfolio pricing or valuation services to pricing agents, accountants, bankers and other specialists, if any; brokerage commissions or other costs of acquiring or disposing of any portfolio securities or other instruments of the Fund; and litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund-s business.

The Investment Management Agreement allows the Advisor to delegate any of its duties under the Investment Management Agreement to a subadvisor, subject to a majority vote of the Board of the Fund, including a majority of the Board who are not interested persons of the Fund, and, if required by applicable law, subject to a majority vote of the Fund-s shareholders.

The Investment Management Agreement provides that the Advisor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with matters to which the Investment Management Agreement relates, except a loss resulting from willful malfeasance, bad faith or gross negligence on the part of the Advisor in the performance of its duties or from reckless disregard by the Advisor of its obligations and duties under the Investment Management Agreement. The Investment Management Agreement may be terminated at any time, without payment of penalty, by either party or by vote of a majority of the outstanding voting securities of the Fund on 60 days- written notice.

Effective May 1, 2008, for all services provided under the Investment Management Agreement, the Fund pays the Advisor a fee, computed daily and paid monthly, at the annual rate as a percentage of net assets shown below:

 

Fund

Management Fee Rate

DWS Balanced Fund

0.370% to $1.5 billion

0.345% next $500 million

0.310% next $1.5 billion

0.300% next $2 billion

0.290% next $2 billion

0.280% next $2.5 billion

0.270% next $2.5 billion

0.260% thereafter

 

 

DWS California Tax-Free Income Fund

0.450% to $250 million

0.420% next $750 million

0.400% next $1.5 billion

0.380% next $2.5 billion

0.350% next $2.5 billion

0.330% next $2.5 billion

0.310% next $2.5 billion

0.300% thereafter

DWS High Income Fund

0.480% to $250 million

0.450% next $750 million

0.430% next $1.5 billion

0.410% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% next $2.5 billion

0.320% thereafter

DWS Money Market Prime Series

0.400% to $215 billion

0.275% next $335 million

0.200% next $250 million

0.150% next $800 million

0.140% next $800 million

0.130% next $800 million

0.120% thereafter

DWS Strategic Government Securities Fund

0.350% to $250 million

0.330% next $750 million

0.310% next $1.5 billion

0.300% next $2.5 billion

0.280% next $2.5 billion

0.260% next $2.5 billion

0.240% next $2.5 billion

0.220% thereafter

DWS Strategic Income Fund

0.480% to $250 million

0.450% next $750 million

0.430% next $1.5 billion

0.410% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% next $2.5 billion

0.320% thereafter

DWS Target 2010 Fund

0.400%

DWS Target 2011 Fund

0.400%

DWS Target 2012 Fund

0.400%

DWS Target 2013 Fund

0.400%

 

 

DWS Technology Fund

0.480% to $250 million

0.450% next $750 million

0.430% next $1.5 billion

0.410% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% next $2.5 billion

0.320% thereafter

Tax-Exempt California Money Market Fund

0.120% to $500 million

0.100% next $500 million

0.075% next $1.0 billion

0.060% next $1.0 billion

0.050% thereafter

Treasury Portfolio

0.050%

The Fund recently entered into a new administrative services agreement with the Advisor (the -Administrative Services Agreement-), pursuant to which the Advisor provides administrative services to the Fund including, among others, providing the Fund with personnel, preparing and making required filings on behalf of the Fund, maintaining books and records for the Fund, and monitoring the valuation of Fund securities. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor a fee, computed daily and paid monthly, of 0.100% of the Fund-s net assets.

