DWS DEUTSCHE GLOBAL LIQUIDITY SERIES P.L.C

DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Condensed Interim Unaudited Report

For the financial period ended 31 December 2020

CONTENTS

Page

General Information 2

Investment Manager’s Report 6

Statement of Comprehensive Income 15

Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders 17

Statement of Financial Position 19

Notes to the Financial Statements 21

Portfolio of Investments 40

Significant Portfolio Changes 55

Other Information 59

Appendix 1: Securities Financing Transactions Regulation ("SFTR") 60

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GENERAL INFORMATION

The condensed interim unaudited report is for the financial period of six months ended 31 December 2020.

The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. The most recent Prospectus of the Fund was issued on 11 August 2020.

DWS Deutsche Global Liquidity Series p.l.c. (the “Fund”) is an investment company with variable capital incorporated on 30 March 2000 and authorised in Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”), and the Central Bank (Supervision Enforcement) Act 2013 (Section 48 (i)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The Fund is supervised by the Central Bank of Ireland (“the Central Bank”).

At 31 December 2020, the Fund comprised of four separate Sub-Funds: Deutsche Managed Dollar Fund (“MDF”), Deutsche Managed Euro Fund (“MEF”), Deutsche Managed Sterling Fund (“MSF”) and Deutsche Managed Dollar Treasury Fund (“MDTF”) (the “Sub-Funds”).

The Fund is structured as an umbrella investment company with segregated liability between Sub-Funds. Shares in different Sub-Funds may be established from time to time by the Directors with the prior consent of the Central Bank. Shares of more than one class may be issued in relation to a Sub-Fund. On the introduction of any new Sub-Fund (for which prior approval from the Central Bank is required), the Fund will prepare and the Directors will issue documentation setting out the relevant details of such Sub-Fund. A separate portfolio of assets will be maintained for each Sub-Fund and will be invested in accordance with the investment objective applicable to such Sub-Fund.

PRICES

There is a single price for buying, selling and exchanging shares in each Sub-Fund. This is represented by the Net Asset Value per Share.

MINIMUM INVESTMENT

Sub-Fund Class Minimum Initial Minimum Holding* Minimum Additional Charges and Investment* Investment* Expenses MDF Platinum US$250,000,000 US$250,000,000 US$10,000 0.10% Reserved US$100,000,000 US$100,000,000 US$10,000 0.15% Advisory US$10,000,000 US$10,000,000 US$10,000 0.18% Institutional US$1,000,000 US$1,000,000 US$10,000 0.25% Investor US$10,000 US$10,000 None 0.75% Platinum Accumulate US$250,000,000 US$250,000,000 US$10,000 0.10% Reserved Accumulate US$100,000,000 US$100,000,000 US$10,000 0.15% Advisory Accumulate US$10,000,000 US$10,000,000 US$10,000 0.18% Institutional Accumulate US$1,000,000 US$1,000,000 US$10,000 0.25% Investor Accumulate US$10,000 US$10,000 None 0.75% Z-Class** US$1,000,000 US$1,000,000 US$10,000 Up to 0.10% MEF Platinum €250,000,000 €250,000,000 €10,000 0.10% Reserved €100,000,000 €100,000,000 €10,000 0.15% Advisory €10,000,000 €10,000,000 €10,000 0.18% Investor €10,000 €10,000 None 0.75% Platinum Accumulate €250,000,000 €250,000,000 €10,000 0.10% Reserved Accumulate €100,000,000 €100,000,000 €10,000 0.15% Advisory Accumulate €10,000,000 €10,000,000 €10,000 0.18% Institutional Accumulate €1,000,000 €1,000,000 €10,000 0.25% Investor Accumulate €10,000 €10,000 None 0.75% Z-Class** €1,000,000 €1,000,000 €10,000 Up to 0.10% ZD-Class** €1,000,000 €1,000,000 €10,000 Up to 0.10%

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GENERAL INFORMATION cont/d...

MINIMUM INVESTMENT cont/d...

Sub-Fund Class Minimum Initial Minimum Holding* Minimum Additional Charges and Investment* Investment* Expenses MSF Platinum UK£250,000,000 UK£250,000,000 UK£10,000 0.10% Reserved UK£100,000,000 UK£100,000,000 UK£10,000 0.15% Advisory UK£10,000,000 UK£10,000,000 UK£10,000 0.18% Institutional UK£1,000,000 UK£1,000,000 UK£10,000 0.25% Investor UK£10,000 UK£10,000 None 0.75% Platinum Accumulate UK£250,000,000 UK£250,000,000 UK£10,000 0.10% Reserved Accumulate UK£100,000,000 UK£100,000,000 UK£10,000 0.15% Advisory Accumulate UK£10,000,000 UK£10,000,000 UK£10,000 0.18% Institutional Accumulate UK£1,000,000 UK£1,000,000 UK£10,000 0.25% Investor Accumulate UK£10,000 UK£10,000 None 0.75% Z-Class** UK£1,000,000 UK£1,000,000 UK£10,000 Up to 0.10% MDTF Platinum US$250,000,000 US$250,000,000 US$10,000 0.10% Reserved US$100,000,000 US$100,000,000 US$10,000 0.15% Advisory` US$10,000,000 US$10,000,000 US$10,000 0.18% Institutional US$1,000,000 US$1,000,000 US$10,000 0.25% Z-Class** US$1,000,000 US$1,000,000 US$10,000 Up to 0.10%

*Subject to the discretion of the Directors. **Z-Class Shares and ZD-Class Shares are intended only for purchase by entities of DWS, or collective investment schemes managed by members of DWS, or other related persons.

DEALING

The Sub-Funds deal as follows; MDF and MDTF deal every day (except a Saturday or a Sunday) upon which banks in New York and in Dublin, the US money markets and the New York Stock Exchange are open for business; MEF deals every day (except a Saturday or a Sunday) on which the Target System is open, provided that there shall be at least one dealing day per fortnight; and MSF deals every day (except a Saturday or a Sunday) upon which banks in London and in Dublin are open for business.

In addition, a business day/dealing day may also include, at the discretion of the Directors, the following Irish Holidays: Saint Patrick’s Day (17 March if falling on a weekday, or if not, the holiday given on the next weekday in respect of Saint Patrick’s Day), Easter Monday, the first Monday in May, the first Monday in June, the first Monday in August, the last Monday in October and Saint Stephen’s Day (26 December if falling on a weekday, or if not, the holiday given on the next weekday in respect of Saint Stephen’s Day). For MEF and MSF the Directors do not intend to include 26 December as a business/dealing day. In respect of MEF the Directors (in agreement with the Fund Administrator) may in exceptional circumstances determine that a day on which the Target System is open shall not be a dealing day, provided, shareholders are notified in advance.

The 2021 Holiday Calendar is available here.

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GENERAL INFORMATION cont/d...

DEALING cont/d...

The valuation point for MDF and MDTF is the close of business in the relevant market on the dealing day. The valuation point for MEF and MSF is 1p.m. (Irish time) on the business day prior to the relevant dealing day.

Applicants for the purchase, sale and exchange of shares in MDF and MDTF may apply either (a) directly through the Fund Administrator, in which case the Dealing Deadline is 4p.m. (New York time) or such earlier time as may be dictated by the closure of relevant exchanges and/or markets on the dealing day or (b) via the Fund Administrator’s U.S. agent, DWS Investment Management Americas Inc. (“DIMA”), in both cases the Dealing Deadline is 4 p.m. (New York time) or such earlier time as may be dictated by the closure of relevant exchanges and/or markets on the dealing day. Applications for the purchase, sale and exchange of shares in the MEF and MSF must be received and accepted by the Fund Administrator before 1p.m. (Irish time) on the dealing day or such earlier time as may be dictated by the closure of relevant exchanges and/or markets on the dealing day. Applications for the purchase, sale and exchange of shares in the MEF and MSF must be received and accepted by the Fund Administrator before the Dealing Deadline for the relevant dealing day unless otherwise approved by the Directors.

In the case of subscriptions on the MDF, MDTF, MEF and MSF, cleared funds and a completed Application Form must have been received and accepted by or on behalf of the Fund Administrator before the relevant Dealing Deadline for the relevant dealing day unless otherwise approved by the Management Company.

In the case of repurchase of shares on the MDF, MDTF, MEF and MSF settlement will normally be on the same dealing day, but in any event no later than ten business days after the relevant dealing day subject to receipt of completed repurchase documentation except in the event of a Standing Request.

All applications should be sent to:

State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Tel: +353-1-776 8000 Fax: +353-1-776 8491

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GENERAL INFORMATION cont/d...

DISTRIBUTIONS

The Directors intend to declare all net income on the dealing day as a distribution to shareholders on record at the time of such declaration in an attempt to stabilise the Net Asset Value per Share at US$1.00/€1.00/UK£1.00 for MDF, MDTF, MEF and MSF, respectively, with the exception of the Accumulate Class Shares. Distributions will be declared daily and are payable monthly on or about the first business day of the following month. For this purpose, net income (from the time immediately preceding determination thereof) shall consist of interest and distributions attributable to Platinum, Reserved, Advisory, Institutional, and Investor Shares and realised profits on the disposal/valuation of investments as may be lawfully distributed less realised losses (including fees and expenses) of the Sub-Fund which are attributable to Platinum, Reserved, Advisory, Institutional, and Investor Shares. Distributions payable to the Platinum, Reserved, Advisory, Institutional and Investor Class shareholders will be re-invested each month by subscription for additional shares of the same class in the Sub-Fund unless shareholders specifically request that distributions be paid by telegraphic transfer. Additional Shares will be issued to shareholders at a price calculated in the same way as for other issues of the relevant class of Share on the same dealing day. There is no minimum of such further Shares which may be so subscribed. Accumulate Shares and Z-Class Shares carry no right to any distribution. Following the introduction of the Money Market Fund Regulation during the year ended 30 June 2019, Platinum, Reserved, Advisory and Investor Shares on MEF were converted into non-Stable Net Asset Value Shares carrying no right to any distribution. The net income attributable to Accumulate Shares, Z-Class Shares and non-Stable Net Asset Value Shares shall be retained within the Sub-Fund and the value of Accumulate Shares may rise accordingly.

RECOGNITION FOR DISTRIBUTION IN THE UNITED KINGDOM (“U.K.”)

The Sub-Funds are recognised for distribution in the U.K. under the Financial Services and Markets Act, 2000. Most or all of the protections of the U.K. regulatory system may not apply. In addition, recourse to the U.K. Financial Services Compensation Scheme may not be available.

Details of the Financial Services Compensation Scheme are available from the distributor of the Sub-Funds in the U.K., DWS Investments UK Limited, the Financial Conduct Authority or from the Scheme itself at Cottons Centre, Cotton Lane, London, SE1 2QB, United Kingdom.

RECOGNITION FOR DISTRIBUTION IN GERMANY

The MDF and MEF are recognised for distribution in Germany. The following Sub-Funds are not recognised for distribution in Germany: MSF and MDTF.

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DEUTSCHE MANAGED DOLLAR FUND

Investment Manager’s Report for the financial period ended 31 December 2020

Review and Highlights of the Period

While the global pandemic has severely impacted people and economies globally, thanks to central banks and government policy makers, it turned out to be a good year for investors as financial markets staged epic recoveries. In the US, the Federal Reserve and government stimulus efforts provided aid to struggling individuals and businesses and helped the US economy begin to recover and supported financial markets leading to new all-time highs in equity markets and strong returns across credit markets. H2 `20 was highlighted by the continued strong performance of financial markets despite the rampant political uncertainty and the surge in COVID-19 infection rates and new lockdown measures. A resurgence of the virus in Q4 threatened economic recovery progress but was offset by the encouragement from news of COVID-19 vaccine approvals. With the notable decline in economic data and strain on employment, it was clear more stimulus was needed but political divisiveness in Washington prevented the passing of additional fiscal stimulus. While initially the US presidential election was contested, it became clear Joe Biden had won the election. President-elect Joe Biden and his new administration are set to take office in January `21 but control of the Senate was still undetermined. Georgia’s two special U.S. Senate run-off votes held out the potential of Democratic Party rule in Washington. This dominated the market narrative heading into year-end: Democratic control of both the House and the Senate increases the likelihood lawmakers will approve additional fiscal stimulus measures in 2021. Despite the recent surge in COVID-19 cases and weaker economic performance, 2020 actually ended with some growing investor optimism as the anticipation of wide spread vaccine distribution, Congressional approval of a COVID relief package and the end of U.S. election anxiety are fueling positive sentiment that the proverbial ‘light at the end of the tunnel’ may be in sight.

US economic activity has slowed as virus cases have spiked around the country. Nonfarm payrolls in November rose by a much lower than expected 245,000, down sharply from October’s gain of 610,000 jobs. The unemployment rate did tick down to 6.7% from 6.9% in October, but much of the decline was attributed to discouraged workers leaving the job market entirely. November inflation came in below the Federal Reserve’s 2% average target. Headline and core CPI both rose 0.2% m/m, putting headline and core inflation on pace for 1.2% and 1.6% y/y, respectively. Price pressures appeared stronger than what we expected after a downturn as severe as the 2020 COVID-19 recession. Low energy prices and slack in the economy account for some downward pressure on inflation. After much deadlock in Washington, U.S. lawmakers approved at year-end a $900 billion pandemic relief bill just before previous aid programs were set to expire. The new package includes $300 per week in enhanced unemployment benefits through March, $600 cash payments for most Americans and $284 billion for the Paycheck Protection Program. The legislation also includes funding for airlines, vaccine distribution, education and many other provisions, but not assistance for state and local governments.

On the monetary policy front, the Federal Open Market Committee maintained the Fed funds target rate in a range of 0- 0.25% at its December policy meeting. The Fed also said it will maintain its current monthly pace of asset purchases (of at least $80 billion in Treasuries and $40 billion in agency mortgage-backed securities) until “substantial further progress” has been made toward its inflation and employment goals. While the “dot-plot” of future rate projections implies no rate changes through 2023, a solid economic recovery in H2`21 and 2022 could result in tapering asset purchases well before rates are adjusted.

In money markets, following the significant recovery to market and liquidity conditions in Q2, rates and investment behavior were most influenced by the supply — demand imbalance in H2 `20. Supply, or lack thereof, was the main driver of rates as term CP/ CD rates and floating rate note spreads have continued to slowly grind lower and tighter as product supply in both government and credit sectors declined. T-bill supply moderated and Agencies were not active issuers which led to a rally in short maturity US government yields across the curve. In credit, many banks were flush with deposits limiting their term funding needs and heavy investor cash positions chased available supply. $Libors tightened throughout the period to all-time lows amidst the low-interest rate environment and the Fed’s well- communicated commitment to keeping rates at zero for a prolonged period. In general, we expect limited money market product supply will keep spreads largely contained in the near term. 1-month and 3-month $Libors trended lower by ↓↓ 4bps to 0.1439% and 6bps to 0.2384%, respectively in H2. Spreads remain very tight as measures of market stress such L-OIS and TED spreads hover at or near all-time lows as well. The money market curve (1mL — 12mL spread) compressed during the period by ↓ 16bps to a spread of 20bps. Across the domestic and offshore

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DEUTSCHE MANAGED DOLLAR FUND

Investment Manager’s Report for the financial period ended 31 December 2020 cont/d...

Review and Highlights of the Period cont/d... money fund space there were generally outflows in H2. The outflows were mostly in Prime and Government strategies but by there were inflows into government funds in the last couple months of the year. Money market fund investors seemed to be both redeploying excess cash reserves in favor of riskier asset classes for higher returns and for typical operational business needs ahead of quarter-end and year-end.

Our strategy in the Dollar fund was in line with our standard approach of maintaining a robust liquidity profile and strong credit and sector diversification but with a bias toward above-neutral duration. Although the money market yield curve is fairly flat, given the outlook for rates, we feel the pick-up in incremental yield to extend duration seems like relatively good value here in the near term. We extended the fund’s WAM to a 45 — 50 day range to take advantage of this yield pick-up. We selectively added longer tenor credit targeting high quality issuers of CP/ CDs. In addition, we continued to purchase floating rate securities in the 6-month to 1-year tenors when compelling spreads presented relative to fixed- rate alternatives. We generally carried 25% - 30% in overnight liquidity and ~40% in weekly liquidity. Going forward, with no major catalyst to push rates/ spreads wider, we will continue to focus on longer-dated fixed and floating rate securities and balancing the fund with strong liquidity.

Performance

The Dollar fund’s (Platinum Share Class) 1-year net and gross returns outperformed vs the benchmark, iMoneyNet Offshore USD LVNAV (All IMFR): The fund’s 1-year net return as of December 31, 2020 was 0.60% vs 0.54% and the 1- year gross return was 0.70% vs 0.68%.

Net Assets

The AUM of the Dollar fund was ↑ 17.58% over the past 1-year period and ↑ 28.68% in H2 `20. Also highlighted is the significant increase in AUM from the low in May to the recent high mark at year-end of ↑ 96%.

Dollar Fund’s AUM (1yr, H2`20)

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DEUTSCHE MANAGED DOLLAR FUND

Investment Manager’s Report for the financial period ended 31 December 2020 cont/d...

Outlook for the Fund for the next six months

The outlook almost completely relies on how countries gain control of the coronavirus and begin reopening - leading to economic recoveries. The broad distribution of vaccine in the US is incredible logistical challenge but President Biden will make that a priority at the onset of his administration. A COVID relief package is coming that will help support the economy. The labor market and service sectors are likely to struggle this winter, reflecting the enduring challenges of the pandemic. Yet there is optimism the broader distribution of vaccines should let employment rebound sharply in late 2021. Bridging the gap from today until mid-2021 with adequate monetary and fiscal support will be critical to ensuring a speedier recovery.

In financial markets, can the “re-opening trade” and technology keep driving equity markets to new highs and will strong recoveries create a demand surge and push prices up and bond prices down? With strong recoveries could come steeper yield curves and higher inflation potential but it’s unlikely that central banks would let bond yields rise too far, raising the cost of the recovery. In money markets, while net T-bill issuance should substantially improve, overall money market supply remains tepid and should continue to keep money markets rates low and spreads compressed. Furthermore, we see similar dynamics unfold in the 1-3y sector as the search for yield beyond the money markets and the prospect of a steeper Treasury yield curve could result in more cash in the short duration space while 1-3y supply remains muted.

Lee Rodon, Senior Fund Manager DWS – Liquidity Management Americas Prepared: 25 January 2021

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DEUTSCHE MANAGED EURO FUND

Investment Manager’s Report for the financial period ended 31 December 2020

Review and Highlights of the Period

Although the contraction in economic activity was eventually less severe than expected at the height of the crisis, euro area GDP still dropped by 11.8% q/q during the second quarter of 2020, the worst performance on record in the post- WWII era. As expected, the economy started to rebound quickly as soon as general lockdowns were lifted, and business surveys and the first hard data for Q3/20 came out stronger than generally forecast; especially for the manufacturing sector, as well as euro area retail sales, which were above pre-crisis level as early as June.

