DWS Funds

Annual Report 2020 n DWS Funds Global Protect 80 n DWS Funds Global Protect 90 n DWS Funds Invest VermögensStrategie n DWS Funds Invest ZukunftsStrategie n DWS Funds Invest NachhaltigkeitsStrategie Aktien Global n DWS Zinseinkommen n DWS Garant 80 ETF-Portfolio

Investment Company with Variable Capital (SICAV) Incorporated under Luxembourg Law

Contents

Annual report 2020 for the period from January 1, 2020, through December 31, 2020

General information ...... 2

Annual report and annual financial statements DWS Funds Global Protect 80 ...... 6

DWS Funds Global Protect 90 ...... 13

DWS Funds Invest VermögensStrategie ...... 19

DWS Funds Invest ZukunftsStrategie ...... 26

DWS Funds Invest NachhaltigkeitsStrategie Aktien Global ...... 33

DWS Zinseinkommen ...... 41

DWS Garant 80 ETF-Portfolio ...... 51

Supplementary information Remuneration Disclosure...... 62

Information pursuant to Regulation (EU) 2015/2365 ...... 64

Report of the Réviseur d’Entreprises agréé...... 91

1 General information

The funds described in this value. Past performance is not Issue and redemption prices report are sub-funds of a a guide to future results. The current issue and redemp- SICAV (Société d’Investisse- The corresponding bench- tion prices and all other infor- ment à Capital Variable) marks – if available – are also mation for shareholders may be incorporated under Luxem- presented in the report. All requested at any time at the bourg law. financial data in this publication registered office of the Man- is as of December 31, 2020, agement Company and from Performance (unless otherwise stated). the paying agents. In addition, The investment return, or per- the issue and redemption prices formance, of a mutual fund Sales prospectuses are published in every country investment is measured by the Fund shares are purchased on of distribution through appro- change in value of the fund’s the basis of the current sales priate media (such as the shares. The net asset values per prospectus, the key investor ­Internet, electronic information share (= redemption prices) information document and the systems, newspapers, etc.). with the addition of intervening articles of incorporation and distributions, which are, for by-laws of the SICAV, in combi- example, reinvested free of nation with the latest audited charge within the scope of annual report and any semi­ investment accounts at DWS­ annual report that is more Investment S.A., are used as recent than the latest annual the basis for calculating the report.

2 Renaming The sub-fund DWS Funds Invest SachwertStrategie will be renamed DWS Funds ­Invest NachhaltigkeitsStrategie Aktien Global effective June 30, 2020.

Material events after the reporting date Renaming Due to the inclusion of ESG criteria in the investment policy, the sub-fund DWS Zinseinkommen will be renamed ­DWS ESG Zinseinkommen effective January 31, 2021. Conversion to unit class eligibility The DWS Zinseinkommen sub-fund will be converted into a multiclass fund with a unit class system as of Febru- ary 22, 2021 (last valuation day as a single fund), following the valuation process. The existing sub-fund will be merged into unit class LD; the WKN and ISIN will remain unchanged. On February 23, 2021, the sub-fund will then be valued for the first time as a multiclass fund with a unit class.

Coronavirus crisis The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis. The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time. Restrictions on freedom of movement, repeated lockdown measures, produc- tion stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably. Even though gradual recovery was to be observed again in the markets in the interim – due, among other things, to assistance programs in the context of monetary and fiscal policy as well as the introduction of vaccination campaigns – the actual or possible mid- to long- term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be reliably evaluated or adequately forecast at the time of preparing this report in light of the pace of the global spread of the virus and the associated high degree of uncertainty. Consequently, there may still be a material impact on the respective sub-fund’s assets. A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates and the speedy and sustainable restart of the economy.

The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund. The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent. In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes. As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment. In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona­ virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.

At the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indi- cating any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.

3

Annual report and annual financial statements Annual report DWS Funds Global Protect 80

Investment objective* in the DWS FUNDS GLOBAL PROTECT 80 reporting period Five-year performance The objective of the investment 110 policy for the guarantee fund 108 DWS Funds Global Protect 80 106 is to achieve appreciation of 104 capital in euro. To this end, 102 the sub-fund may invest in 100 interest-bearing securities, con- 98 vertible bonds, warrant-linked 96 bonds, participation and divi- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Funds Global Protect 80 * 12/2015 = 100 dend-right certificates, equities, Data on euro basis equity certificates, equity‌-linked “BVI method” performance, i.e., excluding the initial sales charge. bonds, equity warrants, money Past performance is no guide to future results. As of: December 31, 2020 market instruments, liquid assets and in units of Under­ DWS FUNDS GLOBAL PROTECT 80 takings for Collective Invest- Performance at a glance ment in Transferable Securities ISIN 1 year 3 years 5 years or exchange-traded funds, or in the respective derivatives on all LU0188157704 -6.3% -3.6% 0.3% of the aforementioned instru- “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 ments. The sub-fund pursues Data on euro basis a dynamic capital-preservation strategy, in which assets are reallocated constantly between a growth component and a cap- ital preservation component, Investment climate and at times. Against this backdrop, depending on the market situ- ­performance in the reporting the sub-fund recorded a decline ation. The growth component period of 6.3% per unit in fiscal 2020 comprises higher-risk invest- The investment climate in the (BVI method, in euro terms). ments, such as equity funds reporting period was character- and higher-risk bond funds, as ized by continued very low and Guarantee* well as direct investments in or sometimes negative interest DWS Investment S.A. guaran- derivatives on higher-risk com- rates in the industrial countries tees that the net asset value ponents such as equities and and volatility in the capital mar- per share of the sub-fund plus higher-risk bonds, while the kets. Alongside the high level of any dividends will not be less capital preservation component indebtedness worldwide as well than 80% of the maximum comprises lower-risk invest- as uncertainty regarding the net asset value attained since ments such as lower-risk bond/ monetary policy of the central December 1, 2011. If the guar- money market funds and direct banks, the noticeably weaken- anteed value is not achieved, investments in or derivatives on ing global economy, which was DWS Investment S.A. will pay lower-risk bonds/money market exacerbated due to uncertain- the difference into the assets instruments. The objective of ties relating to the COVID-19 of the sub-fund from its own this is to ensure a minimum pandemic**, became the focus resources. For December 31, value while also achieving the of market participants’ atten- 2020, the guaranteed value was greatest possible participation tion. However, political issues EUR 134.11. in price increases in the inter­ such as “Brexit”, as well as the national capital markets, such U.S. presidential election at the as the international equity, beginning of November 2020, bond and commodity markets. also influenced market activity

6 * Additional information on the invest- ment policy and the exact guarantee amount is contained in the sales prospectus. ** The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertainties regarding the impact of COVID-19 are of significance for under- standing the annual financial state- ments. Further details in this regard are provided in the explanations in the “General information” section.

7 The format used for complete dates in security names in the investment Annual financial statements portfolio is “day/month/year”. DWS Funds Global Protect 80

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Investment fund units: Bond funds 159 270 127.66 44.86 Equity funds 104 399 861.25 29.40 Index funds 55 246 083.05 15.56 Other funds 28 334 415.03 7.98 Total investment fund units: 347 250 486.99 97.80

2. Derivatives -155 912.64 -0.04

3. Cash at bank 8 299 247.91 2.34

4. Other assets 6 367.79 0.00

5. Receivables from unit certificate transactions 743.30 0.00

II. Liabilities 1. Other liabilities -271 085.65 -0.08

2. Liabilities from share certificate transactions -65 823.97 -0.02

III. Net assets 355 064 023.73 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

8 DWS Funds Global Protect 80

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund shares 347 250 486.99 97.80

In-group fund shares 306 494 236.48 86.32 DWS Akkumula ID (DE000DWS2D74) (0.600%). . . . Count 6 965 17 190 22 819 EUR 1 364.9800 9 507 085.70 2.68 DWS ESG Top World (DE0009769794) (1.450%). . . . Count 37 287 57 160 119 444 EUR 127.9800 4 771 990.26 1.34 DWS Euro Money Market Fund (LU0225880524) (0.300%)...... Count 70 701 845 538 916 891 EUR 100.3500 7 094 845.35 2.00 DWS European Opportunities TFC (DE000DWS2NN9) (0.800%)...... Count 3 669 6 261 12 659 EUR 457.2400 1 677 613.56 0.47 DWS Global Value ID (LU1057898071) (0.600%). . . . Count 44 824 75 279 132 814 EUR 106.0200 4 752 240.48 1.34 DWS Global Water LD (DE000DWS0DT1) (1.450%). . . Count 44 073 67 276 147 901 EUR 54.7800 2 414 318.94 0.68 DWS Institutional ESG Euro Money Market Fund IC (LU0099730524) (0.160%)...... Count 512 6 126 6 645 EUR 13 833.6700 7 082 839.04 1.99 DWS Institutional Pension Flex Yield (LU0224902659) (0.250%)...... Count 4 738 6 091 2 626 EUR 11 204.0600 53 084 836.28 14.95 DWS Institutional Pension Floating Yield IC (LU0193172185) (0.160%)...... Count 4 548 5 865 2 539 EUR 11 674.6000 53 096 080.80 14.95 DWS Institutional Pension Vario Yield (LU1120400566) (0.250%)...... Count 538 594 690 109 296 209 EUR 98.5700 53 089 210.58 14.95 DWS Invest CROCI Euro IC (LU1769937829) (0.500%). Count 11 668 30 808 35 577 EUR 318.7200 3 718 824.96 1.05 DWS Invest Emerging Markets Top Dividend FC (LU0329760267) (0.750%)...... Count 34 670 113 642 104 754 EUR 138.3700 4 797 303.12 1.35 DWS Invest Global Emerging Markets Equities FC (LU0210302369) (0.750%)...... Count 5 045 9 529 16 844 EUR 309.7700 1 562 789.65 0.44 DWS Invest II US Top Dividend FC (LU0781239156) (0.750%)...... Count 14 551 24 414 42 524 EUR 212.8400 3 097 034.84 0.87 DWS Invest Top Dividend IC (LU1472572954) (0.500%). Count 13 906 26 304 41 179 EUR 112.5300 1 564 842.18 0.44 DWS Invest Top Euroland IC (LU0616864954) (0.500%). Count 10 388 17 504 34 134 EUR 156.1200 1 621 774.56 0.46 DWS Qi LowVol Europe MFC (DE000DWS2MS0) (0.400%)...... Count 25 268 103 755 78 487 EUR 128.3200 3 242 389.76 0.91 DWS SDG Global Equities IC (DE000DWS21L8) (0.600%)...... Count 16 371 28 287 57 725 EUR 99.5500 1 629 733.05 0.46 DWS Top Europe IC (DE000DWS2L82) (0.600%). . . . Count 14 406 24 350 45 325 EUR 168.2700 2 424 097.62 0.68 DWS US Growth (DE0008490897) (1.450%)...... Count 23 885 39 906 89 139 EUR 306.9400 7 331 261.90 2.06 DWS Vermögensbildungsfonds I ID (DE000DWS16D5) (0.600%)...... Count 46 562 98 668 153 196 EUR 204.6800 9 530 310.16 2.68 DWS Vorsorge Geldmarkt LC (LU0011254512) (0.200%). Count 107 183 401 896 402 539 EUR 132.0800 14 156 730.64 3.99 Xtrackers MSCI Canada UCITS ETF 1C (LU0476289540) (0.150%)...... Count 57 600 92 844 173 302 EUR 49.0950 2 827 872.00 0.80 Xtrackers MSCI Japan UCITS ETF 1C (LU0274209740) (0.100%)...... Count 56 792 103 509 189 670 EUR 59.9600 3 405 248.32 0.96 Xtrackers MSCI Pacific ex Japan UCITS ETF 1C (LU0322252338) (0.100%)...... Count 62 882 103 127 188 485 EUR 56.4400 3 549 060.08 1.00 Xtrackers MSCI USA Swap UCITS ETF 1C (LU0274210672) (0.050%)...... Count 221 492 361 818 730 959 EUR 87.4250 19 363 938.10 5.45 Xtrackers MSCI World Minimum Vol. UCITS ETF 1C (IE00BL25JN58) (0.150%) ...... Count 270 485 401 104 914 240 EUR 29.2650 7 915 743.53 2.23 Xtrackers S&P 500 Swap UCITS ETF 1C (LU0490618542) (0.050%)...... Count 317 329 515 996 1 027 577 EUR 57.3040 18 184 221.02 5.12

Non-group fund shares 40 756 250.51 11.48 MFS Mer.-Eur.Research Fd. IS1 EUR Acc (LU1889970155) (0.680%)...... Count 17 365 32 478 54 264 EUR 279.1600 4 847 613.40 1.37 Schr. Intll. Selection Fd.- Emerging Asia Acc Eur (LU1751207348) (0.750%)...... Count 89 406 152 076 334 188 EUR 53.0239 4 740 654.80 1.34 T. Row.Pr.Funds SICAV-Jap.Equity Fund Q10 EUR Acc. (LU1923401951) (0.750%)...... Count 211 768 462 199 819 913 EUR 15.2200 3 223 108.96 0.91 T. Rowe Price-Gl. Foc. Gr. Eq. Fd. I10 EUR Acc. (LU1960395389) (0.750%)...... Count 159 218 308 000 656 470 EUR 15.9700 2 542 711.46 0.72 Threadneedle (Lux) - Global Focus AU EUR (LU0757431068) (1.500%)...... Count 83 141 150 018 284 389 EUR 77.4348 6 438 006.71 1.81

Fidelity Funds Asian-Special Situations Fd.USD Acc (LU2038752825) (0.600%)...... Count 181 257 342 300 613 290 USD 13.9600 2 062 475.22 0.58 Morgan Stanley Inv.- Global Opportunity Fund Z USD (LU0552385535) (0.750%)...... Count 66 997 146 286 283 253 USD 144.6500 7 899 185.76 2.22 MS Invt Fds-US Advantage Fund Z USD (LU0360484686) (0.700%)...... Count 27 599 55 029 127 044 USD 186.9500 4 205 594.04 1.18 Vontobel Fund-mtx Sustainable Em.Mk.Lead.G USD Acc (LU1767066605) (0.650%)...... Count 49 806 92 843 163 791 USD 118.1600 4 796 900.16 1.35

Total securities portfolio 347 250 486.99 97.80

9 DWS Funds Global Protect 80

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Derivatives Minus signs denote short positions

Swaps -155 912.64 -0.04

Equity swaps Swap 80% Gap SWAP DWS Funds Global Protect 80 (CSI) 10.06.21 (OTC)...... EUR 0.1 -77 217.87 -0.02 Swap 80% Gap SWAP DWS Funds Global Protect 80 (DBK) 10.06.21 (OTC)...... EUR 0.1 -78 694.77 -0.02

Cash at bank 8 299 247.91 2.34

Demand deposits at Depositary EUR deposits ...... EUR 8 228 138.05 % 100 8 228 138.05 2.32

Deposits in non-EU/EEA currencies Japanese yen ...... JPY 1 627 202.00 % 100 12 847.51 0.00 U.S. dollar ...... USD 71 479.16 % 100 58 262.35 0.02

Other assets 6 367.79 0.00 Withholding tax claims...... EUR 6 367.79 % 100 6 367.79 0.00

Receivables from share certificate transactions EUR 743.30 % 100 743.30 0.00

Total assets 1 355 556 845.99 100.14

Other liabilities -271 085.65 -0.08 Liabilities from cost items ...... EUR -262 698.43 % 100 -262 698.43 -0.07 Additional other liabilities...... EUR -8 387.22 % 100 -8 387.22 0.00

Liabilities from share certificate transactions EUR -65 823.97 % 100 -65 823.97 -0.02

Net assets 355 064 023.73 100.00

Net asset value per share 148.59

Number of shares outstanding 2 389 533.742

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

Composition of the reference portfolio (according to CSSF circular 11/512)

MSCI World Index in EUR

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 3.963

Highest market risk exposure...... % 83.143

Average market risk exposure ...... % 30.359

The values-at-risk were calculated for the period from January 1, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512.

In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 155 912.64 as of the reporting date.

Counterparties Credit Suisse International; Deutsche Bank AG, Frankfurt

10 DWS Funds Global Protect 80

Market abbreviations

Futures exchanges OTC = Over the Counter

Exchange rates (indirect quotes) As of December 30, 2020

Japanese yen ...... JPY 126 .655000 = EUR 1 U .S . dollar ...... USD 1 .226850 = EUR 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.

Investments reported in this report are not valued at derived market values.

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds .

Footnotes 1 Does not include positions with a negative balance, if such exist .

11 DWS Funds Global Protect 80

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the fund

for the period from January 1, 2020, through December 31, 2020 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 476 549 808.59 I. Income 1. Net inflows ...... EUR -92 341 195.63 1. Interest from investments of liquid assets a) Inflows from subscriptions...... EUR 21 610 164.28 (before withholding tax)...... EUR 3 375.43 b) Outflows from redemptions...... EUR -113 951 359.91 2. Income from investment certificates ...... EUR 139 997.78 2. Income adjustment...... EUR -1 361 905.12 3. Income from securities lending 3. Net gain/loss for the fiscal year...... EUR -27 782 684.11 and repurchase agreements...... EUR 8 507.16 thereof: thereof: Net change in unrealized appreciation...... EUR -18 417 875.92 from securities lending . . . . . EUR 8 507.16 Net change in unrealized depreciation...... EUR -258 790.92

Total income...... EUR 151 880.37 II. Value of the fund‘s net assets at the end of the fiscal year ...... EUR 355 064 023.73 II. Expenses 1. Interest on borrowings and negative interest on deposits and expenses similar to interest. . . . . EUR -87 824.43 Summary of gains/losses thereof: Commitment fees ...... EUR -1 143.95 Realized gains (incl. income adjustment)...... EUR 12 333 843.91 2. Management fee...... EUR -3 260 110.99 thereof: from: All-in fee ...... EUR -3 260 110.99 Securities transactions ...... EUR 12 266 625.90 3. Other expenses ...... EUR -23 847.47 (Forward) currency transactions...... EUR 67 218.01 thereof: Realized losses (incl. income adjustment)...... EUR -18 219 958.66 Performance-based fee from securities lending . . . . . EUR -2 807.19 from: Taxe d’abonnement ...... EUR -21 040.28 Securities transactions ...... EUR -17 287 059.20 (Forward) currency transactions...... EUR -335 560.10 Total expenses ...... EUR -3 371 782.89 Swap transactions...... EUR -597 339.36

III. Net investment income...... EUR -3 219 902.52 Net change in unrealized appreciation/depreciation. . . . EUR -18 676 666.84 from: IV. Sale transactions Securities transactions ...... EUR -18 689 191.09 (Forward) currency transactions...... EUR 439.64 1. Realized gains...... EUR 12 333 843.91 Swap transactions...... EUR 12 084.61 2. Realized losses...... EUR -18 219 958.66

Capital gains/losses ...... EUR -5 886 114.75 Swap transactions may include results from credit derivatives.

V. Realized net gain/loss for the fiscal year...... EUR -9 106 017.27

1. Net change in unrealized appreciation...... EUR -18 417 875.92 2. Net change in unrealized depreciation...... EUR -258 790.92 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -18 676 666.84 Details on the distribution policy* VII. Realized net gain/loss for the fiscal year...... EUR -27 782 684.11 The income for the fiscal year is reinvested. Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting * the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the Additional information is provided in the sales prospectus. total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment. Changes in net assets and in the net asset value per share over the last three years BVI total expense ratio (TER)

The total expense ratio was 0.92% p.a. The TER expresses total expenses and fees Net assets Net asset (excluding transaction costs) as a percentage of the fund’s average net assets for a given at the end of the value per fiscal year. fiscal year EUR share EUR

As well, the additional income from securities lending resulted in a performance-based fee of 0.001% p.a. calculated on the fund’s average net assets. 2020...... 355 064 023.73 148.59 2019...... 476 549 808.59 158.52 The fund invested more than 20% of its assets in target funds. Further costs, charges 2018...... 466 254 440.22 145.54 and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was 1.26%.

Transaction costs

The transaction costs paid in the reporting period amounted to EUR 8 104.47.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.01% of all transactions. The total volume was EUR 91 624.42. 12 Annual report DWS Funds Global Protect 90

Investment objective* in the DWS FUNDS GLOBAL PROTECT 90 reporting period Five-year performance The objective of the investment 102 policy for the guarantee fund 101 DWS Funds Global Protect 90 100 is to achieve appreciation of 99 capital in euro. To this end, 98 the sub-fund may invest in 97 interest-bearing securities, con- 96 vertible bonds, warrant-linked 95 bonds, participation and divi- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Funds Global Protect 90 * 12/2015 = 100 dend-right certificates, equities, Data on euro basis equity certificates, equity‌-linked “BVI method” performance, i.e., excluding the initial sales charge. bonds, equity warrants, money Past performance is no guide to future results. As of: December 31, 2020 market instruments, liquid assets and in units of Under­ DWS FUNDS GLOBAL PROTECT 90 takings for Collective Invest- Performance at a glance ment in Transferable Securities ISIN 1 year 3 years 5 years or exchange-traded funds, or in the respective derivatives on all LU0828003284 -4.3% -4.3% -3.6% of the aforementioned instru- “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 ments. The sub-fund pursues Data on euro basis a dynamic capital-preservation strategy, in which assets are reallocated constantly between a growth component and a cap- ital preservation component, Investment climate and at times. Against this backdrop, depending on the market situ- ­performance in the reporting the sub-fund recorded a decline ation. The growth component period of 4.3% per unit in fiscal 2020 comprises higher-risk invest- The investment climate in the (BVI method, in euro terms). ments, such as equity funds reporting period was character- and higher-risk bond funds, as ized by continued very low and Guarantee* well as direct investments in or sometimes negative interest DWS Investment S.A. guaran- derivatives on higher-risk com- rates in the industrial countries tees that the net asset value per ponents such as equities and and volatility in the capital mar- share of the sub-fund plus any higher-risk bonds, while the kets. Alongside the high level of dividends will not be less than capital preservation component indebtedness worldwide as well 90% of the maximum net asset comprises lower-risk invest- as uncertainty regarding the value attained. If the guaran- ments such as lower-risk bond/ monetary policy of the central teed value is not achieved, money market funds and direct banks, the noticeably weaken- DWS Investment S.A. will pay investments in or derivatives on ing global economy, which was the difference into the assets lower-risk bonds/money market exacerbated due to uncertain- of the sub-fund from its own instruments. The objective of ties relating to the COVID-19 resources. For December 31, this is to ensure a minimum pandemic**, became the focus 2020, the guaranteed value was value while also achieving the of market participants’ atten- EUR 104.57. greatest possible participation tion. However, political issues in price increases in the inter­ such as “Brexit”, as well as the national capital markets, such U.S. presidential election at the as the international equity, beginning of November 2020, bond and commodity markets. also influenced market activity

13 * Additional information on the invest- ment policy and the exact guarantee amount is contained in the sales prospectus. ** The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertainties regarding the impact of COVID-19 are of significance for under- standing the annual financial state- ments. Further details in this regard are provided in the explanations in the “General information” section.