Under the Administrative Services Agreement, the Advisor is obligated on a continuous basis to provide such administrative services as the Board of the Fund reasonably deems necessary for the proper administration of the Fund. The Advisor provides the Fund with personnel; arranges for the preparation and filing of the Fund-s tax returns; prepares and submits reports and meeting materials to the Board and the Fund-s shareholders; prepares and files updates to the Fund-s prospectus and statement of additional information as well as other reports required to be filed by the SEC; maintains the Fund-s records; provides the Fund with office space, equipment and services; supervises, negotiates the contracts of and monitors the performance of third parties contractors; oversees the tabulation of proxies; monitors the valuation of portfolio securities and monitors compliance with Board-approved valuation procedures; assists in establishing the accounting and tax policies of the Fund; assists in the resolution of accounting issues that may arise with respect to the Fund; establishes and monitors the Fund-s operating expense budgets; reviews and processes the Fund-s bills; assists in determining the amount of dividends and distributions available to be paid by the Fund, prepares and arranges dividend notifications and provides information to agents to effect payments thereof; provides to the Board periodic and special reports; provides assistance with investor and public relations matters; and monitors the registration of shares under applicable federal and state law. The Advisor also performs certain fund accounting services under the Administrative Services Agreement. The Administrative Services Agreement provides that the Advisor will not be liable under the Administrative Services Agreement except for willful misfeasance, bad faith or negligence in the performance of its duties or from the reckless disregard by it of its duties and obligations thereunder.

Subadviser Approval Policy

DWS Balanced Fund, DWS California Tax-Free Income Fund, DWS Disciplined Long/Short Growth Fund, DWS Disciplined Long/Short Value Fund, DWS Disciplined Market Neutral Fund, DWS High Income Fund, DWS Large Cap Value Fund, DWS Money Market Prime Series, DWS Strategic Government Securities Fund, DWS Strategic Income Fund, DWS Target 2010 Fund, DWS Target 2011 Fund, DWS Target 2012 Fund, DWS Target 2013 Fund, DWS Technology Fund, Tax-Exempt California Money Market Fund and Treasury Portfolio, a series of Investors Cash Trust:

The following is added to the disclosure under Management of the Fund:

The Board and the Fund-s shareholders recently approved a new subadvisor policy for the Funds (the -Subadviser Approval Policy-). The Subadviser Approval Policy permits the Advisor, subject to the approval of the Board, including a majority of the Independent Board Members, to terminate an existing subadvisor or sub-subadvisor and hire another subadvisor or sub-subadvisor, as applicable, and materially amend an existing subadvisory agreement or sub-subadvisory agreement without obtaining shareholder approval. The Funds could not implement the Subadviser Approval Policy without the Securities and Exchange Commission (the -SEC-) granting the Funds exemptive relief. A number of other mutual fund complexes have obtained exemptive relief with respect to an advisor-s ability to appoint, replace or amend the subadvisory agreement with unaffiliated subadvisors and subadvisors that are wholly owned subsidiaries of the advisor. However, exemptive relief with regard to an advisor-s ability to appoint, replace or amend the subadvisory agreement with a subadvisor, who is affiliated with, but not wholly owned subsidiary of the advisor, without shareholder approval, would be more expansive relief than previously granted by the SEC. In addition, exemptive relief with regard to an advisor-s ability to appoint, replace or amend a sub-subadvisory agreement with a sub-advisor, without shareholder approval, would be more expansive relief than previously obtained by other mutual fund complexes. Accordingly, there can be no assurance that the Funds- exemptive application will be granted by the SEC or that it will be sufficiently broad to allow the Funds to implement the Subadviser Approval Policy as described above. The SEC also has proposed Rule 15a-5 under the Investment Company Act of 1940, as amended (the -1940 Act-) in October 2003 to permit the appointment and termination of subadvisors and amendment to subadvisory agreements without shareholder approval. No action has been taken on proposed Rule 15a-5 under the 1940 Act since it proposal and there is no assurances that the rule will be adopted as proposed. The Funds and the Advisor will be subject to the conditions imposed by the SEC (either by an exemptive order or as part of the final rule) whenever the Advisor acts under the Subadviser Approval Policy, including any shareholder notice requirements.