The release of euro area 'flash' Q3/20 GDP pointed to a healthy rebound of 12.7% q/q in Q3/20, stronger than consensus expectations, with activity recovering c.11% of the output lost in H1/20, leaving GDP still -4.3% below pre- crisis levels. Although the recovery was broad-based across countries, Spain is now severely behind (GDP -9.1% pre- crisis) while the Big 3 are very close together (all at c.-4%).

Since June’s top-up of the ECB PEPP to €1.350trn, the extension of its duration to mid-2021 and specification of its reinvestment policy (to at least end-2022), the ECB has stood at the sidelines. As the immediate crisis recedes, the focus shifts back on inflation. The protracted and uneven nature of the ongoing Eurozone recovery is likely to imply persistent disinflationary forces, with Eurozone inflation remaining mildly negative until the end of 2020 and core inflation finishing the year at c.0.4%y/y, 70bp below its pre-lockdown level.

At the November meeting, the ECB kept its monetary policy unchanged as expected. However, in a very unusual introduction of the press release announcing monetary policy decisions, the GC highlighted the "current environment of risks clearly tilted to the downside", and it pre-committed to recalibrate its instruments at the December meeting, based on a thorough re-assessment of the situation in light of the updated macroeconomic scenario.

Most governments have targeted lockdowns at a small number of sectors (e.g. accommodation, catering and transport), but some like France have gone further and closed non-essential shops. For such countries (notably not Germany) this implies the trade sector (accounting for 12% of Eurozone gross value added) will likely to be severely affected. That said, it is not expected that the rest of the market economy (industry, construction, business services) will escape unscathed. Indeed, persistent macro uncertainty generating concerns over economic activity and the labour market likely implies enhanced precautionary behaviours by firms and households in Q4/20 and beyond. Indeed, with the virus likely still circulating at a high pace until a vaccine can be widely distributed, we think the euro area economy will be impacted by the “stop-and-go” of containment measures, essentially depending on hospital ICU spare capacity.

Euribor fixings have decreased a bit further over the past few months. The 3-month Euribor fixings trade at around - 55bp, a decrease by 7bp since the September ECB meeting. ESTER decreased by 1bp and now trades at around - 56bp.

Outlook for the Fund for the next six months

Unfortunately, strong recovery data are a mere ‘rear window’ exercise and, as Eurozone countries resume partial lockdowns to try to control the rapidly deteriorating health situation, we have significantly revised down our macro expectations. With the downside risks now materialising, we now project euro area GDP to fall by 2.3% q/q in Q4/20 (from +1% q/q previously), mainly pulled down by private consumption (-1.8pp contribution) and investment (-1.0pp). At the country level, we think tighter measures and a domestically oriented economy imply greater economic contraction in France (-4.2% q/q in Q4/20) followed by Spain (-3.6% q/q), while we expect Italy (-3% q/q) and Germany (-0.7% q/q) to hold up better thanks to resilient export demand and less stringent activity restrictions (for now).

This is likely to keep macro uncertainty high and thus fiscal multipliers low. As such, we expect recovery in H1/21 to be only gradual, projecting 0.3% q/q growth in Q1/21 and 0.6% in Q2/21. In sum, we now project Eurozone GDP growth to average 2.7% in 2021 (from 4.7% previously), standing -0.6% below pre-crisis levels at end-2022 (vs Q2 22 previously).

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DEUTSCHE MANAGED EURO FUND

Investment Manager’s Report for the financial period ended 31 December 2020 cont/d...

Outlook for the Fund for the next six months cont/d...

We also expect Eurozone inflation to bear the brunt of COVID-19 restriction tightening. Demand-driven moderation in core inflation, somewhat overshadowed by seasonal distortions in Q3/20, was already evident in Aug-Oct inflation releases. Partial lockdowns in France and Germany in November should induce an additional disinflationary impulse, as consumer confidence will likely deteriorate considerably in late-2020 and precautionary saving will likely pick-up amid escalated uncertainty, likely beyond Q4/20.

As a result, Eurozone core inflation is expected to slide to zero by December and remain at subdued mildly positive levels in H1/20 (avg. 0.1% y/y) as weak demand for discretionary goods and services will likely continue driving inflation dynamics (even after the German VAT tax cut reversal in January is taken into account).

While COVID-19 delayed the ECB’s strategic review, which is now expected to conclude in mid-2021, the Fed’s new strategy, combined with outcome-based forward guidance, has added further focus on it. In our view, the ECB will want to avoid to be seen as “fighting the Fed” by running a structurally tighter policy, because it effectively aims at a lower inflation target.

Although the ECB is unlikely to introduce the idea of “averaging” (ie, making up for periods of below-target inflation), it may at the very least have to more explicitly emphasize the symmetry around the 2% target, for instance, by removing “below” from its definition of price stability.

We believe that the ECB governing council is likely to deliver a comprehensive package aimed at supporting the economy as it faces fast-dwindling momentum at its December meeting:

1. We expect a six-month extension of PEPP net purchases and reinvestment until end-2021 and mid-2023 respectively, but think a higher pace of purchases will be required, leading us to foresee an increased envelope of €500bn (vs €300bn previously). Furthermore, given the likely (more) persistent adverse effect on activity and inflation, we expect the ECB to modestly increase the pace of its APP programme, especially since the temporary €120bn envelope ends in December. 2. Given the success of the TLTRO and increased concerns around tightening in lending conditions as signaled by the ECB’s bank lending survey, we think the ECB will extend the generous TLTRO conditions beyond June 2021, also reducing further the TLTRO rate (from -1.0%) to ensure credit conditions remain easy, extend eased lending performance calculations and relax collateral rules likely till end-2021.

The bar to cut the deposit rate further is high, but the ECB will likely be keen to maintain expectations for a possible cut by emphasizing the downward bias in its forward guidance.

Given our forecast of only modest EUR appreciation in coming months, we do not expect a rate cut. However, in a scenario of EUR strength that sends it toward 1.30 against USD, we think a deposit rate cut remains a possibility, as it remains the most effective tool to address currency appreciation. In scenarios of less aggressive appreciation, the ECB may opt to offset the effect of the stronger EUR by trying to boost domestic demand via even more PEPP rather than reverse the gains through rate cuts.

Harm Carstens DWS, Investment Manager Prepared: 13 January 2021

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DEUTSCHE MANAGED STERLING FUND

Investment Manager’s Report for the financial period ended 31 December 2020

Review and Highlights of the Period

The UK economy continuous to face elevated uncertainty from a somewhat volatile political response to the COVID crisis and the unresolved Brexit negotiations. Despite an impressive bounce in retail sales and credit card spending even before the end of the lockdown, the wider economic backdrop in the UK has remained soft. With hospitalization and death rates slower to come down, the national lockdown has been longer, household confidence lower, and the return to offices more hesitant than in some countries.

With a second COVID wave now gathering pace, new restrictions have recently been announced but these aim at avoiding shutting down business activity completely, as was the case in the first lockdown, which the government appears to regard as a very last resort. Nonetheless, with new restrictions and increased Brexit tensions, we think the UK economic recovery may continue to lack momentum. In particular, even though we still expect a deal to be reached between the UK and the EU the COVID-19 crisis has hampered the capacity of business to prepare for Brexit. With less time, money and people available to prepare for Brexit, we now expect the drag to be more pronounced than we did before the outbreak.

At the November MPC meeting, the committee voted unanimously to increase the stock of gilt purchases by £150b, while maintaining the stock of corporate bond purchases at £20bn, taking the overall asset purchase programme to £895bn.

The additional £150bn will be purchased over 2021. Despite surprising to the upside on the stock of QE, by keeping the pace of purchases broadly unchanged, there is a sense that the status quo has been maintained. The main outcome appears to be that QE extensions are no longer up for discussion and that the Bank will continue to buy bonds for a protracted period of time. With this step, it also moved close to signaling that the impact of QE is primarily on flow rather than stock. That would be consistent with the general tone of the minutes, which suggested that the Bank decided not to substantially ease policy, but merely keep it unchanged.

On negative rates, the Bank said very little. Although not in our baseline, we continue to see the risk that, if needed, the Bank would deploy the policy, initially with a cut in Bank Rate to zero and as part of a wider easing package including a generous Term Funding Scheme with additional incentives for SMEs (TFSME), BoE reserve tiering and lower capital buffer requirements, which could support a nascent recovery by lowering lending rates and boosting lending volumes. The deadline for the survey to banks regarding 'Operational readiness for a zero or negative Bank Rate' is mid- November, and we believe that the Bank may communicate the results in the minutes of the December meeting.

On the fiscal front, the Chancellor outlined the support measures that will be in place for the second wave of the virus, which are largely extensions of measures implemented for the first lockdown. At the heart of the new package is the extension of the Coronavirus Job Retention Scheme (CJRS, or furlough scheme) from November 2020 to March 2021, and equivalent support for the self-employed through the Self Employed Income Support Scheme (SEISS). These are at similar levels of generosity as when implemented to tackle the first wave of the virus earlier in 2020. Direct business support is also available in the form of grants, but these are less generous than earlier in the year. We estimate the cost of the new package to be £30-35bn, and we now see the 2020/21 deficit just shy of 20% of GDP.

Three-month Libor rates declined further from 0.14% to 0.6% in the third and fourth quarter. SONIA decreased by 1 bp to 0.05% by the end of Q4/20.

Outlook for the fund for the next six months

Unlike the first national lockdown in early 2020, the government’s strategy appears to have shifted to containment of the virus (pushing ‘R’ rate to around 1), rather than suppression (‘R’ rate below 1). This is reflected in the fact that restrictions are less stringent, in being targeted at hospitality and non-essential retail/shops (albeit restaurants can remain open for take-away/delivery services, and shops for online click and collect orders). The key difference from an economic perspective is that, unlike the first lockdown, manufacturing, construction, and education can continue. Hence, in terms of economic footprint, we estimate restrictions will weigh directly on about 15% of the economy vs 35- 40% in the first lockdown, with construction, manufacturing and education representing 20-25% of GDP.

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DEUTSCHE MANAGED STERLING FUND

Investment Manager’s Report for the financial period ended 31 December 2020 cont/d...

Outlook for the fund for the next six months cont/d…

Altogether, we now see Q4/20 growth at -1.5% q/q (vs +3.5% previously). Further, we assume that the prospect of further lockdowns and restrictions until a vaccine is successfully deployed means that activity will remain mostly flat in H1/21 and that a decisive recovery does not take hold before H2/ 21.

While we see short-term risks as broadly balanced for our forecasts, we see upside risks further out, which could stem from confidence improving by more than we think from a vaccine, fiscal spending and/or monetary stimulus.

We still expect unemployment to peak just shy of 9% albeit half a year later as job support measures are extended well into 2021. We now see GDP contracting by 11.1% y/y in 2020, and growing by 3.8% y/y and 4.1% y/y in 2021 and 2022, respectively. As a result, we do not expect the UK’s GDP to recover to its pre-COVID (ie, Q4/19) levels by end- 2022. Our view incorporates the disappointing growth so far, lack of clarity regarding extension of emergency fiscal measures and long term public investment plans, and increased Brexit uncertainty.

Given the weak economic outlook and its pronounced downside risks, we expect the BoE to extend its asset purchase program further into next year. Having it run out in the first half of December would otherwise risk an unwanted financial tightening over year-end. We do not see this as a change in stance, but rather a continuation of current policies and consistent with the difficult macroeconomic and political backdrop. An extension of QE likely would be supported by the more dovish members of the MPC.

We also see substantial risks of more policy action, conditioned on excessive Brexit-induced volatility, a disappointing fiscal response and/or a rise in COVID-19 hospitalizations. With underlying inflation likely below 2% and unemployment structurally higher, in our view it would not take much for the bank to decide to deploy more rather than less easing. In such scenario, we would expect a mix of more QE, more forward guidance and, later in 2021, possibly also negative rates, with a preference for a lower Term Funding Scheme (TFS) rate. Governor Bailey recently downplayed the risk of cutting rates below zero in the near term and explained that the ongoing preparations were preparations designed to ensure that the bank could count negative rates as a credible instrument in its toolbox. However, once preparations are completed, it would seem that a further deterioration in the outlook could make the use of negative rates a distinct possibility.

Harm Carstens DWS, Investment Manager Prepared: 13 January 2021

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DEUTSCHE MANAGED DOLLAR TREASURY FUND

Investment Manager’s Report for the financial period ended 31 December 2020

Review and Highlights of the Period

In the US Treasury market, moderating T-bill supply, or lack thereof, was the main driver of rates. US Agencies were not active issuers in the front-end which only added more downward pressure on government rates and led to a rally in short maturity US government yields across the curve. As December ended, rates in the front-end of the curve ranged from 0.07% and 0.10%; even tighter than the end of November. While T-bills yields trended lower, the Secured Overnight Financing Rate (SOFR) — a measure of the cost of borrowing money overnight — maintained a steady range of 0.07% 0.10% reaching a H2 high of 0.13% in July and averaged 0.09% for the period. There could some relief to this pressure on rates in the form of T-bill as supply via fiscal stimulus funding. The amount of stimulus funded through the T-bill markets remains uncertain though. Even if an additional, sizable fiscal stimulus package is agreed to by Congress soon, it’s likely that T-bill supply will continue to trend lower over 2021 due to an expected tilt in Treasury issuance toward longer-dated coupons and an anticipated reduction in the $1.6 trillion Treasury General Account (TGA) balance3 at the Fed as of December 30. Excess reserves in the banking system remain plentiful, and are expected to increase in the months ahead as a result of continuing asset purchases by the Fed along with the expected reduction in

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DEUTSCHE MANAGED DOLLAR TREASURY FUND

Investment Manager’s Report for the financial period ended 31 December 2020 cont/d...

Review and Highlights of the Period cont/d... the Treasury General Account. We thus anticipate yields on T-bills and repo could be pressured lower in 2021. Across the domestic and offshore money fund space there were generally outflows in H2. The outflows were mostly in prime and government strategies but by there were inflows into government funds in the last couple months of the year. Money market fund investors seemed to be both redeploying excess cash reserves in favor of riskier asset classes for higher returns and for typical operational business needs ahead of quarter-end and year-end.

Our strategy in the USD Treasury fund was to maintain a strong liquidity position while selectively extending duration. We sought opportunities to invest over year-end and lock in higher yields by extending duration through primarily T-bill Coupon Note purchases between 3 and 6-months. We focused our exposure to Treasury Note FRNs (which reset off the 3-month T-bill) in the 3 - 9 month maturity range. The fund’s liquidity remains strong with (~12.50 — 15% o/n and 35 - 50% weekly). With repo rates attractive compared to short T-bill rates, we maintained our exposure ~14%. During the period, our allocation to floating rate notes decreased while our fixed rate exposure to T-bills increased. The fund’s duration gradually increased during the period as a result of our bias towards fixed rate exposure and finished the year at 26 days WAM and 80 days WAL. As T-bill issuance is expected to increase somewhat with additional stimulus funding, we will look to keep duration appropriate to extend if yields move higher and continue to balance the fund with floaters, T-bills and overnight repo.

Performance

The Treasury fund’s (Platinum Share Class) 1-year net and gross returns vs the benchmark, iMoneyNet USD Public Debt CNAV (All IMFR) as of December 31, 2020: The fund’s 1-year net return was 0.51% vs 0.35% and the 1-year gross return was 0.56% vs 0.50%.

Net Assets

The AUM of the Dollar Treasury fund over the past semi-annual period (H2 `20) increased by 39% or $157 million to $556 million.

Outlook for the Fund for the next six months

Lee Rodon – Senior Fund Manager DWS – Liquidity Management Americas Prepared: 25 January 2021

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Statement of Comprehensive Income for the financial period ended 31 December 2020

MDF MEF MSF MDTF TOTAL Period ended Period ended Period ended Period ended Period ended Notes 31/12/20 31/12/20 31/12/20 31/12/20 31/12/20 US$ € UK£ US$ € Gross Income 15,013,190 4,715,839 6,005,192 495,315 24,530,590 Net gains on financial assets at fair value through profit or loss 3 22,188 - 63,622 10,991 98,788

Total Investment Income 15,035,378 4,715,839 6,068,814 506,306 24,629,378

Operating Expenses 4 (6,483,415) (3,029,200) (3,791,438) (97,014) (12,817,858)

Operating Profit 8,551,963 1,686,639 2,277,376 409,292 11,811,520

Finance Costs Distributions to Redeemable Participating Shareholders 9 (7,591,969) - (2,277,376) (127,674) (9,072,521) Interest expense - (25,899,470) - - (25,899,470)

Net Income/(Expense) 959,994 (24,212,831) - 281,618 (23,160,471)

Net increase/(decrease) in net assets attributable to Redeemable Participating Shareholders resulting from operations 959,994 (24,212,831) - 281,618 (23,160,471)

In arriving at the results for the period, all amounts above relate to continuing operations. There were no gains/(losses) other than those dealt with in the Statement of Comprehensive Income.

The notes to the Financial Statements are an integral part of these Financial Statements.

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Statement of Comprehensive Income for the financial period ended 31 December 2019

MDF MEF MSF SUSFIF* MDTF TOTAL Period ended Period ended Period ended Period ended Period ended Period ended Notes 31/12/19 31/12/19 31/12/19 31/12/19 31/12/19 31/12/19 US$ €UK£UK£US$€ Gross Income 107,775,183 1,373,358 24,827,453 3,954 4,337,061 130,429,156 Net gains/(losses) on financial assets at fair value through profit or loss 3 412,002 (64,685) (70,115) 277 14,706 239,599

Total Investment Income 108,187,185 1,308,673 24,757,338 4,231 4,351,767 130,668,755

Operating Expenses 4 (5,946,877) (1,591,660) (3,543,309) (721) (75,800) (11,038,063)

Operating Profit/(Loss) 102,240,308 (282,987) 21,214,029 3,510 4,275,967 119,630,692

Finance Costs Distributions to Redeemable Participating Shareholders 9 (91,990,031) - (21,214,029) (7,375) (512,314) (107,316,268) Interest expense - (10,318,989) - - - (10,318,989)

Net Income/(Expense) 10,250,277 (10,601,976) - (3,865) 3,763,653 1,995,435

Net increase/(decrease) in net assets attributable to Redeemable Participating Shareholders resulting from operations 10,250,277 (10,601,976) - (3,865) 3,763,653 1,995,435

*The Deutche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

In arriving at the results for the period, all amounts above relate to continuing operations with the exception of the Deutsche Managed Sterling Ultra Short Fixed Income Fund which terminated on 15 July 2019. There were no gains/(losses) other than those dealt with in the Statement of Comprehensive Income.

The notes to the Financial Statements are an integral part of these Financial Statements.

