SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES AND SUMMARY PROSPECTUSES
DWS ESG Liquidity Fund
On April 2, 2024, certain changes to the federal regulations that govern money market
funds are effective and the following changes to each fund’s prospectus will be effective.
The following replaces similar disclosure under the “MAIN RISKS” section of the summary prospectuses, and within the summary section and the “FUND DETAILS” section of the fund’s prospectuses:
Money market fund risk. You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally
paid for them. The fund may impose a discretionary liquidity fee (not to exceed 2%) upon redemption of shares if the Advisor
determines a liquidity fee is in the fund's best interests. The Advisor may impose such a fee in times of market stress,
impaired liquidity of the fund's investments or in other circumstances. A liquidity fee would reduce the amount a shareholder
receives upon redemption of shares. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.The fund’s sponsor has no legal obligation to provide financial support to the fund,
and you should not expect that the sponsor will provide financial support to the fund at any time.
The following information replaces existing similar disclosure contained in the “PRINCIPAL INVESTMENT STRATEGIES” section of the “FUND DETAILS” section of the fund’s prospectuses.
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The fund maintains certain minimum liquidity standards such that:
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the fund may not purchase a security other than a security offering daily liquidity
if, immediately after purchase, the fund would have invested less than 25% of its total assets in securities offering
daily liquidity (includes securities that mature or are subject to demand within one business day, cash or direct US government
obligations);
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the fund may not purchase a security other than a security offering weekly liquidity
if, immediately after purchase, the fund would have invested less than 50% of its total assets in securities offering
weekly liquidity (includes securities that mature or are subject to demand within five business days, cash, direct US government
obligations and government agency discount notes with remaining maturities of 60 days or less); and
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the fund may not purchase an illiquid security if, immediately after purchase, the
fund would have invested more than 5% of its total assets in illiquid securities (securities that cannot be sold or disposed
of in the ordinary course of business within seven days at approximately the market value ascribed to them by the fund).
The following information replaces similar disclosure in the “POLICIES ABOUT TRANSACTIONS” section within the “INVESTING IN THE FUND” section of the fund’s prospectuses.
As noted elsewhere in the prospectus, proceeds of a redemption may be delayed. The
ability to receive “same day” wire redemption proceeds can be affected by a variety of circumstances including, the level
of redemption requests and purchase orders and general market conditions.
For additional information on transaction processing in the event of scheduled partial
day trading or unscheduled suspensions of trading on the New York Stock Exchange, please see “HOW THE FUND CALCULATES SHARE PRICE.”
Special Policies on Redemptions. The fund may impose a liquidity fee of up to 2% of the value of the shares redeemed,
if the Advisor, having been delegated responsibility by the Board, including a majority
of board members, who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (“Independent Board Members”)), determines that imposing a liquidity fee is in the fund’s best interest
March 25, 2024
PROSTKR24-17
After the fund implements a liquidity fee, the liquidity fee would apply to all redemptions
at the first net asset value calculation on the next business day following notification to financial intermediaries and shareholders.
However, the Advisor, in its discretion, may elect to impose a liquidity fee on an intra-day basis. A liquidity
fee will be charged on all redemption orders submitted after the effective time of the imposition of the fee by the Advisor.
A liquidity fee would reduce the amount you receive upon redemption of your shares.
A liquidity fee would remain in effect until the Advisor determines that the fee is
no longer in the best interests of the fund. All liquidity fees payable by shareholders of the fund would be payable to the fund
and thereafter would be an asset of the fund and may be used for various purposes, including to offset any losses realized
by the fund when seeking to honor redemption requests during times of market stress.
Please Retain This Supplement for Future Reference
March 25, 2024
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