497 1 st103006mega.txt 497 PROSPECTUS AND SAI STICKER SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS/PORTFOLIOS: ---------------------- Cash Account Trust DWS Global Bond Fund DWS RREEF Real Estate Securities Fund Government & Agency Securities Portfolio DWS Global Opportunities Fund DWS S&P 500 Index Fund Money Market Portfolio DWS Global Thematic Fund DWS Short Duration Fund Tax-Exempt Portfolio DWS GNMA Fund DWS Short Duration Plus Fund Cash Management Fund Institutional DWS Gold & Precious Metals Fund DWS Short Term Bond Fund Cash Management Fund Investment DWS Growth & Income Fund DWS Short-Term Municipal Bond Fund Cash Reserve Fund, Inc. DWS Growth Allocation Fund DWS Small Cap Core Fund Prime Series DWS Growth Plus Allocation Fund DWS Small Cap Growth Fund Tax-Free Series DWS Health Care Fund DWS Small Cap Value Fund Treasury Series DWS High Income Fund DWS Strategic Income Fund Cash Reserves Fund Institutional DWS High Income Plus Fund DWS Target 2008 Fund Daily Assets Fund Institutional DWS High Yield Tax Free Fund DWS Target 2010 Fund DWS Balanced Fund DWS Inflation Protected Plus Fund DWS Target 2011 Fund DWS Blue Chip Fund DWS Intermediate Tax/AMT Free Fund DWS Target 2012 Fund DWS California Tax-Free Income Fund DWS International Equity Fund DWS Target 2013 Fund DWS Capital Growth Fund DWS International Fund DWS Target 2014 Fund DWS Cash Investment Trust DWS International Select Equity Fund DWS Tax Free Money Fund DWS Commodity Securities Fund DWS International Value Opportunities DWS Technology Fund DWS Communications Fund Fund DWS U.S. Bond Index 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 Core Plus Allocation Fund DWS Large Company Growth Fund DWS Value Builder Fund DWS Core Plus Income Fund DWS Latin America Equity Fund Investors Cash Trust DWS Disciplined Market Neutral Fund DWS Lifecycle Long Range Fund Government & Agency Securities DWS Dreman Concentrated Value Fund DWS Managed Municipal Bond Fund Portfolio Treasury Portfolio DWS Dreman Financial Services Fund DWS Massachusetts Tax-Free Fund Investors Municipal Cash Fund DWS Dreman High Return Equity Fund DWS Micro Cap Fund Investors Florida Municipal Cash Fund DWS Dreman Mid Cap Value Fund DWS Mid Cap Growth Fund Investors Michigan Municipal Cash Fund DWS Dreman Small Cap Value Fund DWS Moderate Allocation Fund Investors New Jersey Municipal Cash DWS EAFE(R) Equity Index Fund DWS Money Funds Fund DWS Emerging Markets Equity Fund DWS Government & Agency Money Fund Investors Pennsylvania Municipal Cash DWS Emerging Markets Fixed Income Fund DWS Money Market Prime Series Fund DWS Enhanced S&P 500 Index Fund DWS Tax-Exempt Money Fund Tax-Exempt New York Money Market Fund DWS Equity 500 Index Fund DWS Money Market Series Money Market Fund Investment DWS Equity Income Fund DWS New York Tax-Free Income Fund NY Tax Free Money Fund DWS Equity Partners Fund DWS Pacific Opportunities Equity Fund Tax Free Money Fund Investment DWS Europe Equity Fund DWS RREEF Global Real Estate Securities Tax-Exempt California Money Market Fund Fund Treasury Money Fund Treasury Money Fund Investment
The following information supplements disclosure in the purchase and redemption information section of each fund's/portfolio's prospectuses: The fund's investment advisor (the "Advisor"), DWS Scudder Distributors, Inc. (the "Distributor") and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the fund, to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ("financial advisors") in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares ("revenue sharing"). Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service plan of any fund, any record keeping/sub-transfer agency fees payable by the [DWS SCUDDER LOGO] Deutsche Bank Group October 30, 2006 DMF-3612 fund (generally by reimbursement to the Distributor or an affiliate) to certain financial advisors for performing such services and any sales charges, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the NASD or other concessions described in the fee table or elsewhere in this prospectus or the SAI as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for administrative, sub-accounting, or shareholder processing services and/or for providing a fund with "shelf space" or access to a third party platform