DWS Stiftungsfonds

DWS Investment GmbH DWS Stiftungsfonds

Annual Report 2020 DWS Stiftungsfonds Contents

Annual report 2020 for the period from January 1, 2020, through December 31, 2020 (in accordance with article 101 of the German Investment Code (KAGB))

General information ...... 2

Annual report DWS Stiftungsfonds ...... 6

Independent auditor’s report...... 33

1 General information

Performance The corresponding bench- Information about The investment return, or per- marks – if available – are also the all-in fee formance, of a mutual fund presented in the report. All The all-in fee does not include investment is measured by the financial data in this publication the following expenses: change in value of the fund’s is as of December 31, 2020 a) any costs that may arise in units. The net asset values per (unless otherwise stated). connection with the acquisi- unit (= redemption prices) with tion and disposal of assets; the addition of intervening Sales prospectuses b) any taxes that may arise in distributions, which are, for The sole binding basis for a connection with administra- example, reinvested free of purchase are the current ver- tive and custodial costs; charge within the scope of sion of the sales prospectus c) the costs of asserting and investment accounts at DWS including the Terms and Condi- enforcing the legal claims of Investment GmbH, are used as tions of Investment and the key the investment fund. the basis for calculating the investor information document, value; in the case of domestic which are available from DWS The details of the fee structure reinvesting funds, the domestic Investment GmbH and any are set out in the current sales investment income tax – branch of Deutsche Bank AG, prospectus. following any deduction of for- as well as from other paying eign withholding tax – plus soli- agents. Issue and redemption prices darity surcharge charged to the Each exchange trading day fund are added. Performance is on the Internet: calculated in accordance with www.dws.de the “BVI method.” Past performance is not a guide to future results.

2 The fund DWS Stiftungsfonds will be renamed DWS ESG Stiftungsfonds effective March 1, 2021.

Second Shareholder Rights Directive (SRD II) Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information. Details on this are available on the DWS websites.

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 investment 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 Asset Management Company of the investment fund 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 investment fund. The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent. In coordination with the service providers, the Asset Man- agement Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment 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 investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment. In this context, the Asset Management Company of the investment fund 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 investment fund’s activities will not be disrupted.

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

Annual report Annual report DWS Stiftungsfonds

Investment objective and DWS STIFTUNGSFONDS performance in the reporting Five-year performance period 115 In line with its investment pol- 112 icy, the fund seeks to achieve 109 sustainable appreciation 106 of capital. To achieve this, 103 the fund invests in equities, 100 interest-bearing securities, 97 convertible debentures, war- 94 rant-linked bonds, warrants, 12/15* 12/16 12/17 12/18 12/19 12/20 DWS Stiftungsfonds (LD unit class) * 12/2015 = 100 dividend-right certificates and Data on euro basis index certificates of domestic “BVI method” performance, i.e., excluding the initial sales charge. and foreign issuers. At least Past performance is no guide to future results. As of: December 31, 2020 51% of the fund comprises mortgage bonds, municipal DWS STIFTUNGSFONDS bonds or other bearer bonds Performance of unit classes (in EUR) issued in a member state of the Unit class ISIN 1 year 3 years 5 years European Union or in another state that is a party to the Class LD DE0005318406 0.6% 5.9% 12.3% Agreement on the European Class LC DE000DWS22Q5 0.6% 3.8%1 – Economic Area. In addition Class TFC DE000DWS22P7 1.1% 4.6%1 – to financial strength, there is 1 Classes LC and TFC launched on July 1, 2019 also a focus on environmental, “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2020 social and corporate governance factors (“ESG criteria”) when selecting investments.

The investment climate in the the euro traded noticeably ment in the industrial countries reporting period was still char- stronger against the U.S. dollar (which was still characterized acterized by very low, and in amid fluctuations. Against this by low interest rates), and the some cases negative, interest backdrop, DWS Stiftungsfonds uncertainty about the future rates in the industrial countries recorded an appreciation of development of the monetary and volatility in the capital 0.6% per unit (LD unit class; policies of the central banks. markets. Market participants’ BVI method; in euro) in the focus lay not only on the high fiscal year through the end of With regard to bond invest- levels of debt worldwide and December 2020. ments (which accounted for on uncertainty regarding the around two-thirds of the fund’s monetary policies of the central Investment policy in the assets as of the reporting banks, but also shifted to the reporting period date), DWS Stiftungsfonds noticeably weakened global The portfolio management was internationally diversi- economy, which was exacer- considered key risks to be the fied in the reporting period. bated due to the uncertain- uncertainty regarding the con- The investment focus was on ties caused by the COVID-19 sequences of the COVID-19 euro-denominated bonds. In pandemic*. However, political pandemic for the global econ- terms of issuers, the portfolio issues such as “Brexit” and omy and financial markets, the management invested heavily the U.S. presidential election increased volatility in the finan- in corporate bonds. In addition, in early November 2020 also cial markets as a result of the it also invested in high-yield influenced market develop- U.S. presidential election, as bonds, government bonds from ments at times. For example, well as the investment environ- the industrial countries and in

6 bonds from the emerging mar- DWS STIFTUNGSFONDS kets. On the equity side (around Overview of the unit classes one-quarter of the fund’s assets ISIN LD DE0005318406 as of the reporting date), DWS LC DE000DWS22Q5 Stiftungsfonds generally main- TFC DE000DWS22P7 tained its global orientation Security code (WKN) LD 531840 with an investment focus on LC DWS22Q stocks from the industrial coun- TFC DWS22P tries. In terms of sector alloca- Fund currency EUR tion, the equity portfolio was Unit class currency LD EUR generally broadly diversified. LC EUR TFC EUR

Overall, the performance of the Date of inception LD April 15, 2002 and initial subscription (from September 20, 2017, as international capital markets LD unit class) was characterized by high vola- LC July 1, 2019 tility in the past fiscal year. The TFC July 1, 2019 corporate bond markets as well Initial sales charge LD 3% as the stock exchanges initially LC 3% TFC None posted price gains, amid fluc- Distribution policy LD Distribution tuations, through mid-February LC Reinvestment 2020. The very relaxed mone- TFC Reinvestment tary policy of the central banks All-in fee LD 1.1% p.a. was among the contributing LC 1.1% p.a. factors to this trend. However, TFC 0.6% p.a. a price crash occurred in the Minimum investment * LD None international credit and equity LC None TFC None markets in the second half of Initial issue price LD EUR 50 (plus initial sales charge) February 2020, more than erod- LC EUR 100 (plus initial sales charge) ing the previous price gains by TFC EUR 100 far. This was due to coronavirus disease (COVID-19), which * The Company reserves the right to deviate from the minimum investment at its own discretion. Subsequent purchases can be made in any amount. spread into a pandemic and led to noticeable social and economic restrictions (lockdowns), the consequences of which were still unforeseeable until most recently. In view of the recently also received a boost lowered the key interest rate efforts undertaken by the inter- due to the approval applica- in two steps by 1.5 percen national community of nations tions for three COVID-19 vac- tage points to a target range and the packages of measures cines. The extremely relaxed of 0.00% – 0.25% p.a. in the introduced with the objective monetary policies of the central reporting period. While the of tackling the economic con- banks of the industrial coun- equity markets in regions such sequences of the COVID-19 tries – adopted in light of the as the United States and the crisis, a strong price recovery weakening global economy – emerging markets (especially started to emerge in the corpo- supported price performance China) posted noticeable price rate bond and equity markets in the financial markets. The increases on balance during in the second half of March European Central Bank and the the reporting period and the 2020. This continued through Bank of Japan thus maintained German equity market finished the end of 2020 – although to their zero-interest policies. with a moderate gain, stock varying degrees – and most The U.S. Federal Reserve (Fed) exchanges in the rest of Europe

7 closed in negative territory year over year as of the end of December 2020. Corporate bonds, whose interest rate premiums returned to their pre-pandemic level throughout the year following the COVID-19 crisis, therefore made significant contributions to the fund’s positive performance in the past fiscal year.

Main sources of capital gains and losses The main sources of capital gains and losses were realized gains on the sale of equities and bonds as well as on forward currency transactions. In contrast, futures and options largely returned losses, though to a lesser extent.

* The coronavirus (COVID-19) crisis was/is a major challenge, including for the economy worldwide, and is therefore a significant event during the reporting period. Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Additional details are provided in the explanations in the “General information” section.

8 The format used for complete dates in security names in the investment portfolio is “day/month/year”.

Annual report DWS Stiftungsfonds

Statement of net assets as of December 31, 2020

Amount in EUR % of net assets I. Assets 1. Equities (sectors): Health Care 74 381 074.73 4.67 Financials 70 195 940.61 4.41 Information Technology 44 611 076.03 2.81 Industrials 42 549 030.78 2.68 Basic Materials 33 929 727.26 2.14 Consumer Staples 33 719 237.91 2.12 Utilities 21 537 394.81 1.36 Consumer Discretionaries 19 044 135.77 1.20 Energy 9 139 262.66 0.58 Other 39 424 470.01 2.48 Total equities: 388 531 350.57 24.45

2. Bonds (issuers): Other financing institutions 370 703 372.74 23.33 Companies 349 542 880.10 22.00 Institutions 176 691 024.51 11.12 Other public bodies 84 919 338.02 5.34 Central governments 71 722 659.69 4.51 Regional governments 2 114 774.40 0.13 Total bonds: 1 055 694 049.46 66.43

3. Certificates 9 160 500.00 0.58

4. Investment fund units 42 301 530.00 2.66

5. Derivatives 5 344 094.58 0.34

6. Cash at bank 80 777 197.55 5.08

7. Other assets 9 420 588.17 0.59

8. Receivables from share certificate transactions 56 669.75 0.00

II. Liabilities 1. Other liabilities -1 444 305.74 -0.09

2. Liabilities from share certificate transactions -715 334.03 -0.04

III. Net assets 1 589 126 340.31 100.00

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

9 DWS Stiftungsfonds

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 1 392 055 588.45 87.60

Equities Amcor (AU000000AMC4)...... Count 500 000 AUD 15 4300. 4 809 700 .45 0 .30 Downer EDI (AU000000DOW2)...... Count 707 526 107 526 AUD 5 .4400 2 399 514 .63 0 .15 Sonic Healthcare (AU000000SHL7)...... Count 70 000 80 000 AUD 32 8500. 1 433 558 .80 0 .09 Telstra Corp . (AU000000TLS2)...... Count 1 000 000 AUD 3 .0000 1 870 265 .89 0 .12

Canadian Imperial Bank of Commerce (CA1360691010) . Count 60 000 10 000 CAD 109 .5800 4 187 103 .96 0 .26 Enbridge (CA29250N1050)...... Count 250 000 130 000 80 000 CAD 40 8000. 6 495 780 .93 0 .41 Manulife Financial (CA56501R1064)...... Count 200 000 200 000 CAD 22 6000. 2 878 522 .53 0 .18 Royal Bank of Canada (CA7800871021)...... Count 50 000 CAD 105 .2000 3 349 785 .07 0 .21

Adecco Group Reg . (CH0012138605)...... Count 40 327 20 000 30 000 CHF 59 5600. 2 212 792 .96 0 .14 Georg Fischer Reg . (CH0001752309)...... Count 2 000 2 000 CHF 1 142 .0000 2 104 196 .42 0 .13 Kühne + Nagel International Reg . (CH0025238863). . . . . Count 10 000 7 000 12 000 CHF 201 .9000 1 860 058 .04 0 .12 Sulzer Reg . (new) (CH0038388911)...... Count 15 000 CHF 93 1500. 1 287 254 .13 0 .08 UBS Group Reg . (CH0244767585)...... Count 180 000 CHF 12 5300. 2 077 847 .90 0 .13 Zurich Insurance Group Reg . (CH0011075394). . . . . Count 15 000 10 000 CHF 373 .8000 5 165 599 .52 0 .33

Allianz (DE0008404005) ...... Count 30 000 EUR 202 .3500 6 070 500 .00 0 .38 Anheuser-Busch InBev (BE0974293251) ...... Count 50 000 EUR 57 5900. 2 879 500 .00 0 .18 AXA (FR0000120628) ...... Count 550 000 50 000 EUR 19 7300. 10 851 500 .00 0 .68 BASF Reg . (DE000BASF111) ...... Count 80 000 EUR 64 7800. 5 182 400 .00 0 .33 BMW Ord . (DE0005190003)...... Count 90 000 10 000 20 000 EUR 72 7100. 6 543 900 .00 0 .41 BNP Paribas (FR0000131104)...... Count 100 000 40 000 EUR 43 6200. 4 362 000 .00 0 .27 Capgemini (FR0000125338) ...... Count 20 000 20 000 EUR 127 .0000 2 540 000 .00 0 .16 Covestro (DE0006062144) ...... Count 80 000 20 000 40 000 EUR 50 7400. 4 059 200 .00 0 .26 Daldrup & Söhne (DE0007830572)...... Count 114 547 11 924 EUR 3 .3000 378 005 .10 0 .02 Deutsche Post Reg . (DE0005552004) ...... Count 100 000 50 000 150 000 EUR 40 6500. 4 065 000 .00 0 .26 Deutsche Telekom Reg . (DE0005557508)...... Count 300 000 200 000 100 000 EUR 15 0400. 4 512 000 .00 0 .28 EDP - Energias de Portugal (PTEDP0AM0009)...... Count 542 517 242 517 200 000 EUR 5 .2260 2 835 193 .84 0 .18 Evonik Industries Reg . (DE000EVNK013)...... Count 250 000 50 000 EUR 26 9100. 6 727 500 .00 0 .42 Fresenius (DE0005785604)...... Count 60 000 60 000 EUR 38 0900. 2 285 400 .00 0 .14 Grifols Cl A. (ES0171996087)...... Count 70 000 70 000 EUR 24 1700. 1 691 900 .00 0 .11 Groupe Danone (C .R ). (FR0000120644)...... Count 60 000 20 000 50 000 EUR 54 5000. 3 270 000 .00 0 .21 Iberdrola (new) (ES0144580Y14)...... Count 307 407 7 407 100 000 EUR 11 7500. 3 612 032 .25 0 .23 ING Groep (NL0011821202)...... Count 400 000 EUR 7 .7790 3 111 600 .00 0 .20 Koninklijke Ahold Delhaize (NL0011794037)...... Count 150 000 200 000 50 000 EUR 23 4700. 3 520 500 .00 0 .22 Koninklijke Philips (NL0000009538) ...... Count 80 000 102 028 22 028 EUR 44 4550. 3 556 400 .00 0 .22 Metso Outotec Oyj (FI0009014575)...... Count 500 000 700 000 200 000 EUR 8 .2800 4 140 000 .00 0 .26 NOS, SGPS (PTZON0AM0006)...... Count 600 000 200 000 EUR 2 .8780 1 726 800 .00 0 .11 ProSiebenSat 1. Media Reg . (DE000PSM7770)...... Count 400 000 EUR 13 7350. 5 494 000 .00 0 .35 Red Electrica Corporacion (ES0173093024)...... Count 150 000 50 000 EUR 16 9050. 2 535 750 .00 0 .16 Sanofi (FR0000120578)...... Count 50 000 10 000 EUR 79 1700. 3 958 500 .00 0 .25 Smurfit Kappa (IE00B1RR8406) ...... Count 80 000 80 000 EUR 38 8800. 3 110 400 .00 0 .20 Société Générale (FR0000130809)...... Count 220 000 EUR 17 1200. 3 766 400 .00 0 .24 Soltec Power Holdings (ES0105513008) ...... Count 100 000 300 000 200 000 EUR 12 2400. 1 224 000 .00 0 .08 Telefónica (ES0178430E18) ...... Count 411 764 EUR 3 .2700 1 346 468 .28 0 .08 Unibail-Rodamco-Westfield (FR0013326246)...... Count 90 000 EUR 65 0200. 5 851 800 .00 0 .37 Unilever (GB00B10RZP78) ...... Count 80 000 80 000 EUR 49 2400. 3 939 200 .00 0 .25 Veolia Environnement (FR0000124141)...... Count 200 000 100 000 100 000 EUR 20 1100. 4 022 000 .00 0 .25

