40-17G 1 ltr-mega.htm

[Deutsche Asset Management Logo]

January 24, 2007

Securities and Exchange Commission

Office of Filings and Information Services

450 Fifth Street, NW

Washington, D.C. 20549

Re: | Investment Company Blanket Bond

DWS Institutional Funds – File No. 811-06071

| DWS Investments VIT Funds – File No. 811-07507

| Cash Management Portfolio – File No. 811-06073

| Equity 500 Index Portfolio – File No. 811-06698

| International Equity Portfolio – File No. 811-06702

| Treasury Money Portfolio – File No. 811-06072

| DWS RREEF Real Estate Fund, Inc. – File No. 811-21172

| DWS RREEF Real Estate Fund II, Inc. – File No. 811-21340

| DWS Advisor Funds – File No. 811-04760

DWS Cash Account Trust – File No. 811-5970

| DWS Global/International Fund, Inc. – File No. 811-4670

| DWS Investment Trust – File No. 811-43

| DWS Investors Cash Trust – File No. 811-6103

| DWS Investors Municipal Cash Fund – File No. 811-6108

| DWS Blue Chip Fund – File No. 811-5357

| DWS Strategic Income Fund – File No. 811-2743

| DWS Equity Trust – File No. 811-08599

| DWS State Tax-Free Income Series – File No. 811-3657

| DWS Target Fund – File No. 811-5896

| DWS Technology Fund – File No. 811-0547

| DWS Balanced Fund – File No. 811-1236

| DWS U.S. Government Securities Fund – File No. 811-2719

| DWS Variable Series II – File No. 811-5002

| DWS Value Series, Inc. – File No. 811-5385

| DWS Cash Investment Trust – File No. 811-2613

| DWS Funds Trust – File No. 811-3229

| DWS Global High Income Fund, Inc. – File No. 811-6671

| DWS High Income Trust – File No. 811-5482

| DWS Income Trust – File No. 811-4049

| DWS International Fund, Inc. – File no. 811-642

| DWS Money Funds – File No. 811-2527

| DWS Money Market Trust – File no. 811-3495

| DWS Multi-Market Income Trust – File No. 811-5689

| DWS Municipal Income Trust – File No. 811-05655

| DWS Municipal Trust – File no. 811-2671

| DWS Mutual Funds, Inc. – File No. 811-5565

| DWS Portfolio Trust – File No. 811-42

| DWS Securities Trust – File No. 811-2021

| DWS State Tax Free Trust – File No. 811-3749

| DWS Strategic Income Trust – File No. 811-8382

| DWS Strategic Municipal Income Trust – File No. 811-05767

| DWS Tax Free Money Fund – File No. 811-2959

| DWS Tax Free Trust – File No. 811-3632

| DWS U.S. Treasury Money Fund – File No. 811-3043

| DWS Variable Series I – File No. 811-4257

| Tax-Exempt California Money Market Fund – File No. 811-5706

| The Korea Fund, Inc. – File No. 811-4058

| DWS Value Equity Trust – File No. 811-1444

| DWS High Income Series – File No. 811-2786

| DWS Cash Reserve Fund, Inc. – File No. 811-03196

| DWS Global Commodities Stock Fund, Inc. – File No. 811-21600

| DWS Equity Partners Fund, Inc. – File No. 811-08886

| DWS Communication Fund, Inc. – File No. 811-03883

| DWS Value Builder Fund, Inc. File No. 811-06600

| DWS Investors Funds, Inc. – File No. 811-08227

| DWS Allocation Series- File No. 811-8606

| DWS Dreman Value Income Edge Fund, Inc.- File No. 811-21949

Dear Sir/Madam:

Pursuant to Rule 17-g-1(g) of the Investment Company Act of 1940, as amended, enclosed are the following documents to be filed with the Securities and Exchange Commission:

| 1. | A copy of Investment Company Blanket Bond No. 87146106B along with Riders No. 1 thru 14 (the “Bond”) in the amount of $78,000,000 primary coverage issued by ICI Mutual Insurance Company (“ICI”), covering the above registered investment companies and series thereof for the period October 31, 2006 to October 31, 2007;

| 2. | Certified resolutions approved by a majority of the Board of Directors/Trustees who are not “interested persons” of the registered investment companies, approving the amount, type, form, and coverage of the Bond and the portion of the premium to be paid by such companies, as required by Rule 17g-1(g);

| 3. | A matrix showing: (i) the amount of the single insured bond which the investment company would have provided and maintained had it not been named as an insured under a joint insured bond and (ii) the premiums that each investment company and its series have paid for coverage under the bonds for the period October 31, 2006 to October 31, 2007; and

| 4. | A statement from ICI dated December 19, 2006 indicating that the premiums have been paid for the period October 31, 2006 to October 31, 2007;

If you have any questions or need further information, please call me at 617-295-2558.