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Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders for the financial period ended 31 December 2020

MDF MEF MSF MDTF TOTAL Period ended Period ended Period ended Period ended Period ended Notes 31/12/20 31/12/20 31/12/20 31/12/20 31/12/20 US$ € UK£ US$ € Net assets attributable to Redeemable Participating Shareholders at the beginning of the financial period 9,837,183,853 7,223,458,883 8,752,371,977 399,306,797 25,719,348,843

Share Transactions Amounts received on sale of shares issued 13 36,469,680,206 19,937,754,456 29,521,473,583 581,932,618 84,132,051,223 Less: Amounts paid on repurchase of shares 13 (33,186,397,875) (16,946,754,280) (29,619,855,046) (424,874,256) (78,427,212,401)

3,283,282,331 2,991,000,176 (98,381,463) 157,058,362 5,704,838,822 Net increase/(decrease) in net assets attributed to Redeemable Participating Shareholders resulting from operations 959,994 (24,212,831) - 281,618 (23,160,471)

Foreign Currency Translation* - - - - (691,104,954) Net assets attributable to Redeemable Participating Shareholders at the end of the financial period 13,121,426,178 10,190,246,228 8,653,990,514 556,646,777 30,709,922,240

*A notional foreign exchange adjustment occurs as opening balances are translated at financial period end exchange rates which differ each financial period.

The notes to the Financial Statements are an integral part of these Financial Statements.

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Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders for the financial period ended 31 December 2019

MDF MEF MSF SUSFIF* MDTF TOTAL Period ended Period ended Period ended Period ended Period ended Period ended Notes 31/12/19 31/12/19 31/12/19 31/12/19 31/12/19 31/12/19 US$ €UK£UK£ US$ € Net assets attributable to Redeemable Participating Shareholders at the beginning of the financial period 10,606,667,114 4,176,936,304 6,170,261,192 18,046,183 479,166,339 20,455,508,949

Share Transactions Amounts received on sale of shares issued 13 37,565,005,523 13,575,534,728 24,716,896,517 - 180,428,745 75,627,913,297 Less: Amounts paid on repurchase of shares 13 (37,083,784,225) (13,007,275,889) (26,079,847,841) (18,042,318) (241,122,266) (76,196,856,081)

481,221,298 568,258,839 (1,362,951,324) (18,042,318) (60,693,521) (568,942,784) Net increase/(decrease) in net assets attributed to Redeemable Participating Shareholders resulting from operations 10,250,277 (10,601,976) - (3,865) 3,763,653 1,995,435

Foreign Currency Translation** -----468,840,291 Net assets attributable to Redeemable Participating Shareholders at the end of the financial period 11,098,138,689 4,734,593,167 4,807,309,868 - 422,236,471 20,357,401,891

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019. **A notional foreign exchange adjustment occurs as opening balances are translated at financial period end exchange rates which differ each financial period.

The notes to the Financial Statements are an integral part of these Financial Statements.

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Statement of Financial Position as at 31 December 2020

MDF MEF MSF MDTF TOTAL Period ended Period ended Period ended Period ended Period ended Notes 31/12/20 31/12/20 31/12/20 31/12/20 31/12/20 US$ € UK£ US$ € CURRENT ASSETS Financial assets at fair value through profit or loss 11,982,193,115 9,648,245,031 6,855,127,951 481,342,733 27,165,598,790 Investment Funds 400,791,941 - - - 327,564,849

Debtors 6 25,005,634 12,679,070 29,964,037 75,660,268 128,428,515 Cash at bank and in hand 7 739,503,459 537,275,470 1,847,289,595 71,088 3,205,516,328

TOTAL CURRENT ASSETS 13,147,494,149 10,198,199,571 8,732,381,583 557,074,089 30,827,108,482

CURRENT LIABILITIES Creditors – Amounts falling due within one year 8 (26,067,971) (7,953,343) (78,391,069) (427,312) (117,186,242) TOTAL CURRENT LIABILITIES (26,067,971) (7,953,343) (78,391,069) (427,312) (117,186,242)

Net assets attributable to Redeemable Participating Shareholders 13,121,426,178 10,190,246,228 8,653,990,514 556,646,777 30,709,922,240

The notes to the Financial Statements are an integral part of these Financial Statements

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Statement of Financial Position as at 30 June 2020

MDF MEF MSF SUSFIF* MDTF TOTAL Year ended Year ended Year ended Year ended Year ended Year ended Notes 30/06/20 30/06/20 30/06/20 30/06/20 30/06/20 30/06/20 US$ € UK£ UK£ US$ € CURRENT ASSETS Financial assets at fair value through profit or loss 9,560,120,398 7,310,301,795 8,626,905,341 - 398,981,657 25,421,189,541 Investment Funds 277,267,489 ----246,865,941

Debtors 6 13,349,079 15,909,738 8,986,180 60,012 471,811 38,167,112 Cash at bank and in hand 7 155,750 237,858 183,405,695 - 109,611 202,242,528

TOTAL CURRENT ASSETS 9,850,892,716 7,326,449,391 8,819,297,216 60,012 399,563,079 25,908,465,122

CURRENT LIABILITIES Bank overdraft 7 - - - (59,521) - (65,480) Creditors – Amounts falling due within one year 8 (13,708,863) (102,990,508) (66,925,239) (491) (256,282) (189,050,799) TOTAL CURRENT LIABILITIES (13,708,863) (102,990,508) (66,925,239) (60,012) (256,282) (189,116,279)

Net assets attributable to Redeemable Participating Shareholders 9,837,183,853 7,223,458,883 8,752,371,977 - 399,306,797 25,719,348,843

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

The notes to the Financial Statements are an integral part of these Financial Statements.

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Notes to the Financial Statements for the financial period ended 31 December 2020

1. Accounting Policies

Basis of Presentation These condensed interim Financial Statements have been prepared for the financial period ended 31 December 2020.

Statement of compliance These condensed Financial Statements have been prepared in accordance with the Financial Reporting Standard 104 ‘Interim Financial Reporting’ (“FRS 104”) and the UCITS Regulations.

The condensed unaudited Financial Statements should be read in conjunction with the Company’s annual audited Financial Statements for the financial year ended 30 June 2020 which have been prepared in accordance with Financial Reporting Standard 102; the FRS applicable in the UK and Republic of Ireland (“FRS 102”), the UCITS Regulations and Irish Statute comprising the Companies Act 2014. The condensed interim financial statements as at 31 December 2020 are unaudited. We note that the statutory auditor’s report in the audited year end financial statements as at 30 June 2020 was unqualified.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

The Company has availed of the exemption available to open-ended Investment Funds under FRS 102 (Section 7.1 A(c)) and is not presenting cash flow statements. All the Company’s assets and liabilities are held for the purpose of being traded or are expected to be realised within one year.

All references to net assets throughout this document refer to net assets attributable to holders of Redeemable Participating Shares unless otherwise stated.

Significant Accounting Policies The accounting policies and estimation techniques applied in the preparation of the financial statements are consistent with those disclosed in the Company’s annual audited financial statements for the financial year ended 30 June 2020. These policies have been consistently applied to all the periods presented, unless otherwise stated.

2. Fair Value Reconciliation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As a result of the Company’s decision to implement the recognition and measurement provisions of International Accounting Standards (“IAS 39”) Financial Instruments: Recognition, the fair value of assets and liabilities held by MDF, MEF, MSF and MDTF are valued at amortised cost.

Investments in open-ended investment funds are valued at fair value at the latest available unaudited NAV for the shares or units obtained from the relevant administrator or, for quoted or exchange traded Funds, at quoted market prices at the Statement of Financial Position date.

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

3. Net gains/(losses) on financial assets at fair value through profit or loss

Financial period ended 31 December 2020

MDF MEF MSF MDTF TOTAL US$ € UK£ US$ €

Proceeds from sales** of investments during the financial period 443,122,194,343 274,502,018,000 265,387,677,600 10,562,921,274 953,807,321,252 Original cost of investments sold during the financial period (443,122,172,155) (274,502,018,000) (265,387,613,978) (10,562,910,283) (953,807,222,464)

Profit realised on investments sold 22,188 - 63,622 10,991 98,788

Total gains on Investments 22,188 - 63,622 10,991 98,788

Financial period ended 31 December 2019

MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ €

Proceeds from sales** of investments during the financial period 348,915,170,958 132,414,917,121 141,741,746,663 18,147,326 9,659,031,036 616,079,883,267 Original cost of investments sold during the financial period (348,914,758,956) (132,414,981,806) (141,741,816,778) (18,147,049) (9,659,016,330) (616,079,643,668)

Profit/(loss) realised on investments sold 412,002 (64,685) (70,115) 277 14,706 239,599

Total gains/(losses) on Investments 412,002 (64,685) (70,115) 277 14,706 239,599

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019. **Including maturities.

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

4. Operating Expenses

Financial period ended 31 December 2020

MDF MEF MSF MDTF TOTAL US$ € UK£ US$ €

Investment Manager’s fee (by share class) Platinum Share Class (3,838,628) (2,037,905) (3,135,177) (35,243) (8,803,625) Advisory Share Class (1,919,005) (510,839) (415,046) - (2,598,343) Institutional Share Class (66,701) - - - (56,534) Investor Share Class (122) - - - (103) Advisory Accumulative Share Class (13,481) - - - (11,426) Reserved Share Class (150,222) (75,737) (241,215) (12,643) (481,701) Z Shares Class (7,164) (97,582) - (49,128) (145,294) Platinum Accumulate Share Class (488,092) (307,137) - - (720,832) Total expenses (6,483,415) (3,029,200) (3,791,438) (97,014) (12,817,858)

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

4. Operating Expenses cont/d…

Financial period ended 31 December 2019

MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ €

Investment Manager’s fee (by share class) Platinum Share Class (3,152,162) (975,067) (2,260,624) - (4,451) (6,384,596) Advisory Share Class (2,015,903) (369,120) (823,277) - - (3,118,198) Institutional Share Class (82,060) - (11,639) - - (87,028) Investor Share Class (327) - - - - (294) Accumulate Share Class - - - (366) - (416) Advisory Accumulative Share Class (62,057) (19,899) - - - (75,703) Reserved Share Class (177,647) (14,759) (447,769) (355) (12,763) (695,631) Z Shares Class (4,123) (21,204) - - (58,586) (77,594) Platinum Accumulate Share Class (452,598) (191,611) - - - (598,603) Total expenses (5,946,877) (1,591,660) (3,543,309) (721) (75,800) (11,038,063)

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

The charge for Directors' remuneration during the financial period amounted to €61,250 (31 December 2019 - €61,250), of which €Nil (30 June 2020 - €Nil), was payable at the financial period end and is deducted from the Investment Management fee due to DWS Investment S.A..

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

5. Taxation

Under current law and practice the Fund qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares.

No Irish tax will arise on the Fund in respect of chargeable events in respect of:

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Fund or the Fund has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

(b) certain exempted Irish tax resident shareholders who have provided the Fund with the necessary signed statutory declarations.

Distributions, interest and capital gains (if any) received on investments made by the Fund may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Fund or its shareholders.

6. Debtors

31 December 2020 MDF MEF MSF MDTF TOTAL US$ €UK£US$€ Accrued income 24,997,055 12,679,070 29,964,037 634,288 67,103,220 Receivable for fund shares sold 8,579 - - - 7,012 Receivable for investments sold - - - 75,025,980 61,318,283

25,005,634 12,679,070 29,964,037 75,660,268 128,428,515

30 June 2020 MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ € Accrued income 13,347,679 15,909,738 8,986,180 60,012 471,811 38,165,866 Receivable for fund shares sold 1,400 - - - - 1,246 13,349,079 15,909,738 8,986,180 60,012 471,811 38,167,112

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

All amounts included above fall due within one year.

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

7. Cash at bank and in hand

31 December 2020 MDF MEF MSF MDTF TOTAL US$ €UK£US$€ Cash at bank and in hand 739,503,459 537,275,470 1,847,289,595 71,088 3,205,516,328 739,503,459 537,275,470 1,847,289,595 71,088 3,205,516,328

30 June 2020 MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ € Cash at bank and in hand 155,750 237,858 183,405,695 - 109,611 202,242,528 Bank overdraft --- (59,521) - (65,480) 155,750 237,858 183,405,695 (59,521) 109,611 202,177,048

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

Cash at bank and in hand are held with State Street Bank and Trust Company and are in addition to the time deposits disclosed in the Portfolios of Investments.

8. Creditors – Amounts falling due within one year

31 December 2020 MDF MEF MSF MDTF TOTAL US$ €UK£US$€ Interest payable - (171,258) - - (171,258) Accrued expenses (25,067,161) (7,782,085) (13,308,977) (416,346) (43,478,385) Distributions payable (996,006) - (82,971) (10,966) (915,687) Payable for fund shares purchased (4,804) - - - (3,926) Payable for investments purchased - - (64,999,121) - (72,616,986) (26,067,971) (7,953,343) (78,391,069) (427,312) (117,186,242)

30 June 2020 MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ € Interest payable - (49,537) - - - (49,537) Accrued expenses (11,348,049) (2,896,981) (5,200,242) (491) (225,556) (18,923,009) Distributions payable (2,356,010) - (1,727,528) - (30,726) (4,025,527) Payable for fund shares purchased (4,804) - - - - (4,277) Payable for investments purchased - (100,043,990) (59,997,469) - - (166,048,449) (13,708,863) (102,990,508) (66,925,239) (491) (256,282) (189,050,799)

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

There are no creditors falling due in more than one year at 31 December 2020 or 30 June 2020. Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers’ usual customary credit terms.

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Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

9. Distributions to Redeemable Participating Shareholders

31 December 2020 MDF MEF MSF MDTF TOTAL US$ €UK£US$€ Paid 6,595,963 - 2,194,405 116,708 8,126,878 Proposed 996,006 - 82,971 10,966 945,643

Net distribution for the financial period** 7,591,969 - 2,277,376 127,674 9,072,521

Net income for the financial period 8,551,963 1,686,639 2,277,376 409,292 11,811,520

31 December 2019 MDF MEF MSF SUSFIF* MDTF TOTAL US$ € UK£ UK£ US$ € Paid 78,853,559 - 18,428,834 7,375 436,483 92,267,725 Proposed 13,136,472 - 2,785,195 - 75,831 15,048,543

Net distribution for the financial period** 91,990,031 - 21,214,029 7,375 512,314 107,316,268

Net income for the financial period 102,240,308 (282,987) 21,214,029 3,510 4,275,967 119,630,692

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019. **Distributions are paid out of net income and realised gains on investments for all Sub-Funds with the exceptions of SUSFIF Sub-Fund where distributions were paid out of undistributed net income.

10. Significant agreements and related party transactions

Significant agreements The total annual charges and expenses of each class of each Sub-Fund are based on a percentage of the NAV of the class of the Sub-Fund. These charges and expenses will cover the fees and expenses of the Depositary, the Fund Administrator, the Investment Manager and all other charges and expenses which may be charged against each Sub-Fund which are described under the heading “Charges and Expenses” in the Prospectus. No performance fees will be payable by the Sub-Funds.

The total annual charges and expenses of the Sub-Funds differ for the various classes of shares, as a percentage per annum of the NAV of the class of the Sub-Funds. These fees will be payable monthly in arrears and be calculated with reference to the daily NAV of the class of the Sub-Fund.

Please see details of the charges and expenses for each Share Class included in the General Information section of this report under the heading Minimum Investment.

No Investment Management charges and expense will be incurred by shareholders in respect of the Z-Class Shares. The charges and expenses of the Z-Class Shares will only include the charges and expenses of the Depositary and the Fund Administrator and the other charges and expenses which may be charged against the Sub-Funds as described under the heading “Charges and Expenses” of the Prospectus.

The total annual charges and expenses of the Sub-Funds borne by the Z-Class Shares will be limited to 0.10% per annum of the NAV of the Sub-Fund attributable to that class.

27 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

10. Significant agreements and related party transactions cont/d...

Related party transactions DWS Investment S.A. is the Management Company of the Fund. DWS International GmbH is the Investment Manager of the Fund. DWS Investment Management Americas Inc. is the Sub-Investment Manager of MDF and MDTF.

The Fund incurred total charges of €12,817,858 during the financial period (31 December 2019: €11,038,063). At the financial period end, fees of €43,478,385 (30 June 2020: €18,923,009) are unpaid and included in accrued expenses.

The Directors are related parties to the Fund by virtue of their being in a position to exercise control over the activities of the Fund. Directors Reyer Kooy and Alex McKenna are also related parties being DWS employees and did not receive Directors’ fees from the Fund for the financial period ended 31 December 2020 or the financial year ended 30 June 2020. Reyer Kooy and Alex McKenna also did not receive any Directors’ fees from the Investment Manager’s fee paid by the Fund for the financial period ended 31 December 2020 or the financial year ended 30 June 2020. See Note 4 for details of the Directors’ fees for the financial period ended 31 December 2020 or the financial year ended 30 June 2020.

The issued share capital of the Fund is represented by 7 shares (the “subscriber shares”) issued for the purposes of the incorporation of the Fund at an issue price of 1 (US$/€/UK£) per share. 5 subscriber shares are beneficially owned by Deutsche International Corporate Services (Ireland) Limited, 1 subscriber share is beneficially owned by DWS Investment S.A. and 1 subscriber share is beneficially owned by DWS Group Services UK Limited.

As at 31 December 2020, the following Sub-Fund had shareholders who held more than 20% of the Sub-Funds’ Number of Shares in issue:

No. of % Fund Shareholders Shareholding Deutsche Managed Dollar Treasury Fund 3 87.47

As at 30 June 2020, the following Sub-Fund had shareholders who held more than 20% of the Sub-Funds’ Number of Shares in issue:

No. of % Fund Shareholders Shareholding Deutsche Managed Dollar Treasury Fund 2 93.28

All of the above transactions are carried out on an arms-length basis.

The Deutsche Managed Dollar Fund invested in the Deutsche Managed Treasury Dollar Fund during the financial period. The fair value of this investment as at 31 December 2020 can be found in the Portfolio of Investments. The impact of this cross—investment transactions has been eliminated from the total column of the Statement of Financial Position, Statement of Comprehensive Income and the Statement of Changes in Net Assets attributable to Holders of Redeemable Shares.

Dealings with Connected Persons Regulation 43(1) of the Central Bank UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person conducted a) at arm’s length; and b) in the best interest of the unit-holders of the UCITS”.

As required under Central Bank UCITS Regulations 81(4), the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and all transactions with connected persons that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

28 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

11. Soft Commission Arrangements

The Fund did not enter into any soft commission arrangements during the financial period or prior financial periods.

