Definitive Materials Filed by Investment Companies. (497)

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS:

Cash Account Trust

Tax–Exempt Portfolio — Tax Free Money Fund Class S

DWS Alternative Asset Allocation Fund

DWS California Tax–Free Income Fund

DWS Capital Growth Fund

DWS Communications Fund

DWS Core Equity Fund

DWS Core Fixed Income Fund

DWS Core Plus Income Fund

DWS Diversified Market Neutral Fund

DWS Emerging Markets Equity Fund

DWS Enhanced Commodity Strategy

Fund

DWS Enhanced Emerging Markets Fixed

Income Fund

DWS Enhanced Global Bond Fund

DWS Equity 500 Index Fund

DWS Equity Dividend Fund

DWS Floating Rate Fund

DWS Global Equity Fund

DWS Global Growth Fund

DWS Global High Income Fund

DWS Global Income Builder Fund

DWS Global Inflation Fund

DWS Global Small Cap Growth Fund

DWS GNMA Fund

DWS Gold & Precious Metals Fund

DWS Health Care Fund

DWS High Income Fund

DWS Intermediate Tax/AMT Free Fund

DWS International Fund

DWS International Value Fund

DWS Large Cap Focus Growth Fund

DWS Large Cap Value Fund

DWS Latin America Equity Fund

DWS LifeCompass 2015 Fund

DWS LifeCompass 2020 Fund

DWS LifeCompass 2030 Fund

DWS LifeCompass 2040 Fund

DWS LifeCompass Retirement Fund

DWS Managed Municipal Bond Fund

DWS Massachusetts Tax–Free Fund

DWS Mid Cap Growth Fund

DWS Mid Cap Value Fund

DWS Money Market Prime Series

DWS Cash Investment Trust Class A

DWS Cash Investment Trust Class B

DWS Cash Investment Trust Class C

DWS Cash Investment Trust Class S

DWS New York Tax–Free Income Fund

DWS RREEF Global Infrastructure Fund

DWS RREEF Global Real Estate

Securities Fund

DWS RREEF Real Estate Securities Fund

DWS RREEF Real Estate Securities

Income Fund

DWS S&P 500 Index Fund

DWS Select Alternative Allocation Fund

DWS Short Duration Fund

DWS Short–Term Municipal Bond Fund

DWS Small Cap Core Fund

DWS Small Cap Growth Fund

DWS Small Cap Value Fund

DWS Strategic Government Securities

Fund

DWS Strategic High Yield Tax–Free Fund

DWS Technology Fund

DWS U.S. Bond Index Fund

DWS Ultra–Short Duration Fund

DWS Unconstrained Income Fund

DWS World Dividend Fund

Investors Cash Trust

Treasury Portfolio — DWS U.S. Treasury

Money Fund Class S

The following disclosure replaces similar disclosure in the section entitled “POLICIES ABOUT TRANSACTIONS” for the relevant classes in each fund’s prospectus:

Account Maintenance Fee for Classes A, B, C and S. The fund charges a $20 account maintenance fee for each fund account that has a balance below $10,000. Except as otherwise noted below, fund accounts are not aggregated by share class or fund. The assessment will occur once per calendar year and may be assessed through the automatic redemption of fund shares in your account. The fee will be assessed on each fund account that falls below the minimum for any reason, including market value fluctuations, redemptions or exchanges.

The account maintenance fee will not apply to: (i) accounts with an automatic investment plan; (ii) accounts held in an omnibus account through a financial services firm; (iii) accounts maintained on behalf of participants in certain fee based and wrap programs offered through certain financial intermediaries approved by the Advisor; (iv) participant level accounts in group retirement plans held on the records of a retirement plan record keeper; (v) accounts held by shareholders who maintain $100,000 or more in aggregate assets in DWS fund shares; (vi) shareholders who consent to electronic delivery for all documents (which include statements, prospectuses, annual and semi–annual reports, and other materials), except for tax forms; (vii) Uniform Gift to Minors (UGMA) and Uniform Transfer to Minors (UTMA) accounts; (viii) Coverdell Education Savings Account (ESA) accounts; and (ix) IRA accounts for shareholders beginning in the year in which they turn age 70 1 / 2 . You may elect to receive electronic delivery of DWS fund materials by registering on dws–investments.com or by calling the telephone number on the back cover.

Please Retain This Supplement for Future Reference

March 11, 2014

PROSTKR-344