Very truly yours,

/s/Jennifer White

Jennifer White

Assistant Vice President

DWS FUNDS NEW YORK BOARD FUNDS

CERTIFICATE OF THE SECRETARY

I, John Millette, do hereby certify as follows:

1. | That I am the duly elected Secretary of the Funds listed on the attached Appendix A, (the “Funds”);

2. | I further certify that the following is a complete and correct copy of resolutions adopted by the members of the Board of Trustees of the Funds at a meeting duly called, convened and held on October 11, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

RESOLVED, that, after due consideration of all relevant factors including, but not limited to, the value of the aggregate assets of each Series to which any Covered Person (which for the purpose of these resolutions shall mean each director, officer and employee of the Fund or of Deutsche Investment Management Americas Inc. (“DeIM”), or an affiliate thereof, who may, singly or jointly with others, have access to securities or other assets of a Series, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the number of other parties named as insureds and the sizes and nature of the businesses of such parties, and the nature of the portfolio securities of each Series and of such other parties, the form of Investment Company Blanket Bond issued by ICI Mutual Insurance Company for the period from October 31, 2006 to October 31, 2007 (the “ICI Bond”), and the amount thereof, namely primary coverage of up to $ 78,000,000 for any larceny or embezzlement committed by any Covered Person, are determined to be reasonable and are hereby approved; and

FURTHER RESOLVED, that, after consideration of all relevant factors, including, but not limited to, the number of other parties named as insureds, the nature of the business activities of such other parties, the amount of the ICI Bond and the amount of the premium for the ICI Bond, the ratable allocation of the premium among all parties named as insureds, and the comparison of the share of the premium allocated to the Fund and each Series to that which the Fund and each Series would have had to pay if it had provided and maintained a single insured bond, the portion of the total premium allocated to the Fund and each Series, as discussed at this meeting, for the period from October 31, 2006 to October 31, 2007, payable for coverage as described in the preceding resolution, be, and it hereby is, approved, and the payment or the reimbursement by any officer

of the Fund, on behalf of each Series, of DeIM or an affiliate thereof, as the case may be, of such premium be, and it hereby is, approved.

3. | I further certify that the following is a complete and correct copy of resolutions adopted by the members of the Board of Trustees of the Funds at a meeting duly called, convened and held on September 20, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

Approval of Insurance Allocation Agreement

RESOLVED, that the officers of the Fund are hereby authorized to enter into an Insurance Allocation Agreement with the joint insureds in the form presented to this meeting, with such changes as may be recommended by Counsel, in conformity with paragraph (f) of Rule 17g-1 of the 1940 Act.

IN WITNESS WHEREOF, I hereunto set my hand this tenth day of January 23, 2007.

| /s/John Millette

| John Millette

| Secretary

APPENDIX A

THE DWS FUNDS – NEW YORK BOARD

CASH MANAGEMENT PORTFOLIO

CASH RESERVE FUND, INC., and its series:

Prime Series

Tax-Free Series

Treasury Series

DWS ADVISOR FUNDS, and its series:

Cash Management Fund Investment

DWS International Equity Fund

DWS Mid Cap Growth Fund

DWS RREEF Global Real Estate Securities Fund

DWS Small Cap Growth Fund

DWS Short Duration Plus Fund

NY Tax Free Money Fund Investment

Tax Free Money Fund Investment

Treasury Money Fund Investment

DWS ADVISOR FUNDS II, and its series:

DWS EAFE Equity Index Fund

DWS U.S. Bond Index Fund

DWS ADVISOR FUNDS III, and its series:

DWS Lifecycle Long Range Fund

Money Market Fund Investment

DWS ALLOCATION SERIES, and its series

| DWS Conservative Allocation Fund

DWS Growth Allocation Fund

DWS Growth Plus Allocation Fund

DWS Moderate Allocation Fund

DWS CASH INVESTMENT TRUST

DWS COMMUNICATIONS FUND, INC.

DWS EQUITY PARTNERS FUND, INC.

DWS EQUITY 500 INDEX PORTFOLIO

DWS FUNDS TRUST, and its series

DWS Short Term Bond Fund

DWS GLOBAL COMMODITIES STOCK FUND, INC.