12. Fair valuation hierarchy

FRS 102 requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 - Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following tables analyse within the fair value hierarchy the Fund’s financial assets measured at fair value at 31 December 2020:

MDF Assets Level 1 Level 2 Level 3 Total US$ US$ US$ US$

Financial assets held for trading: Debt securities - 8,352,193,115 - 8,352,193,115 Investment funds - 400,791,941 - 400,791,941 Repurchase agreement - 1,230,000,000 - 1,230,000,000 Time deposits 2,400,000,000 - - 2,400,000,000

Total assets 2,400,000,000 9,982,985,056 - 12,382,985,056

MEF Assets Level 1 Level 2 Level 3 Total €€€€

Financial assets held for trading: Debt securities - 7,668,245,031 - 7,668,245,031 Time deposits 1,980,000,000 - - 1,980,000,000

Total assets 1,980,000,000 7,668,245,031 - 9,648,245,031

29 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

12. Fair valuation hierarchy cont/d...

MSF Assets Level 1 Level 2 Level 3 Total UK£ UK£ UK£ UK£

Financial assets held for trading: Debt securities - 5,605,127,951 - 5,605,127,951 Time deposits 1,250,000,000 - - 1,250,000,000

Total assets 1,250,000,000 5,605,127,951 - 6,855,127,951

MDTF Assets Level 1 Level 2 Level 3 Total US$ US$ US$ US$

Financial assets held for trading: Debt securities - 481,342,733 - 481,342,733

Total assets - 481,342,733 - 481,342,733

The following tables analyse within the fair value hierarchy the Fund’s financial assets measured at fair value at 30 June 2020:

MDF Assets Level 1 Level 2 Level 3 Total US$ US$ US$ US$

Financial assets held for trading: Debt securities - 6,994,720,398 - 6,994,720,398 Investment funds - 277,267,489 - 277,267,489 Time deposits 2,565,400,000 - - 2,565,400,000

Total assets 2,565,400,000 7,271,987,887 - 9,837,387,887

MEF Assets Level 1 Level 2 Level 3 Total €€€€

Financial assets held for trading: Debt securities - 5,496,101,795 - 5,496,101,795 Time deposits 1,814,200,000 - - 1,814,200,000

Total assets 1,814,200,000 5,496,101,795 - 7,310,301,795

30 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

12. Fair valuation hierarchy cont/d...

MSF Assets Level 1 Level 2 Level 3 Total UK£ UK£ UK£ UK£

Financial assets held for trading: Debt securities - 7,246,905,341 - 7,246,905,341 Time deposits 1,380,000,000 - - 1,380,000,000

Total assets 1,380,000,000 7,246,905,341 - 8,626,905,341

MDTF Assets Level 1 Level 2 Level 3 Total US$ US$ US$ US$

Financial assets held for trading: Debt securities - 342,481,657 - 342,481,657 Repurchase agreement - 56,500,000 - 56,500,000

Total assets - 398,981,657 - 398,981,657

There are no financial liabilities measured at fair value at 31 December 2020 and 30 June 2020.

Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1, consist of time deposits. The Sub-Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These consist of certificates of deposit, corporate bonds, commercial paper, depositary notes, floating rate notes, medium term notes, treasury bills, and treasury notes and repurchase agreements. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments classified within Level 3 have significant unobservable inputs as they trade infrequently. There are no investments classified within Level 3 at 31 December 2020 or 30 June 2020.

There have been no transfers between levels of the fair value hierarchy during the financial period ended 31 December 2020 and financial year ended 30 June 2020.

13. Share Capital

The Fund was incorporated and registered in Ireland under the Companies Act 2014 and the UCITS Regulations, as an investment company with variable capital on 30 March 2000 with registered number 324257.

The authorised share capital of the Fund is 1,000,000,000,000 shares of no par value initially designated as unclassified shares.

The unclassified shares are available for issue as shares in any Sub-Fund. The issue price is payable in full on acceptance. There are no rights of pre-emption attaching to the shares in the Sub-Funds.

31 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

The issued share capital of the Fund is represented by 7 shares (the “subscriber shares”) issued for the purposes of the incorporation of the Fund at an issue price of 1 (US$/€/UK£) per share, 5 of which are beneficially owned by Deutsche International Corporate Services (Ireland) Limited, 1 subscriber share is beneficially owned by DWS Investment S.A. and 1 subscriber share is beneficially owned by DWS Group Services UK Limited. The subscriber shares do not form part of the net assets of the Sub-Funds and are disclosed by way of this note only.

All issued redeemable shares are fully paid. The Fund’s capital is represented by these redeemable shares with no par value and with each carrying one vote. They are entitled to distributions and to payment of a proportionate share based on the relevant Sub-Fund’s NAV per share on the redemption date with the exception of the Accumulate share class which accumulates all income including gains/losses in the NAV per share.

The relevant monetary movements are shown on the Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders.

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019

MDF (2020) Platinum Shares Advisory Shares Institutional Shares

Opening shares at 1 July 2020 6,470,984,413 1,767,533,106 58,453,885 Shares issued 27,055,128,513 4,557,736,207 25,357,788 Shares redeemed (24,736,169,814) (3,559,027,676) (31,461,514)

Closing shares at 31 December 2020 8,789,943,112 2,766,241,637 52,350,159

Platinum Shares Advisory Shares Institutional Shares US$ US$ US$

Subscriptions during the financial period 27,055,128,513 4,557,736,207 25,357,788 Redemptions during the financial period (24,736,169,815) (3,559,027,676) (31,461,514)

Advisory Investor Shares Accumulate Shares Reserved Shares

Opening shares at 1 July 2020 86,418 4,535 221,599,102 Shares issued - 1 425,555,870 Shares redeemed - (3,752) (401,741,837)

Closing shares at 31 December 2020 86,418 784 245,413,135

Advisory Investor Shares Accumulate Shares Reserved Shares US$ US$ US$

Subscriptions during the financial period - 7,179 425,555,870 Redemptions during the financial period - (40,147,261) (401,741,837)

32 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MDF (2020) cont/d... Platinum Z-Class Shares Accumulate Shares

Opening shares at 1 July 2020 6,669 112,902 Shares issued 31,115 383,661 Shares redeemed (33,465) (382,510)

Closing shares at 31 December 2020 4,319 114,053

Platinum Z-Class Shares Accumulate Shares US$ US$

Subscriptions during the financial period 323,205,682 4,082,688,967 Redemptions during the financial period (347,625,042) (4,070,224,730)

MDF (2019) Platinum Shares Advisory Shares Institutional Shares

Opening shares at 1 July 2019 6,611,994,879 2,539,395,303 41,301,669 Shares issued 24,080,358,686 6,491,157,994 153,284,613 Shares redeemed (24,345,877,316) (6,617,511,465) (122,101,499)

Closing shares at 31 December 2019 6,346,476,249 2,413,041,832 72,484,783

Platinum Shares Advisory Shares Institutional Shares US$ US$ US$

Subscriptions during the financial period 24,080,358,686 6,491,157,994 153,284,613 Redemptions during the financial period (24,345,877,316) (6,617,511,465) (122,101,499)

Advisory Investor Shares Accumulate Shares Reserved Shares

Opening shares at 1 July 2019 85,460 7,559 301,142,024 Shares issued 673 50,582 813,502,731 Shares redeemed - (50,180) (918,421,650)

Closing shares at 31 December 2019 86,133 7,961 196,223,105

Advisory Investor Shares Accumulate Shares Reserved Shares US$ US$ US$

Subscriptions during the financial period 673 534,966,243 813,502,731 Redemptions during the financial period - (530,626,490) (918,421,650)

33 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MDF (2019) cont/d... Platinum Z-Class Shares Accumulate Shares

Opening shares at 1 July 2019 1,643 97,073 Shares issued 21,358 500,208 Shares redeemed (17,674) (414,877)

Closing shares at 31 December 2019 5,327 182,404

Platinum Z-Class Shares Accumulate Shares US$ US$

Subscriptions during the financial period 219,423,122 5,272,311,461 Redemptions during the financial period (181,579,340) (4,367,666,465)

MEF (2020) Platinum Shares Advisory Shares Reserved Shares

Opening shares at 1 July 2020 501,693 84,682 9,504 Shares issued 1,258,049 164,402 11,330 Shares redeemed (1,071,511) (160,999) (373)

Closing shares at 31 December 2020 688,231 88,085 20,461

Platinum Shares Advisory Shares Reserved Shares € € €

Subscriptions during the financial period 12,482,876,079 1,630,741,674 112,450,280 Redemptions during the financial period (10,632,281,901) (1,596,835,680) (3,697,266)

Platinum Z-Class Shares Accumulate Shares

Opening shares at 1 July 2020 54,819 77,757 Shares issued 233,315 349,047 Shares redeemed (212,476) (268,118)

Closing shares at 31 December 2020 75,658 158,686

Platinum Z-Class Shares Accumulate Shares € €

Subscriptions during the financial period 2,287,423,771 3,424,262,652 Redemptions during the financial period (2,083,001,590) (2,630,937,843)

34 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MEF (2019) Advisory Platinum Shares Advisory Shares Accumulate Shares*

Opening shares at 1 July 2019 210,574 42,319 751,224,602 Shares issued 889,577 139,708 110,858,491 Shares redeemed (802,648) (98,423) (862,083,093)

Closing shares at 31 December 2019 297,503 83,604 -

Advisory Platinum Shares Advisory Shares Accumulate Shares* € € €

Subscriptions during the financial period 8,873,507,426 1,393,343,146 110,698,338 Redemptions during the financial period (8,005,868,071) (981,528,648) (860,760,644)

*The share class launched on 14 March 2019 and fully redeemed on 17 December 2019.

Platinum Reserved Shares Z-Class Shares Accumulate Shares

Opening shares at 1 July 2019 3,030 14,085 74,120 Shares issued 1,402 159,486 163,530 Shares redeemed (2,407) (152,240) (165,762)

Closing shares at 31 December 2019 2,025 21,331 71,888

Platinum Reserved Shares Z-Class Shares Accumulate Shares € € €

Subscriptions during the financial period 14,000,000 1,570,886,581 1,613,099,237 Redemptions during the financial period (24,000,000) (1,499,556,453) (1,635,562,073)

MSF (2020) Platinum Shares Advisory Shares Institutional Shares

Opening shares at 1 July 2020 7,522,725,076 769,766,705 23 Shares issued 25,408,245,869 2,306,665,800 - Shares redeemed (25,343,924,875) (2,324,617,313) -

Closing shares at 31 December 2020 7,587,046,070 751,815,192 23

35 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MSF (2020) cont/d... Platinum Shares Advisory Shares Institutional Shares UK£ UK£ UK£

Subscriptions during the financial period 25,408,245,868 2,306,665,800 - Redemptions during the financial period (25,343,924,875) (2,324,617,314) -

Reserved Shares

Opening shares at 1 July 2020 459,880,173 Shares issued 1,806,561,915 Shares redeemed (1,951,312,858)

Closing shares at 31 December 2020 315,129,230

Reserved Shares UK£

Subscriptions during the financial period 1,806,561,915 Redemptions during the financial period (1,951,312,857)

MSF (2019) Platinum Shares Advisory Shares Institutional Shares

Opening shares at 1 July 2019 4,443,584,695 952,391,422 24,700,023 Shares issued 19,953,145,227 2,176,761,676 7,805,000 Shares redeemed (20,503,331,890) (2,496,683,828) (32,505,000)

Closing shares at 31 December 2019 3,893,398,032 632,469,270 23

Platinum Shares Advisory Shares Institutional Shares UK£ UK£ UK£

Subscriptions during the financial period 19,953,145,228 2,176,761,676 7,805,000 Redemptions during the financial period (20,503,331,890) (2,496,683,828) (32,505,000)

Reserved Shares

Opening shares at 1 July 2019 749,585,053 Shares issued 2,579,184,613 Shares redeemed (3,047,327,123)

Closing shares at 31 December 2019 281,442,543

36 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MSF (2019) cont/d... Reserved Shares UK£

Subscriptions during the financial period 2,579,184,613 Redemptions during the financial period (3,047,327,123)

SUSFIF (2019)* Reserved Shares Accumulate Shares

Opening shares at 1 July 2019 913 868 Shares redeemed (913) (868)

Closing shares at 31 December 2019 --

Reserved Shares Accumulate Shares UK£ UK£

Subscriptions during the financial period -- Redemptions during the financial period (9,139,939) (8,902,379)

*The Deutsche Managed Sterling Ultra Short Fixed Income Fund terminated on 15 July 2019.

MDTF (2020) Platinum Shares Reserved Shares Z-Class Shares

Opening shares at 1 July 2020 87,926,676 30,801,484 26,675 Shares issued 406,905,013 55,027,605 11,399 Shares redeemed (394,081,204) (30,793,051) -

Closing shares at 31 December 2020 100,750,485 55,036,038 38,074

Platinum Shares Reserved Shares Z-Class Shares US$ US$ US$

Subscriptions during the financial period 406,905,013 55,027,605 120,000,000 Redemptions during the financial period (394,081,205) (30,793,051) -

MDTF (2019) Platinum Shares Reserved Shares Z-Class Shares

Opening shares at 1 July 2019 14,059,390 35,755,828 41,395 Shares issued 180,072,876 355,868 - Shares redeemed (162,122,266) - (7,583)

Closing shares at 31 December 2019 32,010,000 36,111,696 33,812

37 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

13. Share Capital cont/d...

Share transactions for the financial periods ended 31 December 2020 and 31 December 2019 cont/d...

MDTF (2019) cont/d... Platinum Shares Reserved Shares Z-Class Shares US$ US$ US$

Subscriptions during the financial period 180,072,877 355,868 - Redemptions during the financial period (162,122,266) - (79,000,000)

14. Efficient Portfolio Management

Subject to the specific investment policies and restrictions (if any) for the relevant Sub-Fund set out in the relevant Supplement, the Sub-Funds may employ techniques and instruments relating to transferable securities under the conditions and within the limits laid down by the Central Bank from time to time provided that such techniques and instruments are used for efficient portfolio management.

The amount invested in derivatives and used for efficient portfolio management purposes in respect of each Sub-Fund will not exceed 15% of the current NAV of the relevant Sub-Fund.

During the financial period ended 31 December 2020 the Company employed repurchases agreements on the Deutsche Managed Dollar Fund as techniques or instruments for Efficient Portfolio Management purposes. During the financial year ended 30 June 2020 the Fund employed repurchase agreements on the Deutsche Managed Dollar Treasury Fund as techniques or instruments for Efficient Portfolio Management purposes.

The revenues arising from the use of repurchase agreements are detailed in the Securities Financing Transactions Regulation disclosure in Appendix 1. Transaction costs are embedded in the price of the investments and are not separately identifiable.

15. Cross Liability of Sub-Funds

At a shareholder meeting on 19 November 2008, the shareholders voted in favour of a resolution providing for certain changes to be made to the Memorandum and Fund's Articles of Association to provide for segregation of liability between the Sub-Funds as provided for in the Investment Funds, Companies and Miscellaneous Provisions Act, 2005. The adoption of segregated liability ensures that the liabilities incurred on behalf of a Sub- Fund will generally be discharged solely out of the assets of that Sub-Fund and there can generally be no recourse to the other Sub-Funds to satisfy those liabilities. Notwithstanding the foregoing there can be no guarantee or assurance that, should an action be brought against the Fund in a court of another jurisdiction, that the segregated nature of the Sub-Funds would necessarily be upheld.

16. Significant events during the financial period

A new Prospectus was issued on 11 August 2020, which included, inter alia, the following updates:

- The removal of the Supplement for the Deutsche Managed Euro Ultra Short Fixed Income Fund; - The inclusion of a 'Pandemic Risk' risk factor; - Updates to the list of members of the board of the Management Company and their biographies; - Updates to reflect that the Management Company is the responsible person for the purposes of valuations; - The extension of the Initial Offer Periods for share classes which have not yet launched; and - The addition of a third Interim Dealing Cycle to the Deutsche Managed Euro Fund and the Deutsche Managed Sterling Fund to satisfy demand from prospective investors and existing shareholders in Asia and Australia to have the ability to trade in the Fund earlier and more frequently than the current offering.

38 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

Notes to the Financial Statements for the financial period ended 31 December 2020 cont/d...

16. Significant events during the financial period cont/d...

The COVID-19 has continued to spread during the financial period. In the Euro and Sterling markets, Euribor and GBP Libor levels have normalized during the financial period with both the Deutsche Managed Euro Fund and the Deutsche Managed Sterling Fund impacted by lower rates with respect to those observed during the financial period at the beginning of the COVID-19 pandemic. In US money markets, where the main driver of rates has been the lack of product supply, COVID-19 has not a significant influence on rates or investor sentiment and there was no significant change to market direction due to COVID-19 during the financial period.

There have been no other significant events affecting the Fund during the financial period.

17. Significant events since the financial period end

There have been no significant events affecting the Fund since the financial period end.

18. Exchange Rates

Where applicable, the Fund Administrator used the exchange rates listed below to translate foreign currency amounts, market value of investments and other assets and liabilities into Euro at the following rates for each EUR 1.

31 December 2020 30 June 2020 31 December 2019 Pound Sterling 0.8951 0.9090 0.8473 US Dollar 1.2235 1.1232 1.1225

The Fund Administrator used the average exchange rates for each reporting period as listed below to translate into Euro the Statement of Comprehensive Income and Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders of those Sub-Funds not prepared in Euro in preparing the Fund’s Combined Statement of Comprehensive Income and the Combined Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders at the following rates for each EUR 1.

31 December 2020 30 June 2020 31 December 2019 Pound Sterling 0.9003 0.8783 0.8793 US Dollar 1.1798 1.1092 1.1121

19. Seasonal or Cyclical changes

The Fund is not subject to seasonal or cyclical changes.

20. Approval of the Financial Statements

The Financial Statements were approved by the Board of Directors on 23 February 2021.