14 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Funds Global Protect 90

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Investment fund units: Bond funds 94 112 497.82 50.34 Equity funds 1.38 0.00 Other funds 88 100 888.70 47.12 Total investment fund units: 182 213 387.90 97.46

2. Cash at bank 4 839 609.71 2.59

3. Other assets 1 190.60 0.00

4. Receivables from unit certificate transactions 37 983.60 0.02

II. Liabilities 1. Other liabilities -92 567.71 -0.05

2. Liabilities from share certificate transactions -37 367.00 -0.02

III. Net assets 186 962 237.10 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

15 DWS Funds Global Protect 90

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund shares 182 213 387.90 97.46

In-group fund shares 182 213 387.90 97.46 DWS Euro Money Market Fund (LU0225880524) (0.300%) ...... Count 282 771 88 378 66 151 EUR 100.3500 28 376 069.85 15.18 DWS Institutional ESG Euro Money Market Fund IC (LU0099730524) (0.160%) ...... Count 2 051 609 448 EUR 13 833.6700 28 372 857.17 15.18 DWS Institutional Pension Flex Yield (LU0224902659) (0.250%) ...... Count 2 800 602 137 EUR 11 204.0600 31 371 368.00 16.78 DWS Institutional Pension Floating Yield IC (LU0193172185) (0.160%) ...... Count 2 687 577 131 EUR 11 674.6000 31 369 650.20 16.78 DWS Institutional Pension Vario Yield (LU1120400566) (0.250%) ...... Count 318 266 68 287 15 407 EUR 98.5700 31 371 479.62 16.78 DWS Invest Emerging Markets Top Dividend FC (LU0329760267) (0.750%) ...... Count 0.01 10 539 13 971 EUR 138.3700 1.38 0.00 DWS Vorsorge Geldmarkt LC (LU0011254512) (0.200%). Count 237 371 50 842 11 237 EUR 132.0800 31 351 961.68 16.77

Total securities portfolio 182 213 387.90 97.46

Cash at bank 4 839 609.71 2.59

Demand deposits at Depositary EUR deposits...... EUR 4 443 049.72 % 100 4 443 049.72 2.38

Deposits in non-EU/EEA currencies Japanese yen ...... JPY 3 542 331.00 % 100 27 968.35 0.01 U.S. dollar ...... USD 452 206.65 % 100 368 591.64 0.20

Other assets 1 190.60 0.00 Withholding tax claims ...... EUR 1 190.60 % 100 1 190.60 0.00

Receivables from share certificate transactions EUR 37 983.60 % 100 37 983.60 0.02

Total assets 1 187 092 171.81 100.07

Other liabilities -92 567.71 -0.05 Liabilities from cost items...... EUR -91 390.64 % 100 -91 390.64 -0.05 Additional other liabilities...... EUR -1 177.07 % 100 -1 177.07 0.00

Liabilities from share certificate transactions EUR -37 367.00 % 100 -37 367.00 -0.02

Net assets 186 962 237.10 100.00

Net asset value per share 105.50

Number of shares outstanding 1 772 214.685

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

16 DWS Funds Global Protect 90

Composition of the reference portfolio (according to CSSF circular 11/512)

50% Euro Overnight Index Average, 50% MSCI World Net EUR Hedged Index

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 0 .355

Highest market risk exposure...... % 55 945.

Average market risk exposure ...... % 9 .446

The values-at-risk were calculated for the period from January 1, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0 00. as of the reporting date .

Exchange rates (indirect quotes) As of December 30, 2020

Japanese yen ...... JPY 126 655000. = EUR 1 U .S . dollar ...... USD 1 226850. = EUR 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

Investments reported in this report are not valued at derived market values .

The management fee/all-in fee rates in effect as of the reporting date for the investment fund shares held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the fund held shares of other investment funds (target funds) in the fiscal year, further costs, charges and fees may have been incurred at the level of these individual target funds .

Footnotes 1 Does not include positions with a negative balance, if such exist .

17 DWS Funds Global Protect 90

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the fund

for the period from January 1, 2020, through December 31, 2020 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 228 389 848.04 I. Income 1. Net inflows ...... EUR -32 232 528.81 1. Interest from investments of liquid assets a) Inflows from subscriptions...... EUR 6 466 551.05 (before withholding tax)...... EUR 597.62 b) Outflows from redemptions...... EUR -38 699 079.86 2. Income from investment certificates ...... EUR 15 389.44 2. Income adjustment...... EUR -316 580.75 3. Income from securities lending 3. Net gain/loss for the fiscal year...... EUR -8 878 501.38 and repurchase agreements...... EUR 579.51 thereof: thereof: Net change in unrealized appreciation...... EUR -5 005 706.27 from securities lending. . . . . EUR 579.51 Net change in unrealized depreciation...... EUR -507 129.46

Total income ...... EUR 16 566.57 II. Value of the fund‘s net assets at the end of the fiscal year ...... EUR 186 962 237.10 II. Expenses 1. Interest on borrowings and negative interest on deposits and expenses similar to interest. . . . . EUR -30 878.11 Summary of gains/losses thereof: Commitment fees...... EUR -615.97 Realized gains (incl. income adjustment)...... EUR 1 303 893.10 2. Management fee...... EUR -1 101 642.98 thereof: from: All-in fee ...... EUR -1 101 642.98 Securities transactions ...... EUR 1 303 870.23 3. Other expenses ...... EUR -2 968.39 (Forward) currency transactions ...... EUR 22.87 thereof: Realized losses (incl. income adjustment)...... EUR -3 550 635.84 Performance-based fee from securities lending. . . . . EUR -191.15 from: Taxe d’abonnement ...... EUR -2 777.24 Securities transactions ...... EUR -3 479 497.97 (Forward) currency transactions ...... EUR -17 075.13 Total expenses...... EUR -1 135 489.48 Swap transactions...... EUR -54 062.74

III. Net investment income...... EUR -1 118 922.91 Net change in unrealized appreciation/depreciation . . EUR -5 512 835.73 from: IV. Sale transactions Securities transactions ...... EUR -5 531 530.89 (Forward) currency transactions ...... EUR -4 636.26 1. Realized gains...... EUR 1 303 893.10 Swap transactions...... EUR 23 331.42 2. Realized losses...... EUR -3 550 635.84

Capital gains/losses ...... EUR -2 246 742.74 Swap transactions may include results from credit derivatives.

V. Realized net gain/loss for the fiscal year...... EUR -3 365 665.65

1. Net change in unrealized appreciation ...... EUR -5 005 706.27 2. Net change in unrealized depreciation ...... EUR -507 129.46 Details on the distribution policy* VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -5 512 835.73 VII. Realized net gain/loss for the fiscal year...... EUR -8 878 501.38 The income for the fiscal year is reinvested.

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting * Additional information is provided in the sales prospectus. the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with Changes in net assets and in the net asset value per their respective acquisition costs. share over the last three years Unrealized appreciation/depreciation is shown without income adjustment. Net assets Net asset BVI total expense ratio (TER) at the end of the value per fiscal year EUR share EUR The total expense ratio was 0.58% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund’s average net assets for a given fiscal year. 2020...... 186 962 237.10 105.50 2019...... 228 389 848.04 110.21 As well, the additional income from securities lending resulted in a performance-based 2018...... 258 849 448.62 107.69 fee of 0.000% p.a. calculated on the fund’s average net assets.

The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was 0.70%.

Transaction costs

The transaction costs paid in the reporting period amounted to EUR 1 759.90.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. 18 Annual report DWS Funds Invest VermögensStrategie

Investment objective* in the DWS FUNDS INVEST VERMÖGENSSTRATEGIE reporting period Five-year performance The objective of the investment 125 policy is to achieve appreciation 120 of capital in euro. To this end, 115 the sub-fund follows a dynamic 110 capital-preservation strategy, 105 where investments are con- 100 stantly reallocated, depending 95 on the market, between the 90 growth component (compris- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Funds Invest Vermögensstrategie * 12/2015 = 100 ing higher-risk funds, such as Data on euro basis equity funds and higher-risk “BVI method” performance, i.e., excluding the initial sales charge. bond funds as well as direct Past performance is no guide to future results. As of: December 31, 2020 investments in or derivatives on higher-risk components DWS FUNDS INVEST VERMÖGENSSTRATEGIE such as equities and higher-risk Performance at a glance bonds) and the capital preser- ISIN 1 year 3 years 5 years vation component (comprising lower-risk open bond/money LU0275643301 -9.4% -1.5% 9.7% market funds and direct invest- “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 ments in or derivatives on low- Data on euro basis er-risk bonds/money market instruments). The objective of this is to ensure a minimum value while also achieving the greatest possible participation such as “Brexit”, as well as the resources. For December 31, in price increases in the growth U.S. presidential election at the 2020, the guaranteed value was component. beginning of November 2020, EUR 104.12. also influenced market activity Investment climate and at times. Against this backdrop, ­performance in the reporting the sub-fund recorded a decline * Additional information on the invest- ment policy and the exact guarantee period of 9.4% per unit in fiscal 2020 amount is contained in the sales The investment climate in the (BVI method, in euro terms). prospectus. reporting period was character- ** The coronavirus crisis (COVID-19) also represented a significant challenge ized by continued very low and Guarantee* for the global economy and was thus sometimes negative interest The Management Company, a major event in the reporting period. rates in the industrial countries DWS Investment S.A., guaran- Uncertainties regarding the impact of COVID-19 are of significance for under- and volatility in the capital mar- tees that the net asset value per standing the annual financial state- kets. Alongside the high level of share of the sub-fund plus any ments. Further details in this regard indebtedness worldwide as well dividends (guaranteed value) are provided in the explanations in the “General information” section. as uncertainty regarding the at the end of each month will monetary policy of the central not be less than 80% of the banks, the noticeably weaken- net asset value determined on ing global economy, which was the last valuation date of the exacerbated due to uncertain- previous month. If the guaran- ties relating to the COVID-19 teed value is not achieved, the pandemic**, became the focus Management Company will of market participants’ atten- pay the difference into the sub- tion. However, political issues fund’s net assets from its own

19 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Funds Invest VermögensStrategie

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Investment fund units: Index funds 868 109 356.37 44.08 Equity funds 766 459 886.24 38.91 Bond funds 235 245 869.17 11.94 Other funds 77 930 846.12 3.96 Total investment fund units: 1 947 745 957.90 98.89

2. Derivatives 6 680 382.25 0.34

3. Cash at bank 17 535 966.79 0.89

4. Other assets 30 067.96 0.00

II. Liabilities 1. Other liabilities -2 368 573.39 -0.12

2. Liabilities from share certificate transactions -3 148.56 0.00

III. Net assets 1 969 620 652.95 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

20 DWS Funds Invest VermögensStrategie

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund shares 1 947 745 957.90 98.89

In-group fund shares 1 334 729 863.59 67.77 DWS Akkumula ID (DE000DWS2D74) (0.600%). . . . Count 24 335 42 036 17 701 EUR 1 364.9800 33 216 788.30 1.69 DWS Euro Money Market Fund (LU0225880524) (0.300%) ...... Count 97 552 3 246 070 4 056 829 EUR 100.3500 9 789 343.20 0.50 DWS European Opportunities TFC (DE000DWS2NN9) (0.800%) ...... Count 26 671 8 302 19 608 EUR 457.2400 12 195 048.04 0.62 DWS Global Growth LD (DE0005152441) (1.450%). . . Count 68 590 24 423 100 848 EUR 164.0700 11 253 561.30 0.57 DWS Global Water (DE000DWS0DT1) (1.450%). . . . Count 306 839 139 750 137 401 EUR 54.7800 16 808 640.42 0.85 DWS Institutional ESG Euro Money Market Fund IC (LU0099730524) (0.160%) ...... Count 708 23 532 29 413 EUR 13 833.6700 9 794 238.36 0.50 DWS Institutional Pension Flex Yield (LU0224902659) (0.250%) ...... Count 6 999 5 208 1 081 EUR 11 204.0600 78 417 215.94 3.98 DWS Institutional Pension Floating Yield IC (LU0193172185) (0.160%) ...... Count 6 717 4 997 1 036 EUR 11 674.6000 78 418 288.20 3.98 DWS Institutional Pension Vario Yield (LU1120400566) (0.250%) ...... Count 795 479 677 460 208 393 EUR 98.5700 78 410 365.03 3.98 DWS Invest Emerging Markets Top Dividend FC (LU0329760267) (0.750%) ...... Count 100 370 44 076 64 270 EUR 138.3700 13 888 196.90 0.71 DWS SDG Global Equities IC (DE000DWS21L8) (0.600%)...... Count 116 150 41 249 83 412 EUR 99.5500 11 562 732.50 0.59 DWS Top Europe IC (DE000DWS2L82) (0.600%) . . . . Count 81 919 31 619 49 271 EUR 168.2700 13 784 510.13 0.70 DWS US Growth (DE0008490897) (1.450%)...... Count 132 711 40 609 105 735 EUR 306.9400 40 734 314.34 2.07 DWS Vorsorge Geldmarkt LC (LU0011254512) (0.200%). Count 441 757 446 449 247 856 EUR 132.0800 58 347 264.56 2.96 Xtrackers MSCI AC World UCITS ETF 1C (IE00BGHQ0G80) (0.050%)...... Count 1 603 664 1 603 664 EUR 24.6750 39 570 409.20 2.01 Xtrackers MSCI Canada UCITS ETF 1C (LU0476289540) (0.150%) ...... Count 424 341 156 516 199 558 EUR 49.0950 20 833 021.40 1.06 Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C (IE00BG370F43) (0.150%)...... Count 936 939 1 312 592 375 653 EUR 47.8000 44 785 684.20 2.27 Xtrackers MSCI Emerging Markets UCITS ETF 1C (IE00BTJRMP35) 3) (0.080%)...... Count 593 569 228 771 419 174 EUR 50.3840 29 906 380.50 1.52 Xtrackers MSCI Japan UCITS ETF 1C (LU0274209740) (0.100%) ...... Count 209 035 78 364 134 210 EUR 59.9600 12 533 738.60 0.64 Xtrackers MSCI Pacific ex Japan UCITS ETF 1C (LU0322252338) (0.100%) ...... Count 448 218 193 182 247 352 EUR 56.4400 25 297 423.92 1.28 Xtrackers MSCI USA Swap UCITS ETF 1C (LU0274210672) (0.050%) ...... Count 2 486 296 1 023 558 1 742 158 EUR 87.4250 217 364 427.80 11.04 Xtrackers MSCI World ESG UCITS ETF 1C (IE00BZ02LR44) (0.100%)...... Count 1 942 892 2 706 562 763 670 EUR 23.3300 45 327 670.36 2.30 Xtrackers MSCI World Minimum Vol. UCITS ETF 1C (IE00BL25JN58) (0.150%)...... Count 1 997 912 998 354 1 195 460 EUR 29.2650 58 468 894.68 2.97 Xtrackers MSCI World Swap UCITS ETF 1C (LU0274208692) (0.350%) ...... Count 2 779 687 5 691 345 7 183 908 EUR 64.4680 179 200 861.52 9.10 Xtrackers MSCI World UCITS ETF 1C (IE00BJ0KDQ92) (0.090%)...... Count 2 740 585 5 612 288 7 084 517 EUR 65.4160 179 278 108.36 9.10 Xtrackers S&P 500 Swap UCITS ETF 1C (LU0490618542) (0.050%) ...... Count 271 233 98 281 184 919 EUR 57.3040 15 542 735.83 0.79

Non-group fund shares 613 016 094.31 31.12 AXA Rosenberg Equity Alpha Trust B (EUR) (IE0031069051) (1.350%)...... Count 2 670 238 1 136 490 1 652 198 EUR 19.3400 51 642 402.92 2.62 BNP Par Fds Europe Sm. Cap Act.au Port. Cap. I EUR (LU0212179997) (0.850%) ...... Count 102 111 35 322 178 803 EUR 287.6400 29 371 208.04 1.49 BNP Paribas Funds - Global Low Vol Equity Cap. (LU0823418115) (0.750%) ...... Count 28 549 11 693 14 742 EUR 628.1700 17 933 625.33 0.91 BNP Paribas Funds-Europe Multi-Factor Eq.I Acc EUR (LU1956135914) (0.750%) ...... Count 451 872 687 645 235 773 EUR 127.7300 57 717 610.56 2.93 MFS Mer.-Eur.Research Fd. IS1 EUR Acc (LU1889970155) (0.680%) ...... Count 40 966 14 602 23 304 EUR 279.1600 11 436 068.56 0.58 RCGF SICAV-Robeco QI Emerging Cons. Equities D EUR (LU0582533245) (1.250%) ...... Count 146 106 71 479 78 352 EUR 155.4200 22 707 794.52 1.15 RCGF SICAV-Robeco QI Global Cons. Equities I EUR (LU0705783958) (0.550%) ...... Count 226 046 155 983 143 518 EUR 221.7100 50 116 658.66 2.54 Robeco BP Gl Premium Equities I EUR (LU0233138477) (0.680%) ...... Count 245 174 104 424 134 370 EUR 165.9500 40 686 625.30 2.07 Schr. Intll. Selection Fd.- Emerging Asia Acc EUR (LU1751207348) (0.750%) ...... Count 963 473 296 608 807 639 EUR 53.0239 51 087 096.00 2.59 Schroder ISF Fd. SICAV - US Large Cap A Acc. EUR (LU0248185190) (1.250%) ...... Count 166 464 57 450 117 234 EUR 168.2192 28 002 440.91 1.42

21 DWS Funds Invest VermögensStrategie

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

T. Rowe Price-Gl. Foc. Gr. Eq. Fd. I10 EUR Acc. (LU1960395389) (0.750%) ...... Count 1 169 618 258 240 1 002 781 EUR 15.9700 18 678 799.46 0.95 Threadneedle Lux- Global Select 1E EUR ACC (LU1864957136) (1.500%) ...... Count 16 544 227 5 625 566 11 057 621 EUR 3.4013 56 271 879.30 2.86 Threadneedle (Lux) - Global Focus AU EUR (LU0757431068) (1.500%) ...... Count 722 640 237 609 462 625 EUR 77.4348 55 957 483.87 2.84

Schroder Inte.Selection Fund-Japanese Equity A Acc (LU0106239873) (1.250%) ...... Count 3 397 478 1 225 541 1 981 409 JPY 1 310.7350 35 160 027.84 1.79

AXA Rosenb. EA Tr. - US Enh. Eq. Alpha Fd. Cl.A (IE0033609615) (0.350%)...... Count 1 635 640 653 444 1 167 245 USD 47.2000 62 927 177.73 3.19 BNP Paribas Funds - US Small Cap. (LU0823411292) (0.850%) ...... Count 37 873 10 066 21 650 USD 383.1200 11 826 958.28 0.60 Fidelity Funds Asian-Special Situations Fd.USD Acc (LU2038752825) (0.600%) ...... Count 1 009 975 361 996 699 697 USD 13.9600 11 492 237.03 0.58

Total securities portfolio 1 947 745 957.90 98.89

Derivatives Minus signs denote short positions

Swaps 6 680 382.25 0.34

Equity swaps Swap 80% Gap SWAP DWS Funds Invest VermögensStrategie (CSI) 23.04.21 (OTC)...... EUR 0.100 -488 727.57 -0.02 Swap 80% Gap SWAP DWS Funds Invest VermögensStrategie (DBK) 23.04.21 (OTC) ...... EUR 0.100 -534 562.90 -0.03 Swap 80% Gap SWAP DWS Funds Invest VermögensStrategie (HVB) 23.04.21 (OTC) ...... EUR 0.100 -412 647.28 -0.02

Total return swaps Swap 3MEuribor/NDEEWNR IDX 80% Pr(JPM) 11.08.21 (OTC) 7)...... EUR 80 000 8 116 320.00 0.41

Cash at bank 17 535 966.79 0.89

Demand deposits at Depositary EUR deposits...... EUR 17 279 087.36 % 100 17 279 087.36 0.88

Deposits in non-EU/EEA currencies Japanese yen ...... JPY 18 076 045.00 % 100 142 718.76 0.01 U.S. dollar ...... USD 140 058.02 % 100 114 160.67 0.01

Other assets 30 067.96 0.00 Withholding tax claims ...... EUR 24 271.31 % 100 24 271.31 0.00 Other receivables ...... EUR 5 796.65 % 100 5 796.65 0.00

Total assets 1 1 973 428 312.65 100.19

Other liabilities -2 368 573.39 -0.12 Liabilities from cost items...... EUR -2 278 258.95 % 100 -2 278 258.95 -0.12 Additional other liabilities...... EUR -90 314.44 % 100 -90 314.44 0.00

Liabilities from share certificate transactions EUR -3 148.56 % 100 -3 148.56 0.00

Net assets 1 969 620 652.95 100.00

Net asset value per share 131.18

Number of shares outstanding 15 014 118.000

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

22 DWS Funds Invest VermögensStrategie

Composition of the reference portfolio (according to CSSF circular 11/512)

85% MSCI All Country World Index, in EUR, 15% 1 Month Euribor Index from June 30, 2020, through December 31, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 35 515.

