SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS(ES) 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 Core Equity Fund
DWS CROCI® Equity Dividend Fund
DWS CROCI®International Fund
DWS CROCI® U.S. Fund
DWS Digital Horizons 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 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 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 Completion Fund I
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 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 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 following information replaces the existing disclosure under the “Financial Intermediary Support Payments” sub-section under the “Investing in the Fund(s)” section of each fund’s/portfolio’s Prospectus:
The Advisor, the Distributor and/or their affiliates may pay additional compensation,
out of their own assets and not as an additional charge to each fund, to selected affiliated and unaffiliated brokers, dealers,
participating insurance companies or other financial intermediaries (“financial representatives”) in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares (“revenue sharing”). Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service
plan of each fund, any recordkeeping/sub-transfer agency/networking fees payable by each fund (generally through the Distributor or
an affiliate) and/or the Distributor or Advisor to certain financial representatives for performing such services and any
sales charges, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the Financial
Industry Regulatory Authority or other concessions described in the fee table or elsewhere in this prospectus or the
Statement of Additional Information as payable to all financial representatives. For example, the Advisor, the Distributor
and/or their affiliates may, using their legitimate profits, compensate financial representatives for providing the fund with “shelf space” or access to a financial representative’s platform (including the costs associated with establishing and maintaining the fund
on such platform) or fund offering list or other marketing programs, including, without limitation, inclusion of the fund on
preferred or recommended sales lists, mutual fund “supermarket” platforms and other formal sales programs; granting the Distributor access to the
financial representative’s sales force; granting the Distributor access to the financial representative’s conferences
and meetings; assistance in training and educating the financial representative’s personnel; and obtaining other
forms of marketing support. In addition, revenue sharing payments may consist of the Distributor’s and/or its affiliates’ payment
or reimbursement of ticket charges that would otherwise be assessed by a financial representative on an investor’s fund
transactions. In some cases, financial representatives may determine to credit all or a portion of revenue sharing payments
back to investors.
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The level of revenue sharing payments made to financial representatives may be a fixed
fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of each
fund attributable to the financial representative, the particular fund or fund type or other measures as agreed to by the Advisor, the
Distributor and/or their affiliates and the financial representatives or any combination thereof. The amount of these
payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be
substantial, and may be different for different financial representatives based on, for example, the nature of the services
provided by the financial representative.
The Advisor, the Distributor and/or their affiliates currently make revenue sharing
payments from their own assets in connection with the sale and/or distribution of DWS fund shares or the retention and/or servicing
of investors to financial representatives in amounts that generally range from 0.01% up to 0.25% of assets of each fund serviced
and maintained by the financial representative, 0.05% to 0.25% of sales of each fund attributable to the financial
representative, a flat fee of up to $95,000, or any combination thereof. These amounts are annual figures typically paid on a quarterly
basis and are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt
of, or the prospect of receiving, this additional compensation may influence your financial representative’s recommendation of each
fund or of any particular share class of each fund. You should review your financial representative’s compensation disclosure
and/or talk to your financial representative to obtain more information on how this compensation may have influenced your financial
representative’s recommendation of each fund. Additional information regarding these revenue sharing payments is included
in each fund’s Statement of Additional Information, which is available to you on request at no charge (see the back cover
of this prospectus for more information on how to request a copy of the Statement of Additional Information).
The Advisor, the Distributor and/or their affiliates may also make such revenue sharing
payments to financial representatives under the terms discussed above in connection with the distribution of both DWS funds
and non-DWS funds by financial representatives to retirement plans that obtain recordkeeping services from ADP, Inc.
or to 403(b) plans that obtain recordkeeping services from Ascensus, Inc. on the DWS-branded retirement plan platform (the “Platform”). The level of revenue sharing payments is based upon sales of both the DWS funds and the non-DWS funds by the financial
representative on the Platform or current assets of both the DWS funds and the non-DWS funds serviced and maintained
by the financial representative on the Platform.
It is likely that broker-dealers that execute portfolio transactions for each fund
will include firms that also sell shares of the DWS funds to their customers. However, the Advisor will not consider sales of DWS
fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the DWS funds. Accordingly,
the Advisor has implemented policies and procedures reasonably designed to prevent its traders from considering sales of
DWS fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for each fund. In addition,
the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide
additional compensation to financial representatives as described above.
Please Retain This Supplement for Future Reference
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