39 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR FUND

Portfolio of Investments as at 31 December 2020

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value US$ % Asset Backed Securities - 16.33% (June 2020 - 17.75%) 75,000,000 Alinghi Funding Company A-1 0.00 05/03/2021 (a) 74,967,500 0.57 50,000,000 Atlantic Asset Security A-1 0.00 22/03/2021 (a) 49,977,542 0.38 41,000,000 Barton Capital Corporation A-1 0.00 06/04/2021 (a) 40,972,758 0.31 50,000,000 Barton Capital Corporation A-1 0.00 04/06/2021 (a) 49,941,278 0.38 32,000,000 Bedford Row Funding A-1+ 0.25 10/02/2021 (a) 32,000,000 0.24 50,000,000 Britannia Funding A-1 0.00 10/02/2021 (a) 49,987,153 0.38 75,000,000 Britannia Funding A-1 0.00 18/02/2021 (a) 74,975,625 0.57 23,200,000 Britannia Funding A-1 0.00 16/03/2021 (a) 23,187,646 0.18 25,000,000 Britannia Funding A-1 0.00 06/05/2021 (a) 24,975,431 0.19 90,325,000 Cancara Asset A-1 0.00 04/01/2021 (a) 90,325,000 0.69 24,500,000 Cancara Asset A-1 0.00 19/05/2021 (a) 24,475,194 0.19 10,599,000 Chesham Finance A-1 0.00 04/01/2021 (a) 10,599,000 0.08 150,000,000 Chesham Finance A-1 0.00 04/01/2021 (a) 150,000,000 1.14 58,154,000 Chesham Finance A-1 0.00 04/01/2021 (a) 58,154,000 0.44 47,000,000 Collateralized Commercial Paper Flex A-1 0.33 14/01/2021 (a) 47,000,000 0.36 30,000,000 Collateralized Commercial Paper Flex A-1 0.00 09/02/2021 (a) 29,992,500 0.23 20,000,000 Collateralized Commercial Paper Flex A-1 0.30 24/02/2021 (a) 20,000,000 0.15 18,000,000 Collateralized Commercial Paper Flex A-1 0.00 25/06/2021 (a) 17,977,640 0.14 75,000,000 Collateralized Commercial Paper V A-1 0.00 28/05/2021 (a) 74,919,000 0.57 50,000,000 Collateralized Commercial Paper V A-1 0.00 16/07/2021 (a) 49,930,306 0.38 39,000,000 Collateralized Commercial Paper V A-1 0.00 19/07/2021 (a) 38,944,793 0.30 48,350,000 Collateralized Commercial Paper V A-1 0.00 20/08/2021 (a) 48,255,073 0.37 50,000,000 Collateralized Commercial Paper V A-1 0.00 27/08/2021 (a) 49,898,819 0.38 25,000,000 Columbia Funding Company A-1 0.00 18/06/2021 (a) 24,970,208 0.19 100,000,000 Glencove Funding A-1 0.27 21/05/2021 (a) 100,000,000 0.76 75,000,000 Glencove Funding A-1 0.29 08/06/2021 (a) 75,000,000 0.57 125,000,000 Ionic Capital II A-1 0.00 15/01/2021 (a) 124,990,451 0.95 62,500,000 Ionic Capital II A-1 0.00 18/02/2021 (a) 62,477,344 0.48 25,000,000 Ionic Capital II A-1 0.00 26/02/2021 (a) 24,990,799 0.19 25,000,000 Ionic Capital II A-1 0.00 05/03/2021 (a) 24,988,750 0.19 25,000,000 Ionic Capital II A-1 0.00 19/03/2021 (a) 24,983,556 0.19 21,600,000 La Fayette A-1 0.00 01/04/2021 (a) 21,587,994 0.16 226,500,000 LMA SA A-1 0.00 04/01/2021 (a) 226,500,000 1.74 20,000,000 LMA SA A-1 0.00 09/04/2021 (a) 19,986,806 0.15 50,000,000 LMA SA A-1 0.00 10/05/2021 (a) 49,958,000 0.38 32,845,000 LMA SA A-1 0.00 12/05/2021 (a) 32,814,637 0.25 28,294,000 Longship Funding A-1+ 0.00 04/01/2021 (a) 28,294,000 0.22 25,000,000 Matchpoint Finance A-1 0.00 19/04/2021 (a) 24,981,771 0.19 25,000,000 Matchpoint Finance A-1 0.00 13/05/2021 (a) 24,975,813 0.19 50,000,000 Sheffield Receivable A-1 0.00 17/02/2021 (a) 49,987,778 0.38 57,425,000 Starbird Funding Corporation A-1 0.00 11/05/2021 (a) 57,376,380 0.44 12,375,000 Versailles Commercial Paper A-1 0.00 01/03/2021 (a) 12,370,573 0.09

2,142,691,118 16.33 Certificates of Deposit - 15.11% (June 2020 - 24.88%) 50,000,000 Banco Del Estado De Chile A-1 0.39 14/01/2021 (a) 50,000,000 0.38 20,000,000 Banco Del Estado De Chile A-1 0.39 22/01/2021 (a) 20,001,407 0.15 65,000,000 Banco Del Estado De Chile A-1 0.27 06/04/2021 (a) 65,000,000 0.50 34,852,000 Bank of America A-1 0.28 11/01/2021 (a) 34,852,000 0.27 80,000,000 Bank of America A-1 0.28 01/10/2021 (a) 80,000,000 0.61 29,500,000 Bank of America A-1 0.35 10/01/2022 (a) 29,500,000 0.22 96,813,000 Bank of Montreal A-1 0.34 02/03/2021 (a) 96,813,000 0.74 50,000,000 Bank of Montreal A-1 0.37 04/03/2021 (a) 50,000,000 0.38 24,000,000 Canadian Imperial Bank of Commerce A-1 0.34 02/03/2021 (a) 24,000,000 0.18

40 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value US$ % Certificates of Deposit - 15.11% (June 2020 - 24.88%) cont/d... 31,500,000 Canadian Imperial Bank of Commerce A-1 0.35 16/06/2021 (a) 31,500,000 0.24 85,000,000 Canadian Imperial Bank of Commerce A-1 0.39 06/08/2021 (a) 85,000,000 0.65 23,000,000 Canadian Imperial Bank of Commerce A-1 0.32 13/12/2021 (a) 23,000,000 0.18 72,750,000 Citibank A-1 0.27 15/06/2021 (a) 72,750,000 0.55 14,200,000 Commonwealth Bank of Australia A-1+ 0.19 17/02/2021 (a) 14,200,000 0.11 70,000,000 Credit Industriel Et Commercial A-1 0.33 09/03/2021 (a) 70,000,000 0.53 60,000,000 Credit Suisse A-1 1.34 29/01/2021 (a) 60,000,000 0.46 25,000,000 Credit Suisse A-1 1.39 08/03/2021 (a) 25,000,000 0.19 40,000,000 Credit Suisse A-1 1.39 31/03/2021 (a) 40,000,000 0.30 51,621,000 First Abu Dhabi Bank A-1+ 0.41 21/01/2021 (a) 51,625,418 0.39 88,500,000 First Abu Dhabi Bank A-1+ 0.33 04/08/2021 (a) 88,500,000 0.67 53,000,000 HSBC Bank A-1 0.41 04/01/2021 (a) 53,000,000 0.40 75,000,000 National Australia Bank A-1+ 0.26 03/09/2021 (a) 75,000,000 0.57 55,000,000 Natixis A-1 0.55 16/02/2021 (a) 55,022,947 0.42 43,250,000 Nordea Bank A-1+ 0.18 24/02/2021 (a) 43,250,000 0.33 85,000,000 Nordea Bank A-1+ 0.33 07/06/2021 (a) 85,000,000 0.65 50,000,000 Nordea Bank A-1+ 0.33 09/06/2021 (a) 50,000,000 0.38 89,000,000 Royal Bank of Canada A-1+ 0.34 16/06/2021 (a) 89,000,000 0.68 80,000,000 Skandinaviska Enskilda Banken A-1 0.24 01/06/2021 (a) 80,000,000 0.61 6,100,000 Standard Chartered Bank A-1 0.28 01/02/2021 (a) 6,100,284 0.05 32,500,000 Standard Chartered Bank A-1 0.25 12/02/2021 (a) 32,500,000 0.25 25,000,000 Standard Chartered Bank A-1 0.26 13/04/2021 (a) 25,000,000 0.19 50,000,000 Standard Chartered Bank A-1 0.28 10/05/2021 (a) 50,000,000 0.38 50,000,000 Svenska Handelsbanken A-1+ 0.23 21/06/2021 (a) 50,001,165 0.38 34,500,000 Svenska Handelsbanken A-1+ 0.36 25/06/2021 (a) 34,500,000 0.26 10,000,000 Toronto Dominion Bank A-1+ 1.30 02/03/2021 (a) 10,000,000 0.08 54,950,000 Toronto Dominion Bank A-1+ 0.22 19/04/2021 (a) 54,950,000 0.42 60,000,000 Wells Fargo Bank A-1 0.33 05/02/2021 (a) 60,000,000 0.46 75,000,000 Westpac Banking Corporation A-1+ 0.36 05/03/2021 (a) 75,000,000 0.57 43,000,000 Westpac Banking Corporation A-1+ 0.27 03/08/2021 (a) 43,010,445 0.33

1,983,076,666 15.11 Commercial Papers - 31.73% (June 2020 - 27.81%) 33,000,000 ASB Finance A-1+ 0.00 16/07/2021 (a) 32,955,771 0.25 20,000,000 Banco Del Estado De Chile A-1 0.00 11/01/2021 (a) 19,998,833 0.15 50,000,000 Banco Del Estado De Chile A-1 0.00 01/02/2021 (a) 49,989,889 0.38 30,000,000 Banco Del Estado De Chile A-1 0.00 08/03/2021 (a) 29,985,825 0.23 50,000,000 Barclays Bank A-1 0.00 19/01/2021 (a) 49,991,667 0.38 75,000,000 Barclays Bank A-1 0.00 04/02/2021 (a) 74,975,458 0.57 90,000,000 Barclays Bank A-1 0.00 12/02/2021 (a) 89,965,875 0.69 31,176,000 Barclays Bank A-1 0.00 20/05/2021 (a) 31,140,667 0.24 25,000,000 BNZ International Funding A-1+ 0.00 15/04/2021 (a) 24,983,868 0.19 50,000,000 BNZ International Funding A-1+ 0.25 16/04/2021 (a) 50,000,000 0.38 44,000,000 BNZ International Funding A-1+ 0.00 09/06/2021 (a) 43,954,240 0.33 50,000,000 BNZ International Funding A-1+ 0.34 30/11/2021 (a) 50,000,000 0.38 30,000,000 Canadian Imperial Bank of Commerce A-1 0.28 06/08/2021 (a) 30,005,179 0.23 60,000,000 Citigroup A-1 0.00 15/06/2021 (a) 59,932,500 0.46 32,500,000 Citigroup A-1 0.00 05/08/2021 (a) 32,448,081 0.25 90,000,000 DBS Bank A-1+ 0.00 18/02/2021 (a) 89,976,375 0.69 45,500,000 DBS Bank A-1+ 0.00 02/03/2021 (a) 45,485,231 0.35 50,000,000 DBS Bank A-1+ 0.00 22/03/2021 (a) 49,973,264 0.38 25,000,000 DBS Bank A-1+ 0.00 06/04/2021 (a) 24,985,625 0.19 35,000,000 DBS Bank A-1+ 0.00 01/06/2021 (a) 34,963,308 0.27 45,000,000 Dexia Credit Local A-1+ 0.00 23/03/2021 (a) 44,978,550 0.34

41 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value US$ % Commercial Papers - 31.73% (June 2020 - 27.81%) cont/d... 45,000,000 Dexia Credit Local A-1+ 0.00 25/03/2021 (a) 44,976,000 0.34 50,000,000 DNB Bank A-1+ 0.26 09/02/2021 (a) 50,000,000 0.38 74,500,000 DNB Bank A-1+ 0.24 24/02/2021 (a) 74,500,000 0.57 102,550,000 Equipment Intermediation A-1+ 0.00 04/01/2021 (a) 102,550,000 0.78 70,000,000 Exxon Mobil Corporation A-1+ 0.00 22/07/2021 (a) 69,895,525 0.53 5,000,000 Federation Des Caiss A-1 0.00 07/01/2021 (a) 4,999,965 0.04 33,400,000 Federation Des Caiss A-1 0.00 08/02/2021 (a) 33,394,155 0.25 50,000,000 First Abu Dhabi Bank A-1+ 0.00 16/02/2021 (a) 49,985,069 0.38 85,000,000 First Abu Dhabi Bank A-1+ 0.00 24/05/2021 (a) 84,914,056 0.65 50,000,000 FMS Wertmanagament A-1+ 0.00 03/03/2021 (a) 49,983,889 0.38 12,000,000 FMS Wertmanagament A-1+ 0.00 25/03/2021 (a) 11,994,533 0.09 65,000,000 Goldman Sachs A-1 0.00 21/05/2021 (a) 64,938,160 0.49 55,000,000 Goldman Sachs A-1 0.00 22/09/2021 (a) 54,888,350 0.42 87,500,000 HSBC Bank A-1 0.40 17/03/2021 (a) 87,500,000 0.67 40,000,000 HSBC Bank A-1 0.00 26/05/2021 (a) 39,913,222 0.30 24,000,000 HSBC Bank A-1 0.00 28/05/2021 (a) 23,947,200 0.18 85,000,000 HSBC Bank A-1 0.37 01/09/2021 (a) 85,000,000 0.65 50,000,000 HSBC Bank A-1 0.37 05/11/2021 (a) 50,000,000 0.38 24,275,000 LVMH A-1 0.00 05/02/2021 (a) 24,269,390 0.18 50,000,000 LVMH A-1 0.00 22/04/2021 (a) 49,964,000 0.38 45,000,000 LVMH A-1 0.00 18/06/2021 (a) 44,944,313 0.34 75,000,000 Mackinac Funding A-1 0.00 20/01/2021 (a) 74,992,333 0.57 21,000,000 Mackinac Funding A-1 0.00 19/02/2021 (a) 20,993,023 0.16 33,065,000 Mackinac Funding A-1 0.00 14/04/2021 (a) 33,040,201 0.25 60,000,000 Macquarie Bank A-1 0.00 02/03/2021 (a) 59,976,725 0.46 30,000,000 Macquarie Bank A-1 0.00 10/03/2021 (a) 29,986,729 0.23 25,000,000 National Australia Bank A-1+ 0.24 13/08/2021 (a) 25,001,425 0.19 25,000,000 National Australia Bank A-1+ 0.27 10/11/2021 (a) 24,999,607 0.19 70,000,000 Nationwide A-1 0.00 06/01/2021 (a) 69,999,300 0.53 27,000,000 Ontario Teachers Finance A-1+ 0.00 09/06/2021 (a) 26,973,675 0.21 50,000,000 Oversea Chinese Banking A-1+ 0.27 22/07/2021 (a) 50,000,000 0.38 18,561,000 Pricoa Short Term Funding A-1+ 0.00 16/02/2021 (a) 18,551,689 0.14 20,000,000 Procter and Gamble A-1+ 0.00 30/03/2021 (a) 19,993,389 0.15 10,000,000 PSP Capital A-1+ 0.29 29/01/2021 (a) 10,000,000 0.08 50,000,000 Shell International Finance A-1+ 0.00 01/10/2021 (a) 49,900,625 0.38 60,000,000 Sinopec Century Bright A-1 0.00 14/01/2021 (a) 59,991,500 0.46 60,000,000 Societe Generale A-1 0.44 02/02/2021 (a) 60,011,332 0.46 50,000,000 ST Engineering A-1+ 0.00 25/03/2021 (a) 49,975,556 0.38 64,000,000 Svenska Handelsbanken A-1+ 0.00 28/06/2021 (a) 63,930,000 0.49 72,000,000 Svenska Handelsbanken A-1+ 0.27 21/09/2021 (a) 71,997,867 0.55 75,000,000 Svenska Handelsbanken A-1+ 0.27 19/10/2021 (a) 74,994,033 0.57 9,350,000 Swedbank A-1 0.00 01/04/2021 (a) 9,344,803 0.07 381,800,000 Toronto Dominion Bank A-1+ 0.00 05/01/2021 (a) 381,798,408 2.91 50,000,000 Toronto Dominion Bank A-1+ 0.36 01/07/2021 (a) 50,000,000 0.38 40,000,000 Total Capcda A-1 0.00 21/01/2021 (a) 39,996,600 0.30 75,000,000 Total Capcda A-1 0.00 20/04/2021 (a) 74,949,208 0.57 57,500,000 Total Capcda A-1 0.00 03/05/2021 (a) 57,454,383 0.44 75,000,000 Toyota Motor Finance A-1+ 0.00 01/02/2021 (a) 74,982,500 0.57 70,000,000 Toyota Motor Finance A-1+ 0.00 22/03/2021 (a) 69,958,078 0.53 60,000,000 UBS A-1 0.30 12/10/2021 (a) 59,989,448 0.46 75,000,000 UBS A-1 0.33 05/11/2021 (a) 75,000,000 0.57 54,000,000 United Overseas Bank A-1+ 0.20 03/05/2021 (a) 53,994,969 0.41 77,050,000 United Overseas Bank A-1+ 0.20 25/05/2021 (a) 77,050,000 0.59 65,000,000 United Overseas Bank A-1+ 0.24 29/06/2021 (a) 65,000,000 0.50 32,500,000 United Overseas Bank A-1+ 0.00 24/09/2021 (a) 32,433,519 0.25

42 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value US$ % Commercial Papers - 31.73% (June 2020 - 27.81%) cont/d... 35,000,000 United Overseas Bank A-1+ 0.00 01/10/2021 (a) 34,926,500 0.27 48,500,000 Westpac Banking Corporation A-1+ 0.35 27/05/2021 (a) 48,499,409 0.37

4,163,934,867 31.73 Corporate Bonds - 0.48% (June 2020 – 0.66%) 20,200,000 Credit Agricole A-1 1.58 03/05/2021 (a) 20,224,664 0.15 32,216,000 Royal Bank of Canada A-1+ 0.60 30/04/2021 (a) 32,254,180 0.25 10,000,000 Toronto Dominion Bank A-1+ 1.42 14/06/2021 (a) 10,011,620 0.08

62,490,464 0.48 Repurchase Agreement* - 9.38% (June 2020 - Nil) 1,230,000,000 BNP Paribas A-1 1.42 04/01/2021 (a) 1,230,000,000 9.38

1,230,000,000 9.38 Time Deposits - 18.29% (June 2020 - 26.08%) 400,000,000 Australia & New Zealand Banking Group A-1+ 0.09 04/01/2021 400,000,000 3.05 200,000,000 Australia & New Zealand Banking Group A-1+ 0.09 04/01/2021 200,000,000 1.52 250,000,000 Canadian Imperial Bank of Commerce A-1 0.08 04/01/2021 250,000,000 1.91 400,000,000 CIC Eurosecurities A-1 0.10 04/01/2021 400,000,000 3.05 100,000,000 Northern Trust A-1+ 0.01 04/01/2021 100,000,000 0.76 200,000,000 Northern Trust A-1+ 0.01 04/01/2021 200,000,000 1.52 300,000,000 Northern Trust A-1+ 0.01 04/01/2021 300,000,000 2.29 550,000,000 Royal Bank of Canada A-1+ 0.04 04/01/2021 550,000,000 4.19

2,400,000,000 18.29 Investment Funds - 3.05% (June 2020 - 2.82%) 400,791,941 Deutsche Managed Dollar Treasury Fund 400,791,941 3.05

400,791,941 3.05

Total Investments 12,382,985,056 94.37 Other Net Assets 738,441,122 5.63

Net Assets attributable to Redeemable Participating Shareholders 13,121,426,178 100.00

31/12/20 30/06/20 31/12/19

Net Asset Value US$13,121,426,178 US$9,837,183,853 US$11,098,138,689

Number of Shares in issue - Platinum Shares 8,789,943,112 6,470,984,413 6,346,476,249 Advisory Shares 2,766,241,637 1,767,533,106 2,413,041,832 Institutional Shares 52,350,159 58,453,885 72,484,783 Investor Shares 86,418 86,418 86,133 Advisory Accumulate Shares 784 4,535 7,961 Reserved Shares 245,413,135 221,599,102 196,223,105 Z-Class Shares 4,319 6,669 5,327 Platinum Accumulate Shares 114,053 112,902 182,404

43 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR FUND

Portfolio of Investments as at 31 December 2020 cont/d...