AstraZeneca (GB0009895292) ...... Count 20 000 130 699 GBP 74 8700. 1 657 240 .88 0 .10 Aviva (GB0002162385)...... Count 2 000 000 GBP 3 .2970 7 297 880 .58 0 .46 Centrica (GB00B033F229)...... Count 7 000 000 7 000 000 GBP 0 .4599 3 562 946 .16 0 .22 GlaxoSmithKline (GB0009252882) ...... Count 250 000 250 000 GBP 13 7360. 3 800 564 .44 0 .24 M&G (GB00BKFB1C65) ...... Count 200 000 200 000 GBP 2 .0060 444 026 .34 0 .03 National Grid (GB00BDR05C01)...... Count 200 500 200 000 GBP 8 .7672 1 945 468 .00 0 .12 Vodafone Group (GB00BH4HKS39) ...... Count 3 000 000 GBP 1 .2342 4 097 836 .31 0 .26

Bridgestone Corp . (JP3830800003) ...... Count 120 000 JPY 3 384 .0000 3 206 190 .04 0 .20 Canon (JP3242800005) 3 ...... Count 150 000 JPY 1 978 .0000 2 342 584 .19 0 .15 ITOCHU Corp . (JP3143600009) ...... Count 200 000 JPY 2 964 .0000 4 680 431 .09 0 .29 Tokio Marine Holdings Inc . (JP3910660004)...... Count 50 000 50 000 JPY 5 308 .0000 2 095 456 .16 0 .13 Tokyo Electron (JP3571400005)...... Count 12 000 4 000 JPY 38 400 .0000 3 638 229 .84 0 .23

Telefonaktiebolaget L .M . Ericsson B (Free) (SE0000108656) ...... Count 50 000 50 000 SEK 98 8800. 492 837 .70 0 .03

3M Co . (US88579Y1010) ...... Count 40 000 40 000 USD 173 .8500 5 668 174 .59 0 .36 AbbVie (US00287Y1091)...... Count 80 000 20 000 50 000 USD 104 .7000 6 827 240 .49 0 .43 Applied Materials (US0382221051)...... Count 50 000 90 000 40 000 USD 84 2700. 3 434 405 .18 0 .22

10 DWS Stiftungsfonds

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

AT & T (US00206R1023)...... Count 220 000 50 000 100 000 USD 28 5400. 5 117 822 .06 0 .32 Atlantica Sustainable Infr . (GB00BLP5YB54) ...... Count 100 000 150 000 350 000 USD 37 1000. 3 024 004 .56 0 .19 Bristol-Myers Squibb Co . (US1101221083)...... Count 160 000 160 000 USD 61 4200. 8 010 107 .19 0 .50 Broadcom (US11135F1012) ...... Count 10 000 15 000 5 000 USD 429 .0400 3 497 086 .03 0 .22 Cisco Systems (US17275R1023) ...... Count 110 000 70 000 USD 44 6400. 4 002 445 .29 0 .25 Citrix Systems (US1773761002)...... Count 40 000 40 000 USD 130 .1100 4 242 083 .38 0 .27 Colgate-Palmolive Co . (US1941621039)...... Count 60 000 20 000 USD 85 0300. 4 158 454 .58 0 .26 CVS Health (US1266501006) ...... Count 120 000 60 000 40 000 USD 67 9000. 6 641 398 .70 0 .42 DuPont de Nemours (US26614N1028)...... Count 66 666 USD 69 3100. 3 766 247 .27 0 .24 Eaton Corporation (IE00B8KQN827)...... Count 40 000 10 000 USD 117 .1600 3 819 863 .88 0 .24 Gilead Sciences (US3755581036)...... Count 70 000 20 000 150 000 USD 56 8300. 3 242 531 .69 0 .20 HCA Healthcare (US40412C1018)...... Count 25 000 25 000 USD 163 .8300 3 338 427 .68 0 .21 IBM (US4592001014)...... Count 30 000 USD 123 .8000 3 027 264 .95 0 .19 Invesco (BMG491BT1088) ...... Count 400 000 100 000 USD 17 0100. 5 545 910 .26 0 .35 Kimberly-Clark Corp . (US4943681035)...... Count 40 000 10 000 20 000 USD 134 .1300 4 373 150 .75 0 .28 Macy’s (US55616P1049)...... Count 300 000 USD 11 5100. 2 814 525 .00 0 .18 Medtronic (IE00BTN1Y115)...... Count 50 000 50 000 USD 115 .5700 4 710 029 .75 0 .30 Merck & Co . (US58933Y1055)...... Count 100 000 50 000 USD 81 4200. 6 636 508 .13 0 .42 Mondelez International Cl .A (US6092071058) ...... Count 120 000 10 000 20 000 USD 58 4500. 5 717 080 .33 0 .36 Motorola Solutions (US6200763075) ...... Count 40 000 50 000 10 000 USD 166 .9400 5 442 882 .18 0 .34 Owens Corning (new) (US6907421019)...... Count 80 000 140 000 60 000 USD 75 9800. 4 954 476 .91 0 .31 PepsiCo (US7134481081)...... Count 30 000 10 000 USD 147 .4200 3 604 841 .67 0 .23 Pfizer (US7170811035)...... Count 170 000 270 000 300 000 USD 37 0500. 5 133 879 .45 0 .32 Prudential Financial (US7443201022)...... Count 60 000 20 000 USD 76 3400. 3 733 463 .75 0 .23 QUALCOMM (US7475251036)...... Count 40 000 60 000 20 000 USD 148 .4900 4 841 341 .65 0 .30 Samsung Electronics GDR 144a (US7960508882). . . . . Count 3 000 1 000 USD 1 852 .0000 4 528 670 .99 0 .28 Schlumberger N .Y . Shares (AN8068571086)...... Count 130 000 USD 21 3800. 2 265 476 .63 0 .14 Taiwan Semiconductor ADR (US8740391003)...... Count 30 000 50 000 USD 105 .5600 2 581 244 .65 0 .16 Target Corp . (US87612E1064) ...... Count 15 000 35 000 USD 175 .0400 2 140 114 .93 0 .13 The Allstate Corp . (US0200021014)...... Count 60 000 60 000 USD 107 .5200 5 258 344 .54 0 .33 The Home Depot (US4370761029)...... Count 20 000 20 000 USD 266 .1900 4 339 405 .80 0 .27 The Procter & Gamble (US7427181091)...... Count 20 000 10 000 40 000 USD 138 .4200 2 256 510 .58 0 .14 United Parcel Service B (US9113121068)...... Count 30 000 40 000 70 000 USD 169 .0300 4 133 268 .13 0 .26 Verizon Communications (US92343V1044)...... Count 80 000 40 000 USD 58 8100. 3 834 861 .64 0 .24 Viatris (US92556V1061)...... Count 204 494 204 494 USD 17 7500. 2 958 608 .22 0 .19 WestRock (US96145D1054)...... Count 100 000 100 000 100 000 USD 43 0700. 3 510 616 .62 0 .22

Impala Platinum Holdings (ZAE000083648) ...... Count 250 000 250 000 ZAR 198 .3000 2 763 662 .92 0 .17

Interest-bearing securities 2 .6250 % ACCOR 19/Und . (FR0013457157) 3 ...... EUR 5 000 9 000 4 000 % 93 2800. 4 664 000 .00 0 .29 3 .2500 % ADLER Group 20/05 .08 .25 (XS2010029663) . EUR 2 600 5 600 3 000 % 104 .4450 2 715 570 .00 0 .17 2 .6250 % Allianz 20/Und . (DE000A289FK7) 3...... EUR 7 000 7 000 % 103 .0480 7 213 360 .00 0 .45 0 .5000 % alstria office REIT 19/26 09. .25 (XS2053346297)...... EUR 19 000 11 000 % 100 .4000 19 076 000 .00 1 .20 2 .0000 % Aroundtown 18/02 .11 .26 MTN (XS1815135352)...... EUR 6 000 6 000 % 108 .9890 6 539 340 .00 0 .41 0 .6250 % Aroundtown 19/09 .07 .25 MTN (XS2023872174)...... EUR 6 900 8 900 2 000 % 101 .5960 7 010 124 .00 0 .44 0 .3750 % Aroundtown 19/23 .09 .22 (XS2010044464). . . EUR 6 700 6 700 % 100 .6750 6 745 225 .00 0 .42 2 .6250 % Auchan Holding 19/30 .01 .24 MTN (FR0013399060)...... EUR 2 200 5 600 3 400 % 106 .9980 2 353 956 .00 0 .15 0 .1250 % Auckland, Council 19/26 .09 .29 MTN (XS2055663764)...... EUR 5 160 % 100 .7720 5 199 835 .20 0 .33 0 .6250 % Bankinter 20/06 10. 27. MTN (ES0213679JR9) ...... EUR 7 000 7 000 % 102 .0190 7 141 330 .00 0 .45 3 .5000 % Bertelsmann 15/23 .04 .75 (XS1222594472). . . EUR 9 500 9 500 % 108 .1000 10 269 500 .00 0 .65 0 .5000 % BNP Paribas 20/19 .02 .28 MTN (FR0013484458)...... EUR 4 700 7 700 3 000 % 101 .1170 4 752 499 .00 0 .30 2 .0000 % Capgemini 20/15 .04 .29 (FR0013507860) . . . . EUR 5 600 5 600 % 113 .5360 6 358 016 .00 0 .40 3 .0000 % Centrica 15/10 04. 76. MTN (XS1216020161) . EUR 5 200 8 200 3 000 % 100 .7280 5 237 856 .00 0 .33 1 .6250 % CNH Industrial Finance Europe 19/03 .07 .29 MTN (XS2022084367)...... EUR 14 300 14 300 % 105 .3100 15 059 330 00. 0 .95 4 .7500 % CNP Assurances 18/und . (FR0013336534) 3...... EUR 3 000 2 000 % 116 .5460 3 496 380 .00 0 .22 2 .0000 % CNP Assurances 19/27 07. .50 MTN (FR0013463775)...... EUR 5 000 11 800 6 800 % 106 .2910 5 314 550 .00 0 .33 0 .8750 % Cofinimmo 20/02 .12 .30 (BE6325493268). . . . EUR 4 100 4 100 % 101 .6430 4 167 363 .00 0 .26 1 .5710 % Comunidad Autónoma de Madrid 19/30 .04 .29 (ES0000101909)...... EUR 1 880 2 400 % 112 .4880 2 114 774 .40 0 .13 0 .3750 % Credit Mutuel Arkea 19/03 .10 .28 MTN (FR0013450822)...... EUR 2 000 10 000 % 102 .1360 2 042 720 .00 0 .13 4 .6000 % Deut . Pfandbr bk. . 17/22 .02 .27 R .35274 MTN (DE000A2DASM5)...... EUR 5 000 5 000 % 102 .7270 5 136 350 .00 0 .32 1 .7500 % Deutsche Bank 18/17 01. .28 MTN (DE000DL19T26)...... EUR 4 800 4 800 % 105 .3640 5 057 472 .00 0 .32