Fundamental Investment Policies

DWS Balanced Fund, DWS California Tax-Free Income Fund, DWS High Income Fund, DWS Large Cap Value Fund, DWS Money Market Prime Series, DWS Strategic Government Securities Fund, DWS Strategic Income Fund, DWS Target 2010 Fund, DWS Target 2011 Fund, DWS Target 2012 Fund, DWS Target 2013 Fund, DWS Technology Fund, Tax-Exempt California Money Market Fund and Treasury Portfolio, a series of Investors Cash Trust:

The fundamental investment restriction regarding commodities is replaced with the following:

The Fund may not purchase or sell commodities, except as permitted by the 1940 Act, as amended, and as interpreted or modified by the regulatory authority having jurisdiction, from time to time.

Tax-Exempt California Money Market Fund only:

Effective on or about May 1, 2008, the Fund-s fundamental restrictions are replaced with the following:

The Fund may not:

 

(1)

Borrow money, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

 

(2)

Issue senior securities, except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

 

(3)

Engage in the business of underwriting securities issued by others, except to the extent that a Fund may be deemed to be an underwriter in connection with the disposition of portfolio securities.

 

(4)

Purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that a Fund reserves freedom of action to hold and to sell real estate acquired as a result of a Fund-s ownership of securities.

 

(5)

Purchase or sell commodities, except as permitted by the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

 

(6)

Make loans except as permitted under the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time; or

 

(7)

Concentrate its investments in a particular industry, as that term is used in the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

The Fund-s disclosure relating to its status as a diversified fund is replaced with the following:

The Fund has elected to be treated as a diversified investment company, as that term is used in the 1940 Act, as amended, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

DWS Money Market Prime Series only:

Effective on or about May 1, 2008, the Fund-s fundamental restriction regarding concentration is replaced with the following:

The Fund may not concentrate its investments in a particular industry (excluding U.S. Government Obligations), as that term is used in the 1940 Act, as amended, and as interpreted or modified by the regulatory authority having jurisdiction, from time to time, except that the Fund will invest more than 25% of its total assets in the obligations of banks and other financial institutions.

The relevant paragraph under Investment Restrictions is replaced with the following:

Because the Fund concentrates its investments in obligations of banks and other financial institutions, changes in the financial condition or market assessment of the financial condition of these entities could have a significant adverse impact on the Fund. Consequently, an investment in the Fund may be riskier than an investment in a money market fund that does not concentrate in obligations of banks and other financial institutions.

DWS Money Market Prime Series only:

Effective on or about May 1, 2008, the following paragraph is added under Investment Policies and Techniques for DWS Money Market Prime Series:

Bank and Savings and Loan Obligations. These obligations include negotiable certificates of deposit, bankers' acceptances, deposit notes, fixed time deposits or other short-term bank obligations. Certificates of deposit are negotiable certificates evidencing the obligations of a bank to repay funds deposited with it for a specified period of time. The Fund may invest in certificates of deposit of large domestic banks and their foreign branches, large US regulated subsidiaries of large foreign banks (i.e., banks which at the time of their most recent annual financial statements show total assets in excess of $1 billion), large foreign branches of large foreign banks and smaller banks as described below. Although the Fund recognizes that the size of a bank is important, this fact alone is not necessarily indicative of its creditworthiness. Investment in certificates of deposit issued by foreign branches of domestic banks involves investment risks that are different in some respects from those associated with investment in certificates of deposit issued by domestic branches of domestic banks, including the possible imposition of withholding taxes on interest income, the possible adoption of foreign governmental restrictions which might adversely affect the payment of principal and interest on such certificates of deposit, or other adverse political or economic developments. In addition, it might be more difficult to obtain and enforce a judgment against a foreign branch of a domestic bank. Further, foreign branches of foreign banks are not regulated by US banking authorities, and generally are not bound by accounting, auditing and financial reporting standards comparable to US banks.

 

 

Please Retain This Supplement for Future Reference

 

April 3, 2008

 

 

 

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