31/12/20 30/06/20 31/12/19

Net Asset Value per Share - Platinum Shares US$1.00 US$1.00 US$1.00 Advisory Shares US$1.00 US$1.00 US$1.00 Institutional Shares US$1.00 US$1.00 US$1.00 Investor Shares US$1.00 US$1.00 US$1.00 Advisory Accumulate Shares US$10,704.70 US$10,699.44 US$10,649.06 Reserved Shares US$1.00 US$1.00 US$1.00 Z-Class Shares US$10,394.44 US$10,380.99 US$10,324.08 Platinum Accumulate Shares US$10,645.10 US$10,635.52 US$10,581.25

(a) Transferable securities dealt in on another regulated market.

*The Fund received United States Treasury fixed income securities with a market value of US$1,254,084,494 as collateral from BNP Paribas in respect of repurchase agreement held by the Fund as of 31 December 2020. This collateral does not form part of the assets of the Fund.

Analysis of total assets % of total assets Transferable securities dealt in on another regulated market (ref (a) above) 72.88 Deposits held with Credit Institutions 18.25 Investment Funds 3.05 Other Current Assets 5.82 100.00

44 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

Portfolio of Investments as at 31 December 2020

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value € % Asset Backed Securities - 0.49% (June 2020 - Nil) 50,000,000 Antalis A-1 0.00 16/02/2021 (a) 50,028,715 0.49

50,028,715 0.49 Certificates of Deposit - 16.42% (June 2020 - 9.64%) 50,000,000 Agricultural Bank of China A-1 0.00 01/06/2021 (a) 50,096,812 0.49 40,000,000 Agricultural Bank of China A-1 0.00 02/06/2021 (a) 40,056,382 0.39 66,000,000 Agricultural Bank of China A-1 0.00 11/06/2021 (a) 66,113,188 0.65 7,500,000 Agricultural Bank of China A-1 0.00 22/09/2021 (a) 7,517,989 0.07 80,000,000 Bank of China A-1 0.00 26/05/2021 (a) 80,131,229 0.79 9,000,000 Bank of China A-1 0.00 01/06/2021 (a) 9,016,685 0.09 75,000,000 Bank of China A-1 0.00 01/06/2021 (a) 75,151,417 0.74 50,000,000 Bank of China A-1 0.00 08/06/2021 (a) 50,090,608 0.49 60,000,000 China Construction Bank A-1 0.00 05/02/2021 (a) 60,016,025 0.59 100,000,000 China Construction Bank A-1 0.00 04/05/2021 (a) 100,123,555 1.00 55,000,000 Industrial Commercial Bank A-1 0.00 08/01/2021 (a) 55,001,897 0.54 50,000,000 Industrial Commercial Bank A-1 0.00 08/01/2021 (a) 50,001,391 0.49 30,000,000 Industrial Commercial Bank A-1 0.00 11/01/2021 (a) 30,001,752 0.29 36,000,000 Industrial Commercial Bank A-1 0.00 15/02/2021 (a) 36,011,775 0.35 28,000,000 Industrial Commercial Bank A-1 0.00 16/02/2021 (a) 28,015,069 0.27 30,000,000 Industrial Commercial Bank A-1 0.00 22/02/2021 (a) 30,017,584 0.29 60,000,000 Industrial Commercial Bank A-1 0.00 08/03/2021 (a) 60,045,216 0.59 50,000,000 MUFG Bank A-1 0.00 15/02/2021 (a) 50,037,960 0.49 50,000,000 MUFG Bank A-1 0.00 15/03/2021 (a) 50,061,348 0.49 60,000,000 Nordea Bank A-1+ 0.00 08/02/2021 (a) 60,031,565 0.59 44,000,000 Qatar National Bank SAQ A-1 0.00 08/01/2021 (a) 44,002,105 0.43 50,000,000 Qatar National Bank SAQ A-1 0.00 28/01/2021 (a) 50,015,023 0.49 25,000,000 Qatar National Bank SAQ A-1 0.00 08/02/2021 (a) 25,011,442 0.25 70,000,000 Qatar National Bank SAQ A-1 0.00 10/03/2021 (a) 70,067,105 0.69 80,000,000 Qatar National Bank SAQ A-1 0.00 12/04/2021 (a) 80,113,446 0.79 50,000,000 Royal Bank of Canada A-1+ 0.00 22/02/2021 (a) 50,035,484 0.49 50,000,000 Zuercher Kantonalbank A-1+ 0.00 29/01/2021 (a) 50,017,404 0.49 50,000,000 Zuercher Kantonalbank A-1+ 0.00 24/02/2021 (a) 50,035,863 0.49 50,000,000 Zuercher Kantonalbank A-1+ 0.00 31/03/2021 (a) 50,063,445 0.49 35,000,000 Zuercher Kantonalbank A-1+ 0.00 01/04/2021 (a) 35,043,244 0.34 71,000,000 Zuercher Kantonalbank A-1+ 0.00 18/05/2021 (a) 71,138,552 0.70 70,000,000 Zuercher Kantonalbank A-1+ 0.00 08/06/2021 (a) 70,164,711 0.69 40,000,000 Zuercher Kantonalbank A-1+ 0.00 11/06/2021 (a) 40,109,162 0.39

1,673,356,433 16.42 Commercial Papers - 32.81% (June 2020 - 42.13%) 60,000,000 Agence Centrale des Organismes A-1+ 0.00 07/04/2021 (a) 60,083,929 0.59 27,000,000 Agricultural Bank of China A-1 0.00 13/05/2021 (a) 27,036,830 0.27 40,000,000 Agricultural Bank of China A-1 0.00 18/05/2021 (a) 40,050,709 0.39 9,413,000 Albion Capital Corporation A-1 0.00 13/01/2021 (a) 9,414,365 0.08 15,000,000 Albion Capital Corporation A-1 0.00 26/01/2021 (a) 15,004,497 0.15 15,000,000 Allianz A-1+ 0.00 21/01/2021 (a) 15,003,971 0.15 70,000,000 Antalis A-1 0.00 04/03/2021 (a) 70,056,306 0.69 37,000,000 Antalis A-1 0.00 16/03/2021 (a) 37,035,815 0.36 140,000,000 Banco Santander A-1 0.00 07/01/2021 (a) 140,006,653 1.37 50,000,000 Bank of China A-1 0.00 11/01/2021 (a) 50,004,719 0.49 5,000,000 Bank of China A-1 0.00 22/01/2021 (a) 5,001,301 0.05 10,000,000 Bank of China A-1 0.00 18/03/2021 (a) 10,009,647 0.10 80,000,000 BQE Federative Du Cred Mutuel A-1 0.00 04/03/2021 (a) 80,074,840 0.79

45 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value € % Commercial Papers - 32.81% (June 2020 - 42.13%) cont/d... 75,000,000 BQE Federative Du Cred Mutuel A-1 0.00 01/04/2021 (a) 75,099,878 0.74 47,000,000 BQE Federative Du Cred Mutuel A-1 0.00 15/04/2021 (a) 47,075,304 0.46 70,000,000 BQE Federative Du Cred Mutuel A-1 0.00 26/05/2021 (a) 70,146,728 0.69 90,000,000 China Construction Bank A-1 0.00 16/06/2021 (a) 90,200,151 0.89 25,000,000 Collateralized Commercial Paper III A-1 0.00 09/06/2021 (a) 25,054,304 0.25 65,000,000 Collateralized Commercial Paper III A-1 0.00 11/06/2021 (a) 65,142,995 0.64 70,000,000 Deutsche Zentral Genossenschaftsbank A-1+ 0.00 06/01/2021 (a) 70,002,066 0.68 60,000,000 Deutsche Zentral Genossenschaftsbank A-1+ 0.00 12/02/2021 (a) 60,036,470 0.59 60,000,000 Deutsche Zentral Genossenschaftsbank A-1+ 0.00 07/04/2021 (a) 60,083,929 0.59 60,000,000 First Abu Dhabi Bank A-1+ 0.00 25/01/2021 (a) 60,014,380 0.59 50,000,000 First Abu Dhabi Bank A-1+ 0.00 09/03/2021 (a) 50,051,631 0.49 60,000,000 First Abu Dhabi Bank A-1+ 0.00 24/06/2021 (a) 60,160,053 0.59 15,000,000 Industrial Commercial Bank A-1 0.00 13/01/2021 (a) 15,001,988 0.15 11,000,000 Industrial Commercial Bank A-1 0.00 08/06/2021 (a) 11,017,080 0.11 35,000,000 Industrial Commercial Bank A-1 0.00 18/06/2021 (a) 35,073,959 0.34 50,000,000 Kingdom of Denmark A-1+ 0.00 15/01/2021 (a) 50,008,725 0.49 50,000,000 Kingdom of Denmark A-1+ 0.00 03/02/2021 (a) 50,024,221 0.49 100,000,000 Kingdom of Denmark A-1+ 0.00 05/02/2021 (a) 100,051,663 0.98 25,000,000 Kommunalbanken A-1+ 0.00 21/01/2021 (a) 25,006,910 0.25 40,000,000 LMA SA A-1 0.00 18/01/2021 (a) 40,008,560 0.39 75,000,000 LMA SA A-1 0.00 08/02/2021 (a) 75,035,789 0.74 15,000,000 LMA SA A-1 0.00 10/02/2021 (a) 15,007,872 0.15 50,000,000 LMA SA A-1 0.00 10/02/2021 (a) 50,022,661 0.49 30,000,000 LMA SA A-1 0.00 26/02/2021 (a) 30,022,554 0.29 60,000,000 LMA SA A-1 0.00 26/02/2021 (a) 60,046,878 0.59 8,000,000 LMA SA A-1 0.00 26/02/2021 (a) 8,005,898 0.08 20,000,000 LMA SA A-1 0.00 08/03/2021 (a) 20,018,224 0.20 34,000,000 LMA SA A-1 0.00 09/03/2021 (a) 34,030,878 0.33 40,000,000 LMA SA A-1 0.00 21/04/2021 (a) 40,057,205 0.39 40,000,000 LMA SA A-1 0.00 04/06/2021 (a) 40,085,781 0.39 60,000,000 LVMH Finance Belgique A-1 0.00 25/02/2021 (a) 60,048,168 0.59 40,000,000 Managed and Enhanced Tap A-1 0.00 21/01/2021 (a) 40,010,025 0.39 20,000,000 Managed and Enhanced Tap A-1 0.00 05/02/2021 (a) 20,009,256 0.20 20,000,000 Managed and Enhanced Tap A-1 0.00 12/02/2021 (a) 20,010,852 0.20 40,000,000 Managed and Enhanced Tap A-1 0.00 25/02/2021 (a) 40,030,664 0.39 22,000,000 Matchpoint Finance A-1 0.00 25/01/2021 (a) 22,005,913 0.22 30,000,000 Matchpoint Finance A-1 0.00 23/02/2021 (a) 30,024,192 0.29 30,000,000 Matchpoint Finance A-1 0.00 01/03/2021 (a) 30,022,437 0.29 20,000,000 Matchpoint Finance A-1 0.00 24/03/2021 (a) 20,023,292 0.20 40,000,000 Matchpoint Finance A-1 0.00 08/04/2021 (a) 40,053,358 0.39 45,000,000 Mitsubishi Corporation A-1 0.00 12/01/2021 (a) 45,005,307 0.44 60,000,000 Nordea Bank A-1+ 0.00 16/03/2021 (a) 60,061,694 0.59 30,000,000 Nordea Bank A-1+ 0.00 28/04/2021 (a) 30,052,379 0.29 60,000,000 Nordea Bank A-1+ 0.00 28/04/2021 (a) 60,101,015 0.59 9,000,000 Oesterreichische Kontrollbank A-1+ 0.00 13/01/2021 (a) 9,001,195 0.09 50,000,000 Oesterreichische Kontrollbank A-1+ 0.00 19/02/2021 (a) 50,034,243 0.49 50,000,000 Oesterreichische Kontrollbank A-1+ 0.00 26/02/2021 (a) 50,040,191 0.49 70,000,000 Oesterreichische Kontrollbank A-1+ 0.00 15/03/2021 (a) 70,076,367 0.69 60,000,000 Oesterreichische Kontrollbank A-1+ 0.00 29/03/2021 (a) 60,080,657 0.59 10,000,000 OP Corporate Bank A-1+ 0.00 03/02/2021 (a) 10,004,427 0.10 38,000,000 OP Corporate Bank A-1+ 0.00 15/02/2021 (a) 38,023,561 0.37 25,000,000 OP Corporate Bank A-1+ 0.00 29/09/2021 (a) 25,104,668 0.25 20,000,000 PACCAR Financial A-1 0.00 26/01/2021 (a) 20,006,970 0.20 30,000,000 PACCAR Financial A-1 0.00 19/02/2021 (a) 30,021,113 0.29 19,000,000 PACCAR Financial A-1 0.00 23/02/2021 (a) 19,014,797 0.19

46 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value € % Commercial Papers - 32.81% (June 2020 - 42.13%) cont/d... 33,500,000 Procter and Gamble A-1+ 0.00 26/02/2021 (a) 33,525,678 0.33 10,000,000 Procter and Gamble A-1+ 0.00 26/04/2021 (a) 10,014,657 0.10 25,000,000 Satellite A-1 0.00 11/01/2021 (a) 25,002,191 0.25 17,500,000 Satellite A-1 0.00 02/02/2021 (a) 17,507,337 0.17 70,000,000 Svenska Handelsbanken A-1+ 0.00 29/01/2021 (a) 70,024,610 0.69 50,000,000 Svenska Handelsbanken A-1+ 0.00 08/02/2021 (a) 50,021,201 0.49 40,000,000 Svenska Handelsbanken A-1+ 0.00 10/02/2021 (a) 40,021,021 0.39 53,000,000 Svenska Handelsbanken A-1+ 0.00 15/03/2021 (a) 53,054,240 0.52 55,000,000 Svenska Handelsbanken A-1+ 0.00 09/04/2021 (a) 55,061,546 0.54 40,000,000 Svenska Handelsbanken A-1+ 0.00 06/05/2021 (a) 40,070,653 0.39 39,000,000 Svenska Handelsbanken A-1+ 0.00 17/05/2021 (a) 39,078,742 0.38 21,000,000 Svenska Handelsbanken A-1+ 0.00 13/12/2021 (a) 21,108,622 0.21

3,343,735,556 32.81 Corporate Bonds - 2.10% (June 2020 - 5.19%) 26,392,000 ANZ New Zealand Int'l A-1+ 0.63 01/06/2021 (a) 26,508,493 0.26 17,000,000 BQE Federative Du Cred Mutuel A-1 2.63 24/02/2021 (a) 17,075,252 0.17 38,900,000 Dexia Credit Local A-1+ 2.00 22/01/2021 (a) 38,944,628 0.38 12,000,000 Dexia Credit Local A-1+ 0.20 16/03/2021 (a) 12,009,336 0.12 52,450,000 DNB Bank A-1+ 0.38 14/01/2021 (a) 52,462,673 0.52 1,190,000 NRW Bank A-1+ 0.13 18/01/2021 (a) 1,190,161 0.01 4,000,000 OP Corporate Bank A-1+ 2.00 03/03/2021 (a) 4,015,058 0.04 5,570,000 Shell International Finance A-1+ 1.63 24/03/2021 (a) 5,589,479 0.05 9,000,000 SNCF Reseau A-1+ 0.10 27/05/2021 (a) 9,012,575 0.09 22,100,000 Svenska Handelsbanken A-1+ 4.38 20/10/2021 (a) 22,960,022 0.23 23,850,000 Swedbank A-1 0.63 04/01/2021 (a) 23,850,000 0.23

213,617,677 2.10 Floating Rate Notes - 0.61% (June 2020 - 3.30%) 6,250,000 Bank of Montreal A-1 0.00 28/09/2021 (a) 6,275,049 0.06 22,900,000 BQE Federative Du Cred Mutuel A-1 0.00 28/01/2021 (a) 22,906,237 0.22 9,800,000 Euroclear Bank A-1+ 0.00 08/03/2021 (a) 9,809,404 0.10 8,421,000 National Australia Bank A-1+ 0.06 19/04/2021 (a) 8,433,647 0.08 10,000,000 Nordea Bank A-1+ 0.00 27/09/2021 (a) 10,038,776 0.10 5,000,000 SAP SE A-1 0.00 13/03/2021 (a) 5,004,204 0.05

62,467,317 0.61 Government Bonds - 3.13% (June 2020 - 5.03%) 40,000,000 Federal Republic of Germany A-1+ 2.50 04/01/2021 (a) 40,000,000 0.39 30,000,000 Federal Republic of Germany A-1+ 0.00 12/03/2021 (a) 30,044,419 0.29 10,000,000 Federal Republic of Germany A-1+ 0.00 09/04/2021 (a) 10,019,613 0.10 60,000,000 French Republic A-1+ 0.00 25/02/2021 (a) 60,061,406 0.59 100,000,000 French Republic A-1+ 3.75 25/04/2021 (a) 101,356,056 1.00 50,000,000 Kingdom of Belgium A-1+ 4.25 28/09/2021 (a) 51,808,681 0.51 25,000,000 Kingdom of Netherlands A-1+ 3.25 15/07/2021 (a) 25,520,936 0.25

318,811,111 3.13 Time Deposits - 19.43% (June 2020 - 25.12%) 100,000,000 Credit Agricole A-1 (0.54) 04/01/2021 100,000,000 0.98 900,000,000 Natixis A-1 (0.60) 04/01/2021 900,000,000 8.83

47 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value € % Time Deposits - 19.43% (June 2020 - 25.12%) cont/d... 980,000,000 Sumitomo Mitsui Banking Corporation A-1 (0.55) 04/01/2021 980,000,000 9.62