Highest market risk exposure...... % 101 .469

Average market risk exposure ...... % 73 140.

The values-at-risk were calculated for the period from June 30, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR vom from January 1, 2020, through June 29, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 5 .733

Highest market risk exposure...... % 91 667.

Average market risk exposure ...... % 41 700.

The values-at-risk were calculated for the period from January 1, 2020, through June 29, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 89 449 844 .72 as of the reporting date .

Counterparties Credit Suisse International; Deutsche Bank AG, Frankfurt; J .P . Morgan AG, Frankfurt; UniCredit Bank AG

Total collateral pledged by third parties in connection with derivatives EUR 8 050 000.00 thereof: Cash at bank EUR 8 050 000 .00

Securities lending The following securities were transferred under securities loans at the reporting date:

Security name Quantity/ Securities loans principal amount Total market value in EUR (– / ’000) Fixed maturity No fixed maturity Total

Xtrackers MSCI Emerging Markets UCITS ETF 1C. . . . Count 30 200 1 521 596 .80

Total receivables from securities loans 1 521 596.80 1 521 596.80

Contracting parties for securities loans: Crédit Suisse Securities (Europe) Ltd .; Société Générale S .A .

Total collateral pledged by third parties for securities loans EUR 1 577 272.64 thereof: Equities EUR 1 516 951 .27 Other EUR 60 321 .37

Market abbreviations

Futures exchanges OTC = Over the Counter

23 DWS Funds Invest VermögensStrategie

Exchange rates (indirect quotes) As of December 30, 2020

Japanese yen ...... JPY 126 .655000 = EUR 1 U .S . dollar ...... USD 1 226850. = EUR 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

Investments reported in this report are not valued at derived market values .

The management fee/all-in fee rates in effect as of the reporting date for the investment fund shares held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the fund held shares of other investment funds (target funds) in the fiscal year, further costs, charges and fees may have been incurred at the level of these individual target funds .

Footnotes 1 Does not include positions with a negative balance, if such exist . 3 These securities are completely or partly lent as securities loans . 7 Swaps as defined in Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 .

24 DWS Funds Invest VermögensStrategie

Statement of income and expenses (incl. income adjustment) Transaction costs

for the period from January 1, 2020, through December 31, 2020 The transaction costs paid in the reporting period amounted to EUR 144 017.31.

I. Income The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale 1. Interest from investments of liquid assets of assets. Any financial transaction taxes which may have been paid are included in the (before withholding tax)...... EUR 58 506.97 calculation. 2. Income from investment certificates ...... EUR 389 168.60 3. Income from securities lending and repurchase agreements...... EUR 97 823.55 thereof: from securities lending. . . . . EUR 97 823.55 4. Other income...... EUR 857 431.41 Statement of changes in net assets for the fund thereof: Income from portfolio fees. . . .EUR 857 431.41 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 2 372 316 045.69 Total income ...... EUR 1 402 930.53 1. Net inflows ...... EUR -178 228 461.21 a) Inflows from subscriptions...... EUR 111 577 668.99 II. Expenses b) Outflows from redemptions...... EUR -289 806 130.20 1. Interest on borrowings and negative interest 2. Income adjustment...... EUR 1 041 993.03 on deposits and expenses similar to interest. . . . . EUR -659 525.56 3. Net gain/loss for the fiscal year...... EUR -225 508 924.56 thereof: thereof: Commitment fees...... EUR -6 079.60 Net change in unrealized appreciation...... EUR -100 902 647.58 2. Management fee...... EUR -28 150 153.65 Net change in unrealized depreciation...... EUR -6 172 401.95 thereof: II. Value of the fund‘s net assets All-in fee ...... EUR -28 150 153.65 at the end of the fiscal year ...... EUR 1 969 620 652.95 3. Other expenses ...... EUR -270 666.85 thereof: Performance-based fee from securities lending. . . . . EUR -32 281.58 Summary of gains/losses Taxe d’abonnement ...... EUR -238 385.27 Realized gains (incl. income adjustment)...... EUR 112 203 255.56 Total expenses...... EUR -29 080 346.06 from: III. Net investment income...... EUR -27 677 415.53 Securities transactions ...... EUR 36 955 787.18 Financial futures transactions...... EUR 65 612 554.38 Swap transactions...... EUR 9 634 914.00 IV. Sale transactions 1. Realized gains...... EUR 112 203 255.56 Realized losses (incl. income adjustment)...... EUR -202 959 715.06 2. Realized losses...... EUR -202 959 715.06 from: Securities transactions ...... EUR -79 740 505.46 Capital gains/losses ...... EUR -90 756 459.50 Financial futures transactions...... EUR -111 683 246.53 (Forward) currency transactions ...... EUR -2 035 497.35 V. Realized net gain/loss for the fiscal year...... EUR -118 433 875.03 Swap transactions...... EUR -9 500 465.72

1. Net change in unrealized appreciation ...... EUR -100 902 647.58 Net change in unrealized appreciation/depreciation . . EUR -107 075 049.53 2. Net change in unrealized depreciation ...... EUR -6 172 401.95 from: VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -107 075 049.53 Securities transactions ...... EUR -83 854 971.61 Swap transactions...... EUR -23 220 077.92 VII. Realized net gain/loss for the fiscal year...... EUR -225 508 924.56 Swap transactions may include results from credit derivatives. Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Details on the distribution policy* Unrealized appreciation/depreciation is shown without income adjustment. The income for the fiscal year is reinvested. BVI total expense ratio (TER) * Additional information is provided in the sales prospectus. The total expense ratio was 1.46% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund’s average net assets for a given fiscal year. Changes in net assets and in the net asset value per As well, the additional income from securities lending resulted in a performance-based fee of 0.002% p.a. calculated on the fund’s average net assets. share over the last three years

The fund invested more than 20% of its assets in target funds. Further costs, charges Net assets Net asset and fees were incurred at the level of the target funds. If the target funds publish a TER at the end of the value per themselves, this will be taken into account at fund level (synthetic TER). If a TER is not fiscal year EUR share EUR published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was 1.95%. 2020...... 1 969 620 652.95 131.18 2019...... 2 372 316 045.69 144.72 2018...... 1 854 353 212.06 122.70

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.02% of all transactions. The total volume was EUR 984 935.62 EUR.

25 Annual report DWS Funds Invest ZukunftsStrategie

Investment objective* in the DWS FUNDS INVEST ZUKUNFTSSTRATEGIE reporting period Five-year performance The objective of the investment 125 policy is to achieve appreciation 120 of capital in euro. To this end, 115 the sub-fund follows a dynamic 110 capital-preservation strategy, 105 where investments are con- 100 stantly reallocated, depending 95 on the market, between the 90 growth component (compris- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Funds Invest ZukunftsStrategie * 12/2015 = 100 ing higher-risk funds, such as Data on euro basis equity funds and higher-risk “BVI method” performance, i.e., excluding the initial sales charge. bond funds as well as direct Past performance is no guide to future results. As of: December 31, 2020 investments in or derivatives on higher-risk components DWS FUNDS INVEST ZUKUNFTSSTRATEGIE such as equities and higher-­ Performance at a glance risk bonds) and the capital ISIN 1 year 3 years 5 years preservation component (com- prising lower-risk open bond/ LU0313399957 -6.8% 2.1% 12.6% money market funds and direct “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 investments in or derivatives on Data on euro basis ­lower-risk bonds/money market instruments). The objective of this is to ensure a minimum value while also achieving the greatest possible participation such as “Brexit”, as well as the resources. For December 31, in price increases in the growth U.S. presidential election at the 2020, the guaranteed value was component. beginning of November 2020, EUR 165.84. also influenced market activity Investment climate and at times. Against this backdrop, ­performance in the reporting the sub-fund recorded a decline * Additional information on the invest- ment policy and the exact guarantee period of 6.8% per unit in fiscal 2020 amount is contained in the sales The investment climate in the (BVI method, in euro terms). prospectus. reporting period was character- ** The coronavirus crisis (COVID-19) also represented a significant challenge ized by continued very low and Guarantee* for the global economy and was thus sometimes negative interest The Management Company, a major event in the reporting period. rates in the industrial countries DWS Investment S.A., guaran- Uncertainties regarding the impact of COVID-19 are of significance for under- and volatility in the capital mar- tees that the net asset value per standing the annual financial state- kets. Alongside the high level of share of the sub-fund plus any ments. Further details in this regard indebtedness worldwide as well dividends (guaranteed value) are provided in the explanations in the “General information” section. as uncertainty regarding the at the end of each month will monetary policy of the central not be less than 80% of the banks, the noticeably weaken- net asset value determined on ing global economy, which was the last valuation date of the exacerbated due to uncertain- previous month. If the guaran- ties relating to the COVID-19 teed value is not achieved, the pandemic**, became the focus Management Company will of market participants’ atten- pay the difference into the sub- tion. However, political issues fund’s net assets from its own

26 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Funds Invest ZukunftsStrategie

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Investment fund units: Index funds 1 300 333 761.52 45.62 Equity funds 1 047 666 941.91 36.76 Bond funds 242 376 067.98 8.51 Other funds 194 370 377.05 6.82 Total investment fund units: 2 784 747 148.46 97.71

2. Derivatives 11 194 127.98 0.39

3. Cash at bank 57 488 154.40 2.02

4. Other assets 49 145.13 0.00

II. Liabilities 1. Other liabilities -3 682 934.06 -0.12

III. Net assets 2 849 795 641.91 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

27 DWS Funds Invest ZukunftsStrategie

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund shares 2 784 747 148.46 97.71

In-group fund shares 2 366 283 882.81 83.03 DWS Akkumula ID (DE000DWS2D74) (0.600%). . . . Count 72 386 63 777 50 201 EUR 1 364.9800 98 805 442.28 3.47 DWS ESG Top World (DE0009769794) (1.450%). . . . Count 389 726 163 215 239 034 EUR 127.9800 49 877 133.48 1.75 DWS Euro Money Market Fund (LU0225880524) (0.300%)...... Count 408 019 5 518 688 5 834 158 EUR 100.3500 40 944 706.65 1.44 DWS European Opportunities TFC (DE000DWS2NN9) (0.800%)...... Count 34 835 8 860 21 780 EUR 457.2400 15 927 955.40 0.56 DWS Global Value ID (LU1057898071) (0.600%). . . . Count 473 009 231 550 237 028 EUR 106.0200 50 148 414.18 1.76 DWS Global Water (DE000DWS0DT1) (1.450%). . . . Count 407 988 141 337 316 130 EUR 54.7800 22 349 582.64 0.78 DWS Institutional ESG Euro Money Market Fund IC (LU0099730524) (0.160%) ...... Count 2 960 39 905 42 307 EUR 13 833.6700 40 947 663.20 1.44 DWS Institutional Pension Flex Yield (LU0224902659) (0.250%)...... Count 7 347 6 372 3 254 EUR 11 204.0600 82 316 228.82 2.89 DWS Institutional Pension Floating Yield IC (LU0193172185) (0.160%) ...... Count 7 030 6 450 3 000 EUR 11 674.6000 82 072 438.00 2.88 DWS Institutional Pension Vario Yield (LU1120400566) (0.250%)...... Count 791 188 721 011 333 700 EUR 98.5700 77 987 401.16 2.74 DWS Invest CROCI Euro IC (LU1769937829) (0.500%). . Count 120 130 93 306 57 978 EUR 318.7200 38 287 833.60 1.34 DWS Invest Emerging Markets Top Dividend FC (LU0329760267) (0.750%) ...... Count 199 010 250 072 185 005 EUR 138.3700 27 537 072.65 0.97 DWS Invest Global Emerging Markets Equities FC (LU0210302369) (0.750%) ...... Count 48 183 16 231 31 218 EUR 309.7700 14 925 647.91 0.52 DWS Invest II US Top Dividend FC (LU0781239156) (0.750%)...... Count 150 325 79 233 81 548 EUR 212.8400 31 995 173.00 1.12 DWS Invest Top Dividend IC (LU1472572954) (0.500%). Count 120 510 43 110 70 091 EUR 112.5300 13 560 990.30 0.48 DWS Invest Top Euroland IC (LU0616864954) (0.500%). Count 93 719 22 586 55 603 EUR 156.1200 14 631 410.28 0.51 DWS Qi LowVol Europe MFC (DE000DWS2MS0) (0.400%)...... Count 257 454 404 719 147 265 EUR 128.3200 33 036 497.28 1.16 DWS SDG Global Equities IC (DE000DWS21L8) (0.600%)...... Count 160 956 55 040 108 613 EUR 99.5500 16 023 169.80 0.56 DWS Top Europe IC (DE000DWS2L82) (0.600%) . . . . Count 150 272 61 361 76 982 EUR 168.2700 25 286 269.44 0.89 DWS US Growth (DE0008490897) (1.450%)...... Count 253 219 115 255 200 667 EUR 306.9400 77 723 039.86 2.73 DWS Vermögensbildungsfonds I ID (DE000DWS16D5) (0.600%)...... Count 484 112 350 260 337 614 EUR 204.6800 99 088 044.16 3.48 DWS Vorsorge Geldmarkt LC (LU0011254512) (0.200%). Count 851 590 853 245 498 157 EUR 132.0800 112 478 007.20 3.95 Xtrackers MSCI AC World UCITS ETF 1C (IE00BGHQ0G80) (0.050%)...... Count 2 400 600 2 400 600 EUR 24.6750 59 234 805.00 2.08 Xtrackers MSCI Canada UCITS ETF 1C (LU0476289540) (0.150%)...... Count 604 773 108 336 142 088 EUR 49.0950 29 691 330.44 1.04 Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C (IE00BG370F43) 3 (0.150%)...... Count 556 111 848 308 292 197 EUR 47.8000 26 582 105.80 0.93 Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (LU0292107645) (0.290%) ...... Count 666 475 1 236 521 570 046 EUR 46.1330 30 746 491.18 1.08 Xtrackers MSCI Japan UCITS ETF 1C (LU0274209740) (0.100%)...... Count 539 294 258 617 373 579 EUR 59.9600 32 336 068.24 1.13 Xtrackers MSCI Pacific ex Japan UCITS ETF 1C (LU0322252338) (0.100%) ...... Count 586 555 296 994 393 644 EUR 56.4400 33 105 164.20 1.16 Xtrackers MSCI USA Swap UCITS ETF 1C (LU0274210672) (0.050%) ...... Count 2 345 401 1 215 131 1 630 514 EUR 87.4250 205 046 682.43 7.20 Xtrackers MSCI World ESG UCITS ETF 1C (IE00BZ02LR44) (0.100%)...... Count 3 898 449 6 851 185 2 952 736 EUR 23.3300 90 950 815.17 3.19 Xtrackers MSCI World Minimum Vol. UCITS ETF 1C (IE00BL25JN58) (0.150%)...... Count 2 889 117 1 596 361 2 296 606 EUR 29.2650 84 550 009.01 2.97 Xtrackers MSCI World Swap UCITS ETF 1C (LU0274208692) (0.350%) ...... Count 3 990 894 7 200 837 9 111 545 EUR 64.4680 257 284 954.39 9.03 Xtrackers MSCI World UCITS ETF 1C (IE00BJ0KDQ92) (0.090%)...... Count 3 934 378 7 101 424 8 986 592 EUR 65.4160 257 371 271.25 9.03 Xtrackers S&P 500 Swap UCITS ETF 1C (LU0490618542) (0.050%) ...... Count 3 375 577 1 850 237 2 351 770 EUR 57.3040 193 434 064.41 6.79

Non-group fund shares 418 463 265.65 14.68 MFS Mer.-Eur.Research Fd. IS1 EUR Acc (LU1889970155) (0.680%) ...... Count 182 095 78 009 94 384 EUR 279.1600 50 833 640.20 1.78 Schr. Intll. Selection Fd.- Emerging Asia Acc Eur (LU1751207348) (0.750%) ...... Count 925 665 349 779 726 642 EUR 53.0239 49 082 368.39 1.72 T. Row.Pr.Funds SICAV-Jap.Equity Fund Q10 EUR Acc. (LU1923401951) (0.750%) ...... Count 2 169 588 819 955 1 524 612 EUR 15.2200 33 021 129.36 1.16 T. Rowe Price-Gl. Foc. Gr. Eq. Fd. I10 EUR Acc. (LU1960395389) (0.750%) ...... Count 1 581 476 292 711 1 243 814 EUR 15.9700 25 256 171.72 0.89 Threadneedle (Lux) - Global Focus AU EUR (LU0757431068) (1.500%) ...... Count 828 899 371 748 625 199 EUR 77.4348 64 185 628.29 2.25

28 DWS Funds Invest ZukunftsStrategie

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Fidelity Funds Asian-Special Situations Fd.USD Acc (LU2038752825) (0.600%) ...... Count 1 721 702 530 516 1 123 261 USD 13.9600 19 590 789.35 0.69 Morgan Stanley Inv.- Global Opportunity Fund Z USD (LU0552385535) (0.750%) ...... Count 693 618 323 963 642 557 USD 144.6500 81 780 041.33 2.87 MS Invt Fds-US Advantage Fund Z USD (LU0360484686) (0.700%) ...... Count 297 195 59 367 249 285 USD 186.9500 45 287 203.20 1.59 Vontobel Fund-mtx Sustainable Em.Mk.Lead.G USD Acc (LU1767066605) (0.650%) ...... Count 513 191 248 429 369 104 USD 118.1600 49 426 293.81 1.73

Total securities portfolio 2 784 747 148.46 97.71

Derivatives Minus signs denote short positions

Swaps 11 194 127.98 0.39

Equity swaps Swap 80% GAP Risk DWS Funds Invest Zukunfts- Strategie (DBK) 19.02.21 (OTC) ...... EUR 0.100 -536 052.67 -0.02 Swap 80% Gap SWAP DWS Funds Invest Zukunfts- Strategie (HVB) 19.02.2021 (OTC) ...... EUR 0.100 -444 299.35 -0.02

Total return swaps Swap 3MEuribor/NDEEWNR IDX 80% Pr(JPM) 11.08.21 (OTC) 7 ...... EUR 120 000 12 174 480.00 0.43

Cash at bank 57 488 154.40 2.02

Demand deposits at Depositary EUR deposits...... EUR 52 521 009.28 % 100 52 521 009.28 1.84

Deposits in non-EU/EEA currencies Japanese yen ...... JPY 207 455 432.00 % 100 1 637 956.91 0.06 U.S. dollar ...... USD 4 084 414.56 % 100 3 329 188.21 0.12

Other assets 49 145.13 0.00 Withholding tax claims ...... EUR 31 643.62 % 100 31 643.62 0.00 Other receivables ...... EUR 17 501.51 % 100 17 501.51 0.00

Total assets 1 2 854 458 927.99 100.16

Other liabilities -3 682 934.06 -0.12 Liabilities from cost items...... EUR -3 541 431.89 % 100 -3 541 431.89 -0.12 Additional other liabilities...... EUR -141 502.17 % 100 -141 502.17 0.00

Net assets 2 849 795 641.91 100.00

Net asset value per share 208.84

Number of shares outstanding 13 646 039.000

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

29 DWS Funds Invest ZukunftsStrategie

Composition of the reference portfolio (according to CSSF circular 11/512)

85% MSCI All Country World Index, in EUR, 15% 1 Month Euribor Index from June 30, 2020, through December 31, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 33 661.

Highest market risk exposure...... % 99 522.

Average market risk exposure ...... % 72 936.

The values-at-risk were calculated for the period from June 30, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR January 1, 2020, through June 29, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 9 .026

Highest market risk exposure...... % 93 221.

Average market risk exposure ...... % 43 621.

The values-at-risk were calculated for the period from January 1, 2020, through June 29, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 133 001 212 .47 as of the reporting date .

Counterparties Deutsche Bank AG, Frankfurt; J .P . Morgan AG, Frankfurt; UniCredit Bank AG

Total collateral pledged by third parties in connection with derivatives EUR 12 050 000.00 thereof: Cash at bank EUR 12 050 000 .00

Securities lending The following securities were transferred under securities loans at the reporting date:

Security name Quantity/ Securities loans principal amount Total market value in EUR (– / ’000) Fixed maturity No fixed maturity Total

Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C . . . Count 1 000 47 800 .00 Total receivables from securities loans 47 800.00 47 800.00

Contracting parties for securities loans: Goldman Sachs International

Total collateral pledged by third parties for securities loans EUR 1 241 993.55 thereof: Bonds EUR 107 739 .76 Equities EUR 1 134 200 .29 Other EUR 53 .50

Market abbreviations

Futures exchanges OTC = Over the Counter

30 DWS Funds Invest ZukunftsStrategie

Exchange rates (indirect quotes) As of December 30, 2020

Japanese yen ...... JPY 126 .655000 = EUR 1 U .S . dollar ...... USD 1 226850. = EUR 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

Investments reported in this report are not valued at derived market values .

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the fund held units of other investment funds (target funds) in the fiscal year, further costs, charges and fees may have been incurred at the level of these individual target funds .