or fund offering list, or other marketing programs including, without limitation, inclusion of the fund on preferred or recommended sales lists, mutual fund "supermarket" platforms and other formal sales programs; granting the Distributor access to the financial advisor's sales force; granting the Distributor access to the financial advisor's conferences and meetings; assistance in training and educating the financial advisor's personnel; and, obtaining other forms of marketing support. The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these revenue sharing payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor. The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connection with the sale and/or distribution of DWS Fund shares or the retention and/or servicing of investors and DWS Fund shares to financial advisors in amounts that generally range from .01% up to .50% of assets of the fund serviced and maintained by the financial advisor, .05% to .40% of sales of the fund attributable to the financial advisor, a flat fee of $12,500 up to $500,000, or any combination thereof. These amounts are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation, may influence your financial advisor's recommendation of this fund or of any particular share class of the fund. You should review your financial advisor's compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensation may have influenced your financial advisor's recommendation of this fund. Additional information regarding these revenue sharing payments is included in the fund's SAI, which is available to you on request at no charge (see the back cover of this prospectus for more information on how to request a copy of the SAI). The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both DWS funds and non-DWS funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform") with the level of revenue sharing payments being based upon sales of both the DWS funds and the non-DWS funds by the financial advisor on the Platform or current assets of both the DWS funds and the non-DWS funds serviced and maintained by the financial advisor on the Platform. It is likely that broker-dealers that execute portfolio transactions for the fund will include firms that also sell shares of the DWS funds to their customers. However, the Advisor will not consider sales of DWS fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the DWS funds. Accordingly, the Advisor has implemented policies and procedures reasonably designed to prevent its traders from considering sales of DWS fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. In addition, the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial advisors as described above. Please Retain This Supplement for Future Reference October 30, 2006 DMF-3612 2 Supplement to the currently effective Statements of Additional Information of each of the listed funds/portfolios: Cash Account Trust DWS GNMA Fund DWS Short Term Bond Fund Government & Agency Securities DWS Gold & Precious Metals Fund DWS Short-Term Municipal Bond Fund Portfolio DWS Growth & Income Fund DWS Small Cap Core Fund Money Market Portfolio DWS Growth Allocation Fund DWS Small Cap Growth Fund Tax-Exempt Portfolio DWS Growth Plus Allocation Fund DWS Small Cap Value Fund Cash Management Fund Institutional DWS Health Care Fund DWS Strategic Income Fund Cash Management Fund Investment DWS High Income Fund DWS Target 2008 Fund Cash Reserve Fund, Inc. DWS High Income Plus Fund DWS Target 2010 Fund Prime Series DWS High Yield Tax Free Fund DWS Target 2011 Fund Tax-Free Series DWS Inflation Protected Plus Fund DWS Target 2012 Fund Treasury Series DWS Intermediate Tax/AMT Free Fund DWS Target 2013 Fund Cash Reserves Fund Institutional DWS International Equity Fund DWS Target 2014 Fund Daily Assets Fund Institutional DWS International Fund DWS Tax Free Money Fund DWS Balanced Fund DWS International Select Equity Fund DWS Technology Fund DWS Blue Chip Fund DWS International Value Opportunities DWS U.S. Bond Index Fund DWS California Tax-Free Income Fund Fund DWS U.S. Government Securities Fund DWS Capital Growth Fund DWS Japan Equity Fund DWS U.S. Treasury Money Fund DWS Cash Investment Trust DWS Large Cap Value Fund DWS Value Builder Fund DWS Commodity Securities Fund DWS