1,980,000,000 19.43 Treasury Bills - 19.69% (June 2020 - 10.79%) 405,000,000 Belgium Treasury Bill A-1+ 0.00 14/01/2021 (a) 405,074,185 3.97 110,000,000 Belgium Treasury Bill A-1+ 0.00 11/03/2021 (a) 110,129,034 1.08 5,000,000 Belgium Treasury Bill A-1+ 0.00 13/05/2021 (a) 5,009,382 0.05 10,000,000 Belgium Treasury Bill A-1+ 0.00 15/07/2021 (a) 10,029,697 0.10 10,000,000 Belgium Treasury Bill A-1+ 0.00 09/09/2021 (a) 10,042,189 0.10 10,000,000 Belgium Treasury Bill A-1+ 0.00 11/11/2021 (a) 10,053,287 0.10 315,000,000 Dutch Treasury Certificate A-1+ 0.00 28/01/2021 (a) 315,144,165 3.08 10,000,000 Dutch Treasury Certificate A-1+ 0.00 25/02/2021 (a) 10,008,997 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 30/03/2021 (a) 10,013,742 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 29/04/2021 (a) 10,017,886 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 28/05/2021 (a) 10,021,678 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 29/06/2021 (a) 10,028,344 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 29/07/2021 (a) 10,038,819 0.10 10,000,000 Dutch Treasury Certificate A-1+ 0.00 30/08/2021 (a) 10,045,076 0.10 350,000,000 France Treasury Bill A-1+ 0.00 06/01/2021 (a) 350,013,394 3.42 30,000,000 France Treasury Bill A-1+ 0.00 13/01/2021 (a) 30,004,454 0.29 130,000,000 France Treasury Bill A-1+ 0.00 20/01/2021 (a) 130,039,171 1.28 70,000,000 France Treasury Bill A-1+ 0.00 27/01/2021 (a) 70,030,928 0.69 50,000,000 France Treasury Bill A-1+ 0.00 03/02/2021 (a) 50,031,815 0.49 10,000,000 France Treasury Bill A-1+ 0.00 10/02/2021 (a) 10,006,050 0.10 20,000,000 France Treasury Bill A-1+ 0.00 17/02/2021 (a) 20,018,016 0.20 20,000,000 France Treasury Bill A-1+ 0.00 24/02/2021 (a) 20,021,506 0.20 50,000,000 France Treasury Bill A-1+ 0.00 03/03/2021 (a) 50,059,058 0.49 120,000,000 German Treasury Bill A-1+ 0.00 20/01/2021 (a) 120,033,236 1.18 80,000,000 German Treasury Bill A-1+ 0.00 03/02/2021 (a) 80,047,320 0.79 90,000,000 German Treasury Bill A-1+ 0.00 03/03/2021 (a) 90,109,665 0.88 10,000,000 German Treasury Bill A-1+ 0.00 14/04/2021 (a) 10,016,464 0.10 10,000,000 German Treasury Bill A-1+ 0.00 05/05/2021 (a) 10,019,719 0.10 10,000,000 German Treasury Bill A-1+ 0.00 09/06/2021 (a) 10,032,644 0.10 10,000,000 German Treasury Bill A-1+ 0.00 28/07/2021 (a) 10,042,139 0.10 10,000,000 German Treasury Bill A-1+ 0.00 25/08/2021 (a) 10,046,162 0.10

2,006,228,222 19.69

Total Investments 9,648,245,031 94.68 Other Net Assets 542,001,197 5.32

Net Assets attributable to Redeemable Participating Shareholders 10,190,246,228 100.00

31/12/20 30/06/20 31/12/19

Net Asset Value €10,190,246,228 €7,223,458,883 €4,734,593,167

Number of Shares in issue - Platinum Shares 688,231 501,693 297,503 Advisory Shares 88,085 84,682 83,604 Reserved Shares 20,461 9,504 2,025 Z-Class Shares 75,658 54,819 21,331 Platinum Accumulate Shares 158,686 77,757 71,888

48 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

Portfolio of Investments as at 31 December 2020 cont/d...

31/12/20 30/06/20 31/12/19

Net Asset Value per Share - Platinum Shares €9,908.99 €9,937.65 €9,962.06 Advisory Shares €9,901.86 €9,932.52 €9,958.89 Reserved Shares €9,905.42 €9,935.08 €9,960.47 Z-Class Shares €9,790.44 €9,816.64 €9,838.70 Platinum Accumulate Shares €9,798.98 €9,827.31 €9,851.45

(a) Transferable securities dealt in on another regulated market.

Analysis of total assets % of total assets Transferable securities dealt in on another regulated market (ref (a) above) 75.19 Deposits held with Credit Institutions 19.42 Other Current Assets 5.39

100.00

49 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED STERLING FUND

Portfolio of Investments as at 31 December 2020

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value UK£ % Certificates of Deposit - 20.18% (June 2020 - 24.16%) 25,000,000 Agricultural Bank of China A-1 0.00 17/02/2021 (a) 24,995,782 0.29 25,000,000 Agricultural Bank of China A-1 0.00 31/03/2021 (a) 24,991,169 0.29 50,000,000 Agricultural Bank of China A-1 0.00 14/04/2021 (a) 49,990,413 0.58 50,000,000 Agricultural Bank of China A-1 0.00 10/06/2021 (a) 49,931,288 0.58 50,000,000 Bank of China A-1 0.00 10/06/2021 (a) 49,978,504 0.58 50,000,000 Bank of China A-1 0.00 16/06/2021 (a) 49,978,798 0.58 80,000,000 Euroclear Bank A-1+ 0.00 07/06/2021 (a) 79,983,128 0.92 100,000,000 First Abu Dhabi Bank A-1+ 0.00 11/01/2021 (a) 99,998,275 1.16 30,000,000 First Abu Dhabi Bank A-1+ 0.00 16/02/2021 (a) 29,998,233 0.35 30,000,000 First Abu Dhabi Bank A-1+ 0.00 04/05/2021 (a) 29,999,014 0.35 50,000,000 Goldman Sachs A-1 0.18 12/04/2021 (a) 50,000,000 0.58 50,000,000 Goldman Sachs A-1 0.15 10/05/2021 (a) 50,000,000 0.58 50,000,000 Goldman Sachs A-1 0.07 04/06/2021 (a) 50,000,000 0.58 50,000,000 Goldman Sachs A-1 0.14 10/09/2021 (a) 50,000,000 0.58 20,000,000 Industrial Commercial Bank A-1 0.00 12/01/2021 (a) 19,999,343 0.23 15,000,000 Industrial Commercial Bank A-1 0.00 25/01/2021 (a) 14,997,501 0.17 40,000,000 Industrial Commercial Bank A-1 0.00 02/02/2021 (a) 39,994,282 0.46 40,000,000 Industrial Commercial Bank A-1 0.00 12/02/2021 (a) 39,991,031 0.46 50,000,000 Industrial Commercial Bank A-1 0.00 19/02/2021 (a) 49,988,664 0.58 5,500,000 Industrial Commercial Bank A-1 0.00 03/06/2021 (a) 5,494,807 0.06 50,000,000 Mizuho Bank A-1 0.00 12/01/2021 (a) 49,999,343 0.58 15,000,000 Mizuho Bank A-1 0.00 13/01/2021 (a) 14,999,778 0.17 100,000,000 MUFG Bank A-1 0.04 25/01/2021 (a) 100,000,000 1.16 35,000,000 MUFG Bank A-1 0.01 10/03/2021 (a) 35,000,000 0.40 50,000,000 Oversea-Chinese Banking A-1+ 0.00 16/02/2021 (a) 49,998,822 0.57 100,000,000 Qatar National Bank SAQ A-1 0.00 11/01/2021 (a) 99,997,125 1.16 40,000,000 Qatar National Bank SAQ A-1 0.00 21/01/2021 (a) 39,998,138 0.46 60,000,000 Qatar National Bank SAQ A-1 0.00 09/02/2021 (a) 59,995,859 0.69 50,000,000 Qatar National Bank SAQ A-1 0.00 16/03/2021 (a) 49,995,138 0.58 80,000,000 Sumitomo Mitsui Banking Corporation A-1 0.00 18/01/2021 (a) 79,999,079 0.91 50,000,000 Sumitomo Mitsui Banking Corporation A-1 0.00 16/02/2021 (a) 49,999,705 0.58 70,000,000 Svenska Handelsbanken A-1+ 0.05 06/01/2021 (a) 70,000,019 0.81 53,500,000 Svenska Handelsbanken A-1+ 0.04 19/02/2021 (a) 53,500,337 0.62 30,000,000 Svenska Handelsbanken A-1+ 0.05 19/02/2021 (a) 30,000,189 0.35 50,000,000 Svenska Handelsbanken A-1+ 0.06 15/03/2021 (a) 50,000,479 0.57 25,000,000 Svenska Handelsbanken A-1+ 0.05 31/03/2021 (a) 25,000,295 0.29 28,000,000 Zuercher Kantonalbank A-1+ 0.00 12/04/2021 (a) 28,004,512 0.32

1,746,799,050 20.18 Commercial Papers - 20.01% (June 2020 - 29.33%) 40,000,000 Agence Centrale des Organismes A-1+ 0.00 09/03/2021 (a) 39,995,793 0.46 62,500,000 Agence Centrale des Organismes A-1+ 0.00 26/03/2021 (a) 62,491,680 0.72 60,000,000 Agence Centrale des Organismes A-1+ 0.00 06/04/2021 (a) 59,990,929 0.69 30,000,000 Agence Centrale des Organismes A-1+ 0.00 07/04/2021 (a) 29,995,415 0.35 20,000,000 Banco Santander A-1 0.00 07/01/2021 (a) 19,999,967 0.23 20,000,000 Banco Santander A-1 0.00 08/01/2021 (a) 19,999,956 0.23 10,000,000 Banco Santander A-1 0.00 11/01/2021 (a) 9,999,962 0.12 10,000,000 Banco Santander A-1 0.00 11/01/2021 (a) 9,999,962 0.12 10,000,000 Banco Santander A-1 0.00 14/01/2021 (a) 9,999,973 0.12 70,000,000 BQE Federative Du Credit Mutuel A-1 0.00 17/02/2021 (a) 69,997,891 0.81 70,000,000 BQE Federative Du Credit Mutuel A-1 0.00 09/04/2021 (a) 69,998,178 0.81 70,000,000 BQE Federative Du Credit Mutuel A-1 0.00 12/04/2021 (a) 69,990,604 0.81 70,000,000 BQE Federative Du Credit Mutuel A-1 0.00 10/05/2021 (a) 69,995,168 0.81 50,000,000 Chesham Finance A-1 0.00 07/01/2021 (a) 49,999,877 0.58

50 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED STERLING FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value UK£ % Commercial Papers - 20.01% (June 2020 - 29.33%) cont/d... 50,000,000 Chesham Finance A-1 0.00 19/01/2021 (a) 49,998,767 0.58 60,000,000 Deutsche Zentral Genossenschaftsbank A-1+ 0.00 17/02/2021 (a) 59,997,107 0.69 60,000,000 Dexia Credit Local A-1+ 0.00 06/05/2021 (a) 59,991,980 0.69 70,000,000 Fed Des Caisses Desjardins Quebec A-1 0.00 19/01/2021 (a) 70,000,288 0.80 80,000,000 First Abu Dhabi Bank A-1+ 0.00 29/03/2021 (a) 79,990,796 0.92 11,000,000 Landesbank Hessen A-1 0.00 28/07/2021 (a) 10,995,677 0.13 50,000,000 Mitsubishi Corporation A-1 0.00 12/01/2021 (a) 49,999,343 0.58 30,000,000 Mitsubishi Corporation A-1 0.00 13/01/2021 (a) 29,999,741 0.35 50,000,000 Mitsubishi Corporation A-1 0.00 20/01/2021 (a) 49,999,014 0.58 50,000,000 Mitsubishi Corporation A-1 0.00 21/01/2021 (a) 49,999,651 0.58 100,000,000 Mitsubishi Corporation A-1 0.00 22/02/2021 (a) 99,993,959 1.16 60,000,000 Nordea Bank A-1+ 0.00 18/01/2021 (a) 59,999,080 0.69 40,000,000 Nordea Bank A-1+ 0.00 09/04/2021 (a) 39,995,836 0.46 34,000,000 Nordea Bank A-1+ 0.00 04/05/2021 (a) 33,994,412 0.39 35,000,000 OP Corporate Bank A-1+ 0.00 14/01/2021 (a) 34,998,850 0.40 50,000,000 OP Corporate Bank A-1+ 0.00 10/02/2021 (a) 49,995,440 0.58 42,500,000 OP Corporate Bank A-1+ 0.00 15/02/2021 (a) 42,496,089 0.49 24,000,000 OP Corporate Bank A-1+ 0.00 09/07/2021 (a) 23,991,443 0.28 10,000,000 SBAB Bank AB A-1 0.00 15/03/2021 (a) 9,999,808 0.12 80,000,000 Sumitomo Mitsui Banking Corporation A-1 0.00 26/02/2021 (a) 79,995,354 0.92 80,000,000 Sumitomo Mitsui Banking Corporation A-1 0.00 08/03/2021 (a) 79,995,858 0.91 30,000,000 Svenska Handelsbanken A-1+ 0.00 29/01/2021 (a) 29,999,384 0.35 11,000,000 Swedbank A-1 0.00 10/05/2021 (a) 10,997,722 0.13 32,000,000 Toyota Motor Finance A-1 0.00 14/01/2021 (a) 31,999,562 0.37

1,731,880,516 20.01 Corporate Bonds - 8.82% (June 2020 - 6.56%) 81,592,000 BNG Bank A-1+ 1.13 24/05/2021 (a) 81,906,385 0.95 1,146,000 BNG Bank A-1+ 5.38 07/06/2021 (a) 1,171,989 0.01 6,200,000 Caisse des Depots et Consignations A-1+ 1.00 25/01/2021 (a) 6,202,405 0.06 35,000,000 Caisse des Depots et Consignations A-1+ 0.88 15/12/2021 (a) 35,278,011 0.41 5,000,000 Cooperatieve Rabobank A-1 4.63 13/01/2021 (a) 5,003,660 0.06 15,000,000 Dexia Credit Local A-1+ 0.88 07/09/2021 (a) 15,074,171 0.17 53,310,000 European Investment Bank A-1+ 5.38 07/06/2021 (a) 54,499,064 0.63 35,000,000 European Investment Bank A-1+ 1.13 07/09/2021 (a) 35,246,053 0.41 2,106,800 European Investment Bank A-1+ 4.25 07/12/2021 (a) 2,189,104 0.03 1,295,000 Export Development Canada A-1+ 0.88 07/12/2021 (a) 1,304,456 0.02 25,600,000 FMS Wertmanagement A-1+ 0.88 14/05/2021 (a) 25,662,014 0.30 1,200,000 FMS Wertmanagament A-1+ 1.13 15/09/2021 (a) 1,209,017 0.01 21,911,000 Inter-American Development Bank A-1+ 5.25 07/06/2021 (a) 22,382,773 0.26 8,125,000 International Bank for Reconstruction & Development A-1+ 5.40 07/06/2021 (a) 8,305,955 0.10 29,666,000 International Bank for Reconstruction & Development A-1+ 0.38 15/06/2021 (a) 29,701,075 0.34 185,008,000 Kreditanstalt Fur Wiederaufbau A-1+ 1.38 01/02/2021 (a) 185,166,442 2.14 38,800,000 Kreditanstalt Fur Wiederaufbau A-1+ 5.55 07/06/2021 (a) 39,704,870 0.46 28,430,000 Kreditanstalt Fur Wiederaufbau A-1+ 1.13 07/12/2021 (a) 28,721,919 0.33 23,575,000 Landeskreditbank Baden-Wuerttemberg Foerderbank A-1+ 1.13 17/05/2021 (a) 23,650,503 0.27 4,988,000 Landwirtschaftliche Rentenbank A-1+ 1.13 12/05/2021 (a) 5,002,170 0.06 3,191,000 Metropolitan Life Global Funding I A-1+ 1.13 15/12/2021 (a) 3,220,397 0.04 10,610,000 National Australia Bank A-1+ 1.13 10/11/2021 (a) 10,699,507 0.12 10,850,000 National Australia Bank A-1+ 5.13 09/12/2021 (a) 11,360,915 0.13 8,500,000 Nestle Holdings A-1+ 1.00 11/06/2021 (a) 8,533,567 0.10

51 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED STERLING FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value UK£ % Corporate Bonds - 8.82% (June 2020 - 6.56%) cont/d... 6,200,000 New York Life Global Funding A-1+ 1.00 15/12/2021 (a) 6,256,961 0.07 5,000,000 Nordic Investment Bank A-1+ 0.63 02/11/2021 (a) 5,023,153 0.06 900,000 NRW Bank A-1+ 1.25 15/12/2021 (a) 909,633 0.01 97,915,000 Santander UK A-1+ 5.13 14/04/2021 (a) 99,226,413 1.15 7,300,000 SNCF Reseau A-1+ 5.50 01/12/2021 (a) 7,654,684 0.09 2,878,000 Swedbank A-1+ 1.13 07/12/2021 (a) 2,905,753 0.03

763,173,019 8.82 Floating Rate Notes - 3.65% (June 2020 - 8.09%) 60,000,000 Canadian Imperial Bank of Commerce A-1 1.05 10/11/2021 (a) 60,473,918 0.70 150,000,000 Credit Agricole* A-1 0.05 04/01/2021 (a) 150,000,000 1.72 9,240,000 European Investment Bank A-1+ 0.25 21/05/2021 (a) 9,249,534 0.11 11,822,000 European Investment Bank A-1+ 0.33 10/01/2022 (a) 11,848,517 0.14 10,000,000 JPMorgan Chase A-1 0.29 10/05/2021 (a) 9,997,743 0.12 1,910,000 Lloyds Bank* A-1+ 0.48 13/09/2021 (a) 1,915,391 0.02 7,000,000 National Australia Bank A-1+ 0.37 24/04/2021 (a) 7,001,283 0.08 2,000,000 Rabobank Nederland* A-1 0.01 04/01/2021 (a) 2,000,000 0.02 10,680,000 Royal Bank of Canada A-1+ 0.30 08/06/2021 (a) 10,677,179 0.12 17,000,000 Royal Bank of Canada A-1+ 1.05 23/09/2021 (a) 17,109,825 0.20 3,908,000 Santander UK A-1+ 0.48 20/09/2021 (a) 3,917,683 0.05 31,792,000 Toronto Dominion Bank A-1+ 0.30 07/06/2021 (a) 31,816,347 0.37

316,007,420 3.65 Government Bonds - 8.45 (June 2020 - 4.67%) 350,000,000 United Kingdom Gilt A-1+ 1.50 22/01/2021 (a) 350,257,116 4.05 160,000,000 United Kingdom Gilt A-1+ 8.00 07/06/2021 (a) 165,432,847 1.91 210,000,000 United Kingdom Gilt A-1+ 3.75 07/09/2021 (a) 215,344,762 2.49

731,034,725 8.45 Time Deposits - 14.44% (June 2020 - 15.77%) 250,000,000 ABN Amro Bank A-1 0.05 04/01/2021 250,000,000 2.89 150,000,000 Bank of Tokyo Mitsubishi A-1 0.01 04/01/2021 150,000,000 1.73 500,000,000 Natixis A-1 0.02 04/01/2021 500,000,000 5.77 250,000,000 Royal Bank of Canada A-1+ 0.05 04/01/2021 250,000,000 2.89 100,000,000 United Kingdom Debt Management A-1+ 0.01 04/01/2021 100,000,000 1.16

1,250,000,000 14.44 Treasury Bills - 3.66% (June 2020 - 9.99%) 122,159,000 United Kingdom Treasury Bill A-1+ 0.00 04/01/2021 (a) 122,159,000 1.41 11,500,000 United Kingdom Treasury Bill A-1+ 0.00 11/01/2021 (a) 11,500,037 0.13 5,000,000 United Kingdom Treasury Bill A-1+ 0.00 18/01/2021 (a) 4,999,995 0.06 50,000,000 United Kingdom Treasury Bill A-1+ 0.00 25/01/2021 (a) 50,001,810 0.58 2,600,000 United Kingdom Treasury Bill A-1+ 0.00 01/02/2021 (a) 2,600,068 0.03 16,900,000 United Kingdom Treasury Bill A-1+ 0.00 08/02/2021 (a) 16,901,443 0.20 5,000,000 United Kingdom Treasury Bill A-1+ 0.00 01/03/2021 (a) 4,999,923 0.06 7,900,000 United Kingdom Treasury Bill A-1+ 0.00 08/03/2021 (a) 7,901,350 0.09 52,500,000 United Kingdom Treasury Bill A-1+ 0.00 15/03/2021 (a) 52,508,838 0.61 17,250,000 United Kingdom Treasury Bill A-1+ 0.00 26/04/2021 (a) 17,253,389 0.20

52 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED STERLING FUND

Portfolio of Investments as at 31 December 2020 cont/d...

