DWS Deutschland

DWS Investment GmbH

Semiannual Report 2018/2019

DWS Deutschland

1

Contents

Semiannual report 2018/2019 for the period from October 1, 2018, through March 31, 2019 (in accordance with article 103 of the German Investment Code (KAGB))

General information .................................................................................................... 2

Semiannual report DWS Deutschland ...................................................................................................... 4

Investment portfolio for the reporting period ............................................................. 8

2

General information

PerformanceThe investment return, or per-formance, of a mutual fund investment is measured by the change in value of the fund’s units. The net asset values per unit (= redemption prices) with the addition of intervening dis-tributions, which are, for exam-ple, reinvested free of charge within the scope of investment accounts at DWS Investment GmbH, are used as the basis for calculating the value; in the case of domestic reinvesting funds, the domestic investment income tax – following any deduction of foreign with- holding tax – plus solidarity surcharge charged to the fund are added. Performance is cal-culated in accordance with the “BVI method.”

Past performance is not a guide to future results. The corresponding benchmarks – if available – are also presented in the report. All financial data in this publication is as of March 31, 2019 (unless otherwise stated).

Sales prospectusesThe sole binding basis for a purchase are the current ver-sion of the sales prospectus including the Terms and Condi-tions of Investment and the key investor information document, which are available from DWS Investment GmbH or any branch of Deutsche Bank AG as well as from other paying agents.

Information about the all-in feeThe all-in fee does not include the following expenses: a) any costs that may arise in

connection with the acquisi-tion and disposal of assets;

b) any taxes that may arise in connection with administra-tive and custodial costs;

c) the costs of asserting and enforcing the legal claims of the investment fund.

The details of the fee structure are set out in the current sales prospectus.

Issue and redemption pricesEach exchange trading day on the Internet: www.dws.de

The following companies were renamed effective August 31, 2018:

Deutsche Asset Management Investment GmbH became DWS Investment GmbH

Deutsche Asset Management International GmbH became DWS International GmbH

DWS Holding & Service GmbH became DWS Beteiligungs GmbH

At the extraordinary general meeting of Deutsche Asset Management S.A. on September 11, 2018, a resolution was

passed to change the name of the company to DWS Investment S.A. effective January 1, 2019.

Semiannual report

4

DWS Deutschland

ISIN LC DE0008490962 FC DE000DWS2F23 LD DE000DWS2F15 IC DE000DWS2GT0 GLC DE000DWS2S28 GTFC DE000DWS2S36 TFC DE000DWS2R94 TFD DE000DWS2SA5

Security code (WKN) LC 849096 FC DWS2F2 LD DWS2F1 IC DWS2GT GLC DWS2S2 GTFC DWS2S3 TFC DWS2R9 TFD DWS2SA

Fund currency EUR

Unit class currency LC EUR FC EUR LD EUR IC EUR GLC EUR GTFC EUR TFC EUR TFD EUR

Date of inception and LC October 20, 1993 initial subscription (from January 19, 2016, as LC unit class) FC January 29, 2016 LD June 30, 2017 IC August 1, 2016 GLC January 2, 2018 GTFC January 2, 2018 TFC January 2, 2018 TFD January 2, 2018

Overview of the unit classes

DWS Deutschland Performance of unit classes vs. benchmark (in euro)

Unit class ISIN 6 months

Class LC DE0008490962 -9.9%

Class FC DE000DWS2F23 -9.6%

Class GLC DE000DWS2S28 -9.9%

Class GTFC DE000DWS2S36 -9.8%

Class IC DE000DWS2GT0 -9.5%

Class LD DE000DWS2F15 -9.9%

Class TFC DE000DWS2R94 -9.6%

Class TFD DE000DWS2SA5 -9.6%

CDAX -6.6%

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: March 31, 2019

5

Initial sales charge LC 5% FC None LD 5% IC None GLC 5% GTFC None TFC None TFD None

Distribution policy LC Reinvestment FC Reinvestment LD Distribution IC Reinvestment GLC Reinvestment GTFC Reinvestment TFC Reinvestment TFD Distribution

All-in fee LC 1.4% p.a. FC 0.8% p.a. LD 1.4% p.a. IC 0.6% p.a. GLC 1.4% p.a. GTFC 0.8% p.a. TFC 0.8% p.a. TFD 0.8% p.a.