Large Company Growth Fund Investors Cash Trust DWS Communications Fund DWS Latin America Equity Fund Government & Agency Securities DWS Conservative Allocation Fund DWS Lifecycle Long Range Fund Portfolio DWS Core Fixed Income Fund DWS Managed Municipal Bond Fund Treasury Portfolio DWS Core Plus Allocation Fund DWS Massachusetts Tax-Free Fund Investors Municipal Cash Fund DWS Core Plus Income Fund DWS Micro Cap Fund Investors Florida Municipal Cash DWS Disciplined Market Neutral Fund DWS Mid Cap Growth Fund Fund DWS Dreman Concentrated Value Fund DWS Moderate Allocation Fund Investors Michigan Municipal Cash DWS Dreman Financial Services Fund DWS Money Funds Fund DWS Dreman High Return Equity Fund DWS Government & Agency Money Fund Investors New Jersey Municipal DWS Dreman Mid Cap Value Fund DWS Money Market Prime Series Cash Fund DWS Dreman Small Cap Value Fund DWS Tax-Exempt Money Fund Investors Pennsylvania Municipal DWS EAFE(R) Equity Index Fund DWS Money Market Series Cash Fund DWS Emerging Markets Equity Fund DWS New York Tax-Free Income Fund Tax-Exempt New York Money Market DWS Emerging Markets Fixed Income Fund DWS Pacific Opportunities Equity Fund Fund DWS Enhanced S&P 500 Index Fund DWS RREEF Global Real Estate Money Market Fund Investment DWS Equity 500 Index Fund Securities Fund NY Tax Free Money Fund DWS Equity Income Fund DWS RREEF Real Estate Securities Fund Tax Free Money Fund Investment DWS Equity Partners Fund DWS S&P 500 Index Fund Tax-Exempt California Money Market Fund DWS Europe Equity Fund DWS Short Duration Fund Treasury Money Fund DWS Global Bond Fund DWS Short Duration Plus Fund Treasury Money Fund Investment DWS Global Opportunities Fund DWS Global Thematic Fund
The following information supplements the "Purchase and Redemption" section of each fund's/portfolio's Statements of Additional Information: Revenue Sharing In light of recent regulatory developments, the investment advisor (the "Advisor"), DWS Scudder Distributors, Inc. (the "Distributor") and their affiliates have undertaken to furnish certain additional information below regarding the [DWS SCUDDER LOGO] Deutsche Bank Group level of payments made by them to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ("financial advisors") in connection with the sale and/or distribution of Fund shares or the retention and/or servicing of investors and Fund shares ("revenue sharing"). The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the Fund, to financial advisors in connection with the sale and/or distribution of Fund shares or the retention and/or servicing of Fund investors and Fund shares. Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service plan of any fund, any record keeping/sub-transfer agency fees payable by the Fund (generally by reimbursement to the Distributor or an affiliate) to certain financial advisors for performing such services and any sales charges, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the NASD or other concessions described in the fee table or elsewhere in the prospectus or the SAI as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for administrative, sub-accounting or shareholder processing services and/or for providing a fund with "shelf space" or access to a third party platform or fund offering list, or other marketing programs including, without limitation, inclusion of the Fund on preferred or recommended sales lists, mutual fund "supermarket" platforms and other formal sales programs; granting the Distributor access to the financial advisor's sales force; granting the Distributor access to the financial advisor's conferences and meetings; assistance in training and educating the financial advisor's personnel; and, obtaining other forms of marketing support. The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor. The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connection with the sale and/or distribution of DWS Fund shares, or the retention and/or servicing of investors and DWS Fund shares to financial advisors in amounts that generally range from .01% up to .50% of assets of the Fund serviced and maintained by the financial advisor, .05% to .40% of sales of the Fund attributable to the financial advisor, a flat fee of $12,500 up to $500,000, or any combination