497 1 ss082708mega_asset.txt SAI STICKER SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS: ---------------------
DWS Alternative Asset Allocation Plus Fund DWS Floating Rate Plus Fund DWS Massachusetts Tax-Free Fund DWS Balanced Fund DWS Global Bond Fund DWS Micro Cap Fund DWS Blue Chip Fund DWS Global Opportunities Fund DWS Mid Cap Growth Fund DWS California Tax-Free Income Fund DWS Global Thematic Fund DWS New York Tax-Free Income Fund DWS Capital Growth Fund DWS GNMA Fund DWS RREEF Global Infrastructure Fund DWS Climate Change Fund DWS Gold & Precious Metals Fund DWS RREEF Global Real Estate Securities DWS Commodity Securities Fund DWS Growth & Income Fund Fund DWS Communications Fund DWS Health Care Fund DWS RREEF Real Estate Securities Fund DWS Core Fixed Income Fund DWS High Income Fund DWS S&P 500 Index Fund DWS Core Plus Allocation Fund DWS High Income Plus Fund DWS Short Duration Fund DWS Core Plus Income Fund DWS Inflation Protected Plus Fund DWS Short Duration Plus Fund DWS Disciplined Long/Short Growth Fund DWS Intermediate Tax/AMT Free Fund DWS Short-Term Municipal Bond Fund DWS Disciplined Long/Short Value Fund DWS International Fund DWS Small Cap Core Fund DWS Disciplined Market Neutral Fund DWS International Select Equity Fund DWS Small Cap Growth Fund DWS Dreman Concentrated Value Fund DWS International Value Opportunities DWS Strategic Government Securities Fund DWS Dreman High Return Equity Fund Fund DWS Strategic High Yield Tax-Free Fund DWS Dreman Mid Cap Value Fund DWS Japan Equity Fund DWS Strategic Income Fund DWS Dreman Small Cap Value Fund DWS Large Cap Value Fund DWS Target 2010 Fund DWS EAFE(R) Equity Index Fund DWS Large Company Growth Fund DWS Target 2011 Fund DWS Emerging Markets Equity Fund DWS Latin America Equity Fund DWS Target 2012 Fund DWS Emerging Markets Fixed Income Fund DWS LifeCompass 2015 Fund DWS Target 2013 Fund DWS Enhanced S&P 500 Index Fund DWS LifeCompass 2020 Fund DWS Target 2014 Fund DWS Equity 500 Index Fund DWS LifeCompass 2030 Fund DWS Technology Fund DWS Equity Income Fund DWS LifeCompass 2040 Fund DWS U.S. Bond Index Fund DWS Equity Partners Fund DWS LifeCompass Retirement Fund DWS Value Builder Fund DWS Europe Equity Fund DWS Lifecycle Long Range Fund DWS Managed Municipal Bond Fund ------------------------------------------------------------------------------------------------------------------------------------
Effective on or about September 2, 2008, disclosure in the Fund's Statement of Additional Information that describes the methods of segregating assets or otherwise "covering" transaction, shall no longer apply, and the following disclosure replaces similar disclosure, or for certain funds is added as new disclosure, in each Fund's Statement of Additional Information: Asset Segregation Certain investment transactions expose the Fund to an obligation to make future payments to third parties. Examples of these types of transactions, include, but are not limited to, reverse repurchase agreements, short sales, dollar rolls, when-issued, delayed-delivery or forward commitment transactions and certain derivatives such as swaps, futures, forwards, and options. To the extent that the Fund engages in such transactions, the Fund will (to the extent required by applicable law) either (1) segregate cash or liquid assets in the prescribed amount or (2) otherwise "cover" its future obligations under the transaction, such as by holding an offsetting investment. If the Fund segregates sufficient cash or other liquid assets or otherwise "covers" its obligations under such transactions, the Fund will not consider the transactions to be borrowings for purposes of its investment restrictions or "senior securities" under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore, such transactions will not be subject to the 300% asset coverage requirement under the 1940 Act otherwise applicable to borrowings by the Fund. In some cases (e.g., with respect to futures and forwards that are contractually required to "cash-settle"), the Fund will segregate cash or other liquid assets with respect to the amount of the daily net (marked-to-market) obligation arising from the transaction, rather than the notional amount of the underlying contract. By segregating assets in an amount equal to the net obligation rather than the notional amount, the Fund will have the ability to employ leverage to a greater extent than if it set aside cash or other liquid assets equal to the notional amount of the contract, which may increase the risk associated with such transactions. The Fund may utilize methods of segregating assets or otherwise "covering" transactions that are currently or in the future permitted under the 1940 Act, the rules and regulation thereunder, or orders issued by the Securities and Exchange Commission ("SEC") thereunder. For these purposes, interpretations and guidance provided by the SEC staff may be taken into account when deemed appropriate by the Fund. Assets used as segregation or cover cannot be sold while the position in the corresponding transaction is open, unless they are replaced with other appropriate assets. As a result, the commitment of a large portion of a Fund's assets for segregation and cover purposes could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations. Segregating assets or otherwise "covering" for these purposes does not necessarily limit the percentage of the assets of the Fund that may be at risk with respect to certain derivative transactions. Please Retain This Supplement for Future Reference