11 DWS Stiftungsfonds

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

1.0000 % Deutsche Bank 20/19.11.25 MTN (DE000DL19VR6)...... EUR 5 600 5 600 % 101.6460 5 692 176.00 0.36 1.3750 % DS Smith 17/26.07.24 MTN (XS1652512457)...... EUR 6 200 6 200 % 103.6180 6 424 316.00 0.40 0.8750 % DS Smith 19/12.09.26 MTN (XS2051777873) 3...... EUR 5 000 7 000 % 102.0660 5 103 300.00 0.32 2.1250 % Eurofins Scientific 17/25.07.24 (XS1651444140) 3...... EUR 9 100 11 300 2 200 % 106.4200 9 684 220.00 0.61 1.8750 % Fastighets AB Balder 17/23.01.26 (XS1677912393)...... EUR 4 700 5 200 500 % 105.6580 4 965 926.00 0.31 1.2500 % Fastighets AB Balder 20/28.01.28 MTN (XS2109608724)...... EUR 23 869 23 869 % 100.8280 24 066 635.32 1.51 2.1240 % Ferrovial Netherlands 17/und. (XS1716927766)...... EUR 9 700 16 300 % 99.2410 9 626 377.00 0.61 0.6250 % Fresenius Medical Care 19/30.11.26 MTN (XS2084497705) 3...... EUR 5 000 5 000 % 102.6650 5 133 250.00 0.32 3.6500 % GE Capital European Funding 12/23.08.32 MTN (XS0816246077)...... EUR 9 200 9 200 % 122.8675 11 303 810.00 0.71 1.3750 % Global Switch Finance 20/07.10.30 MTN (XS2241825111)...... EUR 15 600 15 600 % 104.2710 16 266 276.00 1.02 1.1250 % Heimstaden Bostad 20/21.01.26 MTN (XS2105772201)...... EUR 11 224 16 224 5 000 % 103.6010 11 628 176.24 0.73 3.3750 % Heimstaden Bostad 20/und. (XS2125121769)...... EUR 6 040 8 070 2 030 % 104.2060 6 294 042.40 0.40 1.3750 % Heimstaden Bostad Treasury 20/03.03.27 MTN (XS2225207468)...... EUR 5 250 5 250 % 105.1140 5 518 485.00 0.35 2.2500 % Iberdrola International20/und S.NC8 (XS2244941147)...... EUR 4 500 4 500 % 105.2715 4 737 217.50 0.30 1.6250 % Infineon Technologies 20/24.06.29 MTN (XS2194283839)...... EUR 8 000 13 000 5 000 % 109.2450 8 739 600.00 0.55 2.1250 % Intesa Sanpaolo 18/30.08.23 MTN (XS1873219304)...... EUR 10 000 2 000 % 105.6390 10 563 900.00 0.66 3.0000 % Intrum 19/15.09.27 MTN Reg S (XS2052216111) 3...... EUR 18 520 % 96.6180 17 893 653.60 1.13 3.5000 % Intrum 19/31.07.26 Reg S (XS2034925375). EUR 6 470 1 000 % 99.3220 6 426 133.40 0.40 1.1000 % Ireland 19/15.05.29 (IE00BH3SQ895). . . . EUR 9 010 % 112.8990 10 172 199.90 0.64 0.2000 % Ireland 20/18.10.30 (IE00BKFVC899). . . . EUR 2 000 2 000 % 104.9150 2 098 300.00 0.13 1.2500 % ISS Finance 20/07.07.25 MTN (XS2199343513)...... EUR 3 530 3 530 % 102.2010 3 607 695.30 0.23 1.5000 % ISS Global 17/31.08.27 MTN (XS1673102734) 3...... EUR 25 500 25 500 % 101.2420 25 816 710.00 1.62 0.8750 % ISS Global 19/18.06.26 MTN (XS2013618421) 3...... EUR 10 890 12 600 7 200 % 98.8130 10 760 735.70 0.68 0.3500 % Italy 19/01.02.25 (IT0005386245) 3. . . . . EUR 13 000 10 000 22 000 % 102.1750 13 282 750.00 0.84 1.6250 % Logicor Financing 19/15.07.27 MTN (XS2027364327)...... EUR 6 000 6 000 % 106.3210 6 379 260.00 0.40 1.6250 % Merck 19/25.06.79 (XS2011260531). . . . EUR 12 000 17 000 5 000 % 102.9220 12 350 640.00 0.78 1.7500 % Mexico 18/17.04.28 MTN (XS1751001139). . EUR 10 000 % 105.3720 10 537 200.00 0.66 1.6250 % Mexico 19/08.04.26 MTN (XS1974394675). . EUR 6 590 % 104.3260 6 875 083.40 0.43 1.2500 % Molson Coors Beverage 16/15.07.24 (XS1440976535)...... EUR 14 250 % 103.1200 14 694 600.00 0.92 1.6250 % Mondi Finance 18/27.04.26 MTN (XS1813593313)...... EUR 5 270 % 107.9100 5 686 857.00 0.36 3.7500 % Nexans 18/08.08.23 (FR0013354297) 3 . . . EUR 1 200 3 000 % 107.5810 1 290 972.00 0.08 1.6250 % NGG Finance 19/05.12.79 (XS2010044977) . EUR 13 000 13 000 % 101.8750 13 243 750.00 0.83 0.4750 % Portugal 20/18.10.30 Reg S (PTOTELOE0028)...... EUR 16 800 16 800 % 104.2630 17 516 184.00 1.10 0.6250 % PostNL 19/23.09.26 (XS2047619064). . . . EUR 5 000 10 500 5 500 % 103.7800 5 189 000.00 0.33 1.5390 % Prosus 20/03.08.28 S.DEC MTN (XS2263801164)...... EUR 4 940 4 940 % 103.2310 5 099 611.40 0.32 3.6250 % PVH 16/15.07.24 Reg S (XS1435229460). . EUR 11 800 11 800 % 109.5660 12 928 788.00 0.81 3.1250 % PVH 17/15.12.27 Reg S (XS1734066811). . EUR 4 200 8 600 4 400 % 111.1350 4 667 670.00 0.29 1.2500 % Renault 19/24.06.25 MTN (FR0013428414) 3...... EUR 6 900 6 900 % 98.0590 6 766 071.00 0.43 2.8750 % Romania 16/26.05.28 MTN Reg S (XS1420357318)...... EUR 6 125 1 000 % 112.3510 6 881 498.75 0.43 2.3750 % Romania 17/19.04.27 MTN Reg S (XS1599193403) 3...... EUR 7 000 3 600 3 000 % 109.3480 7 654 360.00 0.48 1.0000 % Samhallsbyggnadsbolaget I Norden 20/12.08.27 MTN (XS2114871945) . . . . EUR 10 000 13 000 3 000 % 101.2790 10 127 900.00 0.64 4.6250 % Samhallsbyggnadsbolaget I Norden AB 19/und. Reg S (XS1974894138) 3. . . . . EUR 4 500 2 000 9 300 % 107.4030 4 833 135.00 0.30 2.5000 % Sampo 20/03.09.52 MTN (XS2226645278). . EUR 15 000 15 000 % 108.2000 16 230 000.00 1.02 3.1250 % Sappi Papier Holding 19/15.04.26 Reg S (XS1961852750) 3...... EUR 6 470 % 97.8640 6 331 800.80 0.40 4.7500 % Senegal 18/13.03.28 Reg S (XS1790104530)...... EUR 5 000 2 000 % 106.9380 5 346 900.00 0.34

12 DWS Stiftungsfonds

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

5.6250 % SES 16/und. (XS1405765659)...... EUR 4 000 4 000 % 110.2750 4 411 000.00 0.28 2.3750 % Signify 20/11.05.27 (XS2128499105). . . . EUR 4 290 4 290 % 110.8730 4 756 451.70 0.30 1.6000 % Spain 15/30.04.25 (ES00000126Z1). . . . . EUR 5 000 5 000 % 109.1320 5 456 600.00 0.34 0.6000 % Spain 19/31.10.29 (ES0000012F43) 3. . . . EUR 15 000 10 000 20 000 % 105.8340 15 875 100.00 1.00 0.5000 % Spain 20/30.04.30 (ES0000012F76). . . . . EUR 5 000 13 000 8 000 % 104.7180 5 235 900.00 0.33 0.7500 % SSB Treasury 20/14.12.28 MTN (XS2271332285)...... EUR 2 500 2 500 % 98.8320 2 470 800.00 0.16 2.5000 % Standard Chartered 20/09.09.30 MTN (XS2183818637)...... EUR 15 000 24 000 9 000 % 107.2370 16 085 550.00 1.01 1.2500 % Sysco 16/23.06.23 (XS1434170426). . . . EUR 3 000 3 000 % 102.7822 3 083 464.65 0.19 1.5000 % Teleperformance 17/03.04.24 (FR0013248465)...... EUR 4 500 % 104.1930 4 688 685.00 0.30 1.8750 % Téléperformance 18/02.07.25 (FR0013346822)...... EUR 3 300 2 000 % 107.5890 3 550 437.00 0.22 2.1250 % Unibail-Rodamco-Westfield 18/und. (FR0013330529) 3...... EUR 14 000 16 000 15 900 % 94.3990 13 215 860.00 0.83 0.5020 % UniCredit Leasing Corporation IFN 19/18.10.22 (XS2066749461)...... EUR 2 000 % 100.6730 2 013 460.00 0.13 1.1250 % Vicinity Centres 19/07.11.29 MTN (XS2071382662) 3...... EUR 13 290 2 500 % 103.5380 13 760 200.20 0.87 5.8750 % Webuild 20/15.12.25 (XS2271356201) 3. . . EUR 5 450 7 050 1 600 % 103.4160 5 636 172.00 0.35 2.7500 % ZF North America Capital 15/27.04.23 (DE000A14J7G6)...... EUR 8 700 5 000 % 102.7420 8 938 554.00 0.56

4.7500 % Aroundtown 19/und. MTN (XS2017788592). GBP 5 000 5 000 % 105.0000 5 810 414.48 0.37 5.1250 % Aviva 15/04.06.50 MTN (XS1242413166). . GBP 6 000 6 000 % 121.2740 8 053 168.06 0.51 5.2500 % Centrica 15/10.04.75 MTN (XS1216019585). GBP 1 500 1 000 7 500 % 108.3340 1 798 472.69 0.11 3.8750 % Deutsche Bank 19/12.02.24 MTN (XS1950866720)...... GBP 4 000 4 000 % 108.1430 4 787 471.64 0.30 6.2500 % E.ON International Finance 02/03.06.30 MTN (XS0147048762)...... GBP 2 300 3 300 1 000 % 144.1570 3 669 537.93 0.23 4.7500 % Marks & Spencer 12/12.06.25 MTN (XS0863523030)...... GBP 5 000 5 000 % 111.5900 6 175 087.16 0.39 5.8750 % Orange 14/und. MTN (XS1028597315). . . GBP 2 000 2 000 % 105.5470 2 336 273.59 0.15 1.7500 % Sodexo 19/26.06.28 (XS2017471983). . . . GBP 2 000 5 000 3 000 % 104.4730 2 312 500.69 0.15 4.8000 % Welltower 13/20.11.28 (XS0994433836). . . GBP 6 600 % 122.8410 8 972 946.71 0.56 2.6250 % Westfield America Management 17/30.03.29 (XS1587946911)...... GBP 8 057 8 057 % 101.6180 9 061 327.28 0.57

1.5060 % AEGON 95/und. (NL0000120004). . . . . NLG 20 000 20 000 % 88.8040 8 059 499.66 0.51 4.2600 % AEGON 96/und. (NL0000120889). . . . . NLG 3 200 3 200 % 94.4690 1 371 781.22 0.09

1.2500 % KfW 19/28.08.23 MTN (XS2046690827). . . NOK 90 000 % 101.8895 8 704 990.86 0.55 2.0000 % Norway 12/24.05.23 (NO0010646813) . . . NOK 50 000 50 000 % 103.9600 4 934 380.71 0.31

2.8750 % Ball 20/15.08.30 (US058498AW66). . . . . USD 670 670 % 100.2500 547 479.32 0.03 2.5000 % Banco Nacional De Panama 20/11.08.30 Reg S (USP1559LAA72) ...... USD 1 420 1 420 % 100.3570 1 161 567.75 0.07 2.3750 % Bermuda 20/20.08.30 Reg S (USG10367AE36)...... USD 2 086 2 086 % 104.8500 1 782 753.39 0.11 4.5000 % CNH Industrial 16/15.08.23 (US12594KAA07)...... USD 2 990 1 000 % 109.0852 2 658 553.63 0.17 4.0000 % Colombia 13/26.02.24 (US195325BQ70). . . USD 3 000 3 000 % 108.1960 2 645 702.41 0.17 6.1000 % Dell International/EMC 20/15.07.27 Reg S (USU24724AN35) 3...... USD 4 000 4 000 % 124.1340 4 047 242.94 0.25 1.7100 % EDP Finance 20/24.01.28 Reg S (XS2233217558)...... USD 8 000 8 000 % 100.4280 6 548 673.43 0.41 1.5000 % European Bank for Rec. & Dev.20/13.02.25 MTN (US29874QEE08)...... USD 8 180 8 180 % 104.4630 6 965 051.47 0.44 0.5000 % European Bank for Rec. & Dev.20/19.05.25 MTN (US29874QEG55) 3 ...... USD 12 000 12 000 % 100.1980 9 800 513.51 0.62 1.3750 % European Investment Bank 20/15.05.23 (US298785JC16)...... USD 5 710 5 710 % 102.7680 4 783 023.84 0.30 0.8750 % European Investment Bank 20/17.05.30 (US298785JE71) 3...... USD 15 000 15 000 % 98.7280 12 070 913.31 0.76 6.3750 % Ghana 20/11.02.27 Reg S (XS2115122538) . USD 2 600 2 600 % 104.1130 2 206 413.17 0.14 3.3000 % HSBC Bank 20/28.09.24 MTN (XS1876165819)...... USD 5 000 5 000 % 99.0070 4 035 008.35 0.25 3.9500 % ING Groep 17/29.03.27 (US456837AH61). . USD 2 010 3 000 % 115.7794 1 896 863.12 0.12 0.7500 % Intern. Bank for Reconst. and Dev. 20/26.08.30 MTN (US459058JG93). . . . . USD 10 000 10 000 % 97.4103 7 939 873.90 0.50 3.6250 % Johnson Controls International 16/02.07.24 (US478375AG31)...... USD 4 032 % 108.5365 3 567 015.60 0.22 0.3750 % KfW 20/18.07.25 (US500769JF20) . . . . . USD 25 000 25 000 % 99.7690 20 330 317.48 1.28 2.7500 % Korea Water Resources 17/23.05.22 MTN (XS1617140626)...... USD 3 000 2 000 % 103.1930 2 523 364.71 0.16