Footnotes 1 Does not include positions with a negative balance, if such exist . 3 These securities are completely or partly lent as securities loans . 7 Swaps as defined in EU Regulation 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No . 648/2012

31 DWS Funds Invest ZukunftsStrategie

Statement of income and expenses (incl. income adjustment) Transaction costs

for the period from January 1, 2020, through December 31, 2020 The transaction costs paid in the reporting period amounted to EUR 171 341.90.

I. Income The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale 1. Interest from investments of liquid assets of assets. Any financial transaction taxes which may have been paid are included in the (before withholding tax)...... EUR 58 426.92 calculation. 2. Income from investment certificates ...... EUR 2 291 756.37 3. Income from securities lending and repurchase agreements...... EUR 78 155.85 thereof: from securities lending. . . . . EUR 78 155.85 Statement of changes in net assets for the fund Total income ...... EUR 2 428 339.14 I. Value of the fund‘s net assets II. Expenses at the beginning of the fiscal year...... EUR 3 047 696 762.57 1. Interest on borrowings and negative interest 1. Net inflows ...... EUR 9 048 923.91 on deposits and expenses similar to interest. . . . . EUR -753 339.23 a) Inflows from subscriptions...... EUR 571 549 658.76 thereof: b) Outflows from redemptions...... EUR -562 500 734.85 Commitment fees...... EUR -8 709.84 2. Income adjustment...... EUR 9 698 908.13 2. Management fee...... EUR -43 534 865.89 3. Net gain/loss for the fiscal year...... EUR -216 648 952.70 thereof: thereof: All-in fee ...... EUR -43 534 865.89 Net change in unrealized appreciation...... EUR -77 334 083.97 3. Other expenses ...... EUR -365 288.12 Net change in unrealized depreciation...... EUR -2 202 651.64 thereof: II. Value of the fund‘s net assets Performance-based fee at the end of the fiscal year ...... EUR 2 849 795 641.91 from securities lending. . . . . EUR -25 791.21 Taxe d’abonnement ...... EUR -339 496.91 Total expenses...... EUR -44 653 493.24 Summary of gains/losses

III. Net investment income...... EUR -42 225 154.10 Realized gains (incl. income adjustment)...... EUR 158 027 854.73 from: IV. Sale transactions Securities transactions ...... EUR 46 879 016.18 1. Realized gains...... EUR 158 027 854.73 Financial futures transactions...... EUR 99 148 770.09 2. Realized losses...... EUR -252 914 917.72 (Forward) currency transactions ...... EUR 1 318 870.26 Swap transactions...... EUR 10 681 198.20 Capital gains/losses ...... EUR -94 887 062.99 Realized losses (incl. income adjustment)...... EUR -252 914 917.72 V. Realized net gain/loss for the fiscal year...... EUR -137 112 217.09 from: Securities transactions ...... EUR -89 744 719.30 1. Net change in unrealized appreciation ...... EUR -77 334 083.97 Financial futures transactions...... EUR -151 061 608.64 2. Net change in unrealized depreciation ...... EUR -2 202 651.64 (Forward) currency transactions ...... EUR -61 867.65 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -79 536 735.61 Swap transactions...... EUR -12 046 722.13 VII. Realized net gain/loss for the fiscal year...... EUR -216 648 952.70 Net change in unrealized appreciation/depreciation . . EUR -79 536 735.61 from: Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting Securities transactions ...... EUR -60 029 775.96 the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the Swap transactions...... EUR -19 506 959.65 total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the Swap transactions may include results from credit derivatives. comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment.

BVI total expense ratio (TER) Details on the distribution policy* The total expense ratio was 1.57% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of the fund’s average net assets for a given The income for the fiscal year is reinvested. fiscal year. * Additional information is provided in the sales prospectus. As well, the additional income from securities lending resulted in a performance-based fee of 0.001% p.a. calculated on the fund’s average net assets.

The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER Changes in net assets and in the net asset value per themselves, this will be taken into account at fund level (synthetic TER). If a TER is not share over the last three years published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was 2.03%. Net assets Net asset at the end of the value per fiscal year EUR share EUR

2020...... 2 849 795 641.91 208.84 2019...... 3 047 696 762.57 224.15 2018...... 2 071 575 097.58 190.88

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.02% of all transactions. The total volume was EUR 1 465 140.15.

32 Annual report DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Investment objective* in the DWS FUNDS INVEST NACHHALTIGKEITSSTRATEGIE AKTIEN GLOBAL reporting period Five-year performance The objective of the invest- 120 ment policy for the sub-fund 116 DWS Funds Invest Nach- 112 haltigkeitsStrategie Aktien 108 Global is to achieve apprecia- 104 tion of capital in euro. To this 100 end, the sub-fund follows a 96 dynamic capital-preservation 92 strategy, where investments are 12/15* 12/16 12/17 12/18 12/19 12/20 constantly reallocated, depend- DWS Funds Invest NachhaltigkeitsStrategie Aktien Global (LC share class) * 12/2015 = 100 Data on euro basis ing on the market, between the “BVI method” performance, i.e., excluding the initial sales charge. growth component (compris- Past performance is no guide to future results. As of: December 31, 2020 ing higher-risk funds, such as equity funds and higher-risk DWS FUNDS INVEST NACHHALTIGKEITSSTRATEGIE AKTIEN GLOBAL bond funds as well as direct Performance at a glance investments in or derivatives ISIN 1 year 3 years 5 years on higher-risk components such as equities and higher-risk LU0275643053 -10.8% -2.7% 4.0% bonds) and the capital preser- “BVI method” performance, i.e., excluding the initial sales charge. vation component (comprising Past performance is no guide to future results. As of: December 31, 2020 Data on euro basis lower-risk open bond/money market funds and direct invest- ments in or derivatives on low- er-risk bonds/money market instruments). The objective of pandemic**, became the focus Management Company will this is to ensure a minimum of market participants’ atten- pay the difference into the sub- value while also achieving the tion. However, political issues fund’s net assets from its own greatest possible participation such as “Brexit”, as well as the resources. For December 31, in price increases in the growth U.S. presidential election at the 2020, the guaranteed value was component. beginning of November 2020, EUR 89.32. also influenced market activity Investment climate and at times. Against this backdrop, ­performance in the reporting the sub-fund recorded a decline * Additional information on the invest- ment policy and the exact guarantee period of 10.8% per unit in fiscal 2020 amount is contained in the sales The investment climate in the (BVI method, in euro terms). prospectus. reporting period was character- ** The coronavirus crisis (COVID-19) also represented a significant challenge ized by continued very low and Guarantee* for the global economy and was thus sometimes negative interest The Management Company, a major event in the reporting period. rates in the industrial countries DWS Investment S.A., guaran- Uncertainties regarding the impact of COVID-19 are of significance for under- and volatility in the capital mar- tees that the net asset value per standing the annual financial state- kets. Alongside the high level of share of the sub-fund plus any ments. Further details in this regard indebtedness worldwide as well dividends (guaranteed value) are provided in the explanations in the “General information” section. as uncertainty regarding the at the end of each month will monetary policy of the central not be less than 80% of the banks, the noticeably weaken- net asset value determined on ing global economy, which was the last valuation date of the exacerbated due to uncertain- previous month. If the guaran- ties relating to the COVID-19 teed value is not achieved, the

33 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Equities (sectors): Health Care 104 589 880.97 17.44 Consumer Staples 101 176 428.42 16.87 Information Technology 90 448 908.55 15.08 Financials 45 505 020.65 7.59 Utilities 41 750 473.30 6.96 Industrials 31 420 123.29 5.24 Consumer Discretionaries 31 235 803.46 5.21 Basic Materials 24 436 287.95 4.07 Other 112 960 051.79 18.83 Total equities: 583 522 978.38 97.29

2. Investment fund units 8 974 442.51 1.50

3. Derivatives -539 700.72 -0.09

4. Cash at bank 8 361 014.75 1.39

5. Other assets 388 795.06 0.07

II. Liabilities 1. Other liabilities -945 802.45 -0.16

2. Liabilities from share certificate transactions -1 121.40 0.00

III. Net assets 599 760 606.13 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

34 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Securities traded on an exchange 583 522 978.38 97.29

Equities Agnico Eagle Mines (CA0084741085)...... Count 111 460 146 405 34 945 CAD 91 2500. 6 477 137 .40 1 .08 B2Gold Corp . (CA11777Q2099) ...... Count 958 250 1 218 837 260 587 CAD 7 .1300 4 351 104 .92 0 .73 Fortis Inc . (CA3495531079)...... Count 19 957 131 096 111 139 CAD 52 5400. 667 754 .04 0 .11 Franco-Nevada (CA3518581051)...... Count 28 071 36 871 8 800 CAD 160 .2300 2 864 395 .05 0 .48 Kinross Gold (CA4969024047) ...... Count 372 657 511 620 138 963 CAD 9 .4000 2 230 839 .55 0 .37 Metro Cl .A (CA59162N1096) ...... Count 73 923 98 664 24 741 CAD 57 4200. 2 703 173 .80 0 .45 Wheaton Precious Metals (CA9628791027)...... Count 72 387 95 081 22 694 CAD 53 4400. 2 463 532 .10 0 .41

Geberit Reg . Disp . (CH0030170408)...... Count 10 964 14 401 3 437 CHF 555 .2000 5 608 008 .48 0 .94 Givaudan Reg . (CH0010645932)...... Count 159 3 210 3 051 CHF 3 744 .0000 548 432 .45 0 .09 Logitech International Reg . (CH0025751329)...... Count 105 954 118 232 12 278 CHF 86 3000. 8 423 999 .45 1 .40 Swisscom Reg . (CH0008742519)...... Count 14 127 18 556 4 429 CHF 477 .3000 6 212 001 .57 1 .04

Coloplast B (DK0060448595) ...... Count 62 330 81 872 19 542 DKK 942 .2000 7 894 625 .01 1 .32 GENMAB (DK0010272202)...... Count 27 100 35 597 8 497 DKK 2 458 .0000 8 954 522 .85 1 .49 Tryg (DK0060636678)...... Count 56 409 74 095 17 686 DKK 191 .7000 1 453 656 .49 0 .24

Beiersdorf (DE0005200000) ...... Count 47 047 61 797 14 750 EUR 94 8000. 4 460 055 .60 0 .74 Deutsche Telekom Reg . (DE0005557508)...... Count 551 590 724 507 172 917 EUR 15 0400. 8 295 913 .60 1 .38 Deutsche Wohnen (DE000A0HN5C6)...... Count 93 503 122 818 29 315 EUR 43 7100. 4 087 016 .13 0 .68 Elisa Bear . A (FI0009007884)...... Count 170 199 223 556 53 357 EUR 45 2200. 7 696 398 .78 1 .28 Enagas (ES0130960018)...... Count 7 822 157 356 149 534 EUR 18 4100. 144 003 .02 0 .02 Établissements Franz Colruyt (BE0974256852) ...... Count 160 842 211 266 50 424 EUR 48 8200. 7 852 306 .44 1 .31 Hermes International (FR0000052292)...... Count 6 516 8 560 2 044 EUR 888 .4000 5 788 814 .40 0 .97 Iberdrola (new) (ES0144580Y14)...... Count 326 330 428 626 102 296 EUR 11 7500. 3 834 377 .50 0 .64 Kerry Group (IE0004906560)...... Count 64 493 84 714 20 221 EUR 121 .8000 7 855 247 .40 1 .31 Koninklijke Ahold Delhaize (NL0011794037)...... Count 171 599 225 396 53 797 EUR 23 4700. 4 027 428 .53 0 .67 Red Electrica Corporacion (ES0173093024)...... Count 236 171 310 209 74 038 EUR 16 9050. 3 992 470 .76 0 .67 Snam (IT0003153415)...... Count 1 070 245 1 841 594 771 349 EUR 4 .6320 4 957 374 .84 0 .83 Terna Rete Elettrica Nazionale (IT0003242622) ...... Count 822 520 1 080 369 257 849 EUR 6 .2640 5 152 265 .28 0 .86 Vivendi (FR0000127771)...... Count 212 824 279 543 66 719 EUR 26 5300. 5 646 220 .72 0 .94 Vonovia (DE000A1ML7J1) ...... Count 85 000 111 650 26 650 EUR 59 7000. 5 074 500 .00 0 .85

HKT Trust and HKT (HK0000093390)...... Count 1 765 000 2 318 000 553 000 HKD 10 1400. 1 881 647 .29 0 .31 Techtronic Industries Co . Subdiv . (HK0669013440). . . . . Count 454 500 525 000 70 500 HKD 113 .4000 5 418 792 .19 0 .90

Bridgestone Corp . (JP3830800003) ...... Count 113 700 149 200 35 500 JPY 3 384 .0000 3 037 865 .07 0 .51 Chugai Pharmaceutical Co . (JP3519400000) ...... Count 209 900 236 100 26 200 JPY 5 503 .0000 9 119 890 .25 1 .52 Hamamatsu Photonics (JP3771800004)...... Count 57 900 76 100 18 200 JPY 5 900 .0000 2 697 169 .48 0 .45 ITOCHU Corp . (JP3143600009) ...... Count 278 800 366 300 87 500 JPY 2 964 .0000 6 524 520 .94 1 .09 KDDI Corp . (JP3496400007)...... Count 309 900 336 500 26 600 JPY 3 066 .0000 7 501 902 .02 1 .25 Keyence Corp . (JP3236200006)...... Count 3 000 4 100 1 100 JPY 58 000 .0000 1 373 810 .75 0 .23 M3 (JP3435750009) ...... Count 102 700 118 600 15 900 JPY 9 743 .0000 7 900 249 .50 1 .32 McDonald’s Holding Co . (Japan) (JP3750500005). . . . . Count 29 800 39 900 10 100 JPY 5 000 .0000 1 176 424 .14 0 .20 Murata Manufacturing Co . (JP3914400001)...... Count 80 900 80 900 JPY 9 320 .0000 5 953 085 .15 0 .99 NEC Corp . (JP3733000008) ...... Count 11 000 46 500 35 500 JPY 5 540 .0000 481 149 .58 0 .08 Nintendo Co . (JP3756600007) ...... Count 17 500 21 800 4 300 JPY 65 830 .0000 9 095 771 .98 1 .52 Nippon Telegraph and Telephone Corp . (JP3735400008) . Count 367 300 456 700 89 400 JPY 2 645 .5000 7 671 960 .44 1 .28 Oracle Corp . Japan (JP3689500001)...... Count 12 700 17 000 4 300 JPY 13 450 .0000 1 348 663 .69 0 .22 Secom Co . (JP3421800008)...... Count 69 800 91 700 21 900 JPY 9 517 .0000 5 244 850 .97 0 .87 SG Holdings Co . (JP3162770006)...... Count 159 200 159 200 JPY 2 812 .0000 3 534 565 .55 0 .59 Toho Gas Co . (JP3600200004)...... Count 29 800 40 800 11 000 JPY 6 830 .0000 1 606 995 .38 0 .27 Vodafone (JP3732000009) ...... Count 118 000 489 100 371 100 JPY 1 293 .0000 1 204 642 .53 0 .20 Yamada Holdings (JP3939000000)...... Count 269 800 360 300 90 500 JPY 548 .0000 1 167 347 .52 0 .19

Telenor (NO0010063308) ...... Count 343 453 451 118 107 665 NOK 146 .8500 4 787 818 .12 0 .80

Fisher & Paykel Healthcare Corp . (NZFAPE0001S2). . . .. Count 448 750 498 483 49 733 NZD 32 8400. 8 625 160 .95 1 .44 Spark New Zealand (NZTELE0001S4)...... Count 955 060 1 254 458 299 398 NZD 4 .7200 2 638 349 .06 0 .44

ICA Gruppen (SE0000652216) ...... Count 33 294 43 733 10 439 SEK 412 .5000 1 369 037 .65 0 .23

DBS Group Holdings (SG1L01001701)...... Count 537 900 706 400 168 500 SGD 25 2300. 8 346 638 .58 1 .39 Singapore Exchange (SG1J26887955) ...... Count 423 900 556 900 133 000 SGD 9 .3400 2 435 023 .22 0 .41

Accenture (IE00B4BNMY34)...... Count 20 069 26 362 6 293 USD 257 .7600 4 216 477 .52 0 .70 Adobe (US00724F1012) ...... Count 9 009 11 758 2 749 USD 502 .1100 3 687 092 .14 0 .61 Alphabet Cl .A (US02079K3059) ...... Count 2 236 2 937 701 USD 1 757 .7600 3 203 611 .98 0 .53 American Tower (US03027X1000)...... Count 18 521 24 720 6 199 USD 220 .4800 3 328 450 .98 0 .55 American Water Works Co . (US0304201033). . . . . Count 74 008 97 212 23 204 USD 150 .7300 9 092 575 .16 1 .52

35 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Amgen (US0311621009)...... Count 29 367 38 576 9 209 USD 226 .8700 5 430 567 .14 0 .91 AON Ireland-A (IE00BLP1HW54) ...... Count 30 744 41 033 10 289 USD 206 .9100 5 185 019 .39 0 .86 Arista Networks (US0404131064)...... Count 36 310 36 310 USD 287 .5000 8 508 884 .54 1 .42 Atmos Energy Corp . (US0495601058)...... Count 36 802 50 527 13 725 USD 93 1600. 2 794 534 .23 0 .47 Automatic Data Processing (US0530151036)...... Count 34 657 54 521 19 864 USD 174 .8700 4 939 861 .91 0 .82 Bio-Rad Laboratories A (US0905722072)...... Count 4 617 6 162 1 545 USD 574 .9200 2 163 594 .28 0 .36 Cadence Design Systems (US1273871087)...... Count 45 444 59 690 14 246 USD 133 .9800 4 962 780 .39 0 .83 Church & Dwight Co . (US1713401024) ...... Count 58 976 77 465 18 489 USD 87 0800. 4 186 029 .33 0 .70 Cisco Systems (US17275R1023) ...... Count 78 929 103 674 24 745 USD 44 6400. 2 871 900 .04 0 .48 Citrix Systems (US1773761002)...... Count 60 436 79 384 18 948 USD 130 .1100 6 409 363 .79 1 .07 Coca-Cola European Partners (GB00BDCPN049)...... Count 12 467 56 011 43 544 USD 48 6400. 494 269 .78 0 .08 Colgate-Palmolive Co . (US1941621039)...... Count 86 902 114 147 27 245 USD 85 0300. 6 022 967 .00 1 .00 Electronic Arts (US2855121099)...... Count 75 108 98 655 23 547 USD 140 .7000 8 613 681 .87 1 .44 Eli Lilly and Company (US5324571083) ...... Count 60 341 79 258 18 917 USD 166 .5800 8 193 017 .71 1 .37 Equinix REIT (US29444U7000)...... Count 7 097 9 322 2 225 USD 708 .7800 4 100 103 .24 0 .68 Eversource Energy (US30040W1080)...... Count 109 042 143 229 34 187 USD 85 1900. 7 571 657 .48 1 .26 Extra Space Storage SBI (US30225T1025)...... Count 54 473 72 703 18 230 USD 113 .8100 5 053 243 .78 0 .84 Facebook Cl A. (US30303M1027) ...... Count 38 324 38 324 USD 276 .7800 8 645 976 .87 1 .44 Garmin Reg . (CH0114405324) ...... Count 31 573 42 139 10 566 USD 119 .3800 3 072 245 .78 0 .51 General Mills (US3703341046)...... Count 76 990 101 128 24 138 USD 59 1500. 3 711 911 .40 0 .62 Hormel Foods Corp . (US4404521001) ...... Count 87 015 114 296 27 281 USD 46 7500. 3 315 769 .04 0 .55 Intuit (US4612021034) ...... Count 16 368 21 501 5 133 USD 378 .3300 5 047 483 .75 0 .84 J .M . Smucker Co . (US8326964058)...... Count 22 296 29 757 7 461 USD 115 .3300 2 095 934 .86 0 .35 Johnson & Johnson (US4781601046)...... Count 61 436 80 696 19 260 USD 154 .1400 7 718 747 .23 1 .29 Kellogg Co . (US4878361082) ...... Count 30 113 39 554 9 441 USD 62 2900. 1 528 906 .36 0 .25 Keysight Technologies (US49338L1035)...... Count 72 635 95 408 22 773 USD 130 .0100 7 697 172 .72 1 .28 Kimberly-Clark Corp . (US4943681035)...... Count 51 203 67 257 16 054 USD 134 .1300 5 597 960 .95 0 .93 MarketAxess Holdings (US57060D1081)...... Count 5 826 7 777 1 951 USD 564 .7900 2 682 044 .70 0 .45 Marsh & McLennan Cos . (US5717481023) ...... Count 86 322 113 385 27 063 USD 114 .8000 8 077 406 .04 1 .35 Mastercard Cl .A (US57636Q1040)...... Count 10 699 14 054 3 355 USD 346 .6600 3 023 120 .46 0 .50 McCormick & Co . (Non Vtg .) (US5797802064)...... Count 54 905 63 512 8 607 USD 94 8200. 4 243 462 .61 0 .71 McDonald’s Corp . (US5801351017)...... Count 44 893 63 767 18 874 USD 212 .7100 7 783 502 .49 1 .30 Merck & Co . (US58933Y1055)...... Count 121 314 159 348 38 034 USD 81 4200. 8 051 013 .47 1 .34 Microsoft Corp . (US5949181045)...... Count 21 718 28 527 6 809 USD 224 .1500 3 967 958 .35 0 .66 Motorola Solutions (US6200763075) ...... Count 63 071 82 845 19 774 USD 166 .9400 8 582 200 .55 1 .43 Newmont (US6516391066)...... Count 112 987 148 410 35 423 USD 59 7300. 5 500 846 .48 0 .92 Oracle Corp . (US68389X1054) ...... Count 25 892 34 558 8 666 USD 64 4600. 1 360 393 .14 0 .23 PepsiCo (US7134481081)...... Count 70 911 93 143 22 232 USD 147 .4200 8 520 764 .25 1 .42 Progressive Corp . (US7433151039) ...... Count 36 651 48 919 12 268 USD 97 6900. 2 918 397 .68 0 .49 Quest Diagnostics (US74834L1008)...... Count 18 199 23 904 5 705 USD 118 .4000 1 756 336 .63 0 .29 Regeneron Pharmaceuticals (US75886F1075)...... Count 23 049 28 200 5 151 USD 484 .2200 9 097 107 .86 1 .52 Sempra Energy (US8168511090)...... Count 18 797 25 087 6 290 USD 126 .3900 1 936 465 .61 0 .32 Starbucks Corp . (US8552441094)...... Count 60 898 79 992 19 094 USD 105 .6300 5 243 229 .20 0 .87 SVB Financial Group (US78486Q1013)...... Count 34 691 40 054 5 363 USD 376 .0000 10 631 956 .64 1 .77 The Allstate Corp . (US0200021014)...... Count 43 073 57 488 14 415 USD 107 .5200 3 774 877 .91 0 .63 The Clorox Co . (US1890541097)...... Count 49 205 64 631 15 426 USD 201 .7600 8 091 943 .43 1 .35 The Hershey Co . (US4278661081)...... Count 73 201 96 151 22 950 USD 151 .4400 9 035 790 .39 1 .51 The Kroger Co . (US5010441013) ...... Count 285 932 375 566 89 634 USD 31 4600. 7 332 127 .58 1 .22 The Procter & Gamble (US7427181091)...... Count 77 388 101 651 24 263 USD 138 .4200 8 731 342 .02 1 .46 Tractor Supply Co . (US8923561067)...... Count 34 029 34 029 USD 143 .0000 3 966 374 .86 0 .66 Veeva Systems A (US9224751084) ...... Count 17 002 22 693 5 691 USD 275 .5500 3 818 642 .13 0 .64 Verizon Communications (US92343V1044)...... Count 171 497 225 262 53 765 USD 58 8100. 8 220 840 .83 1 .37 Vertex Pharmaceuticals (US92532F1003)...... Count 43 269 54 955 11 686 USD 233 .4900 8 234 811 .76 1 .37 VISA Cl A. (US92826C8394)...... Count 28 022 36 809 8 787 USD 214 .3700 4 896 341 .15 0 .82 Waste Management (Del .) (US94106L1098) ...... Count 53 449 81 384 27 935 USD 116 .8200 5 089 385 .16 0 .85 West Pharmaceutical Services (US9553061055)...... Count 9 586 12 591 3 005 USD 278 .3400 2 174 811 .30 0 .36