Minimum investment LC None FC EUR 2,000,000 LD None IC EUR 25,000,000 GLC None GTFC None TFC None TFD None

Initial issue price LC DEM 80 (incl. initial sales charge) FC Net asset value per unit of the

DWS Deutschland LC unit class on the inception date of the FC unit class

LD Net asset value per unit of the DWS Deutschland LC unit class on the inception date of the LD unit class (plus initial sales charge)

IC Net asset value per unit of the DWS ­Deutschland­LC­unit­class­on­the­ inception date of the IC unit class

GLC Net asset value per unit of the DWS Deutschland LC unit class on the inception date of the GLC unit class (plus initial sales charge)

GTFC EUR 100 TFC EUR 100 TFD EUR 100

Overview of the unit classes (continued)

Investment portfolio for the reporting period

The format used for complete dates

in security names in the investment

portfolio is “day/month/year”.

8

Statement of net assets

DWS Deutschland

Amount in EUR ’000 % of net assets

I. Assets1. Equities (sectors):Industrials 1 021 763 18.43Financials 944 263 17.02Information Technology 889 747 16.04Consumer Discretionaries 715 489 12.90Basic Materials 671 859 12.11Health Care 666 661 12.02Other 330 485 5.96Utilities 104 104 1.88Consumer Staples 59 332 1.07