13 DWS Stiftungsfonds

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

1.6250 % Kreditanstalt für Wiederaufbau 20/15.02.23 (US500769JE54) ...... USD 5 000 5 000 % 103.0080 4 198 068.22 0.26 0.7500 % Kreditanstalt für Wiederaufbau 20/30.09.30 (US500769JG03)...... USD 22 000 22 000 % 97.3600 17 458 695.03 1.10 7.1250 % Marks & Spencer 20/01.12.37 Reg S (USG5825LAA64)...... USD 6 000 6 000 % 112.6365 5 508 570.73 0.35 4.1500 % Mexico 17/28.03.27 (US91087BAC46) . . . USD 4 000 1 000 % 115.3660 3 761 372.62 0.24 9.0000 % Orange 01/01.03.31 (US35177PAL13). . . . USD 5 000 5 000 % 163.8545 6 677 853.85 0.42 3.4000 % Owens Corning 16/15.08.26 (US690742AF87)...... USD 3 500 % 110.4864 3 151 995.10 0.20 5.0000 % Paraguay 16/15.04.26 Reg S (USP75744AD76)...... USD 2 000 2 000 % 116.9120 1 905 889.07 0.12 4.7000 % Paraguay 17/27.03.27 Reg S (USP75744AE59)...... USD 1 400 1 400 % 116.4635 1 329 004.36 0.08 2.6250 % PepsiCo 19/29.07.29 (US713448EL82). . . USD 2 303 1 000 % 110.3540 2 071 526.77 0.13 5.7500 % Sri Lanka 18/18.04.23 Reg S (USY8137FAK40)...... USD 3 025 % 64.3530 1 586 728.82 0.10 4.1030 % Telefonica Emisiones 17/08.03.27 (US87938WAT09) ...... USD 2 040 % 115.8158 1 925 778.81 0.12 4.3750 % Uruguay 15/27.10.27 (US760942BB71). . . USD 3 140 3 000 % 118.1880 3 024 903.78 0.19 3.5000 % WEA Finance 19/15.06.29 144a (US92928QAF54)...... USD 10 000 4 000 4 000 % 104.0352 8 479 866.41 0.53

Securitized money market instruments 0.0000 % AEGON 04/und. (NL0000116150). . . . . EUR 8 500 8 500 % 79.6140 6 767 190.00 0.43 3.7500 % ATF Netherlands 16/20.01.99 (XS1508392625)...... EUR 5 600 2 600 1 000 % 104.2420 5 837 552.00 0.37 0.2300 % AXA 03/und. MTN (XS0179060974) . . . . EUR 3 000 3 000 % 79.8290 2 394 870.00 0.15 0.0000 % AXA 03/und. MTN (XS0181369454) . . . . EUR 2 000 2 000 % 79.1975 1 583 950.00 0.10 0.1420 % Banco Bilbao Vizcaya Argentaria 17/01.12.23 MTN (XS1724512097)...... EUR 5 000 5 000 % 100.0400 5 002 000.00 0.31 0.0500 % RCI Banque 17/04.11.24 MTN (FR0013292687)...... EUR 7 210 3 000 % 97.7970 7 051 163.70 0.44 2.6250 % Samhallsbyggnadsbolaget I Norden 20/Und. (XS2272358024)...... EUR 3 450 3 450 % 99.6590 3 438 235.50 0.22

1.4250 % AEGON 96/und. (NL0000121416). . . . . NLG 18 550 18 550 % 89.5000 7 533 772.59 0.47

1.0000 % European Investment Bank 16/25.05.21 MTN (XS1394753484)...... NOK 20 000 % 100.2735 1 903 761.54 0.12 1.0000 % KfW 16/12.10.21 MTN (XS1489186947). . . NOK 330 000 % 100.4890 31 479 573.77 1.98 3.7500 % Norway 10/25.05.21 (NO0010572878) . . . NOK 200 000 50 000 % 101.3780 19 247 312.34 1.21

0.8710 % AEGON 04/und. (NL0000116168). . . . . USD 5 500 5 500 % 82.6425 3 704 884.46 0.23 5.2500 % AT Securities 17/21.07.99 (XS1634523754) . USD 7 000 7 500 4 000 % 104.9320 5 987 072.58 0.38 5.2500 % Latvia 11/16.06.21 Reg S (XS0638326263). . USD 2 500 1 000 % 102.3500 2 085 625.79 0.13

Certificates Amundi Physical Metals/Gold Und. ETC (FR0013416716) ...... Count 150 000 150 000 EUR 61.0700 9 160 500.00 0.58

Other equity securities Roche Holding Profitsh. (CH0012032048) ...... Count 30 000 5 000 5 000 CHF 307.5000 8 498 779.31 0.53

Securities admitted to or included in organized markets 44 263 106.95 2.79

Equities BCE (new) (CA05534B7604)...... Count 160 000 10 000 CAD 54.6900 5 572 615.83 0.35

Interest-bearing securities 2.9500 % BMW US Capital 19/14.04.22 144a (US05565EBF16)...... USD 4 000 2 000 % 103.4449 3 372 698.05 0.21 2.7500 % Canadian National Railway 16/01.03.26 (US136375CJ97)...... USD 3 000 3 000 % 109.8207 2 685 430.93 0.17 3.8750 % Coöperatieve Rabobank 18/26.09.23 144a MTN (US74977RDE18)...... USD 4 000 4 000 % 109.1766 3 559 575.95 0.22 6.0200 % Dell International /EMC 16/15.06.26 144a (US25272KAK97)...... USD 4 000 2 000 % 121.9540 3 976 165.14 0.25 3.6250 % EDP Finance 17/15.07.24 144a (US26835PAF71)...... USD 5 775 % 109.0415 5 132 776.32 0.32 3.5000 % Hasbro 17/15.09.27 (US418056AV91). . . . USD 1 890 % 110.1485 1 696 871.38 0.11 3.7500 % Host Hotels & Resorts 13/15.10.23 S.D (US44107TAU07)...... USD 3 000 % 105.3164 2 575 288.18 0.16

14 DWS Stiftungsfonds

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

3.8750 % Intesa Sanpaolo 17/14.07.27 144a (US46115HBB24)...... USD 5 170 1 000 % 109.5189 4 615 174.28 0.29 3.6250 % Rogers Communications 15/15.12.25 (US775109BE00)...... USD 3 000 2 000 % 113.2252 2 768 681.28 0.17 3.7500 % Scentre Management 17/23.03.27 Reg S (USQ8352BAC83) 3) ...... USD 3 080 % 107.7235 2 704 391.64 0.17 2.6250 % Verizon Communications 16/15.08.26 (US92343VDD38)...... USD 3 510 3 000 % 109.5200 3 133 352.63 0.20

Securitized money market instruments 0.9540 % Hewlett Packard Enterprise 18/05.10.21 (US42824CBB46)...... USD 3 030 2 000 % 100.0140 2 470 085.34 0.16

Unlisted securities 17 067 204.63 1.07

Interest-bearing securities 2.8500 % BMW Finance 19/14.08.29 144a (US05600LAC00)...... USD 8 000 % 109.9130 7 167 167.95 0.45 2.3750 % BPCE 20/14.01.25 144a (US05583JAG76) . . USD 6 000 8 000 2 000 % 105.5760 5 163 271.79 0.32 5.1250 % Scentre Group 20/24.09.80 Reg S (USQ8053LAB01)...... USD 5 500 5 500 % 105.6600 4 736 764.89 0.30

Investment fund units 42 301 530.00 2.66

In-group fund units (incl. units of funds issued by the asset management company) 42 301 530.00 2.66 DWS ESG Convertibles FC (DE000DWS1U74) (0.600%). Count 48 000 48 000 EUR 159.2000 7 641 600.00 0.48 DWS Invest ESG Equity Income XD (LU1616933161) (0.350%)...... Count 180 000 EUR 121.4200 21 855 600.00 1.38 DWS Invest ESG European Small/Mid Cap XC (LU1863262454) (0.350%) ...... Count 69 000 EUR 139.5700 9 630 330.00 0.61 DWS Invest Green Bonds XD (LU1873225707) (0.200%). Count 30 000 10 000 EUR 105.8000 3 174 000.00 0.20

Total securities portfolio 1 495 687 430.03 94.12

Derivatives Minus signs denote short positions

Equity index derivatives -1 016 762.81 -0.06 (Receivables/payables)

Equity index futures EURO STOXX 50 MAR 21 (EURX) EUR...... Count -6 000 -334 500.00 -0.02

NASDAQ 100 E-MINI MAR 21 (CME) USD ...... Count -2 000 -682 262.81 -0.04

Interest rate derivatives -218 570.00 -0.01 (Receivables/payables)

Interest rate futures EURO-BTP (ITALY GOVT) MAR 21 (EURX)...... EUR -9 700 -78 570.00 0.00 EURO-BUND MAR 21 (EURX) ...... EUR -50 000 -140 000.00 -0.01

Currency derivatives 6 579 427.39 0.41

Currency futures (short)

Open positions USD/EUR 243.00 million...... 1 091 408.44 0.07

Closed positions USD/EUR 298.00 million...... 5 488 018.95 0.35

Cash and non-securitized money market instruments 80 777 197.55 5.08

Cash at bank 80 777 197.55 5.08

Demand deposits at Depositary EUR deposits...... EUR 53 309 880.46 % 100 53 309 880.46 3.35 Deposits in other EU/EEA currencies...... EUR 1 482 932.42 % 100 1 482 932.42 0.09

15 DWS Stiftungsfonds

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

Deposits in non-EU/EEA currencies Australian dollar...... AUD 3 273 218 .67 % 100 2 040 596 .41 0 .13 Canadian dollar ...... CAD 5 595 822 .52 % 100 3 563 650 .71 0 .22 Swiss franc...... CHF 1 717 205 .57 % 100 1 582 021 .81 0 .10 British pound ...... GBP 281 363 .82 % 100 311 398 .17 0 .02 Hong Kong dollar ...... HKD 874 032 .89 % 100 91 893 .19 0 .01 Japanese yen ...... JPY 50 041 277 .00 % 100 395 099 .10 0 .02 Mexican peso ...... MXN 310 399 .59 % 100 12 742 .03 0 .00 New Zealand dollar...... NZD 45 012 .16 % 100 26 344 .47 0 .00 Turkish lira...... TRY 66 816 .30 % 100 7 412 .79 0 .00 U .S . dollar ...... USD 21 954 330 .38 % 100 17 894 877 .43 1 .13 South African rand...... ZAR 1 046 665 .16 % 100 58 348 .56 0 .00

Other assets 9 420 588.17 0.59 Interest receivable ...... EUR 8 629 469 .88 % 100 8 629 469 .88 0 .54 Dividends/Distributions receivable ...... EUR 606 166 .67 % 100 606 166 .67 0 .04 Receivables from compensation payments for securities lending ...... EUR 38 924 .64 % 100 38 924 .64 0 .00 Withholding tax claims ...... EUR 108 971 .76 % 100 108 971 .76 0 .01 Other receivables ...... EUR 37 055 .22 % 100 37 055 .22 0 .00

Receivables from share certificate transactions EUR 56 669.75 % 100 56 669.75 0.00

Other liabilities -1 444 305.74 -0.09 Liabilities from cost items...... EUR -1 421 277 .52 % 100 -1 421 277 .52 -0 .09 Additional other liabilities...... EUR -23 028 .22 % 100 -23 028 .22 0 .00

Liabilities from share certificate transactions EUR -715 334.03 % 100 -715 334.03 -0.04

Net assets 1 589 126 340.31 100.00

Net asset value per unit and Count/ Net asset value per unit number of units outstanding currency in the respective currency

Net asset value per unit Class LD ...... EUR 49 31. Class TFC ...... EUR 104 .60 Class LC ...... EUR 103 .83

Number of units outstanding Class LD ...... Count 32 223 581 395. Class TFC ...... Count 100 .000 Class LC ...... Count 1 065 .000

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

Market abbreviations

Futures exchanges EURX = Eurex (Eurex Frankfurt/Eurex Zurich) CME = Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)

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

Australian dollar...... AUD 1 604050. = EUR 1 Canadian dollar ...... CAD 1 570250. = EUR 1 Swiss franc...... CHF 1 085450. = EUR 1 British pound ...... GBP 0 903550. = EUR 1 Hong Kong dollar ...... HKD 9 511400. = EUR 1 Japanese yen ...... JPY 126 655000. = EUR 1 Mexican peso ...... MXN 24 .360300 = EUR 1 Dutch guilder ...... NLG 2 203710. = EUR 1 Norwegian krone...... NOK 10 .534250 = EUR 1 New Zealand dollar...... NZD 1 708600. = EUR 1 Swedish krona...... SEK 10 .031700 = EUR 1 Turkish lira...... TRY 9 013650. = EUR 1 U .S . dollar ...... USD 1 226850. = EUR 1 South African rand...... ZAR 17 .938150 = EUR 1

Footnotes 3 These securities are completely or partly lent as securities loans .

