SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS

Cash Account Trust DWS Government & Agency Securities Portfolio DWS Tax-Exempt Portfolio 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 ESG Core Equity Fund DWS ESG Global Bond Fund DWS ESG International Core Equity Fund DWS ESG Liquidity 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 Cash Management Fund DWS Government Cash Reserves Fund Institutional 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 Growth 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 Total Return Bond Fund Investors Cash Trust DWS Treasury Portfolio 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 Variable Series II: DWS Alternative Asset Allocation VIP DWS CROCI ® U.S. VIP DWS Global Equity VIP DWS Global Income Builder VIP DWS Government Money Market VIP DWS High Income VIP DWS International Growth VIP DWS Small Mid Cap Growth VIP DWS Small Mid Cap Value VIP Deutsche DWS Investments VIT Funds: DWS Equity 500 Index VIP DWS Small Cap Index VIP

The recent Consent Order involving Deutsche Bank AG (“DB”), described below, does not involve the Funds or DWS Investment Management Americas, Inc., DWS Distributors, Inc. or their advisory affiliates (the “DWS Service Providers”). The DWS Service Providers have informed the Board of Trustees/Directors (the “Board”) that, subject to the receipt of a permanent exemptive order from the SEC (described below), the DWS Service Providers believe the Consent Order will not have any material impact on the Funds or the ability of the DWS Service Providers to perform services for the Funds. The SEC has granted a temporary exemptive order permitting the DWS Service Providers to continue to provide investment advisory and underwriting services to the Funds.

On June 17, 2020, DB resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management or distribution activities of any of the DWS Service Providers. DWS Group GmbH & Co. KGaA (“DWS Group”), of which the DWS Service Providers are wholly-owned subsidiaries, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory and underwriting services to the Funds absent an order from the Securities and Exchange Commission (the “SEC”). On September 24, 2020, the SEC granted a temporary order, effective as of the date of the Consent Order, permitting the DWS Service Providers to continue to provide investment advisory and underwriting services to registered investment companies. DB and the DWS Service Providers also are seeking a permanent order from the SEC. While there can be no assurance that the requested permanent order will be granted, the SEC has granted this type of relief in the past.

Please Retain This Supplement for Future Reference.

September 25, 2020
SAISTKR20-15