Other equity securities Roche Holding Profitsh . (CH0012032048) ...... Count 19 262 25 301 6 039 CHF 307 .5000 5 456 782 .90 0 .91

Investment fund shares 8 974 442 .51 1 .50

In-group fund shares 8974442.51 1.50 DWS Institutional Pension Flex Yield (LU0224902659) (0 .250%)...... Count 267 8 265 8 323 EUR 11 204 .0600 2 991 484 .02 0 .50 DWS Institutional Pension Floating Yield IC (LU0193172185) (0 160%)...... Count 256 7 450 7 506 EUR 11 674 .6000 2 988 697 .60 0 .50 DWS Institutional Pension Vario Yield (LU1120400566) (0 .250%)...... Count 30 377 961 977 945 496 EUR 98 5700. 2 994 260 .89 0 .50

Total securities portfolio 592497420.89 98.79

36 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Derivatives Minus signs denote short positions

Swaps -539 700.72 -0.09

Equity swaps Swap 80% Gap SWAP DWS Funds Invest Nachhaltig- keitsStrategie Aktien Global (CSI) 02.07.21 (OTC) . . . . EUR 0.1 -539 700.72 -0.09

Cash at bank 8361014.75 1.39

Demand deposits at Depositary EUR deposits...... EUR 7 456 744.27 % 100 7 456 744.27 1.24 Deposits in other EU/EEA currencies...... EUR 34 960.77 % 100 34 960.77 0.01

Deposits in non-EU/EEA currencies Canadian dollar ...... CAD 88 998.80 % 100 56 678.11 0.01 Swiss franc...... CHF 92 662.07 % 100 85 367.42 0.01 British pound ...... GBP 270.52 % 100 299.40 0.00 Hong Kong dollar ...... HKD 232 466.24 % 100 24 440.80 0.00 Japanese yen ...... JPY 26 839 533.00 % 100 211 910.57 0.04 New Zealand dollar...... NZD 50 160.56 % 100 29 357.70 0.00 Singapore dollar ...... SGD 102 794.41 % 100 63 221.14 0.01 U.S. dollar ...... USD 488 328.71 % 100 398 034.57 0.07

Other assets 388795.06 0.07 Dividends/Distributions receivable ...... EUR 344 236.69 % 100 344 236.69 0.06 Withholding tax claims ...... EUR 44 558.37 % 100 44 558.37 0.01

Total assets 1 601 247 230.70 100.25

Other liabilities -945802.45 -0.16 Liabilities from cost items...... EUR -870 753.02 % 100 -870 753.02 -0.15 Additional other liabilities...... EUR -75 049.43 % 100 -75 049.43 -0.01

Liabilities from share certificate transactions EUR -1 121.40 % 100 -1 121.40 0.00

Net assets 599760606.13 100.00

Net asset value per share and Count/ Net asset value per share number of shares outstanding currency in the respective currency

Net asset value per share Class LC...... EUR 111 .91

Number of shares outstanding Class LC...... Count 5359414 .000

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

37 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Composition of the reference portfolio (according to CSSF circular 11/512)

85% MSCI All Country World Index, in EUR, 15% 1 Month Euribor Index from June 30, 2020, through December 31, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 45 579.

Highest market risk exposure...... % 82 083.

Average market risk exposure ...... % 67 751.

The values-at-risk were calculated for the period from June 30, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR from January 1, 2020, through June 29, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 11 870.

Highest market risk exposure...... % 83 250.

Average market risk exposure ...... % 41 222.

The values-at-risk were calculated for the period from January 1, 2020, through June 29, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 539 700 72. as of the reporting date .

Counterparties Credit Suisse International

Market abbreviations

Futures exchanges OTC = Over the Counter

Exchange rates (indirect quotes) As of December 30, 2020

Canadian dollar ...... CAD 1 570250. = EUR 1 Swiss franc...... CHF 1 085450. = EUR 1 Danish krone...... DKK 7 438900. = EUR 1 British pound ...... GBP 0 903550. = EUR 1 Hong Kong dollar ...... HKD 9 511400. = EUR 1 Japanese yen ...... JPY 126 655000. = EUR 1 Norwegian krone...... NOK 10 .534250 = EUR 1 New Zealand dollar...... NZD 1 708600. = EUR 1 Swedish krona...... SEK 10 .031700 = EUR 1 Singapore dollar ...... SGD 1 625950. = EUR 1 U .S . dollar ...... USD 1 226850. = EUR 1

38 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.

Investments reported in this report are not valued at derived market values.

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.

Footnotes 1 Does not include positions with a negative balance, if such exist.

39 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the fund

for the period from January 1, 2020, through December 31, 2020 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 743 282 115.51 I. Income 1. Net inflows ...... EUR -63 740 990.11 1. Dividends (before withholding tax)...... EUR 4 360 111.48 a) Inflows from subscriptions...... EUR 183 235 403.74 2. Interest from investments of liquid assets ...... b) Outflows from redemptions...... EUR -246 976 393.85 (before withholding tax)...... EUR 4 393.49 2. Income adjustment...... EUR 1 897 413.17 3. Income from investment certificates ...... EUR 85 887.78 3. Net gain/loss for the fiscal year...... EUR -81 677 932.44 4. Deduction for foreign withholding tax...... EUR -993 310.00 thereof: 5. Other income...... EUR 7 665.93 Net change in unrealized appreciation...... EUR -47 252 393.83 Net change in unrealized depreciation...... EUR -19 045 696.74 Total income...... EUR 3 464 748.68 II. Value of the fund‘s net assets II. Expenses at the end of the fiscal year ...... EUR 599 760 606.13 1. Interest on borrowings and negative interest on deposits and expenses similar to interest. . . . . EUR -88 225.38 thereof: Summary of gains/losses Commitment fees...... EUR -1 975.27 2. Management fee...... EUR -10 283 942.13 Realized gains (incl. income adjustment)...... EUR 36 008 630.78 thereof: All-in fee ...... EUR -10 283 942.13 from: 3. Other expenses ...... EUR -176 364.54 Securities transactions ...... EUR 35 979 115.23 thereof: (Forward) currency transactions ...... EUR 29 515.55 Taxe d’abonnement . . . . . EUR -176 364.54 Realized losses (incl. income adjustment)...... EUR -44304689.28 Total expenses ...... EUR -10 548 532.05 from: Securities transactions ...... EUR -41 421 019.39 III. Net investment income...... EUR -7 083 783.37 (Forward) currency transactions ...... EUR -918 065.65 Swap transactions...... EUR -1 965 604.24 IV. Sale transactions Net change in unrealized appreciation/depreciation . . EUR -66298090.57 1. Realized gains...... EUR 36 008 630.78 from: 2. Realized losses...... EUR -44 304 689.28 Securities transactions ...... EUR -66 138 210.58 Capital gains/losses...... EUR -8 296 058.50 (Forward) currency transactions ...... EUR -3 406.93 Swap transactions...... EUR -156 473.06 V. Realized net gain/loss for the fiscal year...... EUR -15 379 841.87 Swap transactions may include results from credit derivatives. 1. Net change in unrealized appreciation ...... EUR -47 252 393.83 2. Net change in unrealized depreciation ...... EUR -19 045 696.74 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -66 298 090.57 Details on the distribution policy* VII. Realized net gain/loss for the fiscal year...... EUR -81 677 932.44

The income for the fiscal year is reinvested. Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the * total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized Additional information is provided in the sales prospectus. appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs. Unrealized appreciation/depreciation is shown without income adjustment. Changes in net assets and in the net asset value per share over the last three years

Net assets at the end of the fiscal year Total expense ratio / Transaction costs 2020...... EUR 599 760 606.13 2019...... EUR 743 282 115.51 2018...... EUR 499 574 221.87 BVI total expense ratio (TER)

The total expense ratio(s) for the share class(es) was/were: Net asset value per share at the end of the fiscal year

Class LC 1.69% p.a. 2020 Class LC...... EUR 111.91 2019 Class LC...... EUR 125.49 The TER expresses total expenses and fees (excluding transaction costs) as a percentage 2018 Class LC...... EUR 107.20 of the fund’s average net assets for a given fiscal year.

Transaction costs

The transaction costs paid in the reporting period amounted to EUR 306 980.16.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. 40 Annual report DWS Zinseinkommen

Investment objective in the DWS ZINSEINKOMMEN reporting period Five-year performance The sub-fund DWS Zinseinkom- 105 men invests in interest-bearing 104 securities that are denominated 103 in or hedged against the euro. 102 The focus is on government 101 bonds, covered bonds (mort- 100 gage bonds) and corporate 99 bonds. The sub-fund’s invest- 98 ments in asset-backed securi- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Zinseinkommen * 12/2015 = 100 ties and subordinated bonds Data on euro basis are limited in each case to 20% “BVI method” performance, i.e., excluding the initial sales charge. of the sub-fund’s assets. In Past performance is no guide to future results. As of: December 31, 2020 addition, the sub-fund’s assets may be invested in money mar- DWS ZINSEINKOMMEN ket and short-term bond funds. Performance at a glance The sub-fund concept aims to ISIN 1 year 3 years 5 years achieve or distribute a return in line with market rates equal to LU0649391066 0.9% 2.8% 4.8% the average current yield. “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 Data on euro basis Investment climate and ­performance in the reporting period The investment climate in the In terms of regional allocation, banks of the industrial coun- reporting period was character- the portfolio management pre- tries – in view of the weakening ized by continued very low and ferred high-yield bonds from global economy – supported sometimes negative interest the euro peripheral countries the price development in the rates in the industrial countries of Spain and Italy for yield bond markets. The European and volatility in the capital mar- reasons. In terms of issuer Central Bank (ECB) and the kets. Alongside the high level of structure, the bond sub-fund Bank of Japan continued to indebtedness worldwide as well invested not only in govern- maintain their very loose mon- as uncertainty regarding the ment bonds but also in corpo- etary policies. The U.S. Federal monetary policy of the central rate bonds and issues from the Reserve (Fed) lowered the banks, the noticeably weaken- financial sector (financials), as key interest rate in two steps ing global economy, which was well as in covered bonds, which by 1.5 percentage points to exacerbated due to uncertain- had higher yields compared to a range of 0.00%–0.25% p.a. ties relating to the COVID-19 German government bonds. In view of uncertainties in the pandemic*, became the focus financial markets, government of market participants’ atten- In 2020, the performance in bonds from the core markets tion. However, political issues the international bond markets such as the United States and such as “Brexit”, as well as the was characterized by fluctua- Germany additionally profited U.S. presidential election at the tions. It was at times noticeably at times from the temporar- beginning of November 2020, hampered by the trade conflict ily increased risk aversion of also influenced market activity between the United States and market participants in the form at times. Against this backdrop, China/Europe as well as by of increased prices and lower the fund appreciated by 0.9% fears of a “no-deal Brexit”. In bond yields. For example, the per unit in the fiscal year 2020 contrast, the extremely loose yields on ten-year German (BVI method, in euro). monetary policy of the central ­government bonds moved

41 significantly below the zero of measures undertaken by percent mark since May 2019, the international community amid fluctuations, and tem- of states with the aim of over- porarily hit an all-time low of coming the economic effects of -0.844% p.a. on March 9, 2020. the coronavirus crisis, a strong During the reporting period, the price recovery began on the global spread of the novel coro- corporate bond markets in the navirus infection that broke out second half of March 2020. in China at the end of 2019 and The corporate bond markets its social and economic conse- ­performed unevenly in the quences for the international reporting period. community caused additional uncertainty and price pressures As of the end of December in the financial markets. Overall, 2020, the average yield of the the bond markets recorded a sub-fund’s investments was net increase in prices – albeit to approximately 0.4% p.a.* The varying degrees – over the year average term to maturity of the to the end of December 2020, interest-bearing securities in with yields falling further during the portfolio stood at 5.1 years the year from already very low, as of the reporting date. in some cases negative, levels. For example, ten-year German government bonds yielded * Average yield of the sub-fund’s invest- ments as of the reporting date. This -0.57% p.a. at the end of 2020. may differ from the nominal yield of the (previous year: -0.19% p.a.). interest-bearing instruments held in the portfolio. The future performance of the sub-fund cannot be derived from this. During the reporting period, the ** The coronavirus crisis (COVID-19) also corporate bond markets initially represented a significant challenge posted gains, amid fluctuations, for the global economy and was thus a major event in the reporting period. until mid-February 2020. This Uncertainties regarding the impact of was boosted by, among other COVID-19 are of significance for under- things, the progress made in standing the annual financial state- ments. Further details in this regard the trade discussions between are provided in the explanations in the the United States and China “General information” section. and by the very loose monetary policy of the central banks. However, in the second half of February 2020, prices crashed in the corporate bond mar- kets­ worldwide, which more than eroded the previous price gains. This was attributable to coronavirus disease (COVID- 19)**, which spread to cause a pandemic and led to social and economic restrictions (lock- downs), the consequences of which were not yet foreseeable up to most recently. In view of the efforts and packages

42 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Zinseinkommen

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Bonds (issuers): Central governments 96 090 305.00 27.05 Other financing institutions 77 067 566.40 21.70 Institutions 76 380 155.70 21.51 Companies 52 562 312.08 14.80 Other public bodies 25 686 813.70 7.23 Regional governments 22 725 280.00 6.40 Total bonds: 350 512 432.88 98.69

2. Derivatives -23 320.00 -0.01

3. Cash at bank 3 031 934.02 0.85

4. Other assets 2 666 541.53 0.75

5. Receivables from unit certificate transactions 24 547.32 0.01

II. Liabilities 1. Other liabilities -194 329.08 -0.05

2. Liabilities from share certificate transactions -850 430.66 -0.24

III. Net assets 355 167 376.01 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

43 DWS Zinseinkommen

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Securities traded on an exchange 350 512 432.88 98.69

Interest-bearing securities 2.1250 % Aéroports de Paris 20/02.10.26 (FR0013505625)...... EUR 1 000 1 000 % 111.8300 1 118 300.00 0.31 0.5000 % Air Products & Chemicals 20/05.05.28 (XS2166122304)...... EUR 2 000 2 000 % 103.5390 2 070 780.00 0.58 1.1250 % Akelius Residential Property 17/14.03.24 MTN (XS1717433541)...... EUR 1 000 % 102.9990 1 029 990.00 0.29 5.6250 % Allianz 12/17.10.42 (DE000A1RE1Q3). . . . EUR 2 500 % 109.9770 2 749 425.00 0.77 0.5000 % American Tower 20/15.01.28 (XS2227905903)...... EUR 880 880 % 100.5830 885 130.40 0.25 2.4000 % AT & T 14/15.03.24 (XS1076018131) . . . . EUR 2 000 2 000 % 107.2810 2 145 620.00 0.60 2.8750 % Auchan Holding 20/29.01.26 MTN (FR0013510179)...... EUR 1 400 1 400 % 110.8070 1 551 298.00 0.44 0.6250 % Baden-Württemberg 16/27.01.26 LSA (DE000A14JYZ4) 3...... EUR 2 000 3 000 % 105.8670 2 117 340.00 0.60 0.2500 % Banco BPI 19/22.03.24 PF (PTBPIAOM0026) 3...... EUR 2 000 % 102.1990 2 043 980.00 0.58 1.1250 % Banco Santander 20/23.06.27 MTN (XS2194370727)...... EUR 1 400 1 400 % 105.8980 1 482 572.00 0.42 0.8750 % Banco Santander Totta 17/25.04.24 MTN PF (PTBSRIOE0024)...... EUR 5 000 3 600 % 104.3760 5 218 800.00 1.47 1.3750 % Bank of Ireland Group 18/29.08.23 MTN (XS1872038218)...... EUR 2 930 % 103.5370 3 033 634.10 0.85 0.1250 % Bank of Queensland 19/04.06.24 MTN PF (XS2003420465) 3...... EUR 1 920 % 101.4530 1 947 897.60 0.55 3.3750 % Barclays 20/02.04.25 MTN (XS2150054026). EUR 1 070 1 070 % 110.3440 1 180 680.80 0.33 1.4500 % Basque Government 18/30.04.28 (ES0000106619)...... EUR 3 000 % 111.3440 3 340 320.00 0.94 3.7500 % Bayer 14/01.07.74 (DE000A11QR73) . . . . EUR 2 000 % 107.2400 2 144 800.00 0.60 0.3750 % Bayer 20/06.07.24 (XS2199265617) . . . . EUR 1 800 1 800 % 101.4160 1 825 488.00 0.51 0.3750 % Belfius Bank 20/02.09.25 (BE6324012978). . EUR 1 300 1 300 % 100.9760 1 312 688.00 0.37 4.7500 % BHP Billiton Finance 15/22.04.76 MTN (XS1309436753)...... EUR 3 000 3 000 % 101.4170 3 042 510.00 0.86 1.0000 % BMW Finance 18/14.11.24 MTN (XS1910245676)...... EUR 2 000 2 000 % 104.3690 2 087 380.00 0.59 3.2500 % BP Capital Markets 20/Und. (XS2193661324). EUR 2 040 2 040 % 106.8430 2 179 597.20 0.61 0.1250 % Caixa Montepio Geral ecó. ban. 19/14.11.24 MTN PF (PTCMGAOM0038)...... EUR 1 700 % 101.0430 1 717 731.00 0.48 0.3750 % Caixabank 20/18.11.26 MTN (XS2258971071)...... EUR 1 900 1 900 % 100.3740 1 907 106.00 0.54 0.8750 % Cajamar Caja Rural, S.C.C. 18/18.06.23 PF (ES0422714123)...... EUR 3 600 % 102.7680 3 699 648.00 1.04 1.6250 % Capgemini 20/15.04.26 (FR0013507852) . . EUR 1 100 1 100 % 108.1200 1 189 320.00 0.33 1.0000 % Carnival 19/28.10.29 (XS2066744231). . . . EUR 1 000 700 % 72.1610 721 610.00 0.20 3.0000 % Centrica 15/10.04.76 MTN (XS1216020161). EUR 2 040 % 100.7280 2 054 851.20 0.58 0.8750 % CK Hutchison Finance II 16/03.10.24 (XS1497312295)...... EUR 2 000 % 102.8040 2 056 080.00 0.58 0.8750 % Cofinimmo 20/02.12.30 (BE6325493268). . EUR 700 700 % 101.6430 711 501.00 0.20 0.7500 % Commerzbank 20/24.03.26 MTN (DE000CB0HRQ9)...... EUR 1 000 1 000 % 101.5190 1 015 190.00 0.29 2.2500 % Corp. Nacional del Cobre Chile 14/09.07.24 Reg S (XS1084942470)...... EUR 750 750 % 107.5560 806 670.00 0.23 0.3750 % CPPIB Capital 17/20.06.24 MTN Reg S (XS1633248148)...... EUR 5 000 % 102.9260 5 146 300.00 1.45 1.2500 % Credit Suisse Group 17/17.07.25 MTN (CH0343366842)...... EUR 1 500 % 104.1000 1 561 500.00 0.44 0.8750 % Criteria Caixa 20/28.04.27 MTN (ES0205045026)...... EUR 2 200 2 200 % 102.2650 2 249 830.00 0.63 1.0000 % Czech Gas Networks Investments 20/16.07.27 (XS2193733503)...... EUR 950 950 % 104.1790 989 700.50 0.28 2.6250 % Daimler 20/07.04.25 MTN (DE000A289RN6). EUR 1 632 1 632 % 110.8540 1 809 137.28 0.51 0.3750 % DBS Bank 17/21.11.24 MTN PF (XS1720526737)...... EUR 7 000 2 000 % 102.7900 7 195 300.00 2.03 1.2500 % Deutsche Bank 14/08.09.21 MTN (DE000DB7XJB9)...... EUR 2 000 1 500 % 100.9040 2 018 080.00 0.57 1.0000 % Deutsche Bank 20/19.11.25 MTN (DE000DL19VR6)...... EUR 1 800 1 800 % 101.6460 1 829 628.00 0.52 0.3750 % Deutsche Post 20/20.05.26 MTN (XS2177122541)...... EUR 1 890 1 890 % 102.7980 1 942 882.20 0.55 0.8750 % DS Smith 19/12.09.26 MTN (XS2051777873) 3...... EUR 2 000 2 000 % 102.0660 2 041 320.00 0.57