16 DWS Stiftungsfonds

Transactions completed during the reporting period that no longer appear in the investment portfolio

Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Security name currency Security name currency additions disposals additions disposals (– / ’000) (– / ’000)

Securities traded on an exchange 1 .5000 % BMW Finance 19/06 .02 .29 MTN (XS1948611840)...... EUR 5 000 Equities 1 .0000 % BMW Finance18/29 .08 25. MTN (XS1873143645)...... EUR 7 380 Nutrien (CA67077M1086)...... Count 80 000 1 .0000 % BNP Paribas 17/27 .06 .24 MTN (XS1637277572)...... EUR 6 000 ABB Reg . (CH0012221716)...... Count 300 000 0 .3750 % BNZ Int . Funding (London B .) SIG Combibloc Services (CH0435377954)...... Count 150 000 19/14 .09 .24 MTN (XS2012047127) . . . . EUR 16 870 1 .3750 % BPCE 18/23 .03 .26 MTN Atos (FR0000051732)...... Count 20 000 60 000 (FR0013323664)...... EUR 5 300 EDP - Energias de Portugal Right 1 .5000 % Brambles Finance 17/04 .10 .27 (PTEDP0AMS010)...... Count 500 000 500 000 (XS1577950667)...... EUR 4 220 Iberdrola Right (ES06445809J6)...... Count 400 000 400 000 1 .1250 % Brenntag Finance 17/27 .09 .25 Iberdrola Right (ES06445809K4)...... Count 407 407 407 407 (XS1689523840)...... EUR 9 100 9 100 Koninklijke DSM (NL0000009827)...... Count 15 520 1 .0000 % British Telecommunications 17/21 .11 .24 Metso (FI0009007835) ...... Count 60 000 150 000 MTN (XS1720922175) ...... EUR 5 000 Neles (FI4000440664)...... Count 60 000 60 000 2 .7500 % Caixabank 17/14 .07 .28 MTN Nokia (FI0009000681)...... Count 800 000 (XS1645495349)...... EUR 6 000 Orange (FR0000133308)...... Count 200 000 300 000 0 .6250 % Caixabank 19/01 .10 .24 MTN Renault (FR0000131906)...... Count 70 000 (XS2055758804)...... EUR 27 000 Rexel (FR0010451203) ...... Count 300 000 1 .3750 % Caixabank 19/19 .06 .26 MTN Siemens Reg . (DE0007236101) ...... Count 20 000 (XS2013574038)...... EUR 9 300 Siltronic Reg . (DE000WAF3001)...... Count 60 000 4 .0480 % Casino, Guichard-Perrachon Telefónica Right (ES06784309C1)...... Count 411 764 411 764 14/05 .08 .26 MTN (FR0012074284) . . . . EUR 4 000 Telefónica Right (ES06784309D9)...... Count 411 764 411 764 2 .8750 % Cellnex Telecom 17/18 .04 .25 MTN Unilever Reg . (NL0000388619)...... Count 120 000 (XS1551726810)...... EUR 1 000 1 000 UPM Kymmene Corp . Bear . (FI0009005987). . . . . Count 80 000 1 .7500 % Cellnex Telecom 20/23 .10 .30 MTN (XS2247549731)...... EUR 3 900 3 900 Persimmon (GB0006825383) ...... Count 200 000 2 .7500 % Cemex 17/05 .12 .24 Reg S (XS1731106347)...... EUR 1 930 Citigroup (new) (US1729674242) ...... Count 70 000 120 000 1 .8750 % CNH Industrial Finance Europe Cummins (US2310211063)...... Count 25 000 18/19 .01 .26 MTN (XS1823623878) . . . . EUR 2 200 7 200 Gap (US3647601083) ...... Count 350 000 0 .7500 % Coöp . Rabobank (Utrecht Br .) General Mills (US3703341046)...... Count 50 000 18/29 .08 .23 MTN (XS1871439342) . . . . EUR 6 600 HP (US40434L1052)...... Count 300 000 0 .8750 % Cooperat Rabobank 20/05 .05 .28 MTN Intel Corp . (US4581401001)...... Count 50 000 50 000 (XS2168285000)...... EUR 10 600 10 600 NextEra Energy Partners Units (US65341B1061). . . . Count 20 000 20 000 2 .0000 % Crédit Agricole Assurances 10/17 .07 .30 The Coca-Cola Co . (US1912161007)...... Count 90 000 (FR0013523602)...... EUR 5 700 5 700 UnitedHealth Group (US91324P1021)...... Count 15 000 15 000 4 .2500 % Crédit Agricole Assurances 15/und . (FR0012444750)...... EUR 10 000 Interest-bearing securities 1 .4500 % CyrusOne CyrusOne Finance 0 .0000 % Deutsche Bank 96/28 10. .26 20/22 .01 .27 (XS2089972629)...... EUR 9 000 9 000 (DE0001345759)...... DEM 15 000 2 .8750 % Deut . Pfandbr .bk . 17/28 .06 .27 R .35281 MTN (XS1637926137) ...... EUR 8 000 1 .5000 % Abbvie 19/15 11. 23. Regs 4 .5000 % Deutsche Bank 16/19 05. .26 MTN (XS2117754593)...... EUR 4 000 4 000 (DE000DL40SR8)...... EUR 8 600 8 600 0 .6000 % ABN AMRO Bank 20/15 .01 .27 MTN 2 .6250 % Deutsche Bank 19/12 02. .26 MTN (XS2102283061)...... EUR 4 800 4 800 (DE000DL19US6)...... EUR 10 000 0 .9500 % Adif - Alta Velocidad 19/30 .04 .27 MTN 0 .7500 % Deutsche Post 20/20 .05 .29 MTN (ES0200002048)...... EUR 5 300 (XS2177122624)...... EUR 11 350 11 350 1 .2500 % AIB Group 19/28 .05 .24 MTN 0 .4500 % DH Europe Finance II S .à r .L . (XS2003442436)...... EUR 2 100 19/18 .03 .28 (XS2050404800)...... EUR 5 760 1 .5000 % Allergan Funding 18/15 .11 .23 0 .6970 % Eaton 19/14 .05 .25 (XS1996269061). . . . EUR 9 220 (XS1909193150)...... EUR 4 000 0 .0000 % EDP Finance 08/12 .11 .23 MTN 1 .3010 % Allianz 19/25 09. 49. (DE000A2YPFA1) . . . EUR 24 700 24 700 (XS0399353506)...... EUR 15 000 2 .1250 % Anheuser-Busch InBev 20/02 .12 .27 0 .3750 % EssilorLuxottica 19/27 .11 .27 MTN MTN (BE6320934266) ...... EUR 3 770 3 770 (FR0013463668)...... EUR 5 900 3 .3750 % Argentina 17/15 .01 .23 (XS1715303340) . EUR 1 200 1 .1250 % Fastighets AB Balder 19/29 .01 .27 MTN 1 .6250 % Aroundtown 18/31 .01 .28 MTN (XS2050448336)...... EUR 1 217 1 217 (XS1761721262)...... EUR 2 000 1 .1250 % Fresenius 20/28 .01 33. MTN 2 .1250 % Aroundtown 18/und . (XS1752984440). . . EUR 7 000 (XS2237447961)...... EUR 10 390 10 390 0 .7500 % Atos 18/07 05. 22. (FR0013378445). . . .. EUR 2 300 2 .6250 % GE Capital European Funding 3 .2500 % Auchan Holding 20/23 .07 .27 MTN 13/15 .03 .23 MTN (XS0874840845) . . . . EUR 10 000 (FR0013524865)...... EUR 7 800 7 800 4 .1250 % General Electric 05/19 .09 .35 MTN 2 .0000 % Banco de Sabadell 20/17 .01 .30 MTN (XS0229567440)...... EUR 2 000 (XS2102931677)...... EUR 4 200 4 200

17 DWS Stiftungsfonds

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Security name currency Security name currency additions disposals additions disposals (– / ’000) (– / ’000)

2.2500 % Global Switch Holdings 17/31.05.27 2.5020 % Telefonica Europe 20/und. MTN (XS1623616783) ...... EUR 10 000 10 000 (XS2109819859)...... EUR 8 400 8 400 1.6250 % GROUPE VYV UMG 19/02.07.29 3.0000 % Telia Company 17/04.04.78 (FR0013430840)...... EUR 7 000 7 000 (XS1590787799)...... EUR 10 000 3.2500 % Grupo Antolin Irausa 17/30.04.24 Reg S 1.3750 % Terna Rete Elettrica Nazionale (XS1598243142)...... EUR 6 000 17/26.07.27 MTN (XS1652866002) . . . EUR 8 000 0.8750 % H. Lundbeck 20/14.10.27 MTN 0.1250 % Terna Rete Elettrica Nazionale (XS2243299463)...... EUR 7 700 7 700 19/25.07.25 MTN (XS2033351995) . . . EUR 5 100 1.7500 % Hammerson 16/15.03.23 2.0000 % Thermo Fisher Scientific 14/15.04.25 (XS1379158550)...... EUR 15 000 (XS1142279782)...... EUR 1 530 1.7500 % Indonesia 18/24.04.25 (XS1810775145). EUR 7 300 0.5000 % Thermo Fisher Scientific 19/01.03.28 2.8750 % Infineon Technologies 19/Und. (XS2058556536)...... EUR 4 800 (XS2056730323)...... EUR 6 500 3.0000 % Transurban Finance 20/08.04.30 MTN 0.3000 % International Business Machines (XS2152883406)...... EUR 5 310 5 310 20/11.02.28 (XS2115091717). . . . . EUR 1 000 1 000 1.0000 % UniCredit 18/18.01.23 MTN 1.3750 % Intesa Sanpaolo 17/18.01.24 MTN (XS1754213947)...... EUR 5 000 (XS1551306951)...... EUR 15 050 2.7310 % UniCredit 20/15.01.32 MTN 1.0000 % Intesa Sanpaolo 19/19.11.26 MTN (XS2101558307)...... EUR 7 630 7 630 (XS2081018629)...... EUR 4 700 13 130 3.1000 % Vodafone Group 18/03.01.79 2.7500 % Intrum 17/15.07.22 Reg S (XS1888179477)...... EUR 12 400 12 400 (XS1634531344)...... EUR 5 140 4.0000 % Vonovia Finance 14/und. 0.9000 % Ireland 18/15.05.28 (IE00BDHDPR44). . EUR 15 000 (XS1117300837)...... EUR 4 200 4 200 0.6500 % Italy B.T.P. 16/15.10.23 1.5000 % Vonovia Finance 18/14.01.28 MTN (IT0005215246)...... EUR 20 000 (DE000A19UR79)...... EUR 3 100 1.1250 % KBC Groep 19/25.01.24 MTN 1.1250 % Vonovia Finance 19/14.09.34 MTN (BE0002631126)...... EUR 2 900 (DE000A2R7JE1) ...... EUR 5 000 9 900 4.5000 % LANXESS 16/06.12.76 2.1250 % Walgreens Boots Alliance 14/20.11.26 (XS1405763019)...... EUR 8 000 8 000 (XS1138360166)...... EUR 10 200 10 200 0.7500 % Legrand 20/20.05.30 (FR0013513538). . EUR 5 300 5 300 2.5000 % ZF Europe Finance 19/23.10.27 0.5000 % Lithuania 19/19.06.29 MTN (XS2010039977)...... EUR 14 800 (XS2013677864)...... EUR 2 440 3.0000 % ZF Europe Finance 19/23.10.29 Reg S 0.2500 % Lloyds Bank Corporate Markets (XS2010039894)...... EUR 11 200 14 900 19/04.10.22 MTN (XS2059885058) . . . EUR 4 860 3.3750 % Ziggo Bond 20/28.02.30 Reg S 0.0000 % Medtronic Global Holdings 20/15.10.25 (XS2116386132)...... EUR 10 770 10 770 (XS2238787415)...... EUR 6 150 6 150 1.3750 % Mexico 16/15.01.25 MTN 4.6250 % Compagnie de Saint-Gobain (XS1511779305)...... EUR 10 000 12/09.10.29 MTN (XS0837769354) . . . GBP 4 700 1.5000 % Naturgy Finance 18/29.01.28 MTN 1.2500 % Coöperatieve Rabobank 20/14.01.25 (XS1755428502)...... EUR 5 400 MTN (XS2100729776) ...... GBP 5 000 5 000 1.1250 % Norsk Hydro 19/11.04.25 2.5000 % Intesa Sanpaolo 20/15.01.30 MTN (XS1974922442)...... EUR 4 110 (XS2102388597)...... GBP 3 040 3 040 2.2500 % Orsted 17/26.11.29 (XS1720192696). . EUR 10 000 1.0000 % LVMH Moët Hennessy Louis Vuitton 1.9500 % Portugal 19/15.06.29 (PTOTEXOE0024). EUR 8 000 20/11.02.23 MTN (FR0013482858) . . . GBP 5 700 5 700 0.3750 % ProLogis Euro Finance 20/06.02.28 2.1250 % Orsted 19/17.05.27 MTN (XS2112475509)...... EUR 5 260 5 260 (XS1997070781)...... GBP 4 720 0.3750 % Raiffeisen Bank International 1.6600 % Total Capital International 19/22.07.26 19/25.09.26 MTN (XS2055627538) . . . EUR 6 000 MTN (XS2004382136) ...... GBP 3 900 0.5000 % RELX Finance 20/10.03.28 3.6000 % Walgreens Boots Alliance 14/20.11.25 (XS2126161764)...... EUR 2 750 2 750 (XS1138359663)...... GBP 5 000 5 000 0.8750 % RELX Finance 20/10.03.32 (XS2126162069)...... EUR 2 600 2 600 2.6000 % AbbVie 19/21.11.24 144a 0.9500 % Rentokil Initial 17/22.11.24 MTN (US00287YBQ17)...... USD 5 400 (XS1722897623)...... EUR 12 230 4.3750 % AES Panama 20/31.05.30 Reg S 3.5000 % Romania 19/03.04.34 MTN Reg S (USP0608AAB28)...... USD 1 844 1 844 (XS1970549561)...... EUR 1 480 0.7500 % African Development Bank 20/03.04.23 0.1250 % Royal Bank of Canada 19/23.07.24 MTN (US008281BC08)...... USD 4 810 4 810 MTN (XS2031862076) ...... EUR 16 440 3.8750 % Allianz 16/und. MTN (XS1485742438). . USD 10 000 1.0000 % Santander Consumer Finance 3.6250 % América Móvil 19/22.04.29 19/27.02.24 MTN (XS1956025651) . . . EUR 4 100 (US02364WBH79) ...... USD 1 560 0.2500 % Siemens Financieringsmaatschappij 2.2000 % Apple 19/11.09.29 (US037833DP29). . USD 8 000 20/05.06.24 MTN (XS2182055181) . . . EUR 5 800 5 800 2.1630 % Axiata SPV2 20/19.08.30 MTN 0.2750 % Slovenia, Republic of 20/14.01.30 (XS2216900105)...... USD 1 310 1 310 (SI0002103966)...... EUR 4 000 4 000 2.9000 % Bristol-Myers Squibb 19/26.07.24 144a 1.5000 % Smurfit Kappa Treasury 19/15.09.27 (US110122BZ08)...... USD 5 230 (XS2050968333)...... EUR 5 190 3.1250 % Chile 16/21.01.26 (US168863CA49). . . USD 7 000 1.2500 % Société Générale 19/15.02.24 MTN 4.0000 % CVS Health 13/05.12.23 (FR0013403441)...... EUR 4 500 (US126650CC26) ...... USD 4 400 2.7500 % Spain 14/31.10.24 (ES00000126B2). . . EUR 10 000 5.5000 % Fibria Overseas Finance 17/17.01.27 1.4500 % Spain 19/30.04.29 (ES0000012E51). . . EUR 4 700 (US31572UAF30) ...... USD 2 370 0.2500 % Spain 19/30.07.24 (ES0000012E85). . . EUR 15 000 15 000 5.3750 % Hungary 14/25.03.24 (US445545AL04) . USD 2 000 2.3750 % SSE 15/und. (XS1196713298). . . . . EUR 5 000 5 000 4.7500 % Indonesia 15/08.01.26 MTN Reg S 1.6250 % Suez 19/und. (FR0013445335). . . . . EUR 16 800 (USY20721BN86)...... USD 4 000 1.8070 % Telefonica Emisiones 20/21.05.32 MTN 2.9500 % Indonesia 17/11.01.23 (US455780CC89). USD 5 000 (XS2177442295)...... EUR 3 000 3 000 2.8500 % International Business Machines 3.0000 % Telefonica Europe 18/und. 19/13.05.22 (US459200JX08). . . . . USD 6 000 (XS1795406575)...... EUR 5 000 5 000 4.1000 % KLA 19/15.03.29 (US482480AG50) . . . USD 2 444