DWS GLOBAL/INTERNATIONAL FUND, INC., and its series

DWS Emerging Markets Fixed Income Fund

DWS Global Bond Fund

DWS Global Opportunities Fund

DWS Global Thematic Fund

DWS GLOBAL HIGH INCOME FUND, INC.

DWS INCOME TRUST, and its series

DWS GNMA Fund

DWS INSTITUTIONAL FUNDS, and its series:

Cash Management Fund Institutional

Cash Reserves Fund Institutional

Daily Assets Fund Institutional

DWS Commodity Securities Fund

DWS Equity 500 Index Fund

DWS Inflation Protected Plus Fund

DWS International Equity Fund

Treasury Money Fund

DWS INTERNATIONAL FUND, INC. , and its series

DWS Emerging Markets Equity Fund

DWS Europe Equity Fund

DWS International Fund

DWS International Value Opportunities Fund

DWS Latin America Equity Fund

DWS Pacific Opportunities Equity Fund

DWS INTERNATIONAL EQUITY PORTFOLIO

DWS INVESTMENT TRUST, and its series

DWS Capital Growth Fund

DWS Growth & Income Fund

DWS Large Company Growth Fund

DWS S&P 500 Index Fund

DWS Small Cap Core Fund

DWS INVESTMENTS TRUST, and its series

DWS Core Fixed Income Fund

DWS High Income Plus Fund

DWS International Select Equity Fund

DWS Micro Cap Fund

DWS Short Duration Fund

DWS Short-Term Municipal Bond Fund

DWS INVESTMENTS VIT TRUST, and its series:

DWS Equity 500 Index VIP

DWS RREEF Real Estate Securities VIP

DWS Small Cap Index VIP

DWS INVESTORS FUNDS, INC., and its series:

DWS Japan Equity Fund

DWS MONEY MARKET TRUST, and its series

DWS Money Market Series

DWS MUNICIPAL TRUST, and its series

DWS High Yield Tax Free Fund

DWS Managed Municipal Bond Fund

DWS MUTUAL FUNDS, INC., and its series

| DWS Gold & Precious Metals Fund

DWS PORTFOLIO TRUST, and its series

| DWS Core Plus Income Fund

DWS RREEF REAL ESTATE FUND, INC.

DWS RREEF REAL ESTATE FUND II, INC.

DWS RREEF SECURITIES TRUST, and its series:

DWS RREEF Real Estate Securities Fund

DWS SECURITIES TRUST, and its series

DWS Health Care Fund

DWS Small Cap Value Fund

DWS STATE TAX FREE TRUST, and its series

DWS Massachusetts Tax-Free Fund

DWS TAX FREE MONEY FUND

DWS TAX FREE TRUST, and its series

DWS Intermediate Tax/AMT Free Fund

DWS U.S. TREASURY MONEY FUND

DWS VALUE BUILDER FUND, INC.

DWS VALUE EQUITY TRUST, and its series

| DWS Enhanced S&P 500 Index Fund

| DWS Equity Income Fund

DWS VARIABLE SERIES I, and its series

DWS Bond VIP

DWS Capital Growth VIP

DWS Global Opportunities VIP

DWS Growth & Income VIP

DWS Health Care VIP

DWS International VIP

Money Market VIP

TREASURY MONEY PORTFOLIO

DWS FUNDS CHICAGO BOARD FUNDS

CERTIFICATE OF THE SECRETARY

I, John Millette, do hereby certify as follows:

4. | That I am the duly elected Secretary of the Funds listed on the attached Appendix A, (the “Funds”);

5. | I further certify that the following is a complete and correct copy of resolutions adopted by the members of the Board of Trustees of the Funds at a meeting duly called, convened and held on November 15, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

RESOLVED, that, after due consideration of all relevant factors including, but not limited to, the value of the aggregate assets of each Series to which any Covered Person (which for the purpose of these resolutions shall mean each director, officer and employee of the Fund or of Deutsche Investment Management Americas Inc. (“DeIM”), or an affiliate thereof, who may, singly or jointly with others, have access to securities or other assets of a Series, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the number of other parties named as insureds and the sizes and nature of the businesses of such parties, and the nature of the portfolio securities of each Series and of such other parties, the form of Investment Company Blanket Bond issued by ICI Mutual Insurance Company for the period from October 31, 2006 to October 31, 2007 (the “ICI Bond”), and the amount thereof, namely primary coverage of up to $ 78,000,000 for any larceny or embezzlement committed by any Covered Person, are determined to be reasonable and are hereby ratified, confirmed and approved; and