Total equities: 5 403 703 97.43

2. Certificates 227 0.00

3. Derivatives 2 233 0.05

4. Cash at bank 145 350 2.62

5. Other assets 188 0.00

II. Liabilities1. Other liabilities -5 365 -0.10

III. Net assets 5 546 336 100.00

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

9

Securities traded on an exchange 5 403 930 244.63 97.43

Equities

Aareal Bank (DE0005408116) . . . . . . . . . . . . . . . . . . . . . . Count 802 879 1 086 368 1 190 659 EUR 27 .6000 22 159 460 .40 0 .40adidas Reg . (DE000A1EWWW0) . . . . . . . . . . . . . . . . . . . . Count 884 086 30 000 163 643 EUR 217 .0000 191 846 662 .00 3 .46Airbus (NL0000235190) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 313 000 313 000 EUR 117 .5000 36 777 500 .00 0 .66Allianz (DE0008404005) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 539 583 129 667 EUR 198 .4800 504 056 433 .84 9 .09Amadeus Fire (DE0005093108) . . . . . . . . . . . . . . . . . . . . Count 435 828 9 622 EUR 99 .8000 43 495 634 .40 0 .78BASF Reg . (DE000BASF111) . . . . . . . . . . . . . . . . . . . . . . Count 4 628 000 275 000 661 492 EUR 65 .7500 304 291 000 .00 5 .49Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 4 587 591 2 150 296 413 698 EUR 57 .1700 262 272 577 .47 4 .73Bechtle (DE0005158703) . . . . . . . . . . . . . . . . . . . . . . . . . Count 738 593 436 799 EUR 82 .2000 60 712 344 .60 1 .09BMW Pref . (DE0005190037) . . . . . . . . . . . . . . . . . . . . . . . Count 1 975 998 68 736 EUR 59 .2000 116 979 081 .60 2 .11Brenntag (DE000A1DAHH0) . . . . . . . . . . . . . . . . . . . . . . . Count 1 056 565 33 587 EUR 45 .5500 48 126 535 .75 0 .87Commerzbank (DE000CBK1001) . . . . . . . . . . . . . . . . . . . Count 5 007 770 435 264 EUR 6 .9430 34 768 947 .11 0 .63Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . . Count 671 054 44 050 120 610 EUR 134 .5000 90 256 763 .00 1 .63Covestro (DE0006062144) . . . . . . . . . . . . . . . . . . . . . . . . Count 594 483 180 000 469 658 EUR 49 .0000 29 129 667 .00 0 .53Daimler Reg . (DE0007100000) . . . . . . . . . . . . . . . . . . . . . Count 3 437 126 127 159 EUR 51 .8900 178 352 468 .14 3 .22Deutsche Börse Reg . (DE0005810055) . . . . . . . . . . . . . . Count 899 000 263 657 EUR 114 .3500 102 800 650 .00 1 .85Deutsche Lufthansa Vink . Reg . (DE0008232125) . . . . . . . Count 4 155 331 2 700 000 2 759 878 EUR 19 .6250 81 548 370 .88 1 .47Deutsche Pfandbriefbank (DE0008019001) . . . . . . . . . . . Count 2 771 898 102 549 EUR 11 .0600 30 657 191 .88 0 .55Deutsche Post Reg . (DE0005552004) . . . . . . . . . . . . . . . Count 4 738 000 5 715 000 977 000 EUR 29 .0900 137 828 420 .00 2 .49Deutsche Telekom Reg . (DE0005557508) . . . . . . . . . . . . Count 9 937 461 9 608 737 EUR 14 .7900 146 975 048 .19 2 .65DO & CO (AT0000818802) . . . . . . . . . . . . . . . . . . . . . . . . Count 298 402 10 910 EUR 72 .9000 21 753 505 .80 0 .39E .ON Reg . (DE000ENAG999) . . . . . . . . . . . . . . . . . . . . . . Count 10 469 038 387 309 EUR 9 .9440 104 104 113 .87 1 .88Evonik Industries Reg . (DE000EVNK013) . . . . . . . . . . . . . Count 928 785 34 362 EUR 24 .3000 22 569 475 .50 0 .41Evotec (DE0005664809) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 975 274 55 828 215 300 EUR 23 .3700 69 532 153 .38 1 .25Fraport AG Frankfurt Airport Services Worldwide(DE0005773303) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 330 270 12 218 EUR 68 .0800 22 484 781 .60 0 .41Fresenius (DE0005785604) . . . . . . . . . . . . . . . . . . . . . . . . Count 3 263 867 109 651 EUR 49 .4300 161 332 945 .81 2 .91Fresenius Medical Care (DE0005785802) . . . . . . . . . . . . . Count 1 110 729 374 400 58 116 EUR 71 .3000 79 194 977 .70 1 .43Godewind Immobilien Reg . (DE000A2G8XX3) . . . . . . . . . Count 8 610 360 27 390 EUR 3 .6815 31 699 040 .34 0 .57Hannover Rück Reg . (DE0008402215) . . . . . . . . . . . . . . . Count 295 367 6 070 10 703 EUR 128 .2000 37 866 049 .40 0 .68HeidelbergCement (DE0006047004) . . . . . . . . . . . . . . . . Count 1 126 697 182 860 181 910 EUR 64 .0600 72 176 209 .82 1 .30HelloFresh (DE000A161408) . . . . . . . . . . . . . . . . . . . . . . . Count 4 320 839 1 235 936 672 634 EUR 8 .5100 36 770 339 .89 0 .66Henkel Pref . (DE0006048432) . . . . . . . . . . . . . . . . . . . . . . Count 650 000 375 779 10 144 EUR 91 .2800 59 332 000 .00 1 .07Infineon Technologies Reg . (DE0006231004) . . . . . . . . . . Count 6 668 000 600 000 2 023 126 EUR 17 .5450 116 990 060 .00 2 .11JENOPTIK (DE000A2NB601) . . . . . . . . . . . . . . . . . . . . . . Count 1 506 632 151 351 EUR 32 .8600 49 507 927 .52 0 .89K+S Reg . (DE000KSAG888) . . . . . . . . . . . . . . . . . . . . . . . Count 7 858 061 3 220 601 171 565 EUR 16 .3900 128 793 619 .79 2 .32Kion Group (DE000KGX8881) . . . . . . . . . . . . . . . . . . . . . . Count 1 390 000 404 707 100 897 EUR 46 .5700 64 732 300 .00 1 .17Krones (DE0006335003) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 359 657 55 000 14 357 EUR 78 .2000 28 125 177 .40 0 .51Lanxess (DE0005470405) . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 296 572 225 000 39 643 EUR 47 .6000 61 716 827 .20 1 .11Merck (DE0006599905) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 532 199 488 774 312 754 EUR 100 .8500 53 672 269 .15 0 .97MTU Aero Engines Reg . (DE000A0D9PT0) . . . . . . . . . . . Count 280 361 10 372 EUR 200 .8000 56 296 488 .80 1 .02Münchener Rückversicherungs-Gesellschaft Vink . Reg .(DE0008430026) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 005 000 135 558 66 865 EUR 210 .9000 211 954 500 .00 3 .82OSRAM Licht (DE000LED4000) . . . . . . . . . . . . . . . . . . . . Count 1 326 178 2 701 406 EUR 30 .6700 40 673 879 .26 0 .73Porsche Automobil Holding Pref . (DE000PAH0038) . . . . . Count 497 684 497 684 EUR 55 .7600 27 750 859 .84 0 .50Qiagen (NL0012169213) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 132 475 57 905 30 910 EUR 35 .9000 40 655 852 .50 0 .73Salzgitter (DE0006202005) . . . . . . . . . . . . . . . . . . . . . . . . Count 660 964 339 818 EUR 26 .1100 17 257 770 .04 0 .31SAP (DE0007164600) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 5 653 638 209 160 EUR 102 .8600 581 533 204 .68 10 .48Siemens Reg . (DE0007236101) . . . . . . . . . . . . . . . . . . . . Count 3 988 581 147 559 EUR 95 .9800 382 824 004 .38 6 .90Sixt (DE0007231326) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 780 163 32 369 EUR 93 .7000 73 101 273 .10 1 .32Sixt Pref . (DE0007231334) . . . . . . . . . . . . . . . . . . . . . . . . Count 95 500 277 419 EUR 60 .2000 5 749 100 .00 0 .10Software Reg . (DE000A2GS401) . . . . . . . . . . . . . . . . . . . Count 615 604 1 064 271 EUR 30 .0100 18 474 276 .04 0 .33Symrise (DE000SYM9999) . . . . . . . . . . . . . . . . . . . . . . . . Count 443 950 16 423 EUR 80 .9200 35 924 434 .00 0 .65United Internet Reg . (DE0005089031) . . . . . . . . . . . . . . . Count 4 705 859 3 424 840 47 391 EUR 32 .2600 151 811 011 .34 2 .74Volkswagen Pref . (DE0007664039) . . . . . . . . . . . . . . . . . . Count 368 275 40 322 EUR 140 .6000 51 779 465 .00 0 .93Wirecard AG (DE0007472060) . . . . . . . . . . . . . . . . . . . . . Count 547 060 945 129 995 693 EUR 114 .3000 62 528 958 .00 1 .13