18 DWS Stiftungsfonds

Count/ Count/ Purchases/ Sales/ Purchases/ Sales/ Security name currency Security name currency additions disposals additions disposals (– / ’000) (– / ’000)

4.0000 % MSCI 19/15.11.29 144a Unlisted securities (US55354GAH39)...... USD 790 3.8750 % NXP/NXP Funding 19/18.06.26 144a Interest-bearing securities (US62954HAA68)...... USD 2 440 4.6250 % Pitney-Bowes 17/15.05.22 2.8750 % Cellnex Telecom 20/18.04.25 MTN (US724479AL44)...... USD 4 000 S.JUN (XS2193654386) ...... EUR 2 500 2 500 3.2500 % Poland 16/06.04.26 (US731011AU68) . . USD 6 000 3.0000 % RELX Capital 20/22.05.30 Investment fund units (US74949LAD47) ...... USD 1 455 1 455 4.3750 % Romania 13/22.08.23 MTN Reg S In-group fund units (incl. units of funds issued by the asset management company) (US77586TAC09) ...... USD 8 000 DWS Invest ESG Floating Rate Notes IC 6.2500 % Senegal 17/23.05.33 (XS1619155564). . USD 4 000 (LU1965927848) (0.088%) ...... Count 100 000 5.8500 % Slovenia 13/10.05.23 Reg S (XS0927637818)...... USD 3 000 3.1260 % UBS Group 19/13.08.30 144a (US902613AA61) ...... USD 2 130 4.0000 % United Rentals North America Derivatives (option premiums realized in opening transactions, or total options 20/15.07.30 (US911365BN33). . . . . USD 3 570 3 570 transactions; in the case of warrants, purchases and sales are shown) 1.7500 % US Treasury 19/30.06.24 (US9128286Z85)...... USD 10 000 6.2500 % Vodafone Group 18/03.10.78 Value (’000) (XS1888180640)...... USD 5 000 Futures contracts Securitized money market instruments Equity index futures 0.2720 % Deut. Pfandbr.bk. 17/01.12.22 R.35288 MTN (DE000A2E4ZJ8)...... EUR 15 000 15 000 Contracts purchased: EUR 11 084 0.0000 % GE Capital European Funding (Underlyings: S&P 500 Index) 15/21.01.20 MTN (XS1169331367) . . . EUR 2 000 0.8000 % GE Capital European Funding Contracts sold: EUR 1 913 219 15/21.01.22 MTN (XS1169353254) . . . EUR 7 500 (Underlyings: DAX (performance index), Euro STOXX 50 Price Euro, FTSE 100 Index, Nasdaq 100 Index, S&P 500 Index) 3.7500 % Great Britain Treasury 11/07.09.21 (GB00B4RMG977) ...... GBP 10 000 Interest rate futures Contracts sold: EUR 627 879 6.8750 % Argentina 16/22.04.21 Cl.A P1 (Underlyings: EURO-BTP (ITALY GOVT) DEC 20, EURO-BTP (US040114GW47)...... USD 5 850 (ITALY GOVT) JUN, EURO-BTP (ITALY GOVT) MAR 20, EURO- 0.9010 % Bank of America 18/25.06.22 BTP (ITALY GOVT) SEP 20, EURO-BUND DEC 20, EURO-BUND (US06051GHJ13) ...... USD 6 000 JUN 20, EURO-BUND MAR 20, EURO-BUND SEP 20, US 10YR 5.8750 % Dell International /EMC 16/15.06.21 NOTE DEC 20, US 10YR NOTE MAR 21) 144a (US25272KAU79)...... USD 2 646 1.5000 % KfW 16/15.06.21 (US500769GZ11) . . . USD 5 000 Currency futures Securities admitted to or included in organized markets Futures contracts to purchase currencies Interest-bearing securities USD/EUR EUR 273 580 3.6500 % Anheuser-Busch InBev Finance 16/01.02.26 (US035242AP13) . . . . . USD 5 000 Futures contracts to sell currencies 3.8750 % Colombia 17/25.04.27 (US195325DL65). USD 2 750 GBP/EUR EUR 494 093 2.6000 % Intel 16/19.05.26 (US458140AU47). . . USD 5 160 USD/EUR EUR 1 948 257 2.8750 % Intel 17/11.05.24 (US458140BD13). . . USD 4 000 3.7500 % Lam Research 19/15.03.26 Option contracts (US512807AS72) ...... USD 2 128 4.1500 % Manulife Financial 16/04.03.26 Options on equity index derivatives (US56501RAC07)...... USD 4 000 2.9500 % Oracle 15/15.05.25 (US68389XBC83) . . USD 5 000 3.7500 % Prologis 15/01.1125 (US74340XBE04). . USD 4 000 Options on equity indices 3.7000 % Santander Holdings USA 18/28.03.22 Put options sold: EUR 66 500 (US80282KAT34) ...... USD 5 000 (Underlyings: Dow Jones Euro STOXX Bank, Euro STOXX 50 Price 2.0000 % Siemens Financieringsmaatsch. Euro) 16/15.09.23 (USN82008AK46). . . . . USD 7 000 7.1250 % Sprint 14/15.06.24 (US85207UAH86). . USD 3 000 5.3000 % Tesla 17/15.08.25 144a Swaps (total amount of opening transactions) (US88160RAE18) ...... USD 13 310 3.5000 % Verizon Communications 14/01.11.24 Credit default swaps (US92343VCR33) ...... USD 2 000 Protection buyer EUR 50 000 (Underlyings: iTraxx Europe 5 Years / 100 BP (GS CO DE) 20.12.25) Securitized money market instruments 3.2500 % BMW US Capital 18/14.08.20 Reg S (USU09513HN26)...... USD 4 445 2.9500 % Deutsche Bank 18/20.08.20 (US251526BU23) ...... USD 3 000 1.1250 % US Treasury 16/28.02.21 (US912828P873)...... USD 5 000

19 DWS Stiftungsfonds

Securities loans (total transactions, at the value agreed at the closing of the loan Securities loans (total transactions, at the value agreed at the closing of the loan contract) contract)

Value (’000) Value (’000)

No fixed maturity EUR 739 312 1.8750 % Téléperformance 18/02.07.25 (FR0013346822), 1.3750 % Security description: 2.6250 % ACCOR 19/Und. (FR0013457157), 0.9500 % Terna Rete Elettrica Nazionale 17/26.07.27 MTN (XS1652866002), Adif - Alta Velocidad 19/30.04.27 MTN (ES0200002048), 3.2500 % 0.1250 % Terna Rete Elettrica Nazionale 19/25.07.25 MTN ADLER Group 20/05.08.25 (XS2010029663), 1.3010 % Allianz (XS2033351995), 0.5000 % Thermo Fisher Scientific 19/01.03.28 19/25.09.49 (DE000A2YPFA1), 2.1250 % Anheuser-Busch InBev (XS2058556536), 3.0000 % Transurban Finance 20/08.04.30 MTN 20/02.12.27 MTN (BE6320934266), 0.6250 % Aroundtown (XS2152883406), 2.1250 % Unibail-Rodamco-Westfield 18/und. 19/09.07.25 MTN (XS2023872174), 3.7500 % ATF Netherlands (FR0013330529), 1.0000 % UniCredit 18/18.01.23 MTN 16/20.01.99 (XS1508392625), 0.1420 % Banco Bilbao Vizcaya (XS1754213947), 0.5020 % UniCredit Leasing Corporation IFN Argentaria 17/01.12.23 MTN (XS1724512097), 0.6250 % Bankinter 19/18.10.22 (XS2066749461), 1.1250 % Vicinity Centres 20/06.10.27 MTN (ES0213679JR9), 3.5000 % Bertelsmann 19/07.11.29 MTN (XS2071382662), 3.1000 % Vodafone Group 15/23.04.75 (XS1222594472), 1.0000 % BMW Finance18/29.08.25 18/03.01.79 (XS1888179477), 5.8750 % Webuild 20/15.12.25 MTN (XS1873143645), 1.5000 % Brambles Finance 17/04.10.27 (XS2271356201), 3.0000 % ZF Europe Finance 19/23.10.29 Reg S (XS1577950667), 1.1250 % Brenntag Finance 17/27.09.25 (XS2010039894), 4.7500 % Aroundtown 19/und. MTN XS1689523840), 4.0480 % Casino, Guichard-Perrachon (XS2017788592), 5.2500 % Centrica 15/10.04.75 MTN 14/05.08.26 MTN (FR0012074284), 1.7500 % Cellnex Telecom (XS1216019585), 1.2500 % Coöperatieve Rabobank 20/14.01.25 20/23.10.30 MTN (XS2247549731), 2.7500 % Cemex 17/05.12.24 MTN (XS2100729776), 3.7500 % Great Britain Treasury Reg S (XS1731106347), 1.8750 % CNH Industrial Finance Europe 11/07.09.21 (GB00B4RMG977), 4.7500 % Marks & Spencer 18/19.01.26 MTN (XS1823623878), 1.6250 % CNH Industrial 12/12.06.25 MTN (XS0863523030), 5.8750 % Orange 14/und. MTN Finance Europe 19/03.07.29 MTN (XS2022084367), 4.7500 % (XS1028597315), 1.0000 % European Investment Bank 16/25.05.21 CNP Assurances 18/und. (FR0013336534), 2.0000 % CNP MTN (XS1394753484), 3.7500 % Norway 10/25.05.21 Assurances 19/27.07.50 MTN (FR0013463775), 1.5710 % (NO0010572878), ABB Reg. (CH0012221716), AXA Comunidad Autónoma de Madrid 19/30.04.29 (ES0000101909), (FR0000120628), BNP Paribas (FR0000131104), Bridgestone Corp. 2.8750 % Deut. Pfandbr.bk. 17/28.06.27 R.35281 MTN (JP3830800003), DuPont de Nemours (US26614N1028), Groupe (XS1637926137), 2.6250 % Deutsche Bank 19/12.02.26 MTN Danone (C.R.) (FR0000120644), Invesco (BMG491BT1088), (DE000DL19US6), 0.8750 % DS Smith 19/12.09.26 MTN Kühne + Nagel International Reg. (CH0025238863), Macy’s (XS2051777873), 2.1250 % Eurofins Scientific 17/25.07.24 (US55616P1049), Orange (FR0000133308), Persimmon (XS1651444140), 2.1240 % Ferrovial Netherlands 17/und. (GB0006825383), Sanofi (FR0000120578), UBS Group Reg. (XS1716927766), 0.6250 % Fresenius Medical Care 19/30.11.26 (CH0244767585), Unibail-Rodamco-Westfield (FR0013326246), MTN (XS2084497705), 3.2500 % Grupo Antolin Irausa UPM Kymmene Corp. Bear. (FI0009005987), Zurich Insurance 17/30.04.24 Reg S (XS1598243142), 1.7500 % Hammerson Group Reg. (CH0011075394), 3.8750 % Allianz 16/und. MTN 16/15.03.23 (XS1379158550), 1.3750 % Heimstaden Bostad (XS1485742438), 5.2500 % AT Securities 17/21.07.99 Treasury 20/03.03.27 MTN (XS2225207468), 1.6250 % Infineon (XS1634523754), 2.1630 % Axiata SPV2 20/19.08.30 MTN Technologies 20/24.06.29 MTN (XS2194283839), 1.3750 % (XS2216900105), 2.8750 % Ball 20/15.08.30 (US058498AW66), Intesa Sanpaolo 17/18.01.24 MTN (XS1551306951), 2.1250 % 2.3750 % BPCE 20/14.01.25 144a (US05583JAG76), 3.1250 % Intesa Sanpaolo 18/30.08.23 MTN (XS1873219304), Intrum Chile 16/21.01.26 (US168863CA49), 4.5000 % CNH Industrial 17/15.07.22 Reg S (XS1634531344), 3.0000 % Intrum 16/15.08.23 (US12594KAA07), 3.6250 % EDP Finance 17/15.07.24 19/15.09.27 MTN Reg S (XS2052216111), 3.5000 % Intrum 144a (US26835PAF71), 0.5000 % European Bank for Rec. & Dev. 19/31.07.26 Reg S (XS2034925375), 0.9000 % Ireland 20/19.05.25 MTN (US29874QEG55), 1.3750 % European 18/15.05.28 (IE00BDHDPR44), 1.5000 % ISS Global Investment Bank 20/15.05.23 (US298785JC16), 5.5000 % Fibria 17/31.08.27 MTN (XS1673102734), 0.8750 % ISS Global Overseas Finance 17/17.01.27 (US31572UAF30), Ghana 19/18.06.26 MTN (XS2013618421), 0.3500 % Italy 19/01.02.25 20/11.02.27 Reg S (XS2115122538), 2.9500 % Indonesia (IT0005386245), 0.6500 % Italy B.T.P. 16/15.10.23 17/11.01.23 (US455780CC89), 0.7500 % Intern. Bank for Reconst. (IT0005215246), 4.5000 % LANXESS 16/06.12.76 and Dev. 20/26.08.30 MTN (US459058JG93), 0.3750 % KfW (XS1405763019), 0.5000 % Lithuania 19/19.06.29 MTN 20/18.07.25 (US500769JF20), 7.1250 % Marks & Spencer (XS2013677864), 1.6250 % Merck 19/25.06.79 (XS2011260531), 20/01.12.37 Reg S (USG5825LAA64), 4.1500 % Mexico 1.3750 % Mexico 16/15.01.25 MTN (XS1511779305), 1.5000 % 17/28.03.27 (US91087BAC46), 2.6250 % PepsiCo 19/29.07.29 Naturgy Finance 18/29.01.28 MTN (XS1755428502), 3.7500 % (US713448EL82), 5.1250 % Scentre Group 20/24.09.80 Reg S Nexans 18/08.08.23 (FR0013354297), 1.6250 % NGG Finance (USQ8053LAB01), 3.7500 % Scentre Management 17/23.03.27 19/05.12.79 (XS2010044977), 2.2500 % Orsted 17/26.11.29 Reg S (USQ8352BAC83), 1.1250 % US Treasury 16/28.02.21 (XS1720192696), 0.6250 % PostNL 19/23.09.26 (US912828P873), 1.7500 % US Treasury 19/30.06.24 (XS2047619064), 0.3750 % ProLogis Euro Finance 20/06.02.28 (US9128286Z85) (XS2112475509), 3.6250 % PVH 16/15.07.24 Reg S (XS1435229460), 3.1250 % PVH 17/15.12.27 Reg S (XS1734066811), 0.0500 % RCI Banque 17/04.11.24 MTN (FR0013292687), 1.2500 % Renault 19/24.06.25 MTN (FR0013428414), 2.8750 % Romania 16/26.05.28 MTN Reg S (XS1420357318), 2.3750 % Romania 17/19.04.27 MTN Reg S (XS1599193403), 0.1250 % Royal Bank of Canada 19/23.07.24 MTN (XS2031862076), 1.0000 % Samhallsbyggnadsbolaget I Norden 20/12.08.27 MTN (XS2114871945), 4.6250 % Samhallsbyggnadsbolaget I Norden AB 19/und. Reg S (XS1974894138), 1.0000 % Santander Consumer Finance 19/27.02.24 MTN (XS1956025651), 3.1250 % Sappi Papier Holding 19/15.04.26 Reg S (XS1961852750), 5.6250 % SES 16/und. (XS1405765659), 0.2500 % Siemens Financieringsmaatschappij 20/05.06.24 MTN (XS2182055181), 1.5000 % Smurfit Kappa Treasury 19/15.09.27 (XS2050968333), 2.7500 % Spain 14/31.10.24 (ES00000126B2), 1.6000 % Spain 15/30.04.25 (ES00000126Z1), 0.2500 % Spain 19/30.07.24 (ES0000012E85), 0.6000 % Spain 19/31.10.29 (ES0000012F43), 0.5000 % Spain 20/30.04.30 (ES0000012F76), 1.6250 % Suez 19/und. (FR0013445335), 3.0000 % Telefonica Europe 18/und. (XS1795406575), 2.5020 % Telefonica Europe 20/und. (XS2109819859),