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value UK£ % Treasury Bills - 3.66% (June 2020 - 9.99%) cont/d... 25,400,000 United Kingdom Treasury Bill A-1+ 0.00 10/05/2021 (a) 25,407,368 0.29

316,233,221 3.66

Total Investments 6,855,127,951 79.21 Other Net Assets 1,798,862,563 20.79

Net Assets attributable to Redeemable Participating Shareholders 8,653,990,514 100.00

31/12/20 30/06/20 31/12/19

Net Asset Value UK£8,653,990,514 UK£8,752,371,977 UK£4,807,309,868

Number of Shares in issue - Platinum Shares 7,587,046,070 7,522,725,076 3,893,398,032 Advisory Shares 751,815,192 769,766,705 632,469,270 Institutional Shares 23 23 23 Reserved Shares 315,129,230 459,880,173 281,442,543

Net Asset Value per Share - Platinum Shares UK£1.00 UK£1.00 UK£1.00 Advisory Shares UK£1.00 UK£1.00 UK£1.00 Institutional Shares UK£1.00 UK£1.00 UK£1.00 Reserved Shares UK£1.00 UK£1.00 UK£1.00

(a) Transferable securities dealt in on another regulated market.

*Call accounts held with Credit Agricole, Lloyds Bank and Rabobank Nederland respectively.

Analysis of total assets % of total assets Transferable securities dealt in on another regulated market (ref (a) above) 64.19 Deposits held with Credit Institutions 14.31 Other Current Assets 21.50

100.00

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DEUTSCHE MANAGED DOLLAR TREASURY FUND

Portfolio of Investments as at 31 December 2020

Credit Coupon Class- Fair Fund Nominal Security Rating % Maturity ification Value US$ % Repurchase Agreement - Nil (June 2020 - 14.15%)

Treasury Bills - 51.23% (June 2020 - 28.05%) 54,920,000 United States Treasury Bill A-1+ 0.00 07/01/2021 (a) 54,919,918 9.87 10,000,000 United States Treasury Bill A-1+ 0.00 12/01/2021 (a) 9,999,753 1.80 24,232,000 United States Treasury Bill A-1+ 0.00 28/01/2021 (a) 24,230,566 4.35 20,050,000 United States Treasury Bill A-1+ 0.00 02/02/2021 (a) 20,048,143 3.60 25,000,000 United States Treasury Bill A-1+ 0.00 09/02/2021 (a) 24,997,750 4.49 25,000,000 United States Treasury Bill A-1+ 0.00 11/02/2021 (a) 24,997,612 4.49 25,000,000 United States Treasury Bill A-1+ 0.00 16/02/2021 (a) 24,997,596 4.49 26,000,000 United States Treasury Bill A-1+ 0.00 02/03/2021 (a) 25,996,297 4.67 25,000,000 United States Treasury Bill A-1+ 0.00 18/03/2021 (a) 24,996,401 4.49 25,000,000 United States Treasury Bill A-1+ 0.00 25/03/2021 (a) 24,994,944 4.49 25,000,000 United States Treasury Bill A-1+ 0.00 15/04/2021 (a) 24,993,372 4.49

285,172,352 51.23 Treasury Notes - 35.24% (June 2020 - 57.72%) 57,500,000 United States Treasury Note A-1+ 0.21 01/01/2021 (a) 57,497,688 10.33 3,480,000 United States Treasury Note A-1+ 2.13 31/01/2021 (a) 45,111,677 8.10 45,000,000 United States Treasury Note A-1+ 0.23 30/04/2021 (a) 3,481,495 0.63 45,000,000 United States Treasury Note A-1+ 0.32 31/07/2021 (a) 45,019,748 8.09 45,000,000 United States Treasury Note A-1+ 0.40 31/10/2021 (a) 45,059,773 8.09

196,170,381 35.24

Total Investments 481,342,733 86.47 Other Net Assets 75,304,044 13.53

Net Assets attributable to Redeemable Participating Shareholders 556,646,777 100.00

31/12/20 30/06/20 31/12/19

Net Asset Value US$556,646,777 US$399,306,797 US$422,236,471

Number of Shares in issue - Platinum Shares 100,750,485 87,926,676 32,010,000 Reserved Shares 55,036,038 30,801,484 36,111,696 Z Class Shares 38,074 26,675 33,812

Net Asset Value per Share - Platinum Shares US$1.00 US$1.00 US$1.00 Reserved Shares US$1.00 US$1.00 US$1.00 Z Class Shares US$10,528.33 US$10,518.55 US$10,473.02

(a) Transferable securities dealt in on another regulated market.

Analysis of total assets % of total assets Transferable securities dealt in on another regulated market (ref (a) above) 86.41 Other Current Assets 13.59

100.00

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DEUTSCHE MANAGED DOLLAR FUND

Significant Portfolio Changes since 1 July 2020* *In accordance with the UCITS Regulations this statement presents the aggregate purchases and aggregate sales of a security exceeding 1.00% of the total value of purchases or sales for the financial period or at least the top 20 purchases and sales.

MAJOR PURCHASES COUPON % MATURITY COST US$ First Abu Dhabi Bank 0.08 20/11/2020 500,000,000 Deutsche Managed Dollar Treasury Fund - - 400,791,941 Total Fina Elf Capital 0.00 30/11/2020 394,496,506 Toronto Dominion Bank 0.00 01/05/2021 381,787,273 ADP Inc 0.00 08/12/2020 349,999,028 Total Fina Elf Capital 0.00 04/12/2020 340,124,244 Atlantic Asset Security 0.00 07/07/2020 278,333,979 Natixis 0.00 03/12/2020 263,255,415 Societe Generale 0.00 12/11/2020 249,998,889 ADP Inc 0.00 09/11/2020 236,998,420 BNG Bank 0.00 13/07/2020 231,503,698 LMA SA 0.00 04/01/2021 226,497,987 Total Fina Elf Capital 0.00 20/07/2020 214,430,392 Total Fina Elf Capital 0.00 07/12/2020 205,998,627 Total Fina Elf Capital 0.00 02/12/2020 199,999,556 ADP Inc 0.00 24/11/2020 199,999,500 Societe Generale 0.00 10/11/2020 199,999,500 Total Fina Elf Capital 0.00 09/11/2020 199,998,667 Natixis 0.00 07/12/2020 199,998,667 ADP Inc 0.00 02/12/2020 184,999,486

MAJOR SALES COUPON % MATURITY PROCEEDS US$ Deutsche Managed Dollar Treasury Fund - - 277,267,489 Nationwide 0.00 02/10/2020 149,988,000 Nederlandse Waterschmink 0.00 02/10/2020 99,991,750 Erste Abwicklungsanstalt 0.00 30/09/2020 99,978,750 Ionic Capital II 0.00 06/10/2020 98,989,715 Matchpoint Finance 0.00 25/08/2020 96,993,533 Nieuw Amsterdam 0.00 17/08/2020 86,490,197 FMS Wertmanagament 0.00 06/11/2020 84,980,733 Kells Funding 0.24 04/09/2020 69,993,292 Barton Capital Corporation 0.00 01/12/2020 64,971,833 Nederlandse Waterschmink 0.00 10/09/2020 59,992,250 FMS Wertmanagament 0.00 02/02/2021 49,956,917 Barton Capital Corporation 0.00 01/09/2020 49,745,440 Eli Lilly & Company 0.00 26/10/2020 33,791,325 Prudential 0.00 02/09/2020 21,999,120

There were no other sales during the financial period ended 31 December 2020.

Copies of all portfolio changes are available, free of charge, from the registered office of the Fund.

55 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED EURO FUND

MAJOR PURCHASES COUPON % MATURITY COST € Belgium Treasury Bill 0.00 14/01/2021 395,643,377 France Treasury Bill 0.00 06/01/2021 350,381,333 Kingdom of Netherlands 0.00 28/01/2021 305,501,692 Belgium Treasury Bill 0.00 12/11/2020 250,182,953 France Treasury Bill 0.00 18/11/2020 227,058,226 Federal Republic of Germany 0.00 09/12/2020 225,177,282 Kingdom of Netherlands 0.00 29/10/2020 190,210,488 Kommunalbanken 0.00 15/12/2020 150,035,321 NRW Bank 0.00 04/12/2020 150,032,675 Dexia Credit Local 0.00 17/09/2020 150,022,503 Federal Republic of Germany 0.00 07/10/2020 140,117,433 Banco Santander 0.00 07/01/2021 140,068,750 France Treasury Bill 0.00 20/01/2021 130,212,186 France Treasury Bill 0.00 16/09/2020 130,019,303 Kommunalbanken 0.00 27/11/2020 125,027,229 Federal Republic of Germany 0.00 20/01/2021 110,226,581 Belgium Treasury Bill 0.00 11/03/2021 109,228,171 France Treasury Bill 3.75 25/04/2021 101,740,250 Kingdom of Denmark 0.00 05/02/2021 100,208,266 China Construction Bank 0.00 04/05/2021 100,180,185

There were no sales during the financial period ended 31 December 2020.

Copies of all portfolio changes are available, free of charge, from the registered office of the Fund.

56 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED STERLING FUND

MAJOR PURCHASES COUPON % MATURITY COST UK£ Credit Agricole 0.05 04/01/2021 6,250,000,000 United Kingdom Gilt 1.50 22/01/2021 271,038,450 United Kingdom Gilt 3.75 07/09/2021 216,676,300 United Kingdom Gilt 8.00 07/06/2021 157,195,650 Nordea Bank 0.00 30/11/2020 149,998,418 Nordea Bank 0.00 16/12/2020 140,999,073 United Kingdom Treasury Bill 0.00 04/01/2021 122,160,214 Mizuho Bank 0.00 31/12/2020 114,998,192 Agence Centrale des Organismes 0.00 24/11/2020 109,997,588 MUFG Bank 0.04 25/01/2021 100,000,000 Fed Des Caisses Desjardins Quebec 0.00 13/11/2020 99,998,356 Sumitomo Mitsui Banking Corporation 0.00 16/11/2020 99,998,247 Mitsubishi Corporation 0.00 22/02/2021 99,988,412 First Abu Dhabi Bank 0.00 20/10/2020 99,988,303 Nordea Bank 0.00 09/10/2020 99,984,879 First Abu Dhabi Bank 0.00 09/09/2020 99,984,715 First Abu Dhabi Bank 0.00 11/01/2021 99,969,930 Qatar National Bank SAQ 0.00 11/01/2021 99,949,478 United Kingdom Treasury Bill 0.00 12/10/2020 94,297,823 Agricultural Bank of China 0.00 10/11/2020 89,974,895

MAJOR SALES COUPON % MATURITY PROCEEDS UK£ Kreditanstalt Fur Wiederaufbau 5.55 07/06/2021 83,017,600

There were no other sales during the financial period ended 31 December 2020.

Copies of all portfolio changes are available, free of charge, from the registered office of the Fund.

57 DWS DEUTSCHE GLOBAL LIQUIDITY SERIES p.l.c.

DEUTSCHE MANAGED DOLLAR TREASURY FUND

MAJOR PURCHASES COUPON % MATURITY COST US$ United States Treasury Bill 0.00 29/10/2020 155,212,653 United States Treasury Bill 0.00 08/10/2020 124,542,666 United States Treasury Bill 0.00 06/10/2020 108,519,142 United States Treasury Bill 0.00 27/10/2020 99,423,937 United States Treasury Bill 0.00 20/10/2020 94,422,050 United States Treasury Bill 0.00 10/09/2020 89,671,564 United States Treasury Bill 0.00 05/01/2021 85,060,071 United States Treasury Bill 0.00 17/11/2020 80,824,920 United States Treasury Bill 0.00 15/10/2020 79,366,665 United States Treasury Bill 0.00 24/11/2020 76,999,738 United States Treasury Bill 0.00 08/09/2020 74,929,272 United States Treasury Bill 0.00 07/01/2021 74,919,769 United States Treasury Bill 0.00 03/09/2020 74,834,667 United States Treasury Bill 0.00 29/09/2020 72,854,363 United States Treasury Bill 0.00 15/09/2020 71,963,254 United States Treasury Bill 0.00 22/09/2020 71,534,295 United States Treasury Bill 0.00 17/09/2020 71,427,704 United States Treasury Bill 0.00 10/11/2020 62,298,184 United States Treasury Bill 0.00 22/12/2020 60,899,230 United States Treasury Bill 0.00 15/12/2020 54,597,981 United States Treasury Bill 0.00 29/12/2020 53,799,598 United States Treasury Bill 0.00 01/12/2020 53,606,500 United States Treasury Bill 0.00 01/09/2020 52,592,909 United States Treasury Note 0.40 31/10/2021 45,144,435 United States Treasury Note 0.32 31/07/2021 45,077,590 United States Treasury Bill 0.00 02/03/2021 44,987,921 United States Treasury Note 0.23 30/04/2021 37,532,104 United States Treasury Bill 0.00 08/12/2020 35,399,666 United States Treasury Bill 0.00 19/11/2020 33,885,893 United States Treasury Bill 0.00 12/11/2020 31,952,250

MAJOR SALES COUPON % MATURITY PROCEEDS US$ United States Treasury Bill 0.00 05/01/2021 85,061,188 United States Treasury Note 0.20 31/10/2020 81,880,034 United States Treasury Bill 0.00 12/11/2020 31,952,401 United States Treasury Bill 0.00 22/12/2020 24,324,977 United States Treasury Bill 0.00 07/01/2021 19,999,965 United States Treasury Bill 0.00 02/03/2021 18,996,934 United States Treasury Bill 0.00 19/01/2021 15,777,823 United States Treasury Bill 0.00 12/01/2021 9,962,953

There were no other sales during the financial period ended 31 December 2020.

Copies of all portfolio changes are available, free of charge, from the registered office of the Fund.

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OTHER INFORMATION

Directors Independent Auditors

Mr. Michael Whelan (Irish) (Non-Executive, Independent) PricewaterhouseCoopers Mr. Alex McKenna (British) (Non-Executive) Chartered Accountants & Registered Auditors Mr. Vincent Dodd (Irish) (Chairman) (Non-Executive, One Spencer Dock Independent) North Wall Quay Mr. Reyer Kooy (Dutch, British resident) (Non-Executive) Dublin 1 Ireland Registered Office Legal Advisers 78 Sir John Rogerson’s Quay Dublin 2 A & L Goodbody Ireland International Financial Services Centre North Wall Quay Management Company Dublin 1 Ireland DWS Investment S.A. 2 Boulevard Konrad, Adenauer Secretary Luxembourg 1115 Goodbody Secretarial Limited Investment Manager 25/28 North Wall Quay IFSC DWS International GmbH Dublin 1 Mainzer Landstrasse 11-17 Ireland 60329 Frankfurt am Main Germany Company Registration Number 324257 Sub-Investment Manager

DWS Investment Management Americas Inc. 345 Park Avenue New York, New York 10154 U.S.A.

Depositary

State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Administrator & Transfer Agent

State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

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APPENDIX 1: SECURITIES FINANCING TRANSACTIONS REGULATION (“SFTR”)

Article 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No 648/2012, requires UCITS investment companies to provide the following information on the use made of SFTs.

The below tables relate to the Deutsche Managed Dollar Fund, as at 31 December 2020. The SFT which the Sub-Fund holds is a repurchase agreement, details of which are disclosed in the Sub-Funds Portfolio of Investment.

Repurchase agreements transactions

1. Below is the market value of assets engaged in securities financing transactions at 31 December 2020

Market Value of securities engaged in SFT US$1,230,000,000

% of Net Assets 9.38%

2. Listed below are the top 10 counterparties used for each type of SFT at 31 December 2020*

Counterparty Name BNP Paribas Value of outstanding transactions US$1,230,000,000 Country of Establishment France

*This is a complete list of counterparties.

3. Settlement/clearing for each type of SFT: Tri-Party

4. Maturity tenor of the SFT

Less than 1 day - 1 day to 1 week US$1,230,000,000 1 week to 1 month - 1 to 3 months - 3 months to 1 year - Greater than 1 year - Open Maturity - Total US$1,230,000,000

5. Type and quality of collateral

Collateral Type: cash and fixed income Collateral Quality/Rating: Cash N/A Fixed income Investment grade

6. Currency of collateral: USD

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APPENDIX 1: SECURITIES FINANCING TRANSACTIONS REGULATION (“SFTR”) cont/d...

7. Maturity tenor of the collateral in USD

Less than 1 day - 1 day to 1 week - 1 week to 1 month - 1 to 3 months - 3 months to 1 year US$1,148,613,462 Greater than 1 year US$105,471,032 Open Maturity - Total US$1,254,084,494

8. Ten largest collateral issuers*

1. Collateral Issuer United States Treasury Volume of fixed income collateral received US$1,254,084,494

*This is a complete list of counterparties.

9. Re-investment of collateral received

The reinvestment of stock collateral is not permitted under the UCITS Regulations.

10. Safe-keeping of collateral received

Detailed in the table below are the number and names of the depositaries who are responsible for the safekeeping of the collateral received in relation to each of the SFT held on the Sub-Fund.

Number of Depositaries 1 Depositary State Street Custodial Services (Ireland) Limited Fixed Income Collateral US$1,254,084,494 Cash Collateral -

11. Safe-keeping of collateral pledged

There is no collateral posted by the Sub-Fund to BNP Paribas as at 31 December 2020.

12. Returns and costs of the SFT

Income received US$122,478 Gains/Losses* - Costs incurred* - Net returns US$122,478 % of Overall SFT Return N/A

*The realised gain and losses and costs associated with the repurchase agreement cannot be practically or reliably gathered as they are embedded in the market value and cost of the investment, respectively and cannot be separately verified or disclosed.