FURTHER RESOLVED, that, after consideration of all relevant factors, including, but not limited to, the number of other parties named as insureds, the nature of the business activities of such other parties, the amount of the ICI Bond and the amount of the premium for the ICI Bond, the ratable allocation of the premium among all parties named as insureds, and the comparison of the share of the premium allocated to the Fund and each Series to that which the Fund and each Series would have had to pay if it had provided and maintained a single insured bond, the portion of the total premium allocated to the Fund and each Series, as discussed at this meeting, for the period from October 31, 2006 to October 31, 2007, payable for coverage as described in the preceding resolution, be, and it hereby is, ratified, confirmed and approved, and the payment or the reimbursement by

any officer of the Fund, on behalf of each Series, of DeIM or an affiliate thereof, as the case may be, of such premium be, and it hereby is, ratified, confirmed and approved.

6. | I further certify that the following is a complete and correct copy of a resolution adopted by the members of the Board of Trustees of the Funds at a meeting duly called, convened and held on September 22, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

Approval of Insurance Allocation Agreements

RESOLVED, that the officers of the Fund are hereby authorized to enter into Insurance Allocation Agreements with the joint insureds in the form presented to this meeting, with such changes as may be recommended by Counsel, in conformity with paragraph (f) of Rule 17g-1 of the 1940 Act.

IN WITNESS WHEREOF, I hereunto set my hand this tenth day of January 23, 2007.

| /s/John Millette

| John Millette

| Secretary

APPENDIX A

DWS BALANCED FUND DWS BLUE CHIP FUND DWS EQUITY TRUST DWS Core Plus Allocation Fund DWS Dreman Financial Services Fund DWS HIGH INCOME SERIES DWS High Income Fund DWS STATE TAX-FREE INCOME SERIES DWS CA Tax-Free Income Fund DWS NY Tax-Free Income Fund DWS STRATEGIC INCOME FUND DWS TARGET FUND DWS Target 2008 Fund DWS Target 2010 Fund DWS Target 2011 Fund DWS Target 2012 Fund DWS Target 2013 Fund DWS Target 2014 Fund CASH ACCOUNT TRUST Money Market Portfolio Davidson Cash Equivalent Shares - Money Market Davidson Cash Equivalent Plus Shares – Money Market Capital Assets Funds Shares – Money Market Capital Assets Funds Shares – Preferred Money Market Government & Agency Securities Portfolio Davidson Cash Equivalent Shares - Government & Agency Davidson Cash Equivalent Plus Shares – Government &Agency Capital Assets Funds Shares – Government & Agency Tax-Exempt Portfolio Davidson Cash Equivalent Shares – Tax Exempt Capital Assets Funds Shares – Tax Exempt INVESTORS CASH TRUST Government & Agency Securities Portfolio Treasury Portfolio INVESTORS MUNICIPAL CASH FUND Investors Florida Municipal Cash Fund Investors New Jersey Municipal Cash Fund Investors Michigan Municipal Cash Fund Investors Pennsylvania Municipal Cash Fund Tax-Exempt New York Money Market Portfolio | TAX-EXEMPT CA MONEY MARKET FUND DWS TECHNOLOGY FUND DWS U.S. GOVERNMENT SECURITIES FUND DWS VALUE SERIES, INC. DWS Large Cap Value Fund DWS Dreman High Return Equity Fund DWS Dreman Mid Cap Value Fund DWS Dreman Small Cap Value Fund DWS Dreman Concentrated Value Fund DWS VARIABLE SERIES II DWS Balanced VIP DWS Blue Chip VIP DWS Conservative Allocation VIP DWS Core Fixed Income VIP DWS Davis Venture Value VIP DWS Dreman High Return Equity VIP DWS Dreman Small Cap Value VIP DWS Global Thematic VIP DWS Government & Agency Securities VIP DWS Growth Allocation VIP DWS High Income VIP DWS International Select Equity VIP DWS Janus Growth and Income VIP DWS Janus Growth Opportunities VIP DWS Large Cap Value VIP DWS Legg Mason Aggressive Growth VIP DWS Mercury Large Cap Core VIP DWS Mid Cap Growth VIP DWS Moderate Allocation VIP DWS Money Market VIP DWS Oak Strategic Equity VIP DWS Small Cap Growth VIP DWS Strategic Income VIP DWS Technology VIP DWS Templeton Foreign Value VIP DWS Turner Mid Cap Growth VIP DWS HIGH INCOME TRUST DWS MULTI-MARKET INCOME TRUST DWS MUNICIPAL INCOME TRUST DWS STRATEGIC INCOME TRUST DWS STRATEGIC MUNICIPAL INCOME TRUST DWS MONEY FUNDS DWS Money Market Fund DWS Government & Agency Money Fund DWS Tax-Exempt Money Fund

THE KOREA FUND, INC.