20 DWS Stiftungsfonds

LD unit class

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the investment fund for the period from January 1, 2020, through December 31, 2020 I. Value of the investment fund at the beginning of the fiscal year...... EUR 1 864 059 447.78 I. Income 1. Previous year‘s distribution or tax abatement. . . . . EUR -29 369 036.77 1. Dividends from domestic issuers 2. Net inflows ...... EUR -241 593 267.90 (before corporate income tax)...... EUR 1 245 830.00 a) Inflows from subscriptions...... EUR 130 338 870.97 2. Dividends from foreign issuers b) Outflows from redemptions...... EUR -371 932 138.87 (before withholding tax)...... EUR 11 763 404.88 3. Income adjustment...... EUR 4 864 404.95 3. Interest from domestic securities...... EUR 1 745 521.97 4. Net gain/loss for the fiscal year...... EUR -8 956 243.82 4. Interest from foreign securities thereof: (before withholding tax)...... EUR 18 391 361.77 Net change in unrealized appreciation...... EUR -10 863 441.67 5. Interest from investments of liquid assets in Germany. EUR 77 336.55 Net change in unrealized depreciation...... EUR -45 707 025.26 6. Income from investment certificates ...... EUR 432 139.02 7. Income from securities lending II. Value of the investment fund and repurchase agreements...... EUR 555 956.47 at the end of the fiscal year ...... EUR 1 589 005 304.24 thereof: from securities lending. . . . . EUR 555 956.47 8. Deduction for domestic corporate income tax. . . . . EUR -186 874.61 Distribution calculation for the investment fund 9. Deduction for foreign withholding tax...... EUR -2 082 562.16 10. Other income...... EUR 2 085 231.01

Total income...... EUR 34 027 344.90 Calculation of distribution Total Per unit I. Available for distribution II. Expenses 1. Balance brought forward 1 1. Interest on borrowings ...... EUR -279 433.44 from previous year ...... EUR 157 086 569.16 4.87 thereof: 2. Realized net gain/loss for the fiscal year. . EUR 47 614 223.11 1.48 Commitment fees...... EUR -1 950.48 3. Transfer from the investment fund. . . . EUR 0.00 0.00 2. Management fee...... EUR -16 611 854.19 thereof: II. Not used for distribution All-in fee ...... EUR -16 611 854.19 1. Reinvested ...... EUR 0.00 0.00 3. Other expenses...... EUR -203 086.05 2. Balance carried forward ...... EUR -182 144 285.29 -5.65 thereof: Performance-based fee III. Total distribution...... EUR 22 556 506.98 0.70 from securities lending. . . . . EUR -183 465.38 Legal and consulting expenses. . EUR -19 620.67 Total expenses...... EUR -17 094 373.68 Comparative overview of the last three fiscal years

III. Net investment income...... EUR 16 932 971.22 Net assets at the Net asset IV. Sale transactions end of the value per fiscal year EUR unit EUR 1. Realized gains...... EUR 148 551 969.82 2. Realized losses...... EUR -117 870 717.93 2020...... 1 589 005 304.24 49.31 Capital gains/losses ...... EUR 30 681 251.89 2019...... 1 864 059 447.78 49.85 2018...... 1 837 060 630.22 46.06 V. Realized net gain/loss for the fiscal year...... EUR 47 614 223.11 2017...... 1 794 662 250.73 49.27

1. Net change in unrealized appreciation ...... EUR -10 863 441.67 2. Net change in unrealized depreciation ...... EUR -45 707 025.26 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -56 570 466.93 VII. Net gain/loss for the fiscal year ...... EUR -8 956 243.82

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 unrealized 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.

1 Includes negative interest on cash at bank.

21 DWS Stiftungsfonds

TFC unit class

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

for the period from January 1, 2020, through December 31, 2020 I. Value of the investment fund at the beginning of the fiscal year...... EUR 10 349.92 I. Income 1. Net gain/loss for the fiscal year...... EUR 110.23 1. Dividends from domestic issuers thereof: (before corporate income tax)...... EUR 8.17 Net change in unrealized appreciation...... EUR -38.65 2. Dividends from foreign issuers Net change in unrealized depreciation...... EUR -212.93 (before withholding tax)...... EUR 77.04 3. Interest from domestic securities...... EUR 11.52 II. Value of the investment fund 4. Interest from foreign securities at the end of the fiscal year ...... EUR 10 460.15 (before withholding tax)...... EUR 120.34 5. Interest from investments of liquid assets in Germany. EUR 0.31 6. Income from investment certificates ...... EUR 2.83 Distribution calculation for the investment fund 7. Income from securities lending and repurchase agreements...... EUR 3.67 thereof: Calculation of reinvestment Total Per unit from securities lending. . . . . EUR 3.67 8. Deduction for domestic corporate income tax. . . . . EUR -1.22 I. Available for reinvestment 9. Deduction for foreign withholding tax...... EUR -13.65 10. Other income...... EUR 13.63 1. Realized net gain/loss for the fiscal year. . EUR 361.81 3.62 2. Transfer from the investment fund. . . . EUR 0.00 0.00 Total income...... EUR 222.64 3. Tax withholding amount made available. . EUR 0.00 0.00

II. Reinvestment...... EUR 361.81 3.62 II. Expenses 1. Interest on borrowings 1...... EUR -1.39 thereof: Commitment fees...... EUR -0.01 Comparative overview of the last three fiscal years 2. Management fee...... EUR -58.88 thereof: All-in fee ...... EUR -58.88 Net assets at the Net asset 3. Other expenses...... EUR -0.86 end of the value per thereof: fiscal year EUR unit EUR Performance-based fee from securities lending. . . . . EUR -0.73 Legal and consulting expenses. . EUR -0.13 2020...... 10 460.15 104.60 2019...... 10 349.92 103.50 Total expenses...... EUR -61.13 2018...... - - 2017...... - - III. Net investment income...... EUR 161.51

IV. Sale transactions 1. Realized gains...... EUR 972.45 2. Realized losses...... EUR -772.15

Capital gains/losses ...... EUR 200.30

V. Realized net gain/loss for the fiscal year...... EUR 361.81

1. Net change in unrealized appreciation ...... EUR -38.65 2. Net change in unrealized depreciation ...... EUR -212.93 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -251.58 VII. Net gain/loss for the fiscal year ...... EUR 110.23

1 Includes negative interest on cash at bank.

22 DWS Stiftungsfonds

LC unit class

Statement of income and expenses (incl. income adjustment) Statement of changes in net assets for the investment fund for the period from January 1, 2020, through December 31, 2020 I. Value of the investment fund at the beginning of the fiscal year...... EUR 10 324.13 I. Income 1. Net inflows ...... EUR 101 919.74 1. Dividends from domestic issuers a) Inflows from subscriptions...... EUR 211 301.09 (before corporate income tax)...... EUR 86.63 b) Outflows from redemptions...... EUR -109 381.35 2. Dividends from foreign issuers 2. Income adjustment...... EUR -92.20 (before withholding tax)...... EUR 816.47 3. Net gain/loss for the fiscal year...... EUR -1 575.75 3. Interest from domestic securities...... EUR 121.31 thereof: 4. Interest from foreign securities Net change in unrealized appreciation...... EUR -1 620.47 (before withholding tax)...... EUR 1 275.60 Net change in unrealized depreciation...... EUR -3 260.39 5. Interest from investments of liquid assets in Germany. EUR 5.05 6. Income from investment certificates ...... EUR 30.08 II. Value of the investment fund 7. Income from securities lending at the end of the fiscal year ...... EUR 110 575.92 and repurchase agreements...... EUR 38.76 thereof: from securities lending. . . . . EUR 38.76 Distribution calculation for the investment fund 8. Deduction for domestic corporate income tax. . . . . EUR -13.00 9. Deduction for foreign withholding tax...... EUR -144.71 10. Other income...... EUR 144.53 Calculation of reinvestment Total Per unit Total income...... EUR 2 360.72 I. Available for reinvestment

II. Expenses 1. Realized net gain/loss for the fiscal year. . EUR 3 305.11 3.10 2. Transfer from the investment fund. . . . EUR 0.00 0.00 1 1. Interest on borrowings ...... EUR -19.06 3. Tax withholding amount made available. . EUR 0.00 0.00 thereof: Commitment fees...... EUR -0.14 II. Reinvestment...... EUR 3 305.11 3.10 2. Management fee...... EUR -1 145.42 thereof: All-in fee ...... EUR -1 145.42 3. Other expenses...... EUR -13.80 Comparative overview of the last three fiscal years thereof: Performance-based fee from securities lending. . . . . EUR -12.43 Net assets at the Net asset Legal and consulting expenses. . EUR -1.37 end of the value per fiscal year EUR unit EUR Total expenses...... EUR -1 178.28

III. Net investment income...... EUR 1 182.44 2020...... 110 575.92 103.83 2019...... 10 324.13 103.24 IV. Sale transactions 2018...... - - 2017...... - - 1. Realized gains...... EUR 10 308.72 2. Realized losses...... EUR -8 186.05

Capital gains/losses ...... EUR 2 122.67

V. Realized net gain/loss for the fiscal year...... EUR 3 305.11

1. Net change in unrealized appreciation ...... EUR -1 620.47 2. Net change in unrealized depreciation ...... EUR -3 260.39 VI. Unrealized net gain/loss for the fiscal year. . . . . EUR -4 880.86 VII. Net gain/loss for the fiscal year ...... EUR -1 575.75

1 Includes negative interest on cash at bank.

23 DWS Stiftungsfonds

Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB)) Disclosures in accordance with the Derivatives Regulation Underlying exposure obtained through derivatives: EUR 793 185 542.52

Contracting parties for derivative transactions: Barclays Bank Ireland PLC; J.P. Morgan AG, Frankfurt; Morgan Stanley Europe SE

Disclosures according to the qualified approach:

Composition of the reference portfolio (risk benchmark) 70% Markit iBoxx Euro Corporate Index, 30% MSCI World High Dividend Yield from February 3, 2020, through December 31, 2020

Market risk exposure (value-at-risk)

Lowest market risk exposure...... % 73.604

Highest market risk exposure...... % 114.514

Average market risk exposure ...... % 94.782

The values-at-risk were calculated for the period from February 3, 2020, through December 31, 2020, using the VaR method of 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 investment fund arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the qualified approach as defined by the Derivatives Regulation.

Composition of the reference portfolio (risk benchmark)

80% Markit iBoxx Euro Corporate Index, 20% MSCI World High Dividend Yield from January 1, 2020, through February 2, 2020

Market risk exposure (value-at-risk)

Lowest market risk exposure...... % 108.933

Highest market risk exposure...... % 141.681

Average market risk exposure ...... % 125.114

The values-at-risk were calculated for the period from January 1, 2020, through February 2, 2020, using the VaR method of 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 investment fund arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the qualified approach as defined by the Derivatives Regulation.

In the reporting period, the average leverage effect from the use of derivatives was 1.3, whereby the gross method was used for the calculation of leverage.