44 DWS Zinseinkommen

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

0.3750 % Elenia Verkko 20/06.02.27 MTN (XS2113885011)...... EUR 1 400 1 400 % 100.9810 1 413 734.00 0.40 1.6980 % EP Infrastructure 19/30.07.26 (XS2034622048)...... EUR 1 220 % 103.4670 1 262 297.40 0.36 0.7500 % Equinor 20/22.05.26 MTN (XS2178833427) . EUR 920 920 % 104.6140 962 448.80 0.27 0.8750 % Erste Group Bank 20/13.05.27 MTN (AT0000A2GH08)...... EUR 1 500 1 500 % 105.4620 1 581 930.00 0.45 0.1250 % Euroclear Bank 20/07.07.25 MTN (BE6322991462) ...... EUR 730 730 % 101.3400 739 782.00 0.21 0.0000 % European Union 20/04.07.35 MTN (EU000A285VM2) ...... EUR 1 000 1 000 % 102.6730 1 026 730.00 0.29 0.0000 % European Union 20/04.11.25 MTN (EU000A284451) 3...... EUR 1 110 1 110 % 103.1370 1 144 820.70 0.32 1.6250 % Eustream 20/25.06.27 (XS2190979489) . . . EUR 1 620 1 620 % 106.5390 1 725 931.80 0.49 0.7500 % Export-Import Bank of China 17/28.05.23 MTN (XS1717759499)...... EUR 1 500 % 101.4660 1 521 990.00 0.43 1.1250 % Fastighets AB Balder 19/29.01.27 MTN (XS2050448336)...... EUR 1 750 % 101.3370 1 773 397.50 0.50 0.1250 % FCA Bank (Irish Branch) 20/16.11.23 MTN (XS2258558464)...... EUR 870 870 % 100.0070 870 060.90 0.24 0.5000 % FCA Bank (Irish Branch) 20/18.09.23 MTN (XS2231792586)...... EUR 1 430 1 430 % 101.0190 1 444 571.70 0.41 1.3750 % Firmenich Productions Participations 20/30.10.26 (XS2166619663)...... EUR 2 270 2 270 % 107.0100 2 429 127.00 0.68 1.1250 % Glencore Capital Finance 20/10.03.28 MTN (XS2228892860)...... EUR 1 370 1 370 % 102.3780 1 402 578.60 0.39 1.1250 % Heimstaden Bostad 20/21.01.26 MTN (XS2105772201)...... EUR 770 770 % 103.6010 797 727.70 0.22 0.5000 % Holcim Finance (Luxembourg) 20/23.04.31 (XS2261215011)...... EUR 2 010 2 010 % 100.4440 2 018 924.40 0.57 1.6250 % Holding d’Infrastructures Transp. 20/18.09.29 (XS2231183646)...... EUR 900 900 % 106.3690 957 321.00 0.27 0.3090 % HSBC Holdings 20/13.11.26 (XS2251736646)...... EUR 2 330 2 330 % 101.2210 2 358 449.30 0.66 1.3750 % Hutchison Whampoa Finance 14/31.10.21 (XS1132402709)...... EUR 2 000 % 101.2380 2 024 760.00 0.57 3.2500 % Iberdrola International 19/und. (XS1890845875)...... EUR 1 000 % 109.8250 1 098 250.00 0.31 1.8740 % Iberdrola International 20/und S.NC5 (XS2244941063) 3...... EUR 2 200 2 200 % 103.1500 2 269 300.00 0.64 2.1500 % Indonesia 17/18.07.24 MTN Reg S (XS1647481206)...... EUR 2 000 2 000 % 106.5460 2 130 920.00 0.60 1.7500 % Indonesia 18/24.04.25 (XS1810775145). . . EUR 5 000 % 105.7960 5 289 800.00 1.49 2.1250 % ING Groep 20/26.05.31 MTN (XS2176621170)...... EUR 1 700 1 700 % 106.9220 1 817 674.00 0.51 0.4430 % Intesa Sanpaolo 17/19.04.22 MTN (XS1599167589)...... EUR 650 % 100.7410 654 816.50 0.18 1.2500 % ISS Finance 20/07.07.25 MTN (XS2199343513)...... EUR 1 020 1 020 % 102.2010 1 042 450.20 0.29 2.0000 % Italy 18/01.02.28 (IT0005323032) . . . . . EUR 2 000 2 000 % 112.3760 2 247 520.00 0.63 1.8500 % Italy 20/01.07.25 (IT0005408502) . . . . . EUR 5 000 5 000 % 108.7910 5 439 550.00 1.53 0.9500 % Italy 20/15.09.27 (IT0005416570) . . . . . EUR 8 000 8 000 % 104.9490 8 395 920.00 2.36 5.0000 % Italy B.T.P. 09/01.03.25 (IT0004513641). . . EUR 4 500 4 500 % 121.5910 5 471 595.00 1.54 4.5000 % Italy B.T.P. 10/01.03.26 (IT0004644735). . . EUR 7 000 7 000 % 123.2920 8 630 440.00 2.43 4.5000 % Italy B.T.P. 13/01.03.24 (IT0004953417) 3 . . EUR 7 000 3 000 % 115.1580 8 061 060.00 2.27 3.7500 % Italy B.T.P. 14/01.09.24 (IT0005001547). . . EUR 3 000 2 000 % 114.4950 3 434 850.00 0.97 9.0000 % Italy B.T.P. 93/01.11.23 (IT0000366655) 3 . . EUR 8 000 7 000 % 126.6520 10 132 160.00 2.85 6.0000 % Italy B.T.P. 99/01.05.31 (IT0001444378). . . EUR 2 000 2 000 % 154.3240 3 086 480.00 0.87 1.2500 % JAB Holdings 17/22.05.24 (DE000A19HCW0)...... EUR 1 000 1 000 % 104.0110 1 040 110.00 0.29 1.8500 % John Deere Cash Management 20/02.04.28 MTN (XS2150006307) 3 ...... EUR 1 070 1 070 % 113.5440 1 214 920.80 0.34 0.6250 % JPMorgan Chase & Co. 16/25.01.24 MTN (XS1456422135)...... EUR 1 000 1 000 % 102.0970 1 020 970.00 0.29 2.3750 % JT International Financial Service 20/07.04.81 (XS2238783422)...... EUR 970 970 % 106.6980 1 034 970.60 0.29 0.3750 % Jyske Bank20/15.10.25 MTN (XS2243666125) 3...... EUR 2 000 2 000 % 100.6060 2 012 120.00 0.57 0.0520 % Kookmin Bank 20/15.07.25 PF (XS2199348231)...... EUR 1 290 1 290 % 101.1430 1 304 744.70 0.37 0.0000 % Korea 20/16.09.25 (XS2226969686) . . . . EUR 740 740 % 101.2770 749 449.80 0.21 0.1000 % Korea Housing Finance (KHFC) 19/18.06.24 Reg S (XS1999730374)...... EUR 2 780 % 101.1805 2 812 817.90 0.79 0.0100 % Korea Housing Finance 20/05.02.25 Reg S PF (XS2100269088)...... EUR 4 860 4 860 % 100.9775 4 907 506.50 1.38 0.5000 % La Banque Postale 20/17.06.26 MTN (FR0013518024)...... EUR 1 500 1 500 % 101.6680 1 525 020.00 0.43

45 DWS Zinseinkommen

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

0.6250 % La Poste 20/21.10.26 MTN (FR0013508686). EUR 1 100 1 100 % 104.0130 1 144 143.00 0.32 0.3750 % LB Baden-Württemberg 19/24.05.24 MTN S.806 (DE000LB2CHW4)...... EUR 2 900 % 102.0680 2 959 972.00 0.83 0.3750 % Lloyds Bank Corporate Markets 20/28.01.25 MTN (XS2109394077)...... EUR 1 250 1 250 % 101.4000 1 267 500.00 0.36 1.6250 % Mediobanca - Banca Credito Fin. 19/07.01.25 MTN (XS1973750869). . . . . EUR 1 330 % 105.6790 1 405 530.70 0.40 0.3750 % Medtronic Global Holdings 20/15.10.28 (XS2238789460)...... EUR 1 490 1 490 % 102.6320 1 529 216.80 0.43 1.6250 % Merck 20/09.09.80 (XS2218405772). . . . EUR 1 200 1 200 % 102.5150 1 230 180.00 0.35 0.2140 % Mizuho Financial Group 20/07.10.25 MTN (XS2241387252)...... EUR 720 720 % 101.1140 728 020.80 0.20 1.2500 % Münchener Rückversicherung 20/26.05.41 (XS2221845683)...... EUR 1 900 1 900 % 103.7160 1 970 604.00 0.55 0.7500 % Netherlands 18/15.07.28 (NL0012818504). . EUR 5 000 5 000 % 110.2820 5 514 100.00 1.55 4.6250 % NN Group 14/08.04.44 (XS1054522922). . . EUR 2 000 2 000 % 112.6430 2 252 860.00 0.63 0.8750 % Nordea Bank 18/26.06.23 MTN (XS1842961440)...... EUR 1 000 % 102.7660 1 027 660.00 0.29 2.3750 % Nordrhein-Westfalen 13/13.05.33 R.1250 LSA (DE000NRW2152) 3...... EUR 5 000 6 000 % 131.3270 6 566 350.00 1.85 1.6250 % Nordrhein-Westfalen 14/24.10.30 R.1333 LSA (DE000NRW0F26) 3...... EUR 9 000 1 000 % 118.9030 10 701 270.00 3.01 0.3750 % Ontario, Province 17/14.06.24 MTN (XS1629737625)...... EUR 5 000 % 102.6830 5 134 150.00 1.45 2.3750 % Orange 19/Und. MTN (FR0013413887). . . EUR 2 100 % 105.6880 2 219 448.00 0.62 0.8750 % Philippines 19/17.05.27 MTN (XS1991219442)...... EUR 1 000 1 000 % 102.0920 1 020 920.00 0.29 0.0000 % Philippines 20/03.02.23 (XS2104122986) . . EUR 1 520 1 520 % 99.9910 1 519 863.20 0.43 0.1250 % PKO Bank Hipoteczny 16/24.06.22 MTN PF (XS1508351357)...... EUR 3 000 1 500 % 100.7300 3 021 900.00 0.85 0.7500 % PKO Bank Hipoteczny 17/27.08.24 MTN PF (XS1690669574) 3...... EUR 2 700 % 103.5440 2 795 688.00 0.79 2.8750 % Portugal 16/21.07.26 (PTOTETOE0012) 3. . EUR 3 000 3 000 % 118.1720 3 545 160.00 1.00 1.9500 % Portugal 19/15.06.29 (PTOTEXOE0024) 3. . EUR 3 000 % 117.2760 3 518 280.00 0.99 0.5000 % POSCO 20/17.01.24 Reg.S (XS2103230152). EUR 1 500 1 500 % 100.3720 1 505 580.00 0.42 1.5390 % Prosus 20/03.08.28 Reg S (XS2211183244). EUR 585 585 % 103.2180 603 825.30 0.17 2.8750 % Raiffeisen Bank International 20/18.06.32 MTN (XS2189786226)...... EUR 1 000 1 000 % 107.7480 1 077 480.00 0.30 2.1000 % Republic of Italy 19/15.07.26 (IT0005370306). EUR 2 500 2 500 % 111.3720 2 784 300.00 0.78 3.3744 % RZD Capital/Russian Railways 13/20.05.21 LPN (XS0919581982)...... EUR 5 000 % 101.4580 5 072 900.00 1.43 1.1250 % Samhallsbyggnadsbolaget I Norden 19/04.09.26 MTN (XS2049823680). . . . . EUR 1 980 850 % 103.0890 2 041 162.20 0.57 1.1250 % Santander Consumer Finance 18/09.10.23 MTN (XS1888206627)...... EUR 2 000 % 103.6240 2 072 480.00 0.58 0.5000 % Shell International Finance 20/11.05.24 MTN (XS2170384130)...... EUR 2 000 2 000 % 102.5180 2 050 360.00 0.58 0.1250 % Société Générale 20/24.02.26 MTN (FR0013486701)...... EUR 2 800 2 800 % 100.8840 2 824 752.00 0.80 1.0000 % Societé Generale Australia 20/24.11.30 (FR0014000OZ2)...... EUR 2 300 2 300 % 100.2800 2 306 440.00 0.65 4.8000 % Spain 08/31.01.24 (ES00000121G2) 3. . . . EUR 5 000 7 000 % 116.6690 5 833 450.00 1.64 2.7500 % Spain 14/31.10.24 (ES00000126B2) 3. . . . EUR 4 000 2 000 11 000 % 112.6730 4 506 920.00 1.27 1.6000 % Spain 15/30.04.25 (ES00000126Z1) 3. . . . EUR 8 000 2 000 % 109.1320 8 730 560.00 2.46 1.3000 % Spain 16/31.10.26 (ES00000128H5) 3. . . . EUR 5 000 5 000 % 109.8840 5 494 200.00 1.55 0.6000 % Spain 19/31.10.29 (ES0000012F43) 3. . . . EUR 2 000 % 105.8340 2 116 680.00 0.60 1.2500 % Spain 20/31.10.30 (ES0000012G34) 3. . . . EUR 2 000 2 000 % 111.6780 2 233 560.00 0.63 6.0000 % Spain 99/31.01.29 (ES0000011868) 3. . . . EUR 1 000 2 000 % 149.7550 1 497 550.00 0.42 2.3750 % SSE 15/und. (XS1196713298)...... EUR 1 900 1 900 % 100.5560 1 910 564.00 0.54 0.3030 % Sumitomo Mitsui Financial Group 20/28.10.27 MTN (XS2234579675). . . . . EUR 2 000 3 530 1 530 % 100.9885 2 019 770.00 0.57 0.8750 % Teréga 20/17.09.30 (FR0013534500) . . . . EUR 1 500 1 500 % 102.9970 1 544 955.00 0.43 0.1250 % The Bank of Nova Scotia 19/04.09.26 MTN (XS2049707180)...... EUR 1 950 % 100.9000 1 967 550.00 0.55 1.7500 % Total 19/Und. MTN (XS1974787480). . . . EUR 1 840 % 102.9170 1 893 672.80 0.53 2.3750 % Türkiye Vakiflar Bankasi 16/04.05.21 MTN PF (XS1403416222)...... EUR 3 030 % 99.8780 3 026 303.40 0.85 1.2500 % UBS Group 16/01.09.26 MTN (CH0336602930)...... EUR 2 820 % 106.4390 3 001 579.80 0.85 0.1000 % Unedic 20/25.11.26 MTN (FR0126221896). . EUR 3 000 3 000 % 102.8710 3 086 130.00 0.87 1.0000 % UniCredit 18/18.01.23 MTN (XS1754213947). EUR 1 500 % 102.0090 1 530 135.00 0.43 6.8750 % UNIQA Insurance Group 13/31.07.43 (XS0808635436)...... EUR 2 000 % 115.7660 2 315 320.00 0.65 0.0100 % United Overseas Bank 20/01.12.27 (XS2264978623)...... EUR 2 550 2 550 % 101.6160 2 591 208.00 0.73 1.0230 % UpJohn Finance 20/23.06.24 (XS2193969370)...... EUR 1 470 1 470 % 103.2320 1 517 510.40 0.43

46 DWS Zinseinkommen

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

4.6250 % Volkswagen Int. Finance 14/und. (XS1048428442)...... EUR 2 000 1 500 % 111.2240 2 224 480.00 0.63 0.8750 % Volkswagen Int. Finance 20/22.09.28 MTN (XS2234567233)...... EUR 1 900 1 900 % 103.4790 1 966 101.00 0.55 0.1250 % Volvo Treasury 20/17.09.24 MTN (XS2230884657)...... EUR 1 170 1 170 % 100.5660 1 176 622.20 0.33 0.0100 % Yorkshire Building Society 20/13.10.27 MTN PF (XS2243314528) 3 ...... EUR 3 410 3 410 % 101.5220 3 461 900.20 0.97

Total securities portfolio 350 512 432.88 98.69

Derivatives Minus signs denote short positions

Interest rate derivatives -23 320.00 -0.01 (Receivables/payables)

Interest rate futures EURO-BUND MAR 21 (EURX) ...... EUR -10 600 -23 320.00 -0.01

Cash at bank 3 031 934.02 0.85

Demand deposits at Depositary EUR deposits...... EUR 3 031 866.91 % 100 3 031 866.91 0.85

Deposits in non-EU/EEA currencies U.S. dollar ...... USD 82.34 % 100 67.11 0.00

Other assets 2 666 541.53 0.75 Interest receivable ...... EUR 2 654 931.35 % 100 2 654 931.35 0.75 Other receivables ...... EUR 11 610.18 % 100 11 610.18 0.00

Receivables from share certificate transactions EUR 24 547.32 % 100 24 547.32 0.01

Total assets 1 356 235 455.75 100.30

Other liabilities -194 329.08 -0.05 Liabilities from cost items...... EUR -146 467.46 % 100 -146 467.46 -0.04 Tax liabilities ...... EUR -44 030.25 % 100 -44 030.25 -0.01 Additional other liabilities...... EUR -3 831.37 % 100 -3 831.37 0.00

Liabilities from share certificate transactions EUR -850 430.66 % 100 -850 430.66 -0.24

Net assets 355 167 376.01 100.00

Net asset value per share 103.08

Number of shares outstanding 3 445 481.140

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

47 DWS Zinseinkommen

Maximum limit for the market risk exposure (according to CSSF circular 11/512)

14.14% of portfolio value from June 30, 2020, through December 31, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 2.624

Highest market risk exposure...... % 2.994

Average market risk exposure ...... % 2.850

The values-at-risk were calculated for the period from June 30, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512.

Maximum limit for the market risk exposure (according to CSSF circular 11/512)

8.00% of portfolio value January 1, 2020, through June 29, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 0.376

Highest market risk exposure...... % 3.655

Average market risk exposure ...... % 2.057

The values-at-risk were calculated for the period from January 1, 2020, through June 29, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512.

In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 11 203 988.00 as of the reporting date.

Securities lending The following securities were transferred under securities loans at the reporting date:

Security name Quantity/ Securities loans principal amount Total market value in EUR (– / ’000) Fixed maturity No fixed maturity Total

0.6250 % Baden-Württemberg 16/27.01.26 LSA . . . . EUR 1 800 1 905 606.00 0.2500 % Banco BPI 19/22.03.24 PF...... EUR 2 000 2 043 980.00 0.1250 % Bank of Queensland 19/04.06.24 MTN PF. . EUR 1 900 1 927 607.00 0.8750 % DS Smith 19/12.09.26 MTN...... EUR 2 000 2 041 320.00 0.0000 % European Union 20/04.11.25 MTN . . . . . EUR 1 110 1 144 820.70 1.8740 % Iberdrola International 20/und S.NC5. . . . . EUR 1 300 1 340 950.00 4.5000 % Italy B.T.P. 13/01.03.24...... EUR 6 000 6 909 480.00 9.0000 % Italy B.T.P. 93/01.11.23...... EUR 8 000 10 132 160.00 1.8500 % John Deere Cash Management 20/02.04.28 MTN...... EUR 100 113 544.00 0.3750 % Jyske Bank20/15.10.25 MTN...... EUR 2 000 2 012 120.00 2.3750 % Nordrhein-Westfalen 13/13.05.33 R.1250 LSA. EUR 5 000 6 566 350.00 1.6250 % Nordrhein-Westfalen 14/24.10.30 R.1333 LSA. EUR 8 800 10 463 464.00 0.7500 % PKO Bank Hipoteczny 17/27.08.24 MTN PF. . EUR 2 200 2 277 968.00 2.8750 % Portugal 16/21.07.26...... EUR 3 000 3 545 160.00 1.9500 % Portugal 19/15.06.29...... EUR 3 000 3 518 280.00 4.8000 % Spain 08/31.01.24 ...... EUR 5 000 5 833 450.00 2.7500 % Spain 14/31.10.24 ...... EUR 4 000 4 506 920.00 1.6000 % Spain 15/30.04.25 ...... EUR 8 000 8 730 560.00 1.3000 % Spain 16/31.10.26 ...... EUR 5 000 5 494 200.00 0.6000 % Spain 19/31.10.29 ...... EUR 2 000 2 116 680.00 1.2500 % Spain 20/31.10.30 ...... EUR 2 000 2 233 560.00 6.0000 % Spain 99/31.01.29 ...... EUR 1 000 1 497 550.00 0.0100 % Yorkshire Building Society 20/13.10.27 MTN PF...... EUR 2 700 2 741 094.00 Total receivables from securities loans 89 096 823.70 89 096 823.70

48 DWS Zinseinkommen

Contracting parties for securities loans: Barclays Bank Ireland PLC; Deutsche Bank AG, Frankfurt; DekaBank; Morgan Stanley Europe SE; Société Générale S.A.