CERTIFICATE OF THE SECRETARY

I, John Millette, do hereby certify as follows:

7. | That I am the duly elected Secretary of The Korea Fund, Inc., (the “Fund”);

8. | I further certify that the following is a complete and correct copy of resolutions adopted by the members of the Board of Directors of the Fund at a meeting duly called, convened and held on August 22, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

Approval of the Fidelity Bond Insurance Allocation Agreement

RESOLVED, that the officers of the Fund are hereby authorized to enter into a Fidelity Bond Insurance Allocation Agreement with the joint insureds in the form presented to this meeting, with such changes as may be recommended by Counsel, in conformity with paragraph (f) of Rule 17g-1 of the 1940 Act.

Approval of Fidelity Bond

RESOLVED, that, after due consideration of all relevant factors including, but not limited to, the value of the aggregate assets of the Fund to which any Covered Person (which for the purpose of these resolutions shall mean each director, officer and employee of the Fund or of Deutsche Investment Management Americas Inc. (“DeIM”), or an affiliate thereof, who may, singly or jointly with others, have access to securities or other assets of the Fund, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the number of other parties named as insureds and the sizes and nature of the businesses of such parties, and the nature of the portfolio securities of the Fund and of such other parties, the form of Investment Company Blanket Bond issued by ICI Mutual Insurance Company for the period from October 31, 2006 to October 31, 2007 (the “ICI Bond”), and the amount thereof, namely primary coverage of up to $78 million or any larceny or embezzlement committed by any Covered Person, are determined to be reasonable and are hereby approved; and

FURTHER RESOLVED, that, after consideration of all relevant factors, including, but not limited to, the number of other parties named as insureds, the nature of the business activities of such other parties, the

amount of the ICI Bond and the amount of the premium for the ICI Bond, the ratable allocation of the premium among all parties named as insureds, and the comparison of the share of the premium allocated to the Fund to that which the Fund would have had to pay if it had provided and maintained a single insured bond, the portion of the total premium allocated to the Fund, as discussed at this meeting, for the period from October 31, 2006 to October 31, 2007, payable for coverage as described in the preceding resolution, be, and it hereby is, approved, and the payment or the reimbursement by any officer of the Fund of DeIM or an affiliate thereof, as the case may be, of such premium be, and it hereby is, approved.

IN WITNESS WHEREOF, I hereunto set my hand this tenth day of January 23, 2007.

| /s/John Millette

| John Millette

| Secretary

DWS DREMAN VALUE INCOME EDGE FUND, INC.

CERTIFICATE OF THE SECRETARY

I, John Millette, do hereby certify as follows:

9. | That I am the duly elected Secretary of DWS Dreman Value Income Edge Fund, Inc., (the “Fund”);

10. | I further certify that the following is a complete and correct copy of resolutions adopted by the members of the Board of Directors of the Fund at a meeting duly called, convened and held on November 15, 2006 at which a quorum was present and acting throughout, and that such resolutions have not been amended and are in full force and effect:

Approval of the Fidelity Bond Insurance Allocation Agreement

RESOLVED, that the officers of the Fund are hereby authorized to enter into Insurance Allocation Agreements with the joint insureds in the form presented to this meeting, with such changes as may be recommended by Counsel, in conformity with paragraph (f) of Rule 17g-1 of the 1940 Act.

Approval of Fidelity Bond

RESOLVED, that, after due consideration of all relevant factors including, but not limited to, the value of the aggregate assets of the Fund to which any Covered Person (which for the purpose of these resolutions shall mean each director, officer and employee of the Fund or of Deutsche Investment Management Americas Inc. (“DeIM”), or an affiliate thereof, who may, singly or jointly with others, have access to securities or other assets of the Fund, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets) may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the number of other parties named as insureds and the sizes and nature of the businesses of such parties, and the nature of the portfolio securities of each Series and of such other parties, the form of Investment Company Blanket Bond issued by ICI Mutual Insurance Company for the period from October 31, 2006 to October 31, 2007 (the “ICI Bond”), and the amount thereof, namely primary coverage of up to $78,000,000 for any larceny or embezzlement committed by any Covered Person, are determined to be reasonable and are hereby approved.

IN WITNESS WHEREOF, I hereunto set my hand this tenth day of January 24, 2007.

| /s/John Millette

| John Millette

| Secretary