thereof. These amounts are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation, may influence your financial advisor's recommendation of this Fund or of any particular share class of the Fund. You should review your financial advisor's compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensation may have influenced your financial advisor's recommendation of this Fund. The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both DWS funds and non-DWS funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. on the DWS Scudder branded retirement plan platform (the "Platform") with the level of revenue sharing payments being based upon sales of both the DWS funds and the non-DWS funds by the financial advisor on the Platform or current assets of both the DWS funds and the non-DWS funds serviced and maintained by the financial advisor on the Platform. As of the date hereof, the Advisor, the Distributor and their affiliates expect that the following firms will receive revenue sharing payments at different points during the coming year as described above: Channel: Broker-Dealers and Financial Advisors A G Edwards & Sons Inc. AIG Advisors Group Cadaret, Grant & Co. Inc. Brown Brothers Harriman Capital Analyst, Incorporated Citicorp Investment Services Citigroup Global Markets, Inc. (dba Smith Barney) 2 Commonwealth Equity Services, LLP (dba Commonwealth Financial Network) HD Vest Investment Securities, Inc. ING Group LaSalle Financial Services, Inc. Linsco/Private Ledger Corp. McDonald Investments Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. Morgan Stanley Oppenheimer & Co., Inc. Pacific Select Distributors Group The Principal Financial Group Prudential Investments Raymond James & Associates Raymond James Financial Services RBC Dain Rauscher, Inc Securities America, Inc. UBS Financial Services Wachovia Securities Wells Fargo Investments, LLC Channel: Fund Supermarket Platforms ADP Clearing Charles Schwab & Co., Inc. E*Trade Fidelity Investments First Trust National Financial National Investor Services Corporation Pershing LLC USAA Investment Management Channel: Defined Contribution Investment Only Platforms 401K Investment Services ACS / Buck Consultants ADP, Inc. Alliance Benefit Group Financial Services Corp. American Express Financial Advisors, Inc. AMG Service Corp. / Lincoln Retirement Services Company, LLC AST Trust Company Benefit Administration BISYS Ceridian Retirement Plan Services Charles Schwab & Co., Inc. Charles Schwab Trust Company City National Bank Citistreet C.N.A. Trust Compusys/ERISA Group Inc. Copeland Companies CPI Qualified Plans Daily Access.Com Inc. Digital Retirement Solutions Edgewood Services Expert Plan Inc. Federated Securities Corp. 3 Fidelity Institutional Retirement Services Company Fisserv Franklin Templeton Defined Contribution GoldK Great West Life and Annuity / BenefitsCorp Equities Inc. Hand Securities Hartford Life Insurance Company Hewitt Assoc. LLC ING Aetna Trust Company Invesmart JPMorgan Retirement Plan Services LLC John Hancock Lincoln National Life Marsh Insurance & Investment Company Marshall & Ilsley Trust Company Maryland Supplemental Retirement Plan Matrix Settlement & Clearance Mercer HR Services Merrill Lynch, Pierce, Fenner & Smith Inc. Met Life MFS Mid Atlantic Capital Corporation Nationwide Trust Company Nationwide Financial Neuberger Berman New York Life Investment Management Service Company Nyhart/Alliance Benefit Group Indiana PFPC, Inc. Plan Administrators, Inc. PNC Bank N.A. Principal Life Insurance Company Prudential Investments Reliance Trust Company Resource Trust (IMS) Retirement Financial Services State Street Bank and Trust Company SunGard Investment Products Inc. The Princeton Retirement Group, Inc. T. Rowe Price Union Bank of California UMB Bank Valic/Virsco Retirement Services Co Vanguard Group Wachovia Bank (First Union National Bank) Wells Fargo Wilmington Trust Channel: Cash Product Platform ADP Clearing & Outsourcing Allegheny Investments LTD Bank of New York (Hare & Co.) Bear Stearns Brown Investment Advisory & Trust Company Brown Brothers Harriman Cadaret Grant & Co. 4 Chase Manhattan Bank Chicago Mercantile Exchange Citibank, N.A. D.A. Davidson & Company DB Alex Brown/Pershing DB Securities Deutsche Bank Trust Company Americas Emmett