Exposure obtained through securities loans: 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

Canon ...... Count 145 000 2 264 498.05

2.6250 % ACCOR 19/Und...... EUR 1 300 1 212 640.00 2.6250 % Allianz 20/Und...... EUR 4 000 4 121 920.00 4.7500 % CNP Assurances 18/und...... EUR 3 000 3 496 380.00 0.8750 % DS Smith 19/12.09.26 MTN...... EUR 600 612 396.00 2.1250 % Eurofins Scientific 17/25.07.24 ...... EUR 1 200 1 277 040.00 0.6250 % Fresenius Medical Care 19/30.11.26 MTN . . EUR 1 000 1 026 650.00 3.0000 % Intrum 19/15.09.27 MTN Reg S ...... EUR 5 000 4 830 900.00 1.5000 % ISS Global 17/31.08.27 MTN...... EUR 10 000 10 124 200.00 0.8750 % ISS Global 19/18.06.26 MTN...... EUR 10 400 10 276 552.00 0.3500 % Italy 19/01.02.25 ...... EUR 12 500 12 771 875.00 3.7500 % Nexans 18/08.08.23...... EUR 1 100 1 183 391.00 1.2500 % Renault 19/24.06.25 MTN...... EUR 1 000 980 590.00 2.3750 % Romania 17/19.04.27 MTN Reg S...... EUR 2 100 2 296 308.00 4.6250 % Samhallsbyggnadsbolaget I Norden AB 19/ und. Reg S...... EUR 1 835 1 970 845.05 3.1250 % Sappi Papier Holding 19/15.04.26 Reg S. . . EUR 2 700 2 642 328.00 0.6000 % Spain 19/31.10.29 ...... EUR 15 000 15 875 100.00 2.1250 % Unibail-Rodamco-Westfield 18/und...... EUR 13 900 13 121 461.00 1.1250 % Vicinity Centres 19/07.11.29 MTN...... EUR 5 900 6 108 742.00 5.8750 % Webuild 20/15.12.25...... EUR 750 775 620.00

6.1000 % Dell International/EMC 20/15.07.27 Reg S . . USD 1 500 1 517 716.10 0.5000 % European Bank for Rec. & Dev.20/19.05.25 MTN...... USD 2 600 2 123 444.59 0.8750 % European Investment Bank 20/17.05.30. . . USD 13 500 10 863 821.98 3.7500 % Scentre Management 17/23.03.27 Reg S. . . USD 1 600 1 404 878.77

Total receivables from securities loans 112 879 297.54 112 879 297.54

24 DWS Stiftungsfonds

Contracting parties for securities loans: Barclays Bank PLC, London; Barclays Bank Ireland PLC; BNP Paribas S.A., Paris; Citigroup Global Markets Ltd., London; Crédit Suisse Securities (Europe) Ltd.; Deutsche Bank AG, Frankfurt; Goldman Sachs International; J.P. Morgan Securities PLC; Morgan Stanley Europe SE; Zürcher Kantonalbank

Total collateral pledged by third parties for securities loans: EUR 121 311 106.06 thereof: Bonds EUR 59 491 072.72 Equities EUR 54 784 738.24 Other EUR 7 035 295.10

Income from securities lending, including costs and charges incurred directly and indirectly: These items are listed in the statement of income and expenses. Other disclosures Net asset value per unit, Class LD: EUR 49.31 Net asset value per unit, Class TFC: EUR 104.60 Net asset value per unit, Class LC: EUR 103.83

Number of units outstanding, Class LD: 32 223 581.395 Number of units outstanding, Class TFC: 100.000 Number of units outstanding, Class LC: 1 065.000

Disclosure regarding asset valuation procedures: The Depositary shall determine the value with the participation of the asset management company. The Depositary generally bases its valuation on external sources.

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset 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.

Disclosures on transparency and the total expense ratio: The total expense ratio was:

Class LD 1.09% p.a. Class TFC 0.59% p.a. Class LC 1.09% p.a.

The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.

As well, the additional income from securities lending resulted in a performance-based fee of

Class LD 0.012% Class TFC 0.007% Class LC 0.012% of the fund’s average net assets.

An all-in fee of

Class LD 1.10% p.a. Class TFC 0.60% p.a. Class LC 1.10% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment. Of this annual fee, the asset management company in turn pays up to

Class LD 0.08% p.a. Class TFC 13.14% p.a.1 Class LC 1.25% p.a.2 to the Depositary and

Class LD 0.02% p.a. Class TFC 0.02% p.a.1 Class LC 0.02% p.a.2 to other parties (for printing and publication costs, auditing and other items).

1 This is due to the low level of net assets in the TFC class. 2 This is due to the low level of net assets in the LC class.

In the fiscal year from January 1, 2020, through December 31, 2020, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Stiftungsfonds to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.

Of its own portion of the all-in fee, the Company pays

Class LD more than 10% Class TFC less than 10% Class LC less than 10% in commissions to distributors of the fund based on the balance of units distributed.

For investment fund units, the management fee / all-in fee rates in effect as of the reporting date for the investment funds held in the securities portfolio are shown in parentheses in the investment portfolio. 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.

Material other income and expenses are presented for each unit class in the statement of income and expenses.

The transaction costs paid in the reporting period amounted to EUR 332 624.06. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period 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.

The share of transactions conducted in the reporting period for the account of the investment fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 7.13% of all transactions. The total volume was EUR 211 238 120.55. 25 DWS Stiftungsfonds

Remuneration Disclosure

DWS Investment GmbH (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 sub sidiaries (“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 Directive 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 eight 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 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 functions. Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Control Officer (“CCO”), Chief Operating Officer (“COO”), the Global Head of HR as well as since 2019 a Co-Head of the Investment Group. The Head of Performance & Reward is a nonvoting member. The membership of the CCO ensures that Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are appropriately involved 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 systems 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.

In 2019, the Group has strengthened its compensation oversight by implementing the DWS Compensation Operating Committee (“COC”) as a DCC sub-delegated committee, to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans. The responsibility for the design as well as the annual review and update of the investment framework for fund-linked instruments under the Employee Investment Plan (“EIP”) was as well assumed by the DCC. Furthermore, the DCC continues to cooperate with committees at DB Group level, in particular the Deutsche Bank Senior Executive Compensation Committee (“SECC”), and leverages certain Deutsche Bank Group control committees.

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 compensation 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 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 determined 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- taking. 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 2019 financial year, the Group Component is determined based upon the performance of four equally weighted Key Performance Indicators (KPIs) at DB Group level: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted non-interest related costs and post-tax return on tangible equity (“RoTE”). These four KPIs represent important metrics for the capital, risk, cost and the revenue profile of DB Group and provide a good indication of its sustainable performance.

With the “Group Component”, the Group and the Company aim to recognise that every employee contributes to the Group’s and thereby to DB Group’s success. 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. .

26 DWS Stiftungsfonds

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 and future incentive 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 2019

Market conditions were more favourable compared to the challenging environment of 2018, helping to contribute significant Assets under Management (“AuM”) growth at the Group in 2019. Overall, constructive equity markets allowed the Group to execute its strategic priorities effectively and achieve all of its financial targets in 2019. The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success, as the Group reported the highest annual net inflows since 2014, including significant contributions from strategic partnerships.

Against this backdrop, the DCC has monitored the affordability of VC for 2019. 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 2019 VC awards to be granted in March 2020, the Group Component was awarded to eligible employees in line with the assessment of the defined four KPIs. The Deutsche Bank AG Management Board recognizing the considerable contribution of employees and at its sole discretion determined a target achievement rate of 60% for 2019.

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, 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 employees 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 20191

Number of employees on an annual average 510 Total Compensation EUR 85 255 978 Fixed Pay EUR 52 488 097 Variable Compensation EUR 32 767 881 Thereof: Carried Interest EUR 0 Total Compensation for Senior Management 2 EUR 6 293 800 Total Compensation for other Material Risk Takers EUR 12 282 490 Total Compensation for Control Function employees EUR 1 829 636

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 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.

27 DWS Stiftungsfonds

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 112 879 297.54 - - In % of the fund’s net assets 7.10 - -

2. The 10 largest counterparties 1. Name Barclays Bank Ireland PLC Gross volume 32 677 833.05 of open transactions Country of registration Ireland

2. Name J.P. Morgan Securities PLC Gross volume 28 678 005.00 of open transactions Country of registration United Kingdom

3. Name Deutsche Bank AG, Frankfurt Gross volume 20 577 750.00 of open transactions Country of registration Federal Republic of Germany

4. Name Crédit Suisse Securities (Europe) Ltd. Gross volume 10 863 821.98 of open transactions Country of registration United Kingdom

5. Name Goldman Sachs International Gross volume 9 837 924.00 of open transactions Country of registration United Kingdom

6. Name Morgan Stanley Europe SE Gross volume 4 047 623.05 of open transactions Country of registration Federal Republic of Germany

7. Name Citigroup Global Markets Ltd., London Gross volume 3 528 323.36 of open transactions Country of registration United Kingdom

8. Name Zürcher Kantonalbank Gross volume 1 517 716.10 of open transactions Country of registration Switzerland

9. Name Barclays Bank PLC, London Gross volume 612 396.00 of open transactions Country of registration United Kingdom

28 DWS Stiftungsfonds

10. Name BNP Paribas S.A., Paris

Gross volume 537 905.00 of open transactions Country of registration France

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 112 879 297.54 - -

5. Type(s) and quality/qualities of collateral received Type(s): Bank balances - - - Bonds 59 491 072.72 - - Equities 54 784 738.24 - - Other 7 035 295.10 - - 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.

29 DWS Stiftungsfonds

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

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 121 311 106.06 - -

8. Income and cost portions (before income adjustment) Income portion of the fund Absolute 402 715.85 - - In % of gross income 67.00 - - Cost portion of the fund - - -

Income portion of the Management Company Absolute 198 351.35 - - 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 112 879 297.54 Share 7.55

11. The 10 largest issuers, based on all SFTs and total return swaps 1. Name European Investment Bank (EIB) Volume of collateral received 13 318 674.50 (absolute)

2. Name Agence France Locale Volume of collateral received 8 639 113.31 (absolute)

30 DWS Stiftungsfonds

3. Name Slovakia, Republic of Volume of collateral received 6 514 669.48 (absolute)

4. Name Austria, Republic of Volume of collateral received 5 163 728.05 (absolute)

5. Name Banco Santander S.A. Volume of collateral received 4 459 673.90 (absolute)

6. Name Biesse S.p.A. Volume of collateral received 2 933 983.25 (absolute)

7. Name Aurizon Holdings Ltd. Volume of collateral received 2 933 967.00 (absolute)

8. Name Diploma PLC Volume of collateral received 2 933 928.38 (absolute)

9. Name Banco de Sabadell S.A. Volume of collateral received 2 933 879.81 (absolute)

10. Name CNH Industrial N.V. Volume of collateral received 2 933 876.68 (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 - -

31 DWS Stiftungsfonds

14. Depositaries/Account holders of received collateral from SFTs and total return swaps Total number of depositaries/ 3 - - account holders

1. Name Bank of New York Amount held in custody (absolute) 74 930 525.19

2. Name State Street Bank Amount held in custody (absolute) 38 948 043.45

3. Name State Street Bank International GmbH (Custody Operations) Amount held in custody (absolute) 7 432 537.42

32 Frankfurt/Main, Germany, April 13, 2021 KPMG issued an unqualified auditor‘s report for the full annual report in accordance with article 102 of the German Investment Code. The translation of the auditor‘s report is as follows:

DWS Investment GmbH, Frankfurt/Main The Management

Independent auditor’s report

To DWS Investment GmbH, Frankfurt/Main

Audit opinion We have audited the annual report of the investment fund DWS Stiftungsfonds comprising the activity report for the fiscal year from January 1, 2020, through December 31, 2020, the statement of net assets and the investment portfolio as of December 31, 2020, the statement of income and expenses, the distribution calculation, the statement of changes in net assets for the fiscal year from January 1, 2020, through December 31, 2020, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the investment portfolio, and the notes.

In our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations.

Basis for the audit opinion We conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report.

Responsibility of the legal representatives for the annual report The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal representatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstatement, whether intentional or unintentional.

When preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the continuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant.

33 Responsibility of the auditor for the audit of the annual report Our objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report.

Sufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstate- ments may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report.

During the audit, we exercise due discretion and maintain a critical attitude.

We also:

• Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls.

• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH.

• Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclosures made by the legal representatives.

• Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH.

34 • Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the investment fund in accordance with the provisions of the German KAGB and the relevant European regulations.

We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.

Frankfurt/Main, Germany, April 13, 2021

KPMG AG Wirtschaftsprüfungsgesellschaft

Kuppler Neuf Auditor Auditor

Asset Management Company Management Depositary

DWS Investment GmbH Manfred Bauer State Street Bank International GmbH 60612 Frankfurt/Main, Germany Speaker of the Management Brienner Straße 59 Own funds on 80333 München, Germany December 31, 2019: EUR 289.2 million Member of the Management of Own funds on December 31, 2019: Subscribed and paid-in capital on DWS Management GmbH EUR 2,207.5 million December 31, 2019: EUR 115 million (personally liable partner of (as defined in article 72 of Regulation (EU) DWS Group GmbH & Co. KGaA), No. 575/2013 (CRR)) Supervisory Board Frankfurt/Main Subscribed and paid-in capital on Member of the Management of December 31, 2019: EUR 109.4 million Dr. Asoka Wöhrmann DWS Beteiligungs GmbH, Chairman Frankfurt/Main Shareholder of DWS Management GmbH Member of the Supervisory Board of DWS Investment GmbH (personally liable partner of DWS Investment S.A., DWS Group GmbH & Co. KGaA), Luxembourg DWS Beteiligungs GmbH, Frankfurt/Main Frankfurt/Main Dirk Görgen Christof von Dryander Vice-Chairman Member of the Management of Cleary Gottlieb Steen & Hamilton LLP, DWS Management GmbH Frankfurt/Main (personally liable partner of DWS Group GmbH & Co. KGaA), Hans-Theo Franken Frankfurt/Main Deutsche Vermögensberatung AG, Member of the Management of Frankfurt/Main DWS Beteiligungs GmbH, Frankfurt/Main Dr. Alexander Ilgen Deutsche Bank AG, Stefan Kreuzkamp Frankfurt/Main Member of the Management of Britta Lehfeldt (since May 20, 2020) DWS Management GmbH Deutsche Bank AG, (personally liable partner of Frankfurt/Main DWS Group GmbH & Co. KGaA), Frankfurt/Main Dr. Stefan Marcinowski Member of the Management of Ludwigshafen DWS Beteiligungs GmbH, Frankfurt/Main Prof. Christian Strenger Member of the Supervisory Board of The Germany Funds, DWS Investment S.A., New York Luxembourg

Gerhard Wiesheu Dr. Matthias Liermann Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Member of the Management of Frankfurt/Main DWS International GmbH, Frankfurt/Main Susanne Zeidler Member of the Management of Deutsche Beteiligungs AG, DWS Beteiligungs GmbH, Frankfurt/Main Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main

Petra Pflaum

Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main

As of: January 31, 2021 DWS Investment GmbH 60612 Frankfurt/Main Tel.: +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com