SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES
DWS California Tax-Free Income Fund
DWS Communications Fund
DWS CROCI® Equity Dividend Fund
DWS CROCI® International Fund
DWS Emerging Markets Equity Fund
DWS Emerging Markets Fixed Income Fund
DWS Enhanced Commodity Strategy Fund
DWS Equity Sector Strategy Fund
DWS ESG Core Equity Fund
DWS ESG International Core Equity Fund
DWS Floating Rate Fund
DWS Global Income Builder Fund
DWS Global Macro Fund
DWS Global Small Cap Fund
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 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 Science and Technology Fund
DWS S&P 500 Index Fund
DWS Strategic High Yield Tax-Free Fund
DWS Total Return Bond Fund
The following replaces similar disclosure under the “SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLE THROUGH INTERMEDIARIES” sub-section under the “APPENDIX B” section of each fund’s prospectus.
MERRILL LYNCH SALES CHARGE WAIVERS AND DISCOUNTS
Purchases or sales of front-end (Class A) or level-load (Class C) mutual fund shares
through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred,
or back-end waivers) and discounts, which differ from those disclosed elsewhere in each fund’s prospectus. Purchasers
will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible
for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale
of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable
documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of
such documentation.
Additional information on waivers and discounts is available in the Merrill Sales
Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds (the referenced
Merrill documents and Web site do not form a part of this prospectus). Clients are encouraged
to review these documents and speak with their financial advisor to determine whether a transaction is eligible
for a waiver or discount.
Front-end Sales Load Waivers on Class A Shares Available at Merrill
◾
Shares of mutual funds available for purchase by employer-sponsored retirement, deferred
compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans
provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the
plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs
or Keogh plans.
◾
Shares purchased through a Merrill investment advisory program.
◾
Brokerage class shares exchanged from advisory class shares due to the holdings moving
from a Merrill investment advisory program to a Merrill brokerage account.
◾
Shares purchased through the Merrill Edge Self-Directed platform.
◾
Shares purchased through the systematic reinvestment of capital gains distributions
and dividend reinvestment when purchasing shares of the same mutual fund in the same account.
◾
Shares exchanged from level-load shares to front-end load shares of the same mutual
fund in accordance with the description in the Merrill SLWD Supplement.
◾
Shares purchased by eligible employees of Merrill or its affiliates and their family
members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement).
◾
Shares purchased by eligible persons associated with the fund as defined in this prospectus
(e.g., the fund’s officers or trustees).
February 1, 2024
PROSTKR24-02
◾
Shares purchased from the proceeds of a mutual fund redemption in front-end load shares
provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within
90 calendar days from the redemption trade date; and (3) the redemption and purchase occur in the same account (known as
Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after
shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement.
Contingent Deferred Sales Charge (“CDSC”) Waivers on Class A and C Shares Available at Merrill
◾
Shares sold due to the client’s death or disability (as defined by Internal Revenue
Code Section 22I(3)).
◾
Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum
systematic withdrawal limits as described in the Merrill SLWD Supplement.
◾
Shares sold due to return of excess contributions from an IRA account.
◾
Shares sold as part of a required minimum distribution for IRA and retirement accounts
due to the investor reaching the qualified age based on applicable IRS regulation.
◾
Front-end or level-load shares held in commission-based, non-taxable retirement brokerage
accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred
to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund).
Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation
& Letters of Intent
◾
Breakpoint discounts, as described in this prospectus, where the sales load is at
or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill
SLWD Supplement.
◾
Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle
clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts
in their Merrill Household.
◾
Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases
based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill
Household, as further described in the Merrill SLWD Supplement.
Please Retain This Supplement for Future Reference
February 1, 2024
PROSTKR24-02
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