497 1 ss111209mega_retail.txt SAI STICKER - MEGA SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS: --------------------- DWS Alternative Asset Allocation Plus Fund DWS Large Cap Value Fund DWS Balanced Fund DWS Large Company Growth Fund DWS Blue Chip Fund DWS Latin America Equity Fund DWS California Tax-Free Income Fund DWS LifeCompass 2015 Fund DWS Capital Growth Fund DWS LifeCompass 2020 Fund DWS Climate Change Fund DWS LifeCompass 2030 Fund DWS Commodity Securities Fund DWS LifeCompass 2040 Fund DWS Communications Fund DWS LifeCompass Protect 2017 Fund DWS Core Fixed Income Fund DWS LifeCompass Retirement Fund DWS Core Plus Income Fund DWS Lifecycle Long Range Fund DWS Disciplined Long/Short Growth Fund DWS Managed Municipal Bond Fund DWS Disciplined Market Neutral Fund DWS Massachusetts Tax-Free Fund DWS Diversified International Equity Fund DWS Mid Cap Growth Fund DWS Emerging Markets Equity Fund DWS New York Tax-Free Income Fund DWS Emerging Markets Fixed Income Fund DWS S&P 500 Plus Fund DWS Europe Equity Fund DWS Select Alternative Allocation Fund DWS Floating Rate Plus Fund DWS Short Duration Fund DWS Global Bond Fund DWS Short Duration Plus Fund DWS Global Opportunities Fund DWS Short-Term Municipal Bond Fund DWS Global Thematic Fund DWS Small Cap Core Fund DWS GNMA Fund DWS Small Cap Growth Fund DWS Gold & Precious Metals Fund DWS Strategic Government Securities Fund DWS Growth & Income Fund DWS Strategic High Yield Tax-Free Fund DWS Health Care Fund DWS Strategic Income Fund DWS High Income Fund DWS Strategic Value Fund DWS High Income Plus Fund DWS Target 2010 Fund DWS Inflation Protected Plus Fund DWS Target 2011 Fund DWS Intermediate Tax/AMT Free Fund DWS Target 2012 Fund DWS International Fund DWS Target 2013 Fund DWS International Value Opportunities Fund DWS Target 2014 Fund DWS Technology Fund --------------------------------------------------------------------------------------------------------------
The following information replaces similar disclosure under "Conflicts of Interest" in the "Compensation of Portfolio Managers" section of each Fund's Statement of Additional Information: The Advisor and its affiliates and the investment team of each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these and other potential conflicts of interest. Included in these procedures are specific guidelines developed to provide fair and equitable treatment for all clients whose accounts are managed by each Fund's portfolio management team. The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed. The Advisor is owned by Deutsche Bank AG, a multi-national financial services company. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees (the "Firm") are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional and financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm for its clients' advisory accounts. The Advisor may take investment positions in securities in which other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing or selling for its client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of the Advisor's advisory clients, including the Fund. The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to a Fund's Board. Please Retain This Supplement for Future Reference November 12, 2009