SUPPLEMENT TO THE CURRENTLY
EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS
DWS California Tax-Free Income Fund
DWS Capital Growth Fund
DWS Communications Fund
DWS Core Equity Fund
DWS CROCI® Equity Dividend Fund
DWS CROCI® International Fund
DWS CROCI® Sector Opportunities Fund
DWS CROCI® U.S. Fund
DWS Emerging Markets Equity Fund
DWS Emerging Markets Fixed Income
Fund
DWS Enhanced Commodity Strategy
Fund
DWS European Equity Fund
DWS Fixed Income Opportunities
Fund
DWS Floating Rate Fund
DWS Global High Income Fund
DWS Global Income Builder Fund
DWS Global Macro Fund
DWS Global Small Cap Fund
DWS GNMA Fund
DWS Health and Wellness Fund
DWS High Conviction Global Bond
Fund
DWS High Income Fund
DWS Intermediate Tax-Free Fund
DWS International Growth Fund
DWS Large Cap Focus Growth Fund
DWS Latin America Equity Fund
DWS Managed Municipal Bond Fund
DWS Massachusetts Tax-Free Fund
DWS Mid Cap Value Fund
DWS Money Market Prime Series
DWS Multi-Asset Conservative Allocation Fund
DWS Multi-Asset Global Allocation
Fund
DWS Multi-Asset Moderate Allocation
Fund
DWS Multisector Income Fund
DWS New York Tax-Free Income Fund
DWS RREEF Global Infrastructure
Fund
DWS RREEF Global Real Estate Securities Fund
DWS RREEF MLP & Energy Infrastructure Fund
DWS RREEF Real Assets Fund
DWS RREEF Real Estate Securities
Fund
DWS S&P 500 Index Fund
DWS Science and Technology Fund
DWS Short Duration Fund
DWS Short Duration High Income
Fund
DWS Short-Term Municipal Bond
Fund
DWS Small Cap Core Fund
DWS Small Cap Growth Fund
DWS Strategic High Yield Tax-Free
Fund
DWS Total Return Bond Fund
DWS U.S. Bond Index Fund
DWS World Dividend Fund
The following disclosure
is added under the “POLICIES ABOUT TRANSACTIONS” heading of the “INVESTING IN THE FUND(S)” section of each fund’s prospectus.
Class S or
Institutional Class to Class A in the Same Fund Exchange Privilege. Exchanges by a financial intermediary of Class S or Institutional Class shares for Class A shares of the same fund are allowed without the imposition of a sales charge in connection with a
change in account type or otherwise in accordance with the intermediary’s policies and procedures that renders a shareholder ineligible for Class S or Institutional Class shares. The availability of this
exchange privilege and sales charge waiver depends on the policies, procedures and trading platforms of the intermediary. Investors should contact their financial intermediary to learn more about the details of this
exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class S or Institutional Class shares of a fund for Class A shares of the same
fund.
The following disclosure
replaces existing disclosure under “Class A NAV Sales” in the “CHOOSING A SHARE CLASS” sub-section of the “INVESTING IN THE FUND(S)” section in each fund’s prospectus:
(17)
| exchanging an investment in Class C, Class S or Institutional Class shares of the fund for an investment in Class A shares of the same fund pursuant to one of the exchange privileges described in the prospectus.
|
The following disclosure
is added to the “SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLE THROUGH INTERMEDIARIES” sub-section under the “APPENDIX B” section of each fund’s prospectus.
Raymond James &
Associates, Inc., Raymond James Financial Services & Raymond James Affiliates (“Raymond James”)
Effective March 1,
2019, shareholders purchasing fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales
charge waivers) and discounts, which may differ from those disclosed elsewhere in each fund’s prospectus or SAI.
Front-end Sales Load
Waivers on Class A Shares Available at Raymond James
■
| Shares purchased in an investment advisory program.
|
■
| Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
|
■
| Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
|
September 21, 2018
PROSTKR-1079