Total collateral pledged by third parties for securities loans EUR 96 869 784.76 thereof: Bonds EUR 14 728 028.10 Equities EUR 77 167 240.91 Other EUR 4 974 515.75

Market abbreviations

Futures exchanges EURX = Eurex (Eurex Frankfurt/Eurex Zurich)

Exchange rates (indirect quotes) As of December 30, 2020

U.S. dollar ...... USD 1.226850 = EUR 1

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.

Investments reported in this report are not valued at derived market values.

Footnotes 1 Does not include positions with a negative balance, if such exist. 3 These securities are completely or partly lent as securities loans.

49 DWS Zinseinkommen

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the fund

for the period from January 1, 2020, through December 31, 2020 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 430 866 095.14 I. Income 1. Distribution for the previous year...... EUR -6 751 789.69 1. Interest from securities (before withholding tax). . . . EUR 4 753 314.76 2. Net inflows ...... EUR -71 643 008.70 2. Income from securities lending a) Inflows from subscriptions...... EUR 29 458 421.11 and repurchase agreements...... EUR 96 343.76 b) Outflows from redemptions...... EUR -101 101 429.81 thereof: 3. Income adjustment...... EUR 158 690.07 from securities lending. . . . . EUR 96 343.76 4. Net gain/loss for the fiscal year...... EUR 2 537 389.19 3. Other income...... EUR 1 669 692.72 thereof: thereof: Net change in unrealized appreciation...... EUR -1 217 829.88 Compensation payments . . . . EUR 1 669 692.72 Net change in unrealized depreciation...... EUR 1 301 603.21

Total income ...... EUR 6 519 351.24 II. Value of the fund‘s net assets at the end of the fiscal year ...... EUR 355 167 376.01 II. Expenses 1. Interest on borrowings and negative interest on deposits and expenses similar to interest. . . . . EUR -43 675.59 Summary of gains/losses thereof: Commitment fees...... EUR -1 150.73 Realized gains (incl. income adjustment)...... EUR 7 491 003.08 2. Management fee...... EUR -1 744 874.54 thereof: from: All-in fee ...... EUR -1 744 874.54 Securities transactions ...... EUR 6 294 051.68 3. Other expenses ...... EUR -198 748.28 Financial futures transactions...... EUR 1 196 951.40 thereof: Realized losses (incl. income adjustment)...... EUR -9 569 440.05 Performance-based fee from securities lending. . . . . EUR -31 792.95 from: Taxe d’abonnement ...... EUR -166 955.33 Securities transactions ...... EUR -6 573 000.27 Financial futures transactions...... EUR -2 996 433.37 Total expenses...... EUR -1 987 298.41 (Forward) currency transactions ...... EUR -6.41

III. Net investment income...... EUR 4 532 052.83 Net change in unrealized appreciation/depreciation . . EUR 83 773.33 from: IV. Sale transactions Securities transactions ...... EUR 1 880 553.33 Financial futures transactions...... EUR -1 796 780.00 1. Realized gains...... EUR 7 491 003.08 2. Realized losses...... EUR -9 569 440.05

Capital gains/losses ...... EUR -2 078 436.97

V. Realized net gain/loss for the fiscal year...... EUR 2 453 615.86 Details on the distribution policy*

1. Net change in unrealized appreciation ...... EUR -1 217 829.88 Type As of Currency Per share 2. Net change in unrealized depreciation ...... EUR 1 301 603.21 Final distribution March 5, 2021 EUR 1.31 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR 83 773.33 VII. Realized net gain/loss for the fiscal year...... EUR 2 537 389.19 The remaining net income for the fiscal year is reinvested.

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting * Additional information is provided in the sales prospectus. the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with Changes in net assets and in the net asset value per their respective acquisition costs. share over the last three years Unrealized appreciation/depreciation is shown without income adjustment.

BVI total expense ratio (TER) Net assets Net asset at the end of the value per The total expense ratio was 0.54% p.a. The TER expresses total expenses and fees fiscal year EUR share EUR (excluding transaction costs) as a percentage of the fund’s average net assets for a given fiscal year. 2020...... 355 167 376.01 103.08 As well, the additional income from securities lending resulted in a performance-based 2019...... 430 866 095.14 103.83 fee of 0.009% p.a. calculated on the fund’s average net assets. 2018...... 646 353 230.85 101.24

Transaction costs

The transaction costs paid in the reporting period amounted to EUR 8 409.07.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.83% of all transactions. The total volume was EUR 21 015 670.96.

50 Annual report DWS Garant 80 ETF-Portfolio

Investment objective* in the DWS GARANT 80 ETF-PORTFOLIO reporting period Five-year performance The objective of the investment 130 policy of the DWS Garant 80 125 ETF-Portfolio sub-fund is to 120 generate appreciation of cap- 115 ital in euro. To this end, the 110 sub-fund may invest flexibly in 105 interest-bearing securities, con- 100 vertible bonds, warrant-linked 95 bonds, participation and divi- 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Garant 80 ETF-Portfolio * 12/2015 = 100 dend-right certificates, equities, Data on euro basis equity and index certificates, “BVI method” performance, i.e., excluding the initial sales charge. equity‌-linked bonds, warrants, Past performance is no guide to future results. As of: December 31, 2020 money market instruments, liquid assets and in units of DWS GARANT 80 ETF-PORTFOLIO funds that were launched by a Performance at a glance company of the DWS/Deutsche ISIN 1 year 3 years 5 years Bank Group or other issuers, or in exchange traded funds LU1217268405 -5.3% 4.8% 18.4% (ETFs), as well as in the respec- “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 tive derivatives of the afore- Data on euro basis mentioned instruments or in derivatives on indices. As part of its investment policy, the net assets of the sub-fund are mainly invested in exchange- in price increases in the growth U.S. presidential election at the traded funds (ETFs). The sub- component. beginning of November 2020, fund follows the dynamic also influenced market activity capital-preservation strategy Investment climate and at times. Against this backdrop, “FPI”, where investments are ­performance in the reporting the sub-fund recorded a decline constantly reallocated, depend- period of 5.3% per unit in fiscal 2020 ing on the market, between The investment climate in the (BVI method, in euro terms). the growth component (com- reporting period was character- prising higher-risk funds, such ized by continued very low and Guarantee* as equity and also higher-risk sometimes negative interest Deutsche Bank AG, London bond funds and direct invest- rates in the industrial countries branch (“guarantor”), guar- ments in or derivatives on and volatility in the capital mar- antees that during a calendar higher-risk components such kets. Alongside the high level of month the net asset value per as equities and higher-risk indebtedness worldwide as well share of the sub-fund DWS new bonds) and the capital as uncertainty regarding the Garant 80 ETF-Portfolio plus preservation component (com- monetary policy of the central any dividends will not be less prising lower-risk open bond/ banks, the noticeably weaken- than 80% of the net asset money market funds and direct ing global economy, which was value determined on the last investments in or derivatives on exacerbated due to uncertain- valuation date of the previous lower-risk bond/money ­market ties relating to the COVID-19 month (“guaranteed value”). securities). The objective of pandemic**, became the focus If the guaranteed value is not this is to ensure a minimum of market participants’ atten- achieved, Deutsche Bank AG, value while also achieving the tion. However, political issues London branch, will pay the greatest possible participation such as “Brexit”, as well as the difference into the assets of

51 the sub-fund from its own resources. For December 31, 2020, the guaranteed value was EUR 93.36.

* Additional information on the invest- ment policy and the exact guarantee amount is contained in the sales prospectus. ** The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertainties regarding the impact of COVID-19 are of significance for under- standing the annual financial state- ments. Further details in this regard are provided in the explanations in the “General information” section.

52 The format used for complete dates in security names in the investment portfolio is “day/month/year”. Annual financial statements DWS Garant 80 ETF-Portfolio

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Investment fund units: Index funds 62 443 336.92 96.10 Total investment fund units: 62 443 336.92 96.10

2. Derivatives -20 644.23 -0.03

3. Cash at bank 2 541 969.61 3.91

4. Receivables from unit certificate transactions 47 376.00 0.07

II. Liabilities 1. Other liabilities -31 401.90 -0.05

III. Net assets 64 980 636.40 100.00

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

53 DWS Garant 80 ETF-Portfolio

Investment portfolio – December 31, 2020

Count/ Quantity/ Purchases/ Sales/ Total market % of Security name currency principal additions disposals Market price value in net assets (– / ’000) amount in the reporting period EUR

Investment fund shares 62 443 336.92 96.10

In-group fund shares 61 923 736.89 95.30 Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (LU0290358497) (0.020%) ...... Count 1 959 97 444 95 485 EUR 135.9380 266 302.54 0.41 Xtrackers MSCI Canada UCITS ETF 1C (LU0476289540) (0.150%) ...... Count 37 064 52 996 36 956 EUR 49.0950 1 819 657.08 2.80 Xtrackers MSCI Emerging Markets UCITS ETF 1C (IE00BTJRMP35) (0.080%)...... Count 145 001 220 508 162 436 EUR 50.3840 7 305 730.38 11.24 Xtrackers MSCI Europe UCITS ETF 1C (LU0274209237) (0.020%) ...... Count 167 765 239 270 166 070 EUR 62.7500 10 527 253.75 16.20 Xtrackers MSCI Japan UCITS ETF 1C (LU0274209740) (0.100%) ...... Count 76 491 117 973 85 558 EUR 59.9600 4 586 400.36 7.06 Xtrackers MSCI Pacific ex Japan UCITS ETF 1C (LU0322252338) (0.100%) ...... Count 38 174 56 258 41 359 EUR 56.4400 2 154 540.56 3.32 Xtrackers MSCI USA Swap UCITS ETF 1C (LU0274210672) (0.050%) ...... Count 135 191 194 623 143 615 EUR 87.4250 11 819 073.18 18.19 Xtrackers MSCI USA UCITS ETF 1C (IE00BJ0KDR00) (0.010%) ...... Count 136 383 196 881 145 311 EUR 86.6060 11 811 586.10 18.18 Xtrackers S&P 500 Swap UCITS ETF 1C (LU0490618542) (0.050%) ...... Count 186 764 265 346 200 594 EUR 57.3040 10 702 324.26 16.47 Xtrackers Stoxx Europe 600 UCITS ETF 1C (LU0328475792) (0.100%) ...... Count 10 388 16 866 13 883 EUR 89.6100 930 868.68 1.43

Non-group fund shares 519 600.03 0.80 Deka Deutsche Börse EUROGOV Germany MM UCITS ETF (DE000ETFL227) (0.120%)...... Count 3 728 167 227 163 499 EUR 70.3285 262 184.65 0.40 iShares eb.rexx Gov.Germany 0-1yr Ucits Etf (De) (DE000A0Q4RZ9) (0.130%) ...... Count 3 428 153 355 149 927 EUR 75.0920 257 415.38 0.40

Total securities portfolio 62 443 336.92 96.10

Derivatives Minus signs denote short positions

Swaps -20 644.23 -0.03

Equity swaps Swap 80% GAP SWAP DWS Garant 80 ETF-Portfolio (DBK) 29.01.21 (OTC)...... EUR 0.100 -20 644.23 -0.03

Cash at bank 2 541 969.61 3.91

Demand deposits at Depositary EUR deposits...... EUR 2 541 969.61 % 100 2 541 969.61 3.91

Receivables from share certificate transactions EUR 47 376.00 % 100 47 376.00 0.07

Total assets 1 65 032 682.53 100.08

Other liabilities -31 401.90 -0.05 Liabilities from cost items...... EUR -28 434.95 % 100 -28 434.95 -0.04 Additional other liabilities...... EUR -2 966.95 % 100 -2 966.95 0.00

Net assets 64 980 636.40 100.00

Net asset value per share 118.26

Number of shares outstanding 549 450.000

Negligible rounding errors may have arisen due to the rounding of calculated percentages.

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.

54 DWS Garant 80 ETF-Portfolio

Composition of the reference portfolio (according to CSSF circular 11/512)

85% MSCI All Country World Index, in EUR, 15% 1 Month Euribor Index from June 30, 2020, through December 31, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 41 238.

Highest market risk exposure...... % 113 .336

Average market risk exposure ...... % 85 101.

The values-at-risk were calculated for the period from June 30, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR January 1, 2020, through June 29, 2020

Market risk exposure (value-at-risk) (according to CSSF circular 11/512)

Lowest market risk exposure...... % 7 .223

Highest market risk exposure...... % 92 269.

Average market risk exposure ...... % 43 727.

The values-at-risk were calculated for the period from January 1, 2020, through June 29, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year . The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark . Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices . The Company determines the potential market risk by means of the relative value-at-risk approach as defined in CSSF circular 11/512 .

In the reporting period, the average leverage effect from the use of derivatives was 0 .0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach) .

The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 644 .23 as of the reporting date .

Counterparties Deutsche Bank AG, Frankfurt

Market abbreviations

Futures exchanges OTC = Over the Counter

Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund . The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus .

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters . This procedure is subject to an ongoing monitoring process . The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure .

Investments reported in this report are not valued at derived market values .

The management fee/all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses . A plus sign means that a performance-based fee may also be charged . As the fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds .

Footnotes 1 Does not include positions with a negative balance, if such exist .

55 DWS Garant 80 ETF-Portfolio

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the fund

for the period from January 1, 2020, through December 31, 2020 I. Value of the fund‘s net assets at the beginning of the fiscal year...... EUR 37 415 289.59 I. Income 1. Net inflows ...... EUR 28 583 182.35 1. Income from investment certificates ...... EUR 53 725.17 a) Inflows from subscriptions...... EUR 31 330 221.30 b) Outflows from redemptions...... EUR -2 747 038.95 Total income ...... EUR 53 725.17 2. Income adjustment...... EUR 865 260.72 3. Net gain/loss for the fiscal year...... EUR -1 883 096.26 II. Expenses thereof: 1. Interest on borrowings and negative interest Net change in unrealized appreciation...... EUR 410 731.74 on deposits and expenses similar to interest. . . . . EUR -21 353.35 Net change in unrealized depreciation...... EUR -9 287.89 thereof: Commitment fees...... EUR -192.46 II. Value of the fund‘s net assets 2. Management fee...... EUR -355 466.49 at the end of the fiscal year ...... EUR 64 980 636.40 thereof: All-in fee ...... EUR -355 466.49 3. Other expenses ...... EUR -13 212.36 Summary of gains/losses thereof: Taxe d’abonnement ...... EUR -13 212.36 Realized gains (incl. income adjustment)...... EUR 1 787 530.31 Total expenses...... EUR -390 032.20 from: Securities transactions ...... EUR 1 787 530.31 III. Net investment income...... EUR -336 307.03 Realized losses (incl. income adjustment)...... EUR -3 735 763.39

IV. Sale transactions from: Securities transactions ...... EUR -3 635 839.25 1. Realized gains...... EUR 1 787 530.31 Swap transactions...... EUR -99 924.14 2. Realized losses...... EUR -3 735 763.39 Net change in unrealized appreciation/depreciation . . EUR 401 443.85 Capital gains/losses ...... EUR -1 948 233.08 from: Securities transactions ...... EUR 407 886.56 V. Realized net gain/loss for the fiscal year...... EUR -2 284 540.11 Swap transactions...... EUR -6 442.71 1. Net change in unrealized appreciation ...... EUR 410 731.74 Swap transactions may include results from credit derivatives. 2. Net change in unrealized depreciation ...... EUR -9 287.89 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR 401 443.85 VII. Realized net gain/loss for the fiscal year...... EUR -1 883 096.26

Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting Details on the distribution policy* the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized The income for the fiscal year is reinvested. appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with * their respective acquisition costs. Additional information is provided in the sales prospectus. Unrealized appreciation/depreciation is shown without income adjustment.

BVI total expense ratio (TER) Changes in net assets and in the net asset value per The total expense ratio was 0.59% p.a. The TER expresses total expenses and fees share over the last three years (excluding transaction costs) as a percentage of the fund’s average net assets for a given fiscal year. Net assets Net asset at the end of the value per The fund invested more than 20% of its assets in target funds. Further costs, charges fiscal year EUR share EUR and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. 2020...... 64 980 636.40 118.26 The synthetic TER was 0.77%. 2019...... 37 415 289.59 124.85 2018...... 16 641 199.94 106.47 Transaction costs

The transaction costs paid in the reporting period amounted to EUR 224.58.

The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)

The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.49% of all transactions. The total volume was EUR 22 661 676.96.

56

DWS Funds SICAV – December 31, 2020

Portfolio composition (in EUR) DWS Funds SICAV DWS Funds Global DWS Funds Invest Consolidated Protect 80 VermögensStrategie

Securities portfolio 6 267 410 171.94 347 250 486.99 1 947 745 957.90 Interest rate derivatives - 23 320.00 - - Swaps 17 158 252.64 - 155 912.64 6 680 382.25 Cash at bank 102 097 897.19 8 299 247.91 17 535 966.79 Other assets 3 142 108.07 6 367.79 30 067.96 Receivables from share certificate transactions 110 650.22 743.30 - Total assets 1 6 393 051 627.42 355 556 845.99 1 973 428 312.65 Other liabilities - 7 586 694.24 - 271 085.65 - 2 368 573.39 Liabilities from share certificate transactions - 957 891.59 - 65 823.97 - 3 148.56

= Net assets 6 381 351 174.23 355 064 023.73 1 969 620 652.95

1 Does not include positions with a negative balance, if such exist.

Statement of income and expenses incl. income adjustment (in EUR) DWS Funds SICAV DWS Funds Global DWS Funds Invest Consolidated Protect 80 VermögensStrategie

Dividends (before withholding tax) 4 360 111.48 - - Interest from securities (before withholding tax) 4 753 314.76 - - Interest from investments of liquid assets (before withholding tax) 125 300.43 3 375.43 58 506.97 Income from investment certificates 2 975 925.14 139 997.78 389 168.60 Income from securities lending and repurchase agreements 281 409.83 8 507.16 97 823.55 Deduction for foreign withholding tax - 993 310.00 - - Other income 2 534 790.06 - 857 431.41 = Total income 14 037 541.70 151 880.37 1 402 930.53

Interest on borrowings and negative interest - 1 684 821.65 - 87 824.43 - 659 525.56 on deposits and expenses similar to interest Management fee - 88 431 056.67 - 3 260 110.99 - 28 150 153.65 Other expenses - 1 051 096.01 - 23 847.47 - 270 666.85 = Total expenses - 91 166 974.33 - 3 371 782.89 - 29 080 346.06

= Net investment income - 77 129 432.63 - 3 219 902.52 - 27 677 415.53

Statement of changes in net assets for the fund (in EUR) DWS Funds SICAV DWS Funds Global DWS Funds Invest Consolidated Protect 80 VermögensStrategie

Value of the fund’s net assets at the beginning of the fiscal year 7 336 515 965.13 476 549 808.59 2 372 316 045.69 Distribution for the previous year - 6 751 789.69 - - Net inflows - 400 554 078.20 - 92 341 195.63 - 178 228 461.21 Income adjustment 11 983 779.25 - 1 361 905.12 1 041 993.03 Net gain/loss for the fiscal year - 559 842 702.26 - 27 782 684.11 - 225 508 924.56 thereof: Net change in unrealized appreciation - 249 708 319.86 - 18 417 875.92 - 100 902 647.58 Net change in unrealized depreciation - 26 905 841.24 - 258 790.92 - 6 172 401.95

= Value of the fund’s net assets at the end of the fiscal year 6 381 351 174.23 355 064 023.73 1 969 620 652.95

58 DWS Funds Invest DWS Zinseinkommen DWS Funds DWS Garant 80 DWS Funds Invest Na- ZukunftsStrategie Global Protect 90 ETF-Portfolio chhaltigkeitsStrategie Aktien Global

2 784 747 148.46 350 512 432.88 182 213 387.90 62 443 336.92 592 497 420.89 - - 23 320.00 - - - 11 194 127.98 - - - 20 644.23 - 539 700.72 57 488 154.40 3 031 934.02 4 839 609.71 2 541 969.61 8 361 014.75 49 145.13 2 666 541.53 1 190.60 - 388 795.06 - 24 547.32 37 983.60 47 376.00 - 2 854 458 927.99 356 235 455.75 187 092 171.81 65 032 682.53 601 247 230.70 - 3 682 934.06 - 194 329.08 - 92 567.71 - 31 401.90 - 945 802.45 - - 850 430.66 - 37 367.00 - - 1 121.40

2 849 795 641.91 355 167 376.01 186 962 237.10 64 980 636.40 599 760 606.13

DWS Funds Invest DWS Zinseinkommen DWS Funds DWS Garant 80 DWS Funds Invest Na- ZukunftsStrategie Global Protect 90 ETF-Portfolio chhaltigkeitsStrategie Aktien Global

- - - - 4 360 111.48 - 4 753 314.76 - - - 58 426.92 - 597.62 - 4 393.49 2 291 756.37 - 15 389.44 53 725.17 85 887.78 78 155.85 96 343.76 579.51 ------993 310.00 - 1 669 692.72 - - 7 665.93 2 428 339.14 6 519 351.24 16 566.57 53 725.17 3 464 748.68

- 753 339.23 - 43 675.59 - 30 878.11 - 21 353.35 - 88 225.38

- 43 534 865.89 - 1 744 874.54 - 1 101 642.98 - 355 466.49 - 10 283 942.13 - 365 288.12 - 198 748.28 - 2 968.39 - 13 212.36 - 176 364.54 - 44 653 493.24 - 1 987 298.41 - 1 135 489.48 - 390 032.20 - 10 548 532.05

- 42 225 154.10 4 532 052.83 - 1 118 922.91 - 336 307.03 - 7 083 783.37

DWS Funds Invest DWS Zinseinkommen DWS Funds DWS Garant 80 DWS Funds Invest Na- ZukunftsStrategie Global Protect 90 ETF-Portfolio chhaltigkeitsStrategie Aktien Global

3 047 696 762.57 430 866 095.14 228 389 848.04 37 415 289.59 743 282 115.51 - - 6 751 789.69 - - - 9 048 923.91 - 71 643 008.70 - 32 232 528.81 28 583 182.35 - 63 740 990.11 9 698 908.13 158 690.07 - 316 580.75 865 260.72 1 897 413.17 - 216 648 952.70 2 537 389.19 - 8 878 501.38 - 1 883 096.26 - 81 677 932.44

- 77 334 083.97 - 1 217 829.88 - 5 005 706.27 410 731.74 - 47 240 907.98 - 2 202 651.64 1 301 603.21 - 507 129.46 - 9 287.89 - 19 057 182.59

2 849 795 641.91 355 167 376.01 186 962 237.10 64 980 636.40 599 760 606.13

59

Supplementary information Remuneration Disclosure

Remuneration Disclosure

DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.

DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.

As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy. DWS KGaA and its subsid- iaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).

Governance Structure

DWS Group is managed through its General Partner, the DWS Management GmbH. The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group. The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees. It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”). The RC reviews the compensation system of the Group’s employees and its appropriateness. The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees. This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.

The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group. The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions. Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR. The Head of Reward & Analytics is a nonvoting member. Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appropriately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration sys- tems do not create conflicts of interests, and to review the effects on the risk profile of the Group. The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.

The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans. The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.

The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.

Compensation Structure

The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy. The policy is reviewed on an annual basis. As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).

The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees. TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group. One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance. Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.

FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role. The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.

VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk-tak- ing. VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC. VC generally consists of two elements – the “Group Component” and the “Individual Component”. There continues to be no guarantee of VC in an existing employment relationship.

For the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows, Dividend Payout. These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.

For employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level. 1

Depending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award. IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations. The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels). Generally, there are two nomination cycles per year.

Both Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements. The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.

1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)

62 Determination of VC and appropriate risk-adjustment

The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments. The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group. The total amount of VC is primarily driven by (i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and (ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).

At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions. These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach. Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.

As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.

Compensation for 2020

Despite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively. The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.

Against this backdrop, the DCC has monitored the affordability of VC for 2020. The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.

As part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs. The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group. Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.

Identification of Material Risk Takers

In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”). The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages: (a) Board Members/Senior Management, (b) Portfolio/Investment managers, (c) Control Functions, (d) Staff heading Administration, Marketing and Human Resources, (e) other individuals (Risk Takers) in a significant position of influence, (f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group. At least 40% of the VC for Material Risk Takers is deferred. Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals. All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment. In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.

Aggregate Compensation Information for the Company for 2020 1

Number of employees on an annual average 146 Total Compensation 2 EUR 17,680,609 Fixed Pay EUR 15,248,995 Variable Compensation EUR 2,431,614 Thereof: Carried Interest EUR 0 Total Compensation for Senior Management 3 EUR 1,964,735 Total Compensation for other Material Risk Takers 4 EUR 0 Total Compensation for Control Function employees EUR 954,201

1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table. 2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension ­contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.). 3 Senior Management refers to the members of the Management Board of the Company, only. Members of the Management Board meet the definition of managers. Apart from the members of Senior Management, no further managers have been identified. 4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.

63 DWS Funds Global Protect 80

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute - - In % of the fund’s net assets - -

2. The 10 largest counterparties 1. Name Gross volume of open transactions Country of registration

2. Name Gross volume of open transactions Country of registration

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

64 DWS Funds Global Protect 80

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing 10. Name ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Gross volume Statement in accordance with Section A of open transactions Country of registration

Securities lending Repurchase agreements Total return swaps 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Stated in fund currency Bilateral - - central counterparty) 1. Assets used Absolute - - 4. Transactions classified by term to maturity (absolute amounts) In % of the fund’s net assets - - Less than 1 day - - - 1 day to 1 week - - - 2. The 10 largest counterparties 1 week to 1 month - - - 1. Name 1 to 3 months - - - Gross volume of open transactions 3 months to 1 year - - - Country of registration More than 1 year - - - No fixed maturity - - - 2. Name

Gross volume 5. Type(s) and quality/qualities of collateral received of open transactions Type(s): Country of registration Bank balances - - - 3. Name Bonds - - - Gross volume Equities - - - of open transactions Other - - - Country of registration Quality/Qualities:

4. Name Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: Gross volume of open transactions – Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the Country of registration counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity 5. Name – Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset Gross volume value daily and has a rating of AAA or an equivalent rating of open transactions – Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Country of registration – Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

6. Name – Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index Gross volume of open transactions The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Country of registration Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

65 DWS Funds Global Protect 80

6. Currency/Currencies of collateral received Currency/Currencies: - - -

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity - - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 6 461.96 - - In % of gross income 67.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 3 182.64 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total - Share -

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Volume of collateral received

(absolute)

2. Name Volume of collateral received (absolute)

66 DWS Funds Global Protect 80

3. Name Volume of collateral received (absolute)

4. Name Volume of collateral received (absolute)

5. Name Volume of collateral received (absolute)

6. Name Volume of collateral received (absolute)

7. Name Volume of collateral received (absolute)

8. Name Volume of collateral received (absolute)

9. Name Volume of collateral received (absolute)

10. Name Volume of collateral received (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - - custody type

67 DWS Funds Global Protect 80

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ - - account holders

1. Name Amount held in custody (absolute)

2. Name Amount held in custody (absolute)

68 DWS Funds Global Protect 90

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute - - In % of the fund’s net assets - -

2. The 10 largest counterparties 1. Name Gross volume of open transactions Country of registration

2. Name Gross volume of open transactions Country of registration

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

69 DWS Funds Global Protect 90

10. Name Gross volume of open transactions Country of registration

3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Bilateral - - central counterparty)

4. Transactions classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity - - -

5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - - Bonds - - - Equities - - - Other - - - Quality/Qualities:

Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund:

– Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity

– Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating

– Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents

– Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

– Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index

The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.

Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.

70 DWS Funds Global Protect 90

6. Currency/Currencies of collateral received Currency/Currencies: - - -

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity - - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 452.46 - - In % of gross income 67.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 222.82 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total - Share -

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Volume of collateral received

(absolute)

2. Name Volume of collateral received (absolute)

71 DWS Funds Global Protect 90

3. Name Volume of collateral received (absolute)

4. Name Volume of collateral received (absolute)

5. Name Volume of collateral received (absolute)

6. Name Volume of collateral received (absolute)

7. Name Volume of collateral received (absolute)

8. Name Volume of collateral received (absolute)

9. Name Volume of collateral received (absolute)

10. Name Volume of collateral received (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - - custody type

72 DWS Funds Global Protect 90

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ - - account holders

1. Name Amount held in custody (absolute)

2. Name Amount held in custody (absolute)

73 DWS Funds Invest VermögensStrategie

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute 1 521 596.80 - 88 013 906.97 In % of the fund’s net assets 0.08 - 4.47

2. The 10 largest counterparties 1. Name Crédit Suisse Securities (Europe) Ltd. J.P. Morgan AG, Frankfurt Gross volume 1 360 368.00 88 013 906.97 of open transactions Country of registration United Kingdom Ferderal Republic of Germany

2. Name Société Générale S.A. Gross volume 161 228.80 of open transactions Country of registration France

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

74 DWS Funds Invest VermögensStrategie

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing 10. Name ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Gross volume Statement in accordance with Section A of open transactions Country of registration

Securities lending Repurchase agreements Total return swaps 3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Stated in fund currency Bilateral - Bilateral central counterparty) 1. Assets used Absolute 1 521 596.80 - 88 013 906.97 4. Transactions classified by term to maturity (absolute amounts) In % of the fund’s net assets 0.08 - 4.47 Less than 1 day - - - 1 day to 1 week - - - 2. The 10 largest counterparties 1 week to 1 month - - - 1. Name Crédit Suisse Securities (Europe) Ltd. J.P. Morgan AG, Frankfurt 1 to 3 months - - - Gross volume 1 360 368.00 88 013 906.97 of open transactions 3 months to 1 year - - 88 013 906.97 Country of registration United Kingdom Ferderal Republic of Germany More than 1 year - - - No fixed maturity 1 521 596.80 - - 2. Name Société Générale S.A. Gross volume 161 228.80 5. Type(s) and quality/qualities of collateral received of open transactions Type(s): Country of registration France Bank balances - - 8 050 000.00 3. Name Bonds - - - Gross volume Equities 1 516 951.27 - - of open transactions Other 60 321.37 - - Country of registration Quality/Qualities:

4. Name Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: Gross volume of open transactions – Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the Country of registration counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity 5. Name – Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset Gross volume value daily and has a rating of AAA or an equivalent rating of open transactions – Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents Country of registration – Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

6. Name – Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index Gross volume of open transactions The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Country of registration Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. 7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

75 DWS Funds Invest VermögensStrategie

6. Currency/Currencies of collateral received Currency/Currencies: SEK; JPY; DKK; CAD; EUR; AUD; USD; - - GBP

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 1 577 272.64 - 8 050 000.00

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 68 273.02 - 5 905 089.61 In % of gross income 67.00 - 100.00 Cost portion of the fund - - -

Income portion of the Management Company Absolute 33 626.81 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total 1 521 596.80 Share 0.08

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Bank of Ireland Group PLC Volume of collateral received 127 583.96 (absolute)

2. Name Malin Corp. PLC Volume of collateral received 127 552.39 (absolute)

76 DWS Funds Invest VermögensStrategie

3. Name Applus Services S.A. Volume of collateral received 100 724.31 (absolute)

4. Name Safestore Holdings PLC Volume of collateral received 100 723.61 (absolute)

5. Name ENAV S.p.A. Volume of collateral received 100 723.51 (absolute)

6. Name Anima Holding S.p.A. Volume of collateral received 100 722.18 (absolute)

7. Name Promotora de Informaciones S.A. Volume of collateral received 100 722.07 (absolute)

8. Name John Wood Group PLC Volume of collateral received 100 721.21 (absolute)

9. Name Acea S.p.A. Volume of collateral received 100 714.93 (absolute)

10. Name Suez S.A. Volume of collateral received 100 714.11 (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - 100 custody type

77 DWS Funds Invest VermögensStrategie

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 1 - 1 account holders

1. Name Bank of New York State Street Bank Amount held in custody (absolute) 1 577 272.64 8 050 000.00

78 DWS Funds Invest ZukunftsStrategie

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute 47 800.00 - 132 020 860.45 In % of the fund’s net assets 0.00 - 4.63

2. The 10 largest counterparties 1. Name Goldman Sachs International J.P. Morgan AG, Frankfurt Gross volume 47 800.00 132 020 860.45 of open transactions Country of registration United Kingdom Federal Republic of Germany

2. Name Gross volume of open transactions Country of registration

3. Name Gross volume of open transactions Country of registration

4. Name Gross volume of open transactions Country of registration

5. Name Gross volume of open transactions Country of registration

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

79 DWS Funds Invest ZukunftsStrategie

10. Name Gross volume of open transactions Country of registration

3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Bilateral - Bilateral central counterparty)

4. Transactions classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - 132 020 860.45 More than 1 year - - - No fixed maturity 47 800.00 - -

5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - 12 050 000.00 Bonds 107 739.76 - - Equities 1 134 200.29 - - Other 53.50 - - Quality/Qualities:

Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund:

– Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity

– Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating

– Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents

– Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

– Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index

The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.

Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.

80 DWS Funds Invest ZukunftsStrategie

6. Currency/Currencies of collateral received Currency/Currencies: PLN; DKK; JPY; NZD; CAD; GBP; EUR; - EUR USD; AUD

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 1 241 993.55 - 12 050 000.00

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 52 138.17 - 3 881 199.46 In % of gross income 67.00 - 100.00 Cost portion of the fund - - -

Income portion of the Management Company Absolute 25 679.81 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total 47 800.00 Share 0.00

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name Manitou B.F. S.A. Volume of collateral received 107 915.27 (absolute)

2. Name Hays PLC Volume of collateral received 107 904.89 (absolute)

81 DWS Funds Invest ZukunftsStrategie

3. Name AstraZeneca PLC Volume of collateral received 107 889.29 (absolute)

4. Name D'ieteren S.A. Volume of collateral received 107 882.50 (absolute)

5. Name OMV AG Volume of collateral received 107 871.60 (absolute)

6. Name EssilorLuxottica S.A. Volume of collateral received 107 861.09 (absolute)

7. Name Instone Real Estate Group AG Volume of collateral received 107 793.69 (absolute)

8. Name Deutschland, Bundesrepublik Volume of collateral received 107 725.88 (absolute)

9. Name Tesla Inc. Volume of collateral received 107 483.41 (absolute)

10. Name ENAV S.p.A. Volume of collateral received 104 055.82 (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - 100 custody type

82 DWS Funds Invest ZukunftsStrategie

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 1 - 1 account holders

1. Name Bank of New York State Street Bank Amount held in custody (absolute) 1 241 993.55 12 050 000.00

83 DWS Funds Invest NachhaltigkeitsStrategie Aktien Global

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

There were no securities financing transactions according to the above Regulation in the reporting period.

84 DWS Zinseinkommen

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing ­transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

Securities lending Repurchase agreements Total return swaps Stated in fund currency

1. Assets used Absolute 89 096 823.70 - - In % of the fund’s net assets 25.09 - -

2. The 10 largest counterparties 1. Name DekaBank Gross volume 47 681 220.00 of open transactions Country of registration Federal Republic of Germany

2. Name Société Générale S.A. Gross volume 25 772 200.00 of open transactions Country of registration France

3. Name Deutsche Bank AG, Frankfurt Gross volume 10 331 599.00 of open transactions Country of registration Federal Republic of Germany

4. Name Barclays Bank Ireland PLC Gross volume 3 186 140.70 of open transactions Country of registration Ireland

5. Name Morgan Stanley Europe SE Gross volume 2 125 664.00 of open transactions Country of registration Federal Republic of Germany

6. Name Gross volume of open transactions Country of registration

7. Name Gross volume of open transactions Country of registration

8. Name Gross volume of open transactions Country of registration

9. Name Gross volume of open transactions Country of registration

85 DWS Zinseinkommen

10. Name Gross volume of open transactions Country of registration

3. Type(s) of settlement and clearing (e.g., bilateral, tri-party, Bilateral - - central counterparty)

4. Transactions classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 89 096 823.70 - -

5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - - Bonds 14 728 028.10 - - Equities 77 167 240.91 - - Other 4 974 515.75 - - Quality/Qualities:

Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund:

– Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity

– Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating

– Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents

– Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade

– Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index

The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.

Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.

86 DWS Zinseinkommen

6. Currency/Currencies of collateral received Currency/Currencies: EUR; GBP; JPY; SEK; USD; DKK; NOK - -

7. Collateral classified by term to maturity (absolute amounts) Less than 1 day - - - 1 day to 1 week - - - 1 week to 1 month - - - 1 to 3 months - - - 3 months to 1 year - - - More than 1 year - - - No fixed maturity 96 869 784.76 - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 70 845.66 - - In % of gross income 67.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 34 893.39 - - In % of gross income 33.00 - - Cost portion of the - - - Management Company

Income portion of third parties Absolute - - - In % of gross income - - - Cost portion of third parties - - -

9. Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swaps Absolute -

10. Lent securities in % of all lendable assets of the fund Total 89 096 823.70 Share 25.42

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name European Financial Stability Facility (EFSF) Volume of collateral received 7 093 692.95 (absolute)

2. Name BASF SE Volume of collateral received 4 831 473.72 (absolute)

87 DWS Zinseinkommen

3. Name Entain PLC Volume of collateral received 4 795 590.74 (absolute)

4. Name Freeport-McMoRan Inc. Volume of collateral received 4 795 589.42 (absolute)

5. Name CSX Corp. Volume of collateral received 4 795 576.04 (absolute)

6. Name Burberry Group Plc Volume of collateral received 4 795 574.64 (absolute)

7. Name Marriott International Inc. Volume of collateral received 4 795 559.36 (absolute)

8. Name Berkshire Hathaway Inc. Volume of collateral received 4 795 549.55 (absolute)

9. Name Amadeus IT Group S.A. Volume of collateral received 4 795 543.27 (absolute)

10. Name Industria de Dise¤o Textil S.A. Volume of collateral received 4 795 419.40 (absolute)

12. Reinvested collateral in % of collateral received, based on all SFTs and total return swaps Share -

13. Custody type of provided collateral from SFTs and total return swaps (In % of all provided collateral from SFTs and total return swaps) Segregated cash/custody accounts - - Pooled cash/custody accounts - - Other cash/custody accounts - - Recipient determines - - custody type

88 DWS Zinseinkommen

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 2 - - account holders

1. Name Bank of New York Amount held in custody (absolute) 82 553 073.15

2. Name State Street Bank Amount held in custody (absolute) 14 316 711.61

89 DWS Garant 80 ETF-Portfolio

Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A

There were no securities financing transactions according to the above Regulation in the reporting period.

90 KPMG issued an unqualified audit opinion for the Variable). The translation full annual report of this SICAV (Société ­d’Investissement à Capital ­ of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: KPMG Luxembourg, Société coopérative Tel.: +352 22 51 51 1 39, Avenue John F. Kennedy Fax: +352 22 51 71 1855 Luxembourg, Luxembourg E-mail: [email protected] Internet: www.kpmg.lu

To the shareholders of DWS Funds SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Report on the audit of the annual financial statements

Opinion We have audited the accompanying financial statements of the DWS Funds SICAV and its respective sub- funds (“the fund”), which comprise the statement of net assets, the statement of investments in the securi- ties portfolio and other net assets as of December 31, 2020, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies.

In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Funds SICAV and its respective sub-funds as of December 31, 2020, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements.

Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the "International Code of Ethics for Professional Accountants, including International Independence Standards", issued by the "International Ethics Standards Board for Accountants“ ("IESBA Code") and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.

Other information The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.

Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.

© 2021 KPMG Luxembourg, Société coopérative, a Luxembourg entity and T.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms R.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

91 In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.

Responsibility of the Board of Directors of the fund for the financial statements The Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation of annual financial statements and for the internal controls that the Board of Directors con- siders necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.

When preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or one of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action.

Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.

When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore:

• We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls.

92 • We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system.

• We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding explanatory information.

• We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’en- treprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or one of its sub-funds no longer being able to continue its business activity.

• We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.

We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.

Luxembourg, April 13, 2021 KPMG Luxembourg Société coopérative Cabinet de révision agréé

Pia Schanz

93 Investment Company Supervisory Board Auditor of the Management Company DWS Funds SICAV KPMG Luxembourg 2, Boulevard Konrad Adenauer Claire Peel Société coopérative 1115 Luxembourg, Luxembourg Chairman (since June 22, 2020) 39, Avenue John F. Kennedy RC B 74 377 DWS Management GmbH, 1855 Luxembourg, Luxembourg Frankfurt/Main Board of Directors Depositary of the Investment Company Manfred Bauer (since October 1, 2020) DWS Investment GmbH, State Street Bank International GmbH Niklas Seifert Frankfurt/Main Luxembourg Branch Chairman 49, Avenue John F. Kennedy DWS Investment S.A., Stefan Kreuzkamp 1855 Luxembourg, Luxembourg Luxembourg DWS Investment GmbH, Frankfurt/Main Fund Manager Gero Schomann (since April 15, 2020) DWS International GmbH, Frank Krings DWS Investment GmbH Frankfurt/Main Deutsche Bank Luxembourg S.A., Mainzer Landstraße 11-17 Luxembourg 60329 Frankfurt/Main, Germany Sven Sendmeyer DWS Investment GmbH, Dr. Matthias Liermann Sales and Paying Agents, Frankfurt/Main DWS Investment GmbH, Main Distributor* Frankfurt/Main Thilo Hubertus Wendenburg LUXEMBOURG Independent member Holger Naumann Deutsche Bank Luxembourg S.A. Frankfurt/Main DWS Investment GmbH, 2, Boulevard Konrad Adenauer Frankfurt/Main 1115 Luxembourg, Luxembourg Elena Wichmann (since April 15, 2020) DWS Investment S.A., Nikolaus von Tippelskirch * For additional Sales and Paying Agents, Luxembourg (until June 10, 2020) please refer to the sales prospectus DWS Management GmbH, Management Company and Central Frankfurt/Main Administration Agent, Registrar and Transfer Agent, Main Distributor Management Board of the Management Company DWS Investment S.A. 2, Boulevard Konrad Adenauer Nathalie Bausch 1115 Luxembourg, Luxembourg Chairman (since July 1, 2020) Equity capital as of December 31, 2020: DWS Investment S.A., EUR 343.1 million before profit appropriation Luxembourg

Manfred Bauer (until June 30, 2020) DWS Investment S.A., Luxembourg

Leif Bjurström (since October 1, 2020) DWS Investment S.A., Luxembourg

Dr. Stefan Junglen (since January 6, 2020) DWS Investment S.A., Luxembourg

Barbara Schots DWS Investment S.A., Luxembourg

As of: March 5, 2021 DWS Funds SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg RC B 74 377 Tel.: +352 4 21 01-1 Fax: +352 4 21 01-9 00