SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES AND SUMMARY PROSPECTUSES

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® U.S. Fund

DWS Emerging Markets Equity Fund

DWS Emerging Markets Fixed Income Fund

DWS Enhanced Commodity Strategy Fund

DWS Equity 500 Index Fund

DWS Equity Sector Strategy Fund

DWS ESG Core Equity Fund

DWS ESG Global Bond Fund

DWS ESG International Core Equity 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 Government & Agency Securities Portfolio

DWS Government & Agency Money Fund

DWS Government Money Market Series

DWS Health and Wellness 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 Money Market Prime Series

DWS Multi-Asset Conservative Allocation Fund

DWS Multi-Asset Moderate Allocation Fund

DWS New York Tax-Free Income Fund

DWS RREEF Global Infrastructure Fund

DWS RREEF Global Real Estate Securities 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-Term Municipal Bond Fund

DWS Small Cap Core Fund

DWS Small Cap Growth Fund

DWS Strategic High Yield Tax-Free Fund

DWS Tax-Exempt Portfolio

DWS Tax-Exempt Money Fund

DWS Tax Free Money Fund Class S

DWS Total Return Bond Fund

DWS Treasury Portfolio

DWS U.S. Treasury Money Fund Class S

Effective on or about August 31, 2022, investors will be able to open new DWS fund accounts online. The ability to open new accounts online will be available to new investors as well as existing fund shareholders, but is available only to open new Class S share accounts directly with the fund’s transfer agent. Shareholders will continue to be able to use the same online account features that are available today, as described in the prospectus. Online account features vary by, and are not available for, all account types and share classes. For additional details, please read the prospectus, log on to dws.com, or call Shareholder Services at (800) 728-3337.

In addition, once approved and released by the Apple App Store and Google Play, expected sometime in September or October 2022, existing shareholders and new investors will be able to download a free mobile application (Mobile App) that will provide access to and use of the available online account features described above and in the prospectus. If you have already registered your DWS fund accounts online at dws.com, your existing username and password will work with the Mobile App.

Accessing and transacting for your fund account online or through the Mobile App requires the transmission of personal financial information over the Internet and/or mobile data network, and is not without risk. Digital communication channels such as those described above are not necessarily secure and are subject to the risk, among others, that any confidential or sensitive information that you send or view may be intercepted or accessed by a third party and subsequently sold or used, including for instance, to gain access to your fund account and redeem shares. We recommend that you take steps to protect your account information, including the use of a secure Internet browser, keeping User IDs and passwords confidential, and taking steps to restrict access to your computer and mobile devices. As long as we follow reasonable security procedures and act on instructions that we reasonably believe are genuine, we will not be responsible for any losses that may occur from unauthorized requests. The fund may modify, suspend, or terminate online or mobile account access or services at any time.

Please Retain This Supplement for Future Reference

August 30, 2022

PROSTKR22-42