SUPPLEMENT TO THE CURRENTLY EFFECTIVE CLASS S PROSPECTUSES OF EACH OF THE LISTED FUNDS

DWS Capital Growth Fund

DWS Core Equity Fund

DWS CROCI^® U.S. Fund

DWS Emerging Markets Equity Fund

DWS Emerging Markets Fixed Income Fund

DWS Fixed Income Opportunities Fund

DWS Global High Income Fund

DWS Global Macro Fund

DWS Global Small Cap Fund

DWS GNMA Fund

DWS High Conviction Global Bond Fund

DWS High Income Fund

DWS Latin America Equity Fund

DWS Multisector Income 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 World Dividend Fund

The following disclosure changes are in effect until on or about February 11, 2019:

The following disclosure is hereby deleted in the first paragraph under the “Fees and Expenses of the Fund” section of each fund’s summary section of the prospectus.

You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class S shares, which are not reflected in the tables or the example below.

The following disclosure is hereby deleted from the paragraph under the table in the “MINIMUM INITIAL INVESTMENT” sub-heading of the “PURCHASE AND SALE OF FUND SHARES” section of each fund’s summary section of the prospectus.

Certain intermediaries that offer Class S shares in their brokerage platforms may be eligible for an investment minimum waiver.

The following information replaces the last sentence under the “TO PLACE ORDERS” sub-heading of the “PURCHASE AND SALE OF FUND SHARES” section of each fund’s summary section of the prospectus.

Class S shares are only available to a limited group of investors.

The following disclosure is hereby deleted in the “Class S Shares – Eligibility Requirements” sub-section of the “CHOOSING A SHARE CLASS” section in each fund’s prospectus:

Class S shares may also be available on brokerage platforms of firms that have agreements with DWS Distributors, Inc. to offer such shares when acting solely on an agency basis for its customers for the purchase or sale of such shares. If you transact in Class S shares through one of these programs, you may be required to pay a commission and/or other forms of compensation to your broker. Shares of a fund are available in other share classes that have different fees and expenses.

The following disclosure is hereby deleted in the “Class S Shares” sub-section of the “CHOOSING A SHARE CLASS” section in each fund’s prospectus:

Investment Minimum

The minimum initial investment is waived for:

■ Eligible intermediaries that have agreements with DWS Distributors, Inc. to offer Class S shares in their brokerage platforms when such Class S shares are held in omnibus accounts on such brokerage platforms.

Please Retain This Supplement for Future Reference

February 1, 2019

PROSTKR-05