A. Larkin Company Fiduciary Trust Co. - International Huntleigh Securities Lincoln Investment Planning Linsco Private Ledger Financial Services Mellon Bank Nesbitt Burns Corp. Penson Financial Services Pershing Choice Platform Profunds Distributors, Inc. SAMCO Capital Markets (Fund Services, Inc.) Saturn & Co. (Investors Bank & Trust Company) Smith Moore & Company Sungard Financial Turtle & Co. (State Street) UBS US Bank William Blair & Company Channel: Third Party Insurance Platforms Allmerica Financial Life Insurance Company Allstate Life Insurance Company of New York Ameritas Life Insurance Group American General Life Insurance Company Annuity Investors Life Insurance Company Columbus Life Insurance Company Companion Life Insurance Company Connecticut General Life Insurance Company Farmers New World Life Insurance Company Fidelity Security Life Insurance Company First Allmerica Financial Life Insurance Company First Great-West Life and Annuity Insurance Company First MetLife Investors Insurance Company Genworth Life Insurance Company of New York Genworth Life and Annuity Insurance Company Great West Life and Annuity Insurance Company Hartford Life Insurance Company Hartford Life and Annuity Insurance Company ICMG Registered Variable Life John Hancock Life Insurance Company of New York John Hancock Life Insurance Company (U.S.A.) Kemper Investors Life Insurance Company Lincoln Benefit Life Insurance Company Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Massachusetts Mutual Life Insurance Company MetLife Group Minnesota Life Insurance Company 5 Mutual of America Life Insurance Company National Life Insurance Company Nationwide Financial Services Inc. Nationwide Life and Annuity Company of America Nationwide Life Insurance Company of America New York Life Insurance and Annuity Corporation Phoenix Life Insurance Company Protective Life Insurance Prudential Insurance Company of America Sun Life Assurance Company of Canada (U.S.) Sun Life Assurance and Annuity Company of New York Symetra Life Insurance Company Transamerica Life Insurance Company Union Central Life Insurance Company United of Omaha Life Insurance Company United Investors Life Insurance Company Western Southern Life Assurance Company Any additions, modifications or deletions to the financial advisors identified above that have occurred since the date hereof are not reflected. The Advisor, the Distributor or their affiliates may enter into additional revenue sharing arrangements or change or discontinue existing arrangements with financial advisors at any time without notice. The prospect of receiving, or the receipt of additional compensation or promotional incentives described above by financial advisors may provide such financial advisors and/or their salespersons with an incentive to favor sales of shares of the DWS Funds or a particular DWS Fund over sales of shares of mutual funds (or non-mutual fund investments) with respect to which the financial advisor does not receive additional compensation or promotional incentives, or receives lower levels of additional compensation or promotional incentives. Similarly, financial advisors may receive different compensation or incentives that may influence their recommendation of any particular share class of the Fund or of other funds. These payment arrangements, however, will not change the price that an investor pays for Fund shares or the amount that a Fund receives to invest on behalf of an investor and will not increase Fund expenses. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your financial advisor and review your financial advisor's disclosures. It is likely that broker-dealers that execute portfolio transactions for the Fund will include firms that also sell shares of the DWS funds to their customers. However, the Advisor will not consider sales of DWS fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the DWS funds. Accordingly, the Advisor has implemented policies and procedures reasonably designed to prevent its traders from considering sales of DWS fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the Funds. In addition, the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial advisors as described above. Please Retain This Supplement for Future Reference October 30, 2006 6