SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION

DWS Capital Growth Fund

DWS Communications Fund

DWS Core Equity Fund

DWS CROCI^® International Fund

DWS CROCI^® U.S. Fund

DWS EAFE^® Equity Index Fund

DWS Emerging Markets Equity Fund

DWS Emerging Markets Fixed Income Fund

DWS Enhanced Commodity Strategy Fund

DWS Equity 500 Index Fund, a feeder fund of Deutsche DWS Equity 500 Index Portfolio

DWS ESG Global Bond Fund

DWS European Equity Fund

DWS Fixed Income Opportunities Fund

DWS Floating Rate Fund

DWS Global High Income Fund

DWS Global Macro Fund

DWS Global Small Cap Fund

DWS GNMA Fund

DWS Government Cash Management Fund, a feeder fund of Government Cash Management Portfolio

DWS Government Cash Reserves Fund Institutional, a feeder fund of Government Cash Management Portfolio

DWS Government Money Market Series, a feeder fund of Government Cash Management Portfolio

DWS Health and Wellness 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 Multi-Asset Conservative Allocation Fund

DWS Multi-Asset Global Allocation Fund

DWS Multi-Asset Moderate Allocation Fund

DWS RREEF Global Infrastructure Fund

DWS RREEF Global Real Estate Securities Fund

DWS RREEF MLP & Energy Infrastructure Fund

DWS RREEF Real Estate Securities Fund

DWS S&P 500 Index Fund, a feeder fund of Deutsche DWS Equity 500 Index Portfolio

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 Total Return Bond Fund

DWS World Dividend Fund

Deutsche DWS Variable Series I:

DWS Bond VIP

DWS Capital Growth VIP

DWS Core Equity VIP

DWS CROCI^® International VIP

DWS Global Small Cap VIP

Deutsche DWS Investments VIT Funds:

DWS Equity 500 Index VIP

DWS Small Cap Index VIP

Effective May 15, 2019, Ernst & Young is appointed as the independent registered public accounting firm for the funds.

Please Retain This Supplement for Future Reference

May 17, 2019

SAISTKR-13