Certificates

UBS London/Bayer 27 .06 .25 Perles Cert .(DE000UBS5DW8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 974 1 461 436 1 457 462 EUR 57 .0300 226 637 .22 0 .00

Total securities portfolio 5 403 930 244.63 97.43

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

Investment portfolio – March 31, 2019

DWS Deutschland

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Derivatives Minus signs denote short positions

Derivatives on individual securities 3 119 181.48 0.06

Securities futures

Equity futures

DEUTSCHE POST AG JUN 19 (EURX) EUR . . . . . . . . . . . Count 2 327 400 3 119 181 .48 0 .06

Equity index derivatives -886 408.15 -0.01(Receivables/payables)

Equity index futures

DAX INDEX JUN 19 (EURX) EUR . . . . . . . . . . . . . . . . . . . Count 66 150 -886 408 .15 -0 .01

Cash and non-securitized money market instruments 145 349 436.82 2.62

Cash at bank 145 349 436.82 2.62

Demand deposits at Depositary

EUR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 65 230 909 .35 % 100 65 230 909 .35 1 .18Deposits in other EU/EEA currencies . . . . . . . . . . . . . . . . EUR 19 .20 % 100 19 .20 0 .00

Deposits in non-EU/EEA currencies

Swiss franc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 104 425 .36 % 100 93 508 .27 0 .00

Time deposit

EUR deposits (Commerzbank AG, Frankfurt/Main) . . . . . . EUR 80 025 000 .00 % 100 80 025 000 .00 1 .44

Other assets 188 201.88 0.00

Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 188 201 .88 % 100 188 201 .88 0 .00

Other liabilities -5 364 569.74 -0.10

Liabilities from cost items . . . . . . . . . . . . . . . . . . . . . . . . . EUR -5 335 873 .21 % 100 -5 335 873 .21 -0 .10Additional other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -28 696 .53 % 100 -28 696 .53 0 .00

Net assets 5 546 336 086.92 100.00

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

Net asset value per unitClass LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 207 .59Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 211 .18Class IC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 212 .70Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 206 .97Class TFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 85 .28Class TFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 83 .73Class GLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 199 .00Class GTFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 85 .36

Number of units outstandingClass LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 19 101 223 .084Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 578 840 .214Class IC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 6 554 150 .000Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 98 622 .984Class TFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 185 261 .595Class TFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 12 967 .556Class GLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 127 086 .000Class GTFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 26 864 .000

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

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

DWS Deutschland

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Market abbreviations

Futures exchanges

EURX = Eurex (Eurex Frankfurt/Eurex Zurich)

Exchange rates (indirect quotes)

As of March 29, 2019

Swiss franc . . . . . . . . . . . . . . . . . . . . . CHF 1 .116750 = EUR 1

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

DWS Deutschland

Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date Count/ Purchases/ Sales/ Security name currency (– / ’000) additions disposals

Securities traded on an exchange

Equities

Aixtron Reg . (DE000A0WMPJ6) . . . . . . . . . . . . . . . . Count 3 000 000Beiersdorf (DE0005200000) . . . . . . . . . . . . . . . . . . . Count 492 716 492 716Deutsche Bank Reg . (DE0005140008) . . . . . . . . . . . Count 5 404 758Dialog Semiconductor (GB0059822006) . . . . . . . . . . Count 1 820 143Freenet (DE000A0Z2ZZ5) . . . . . . . . . . . . . . . . . . . . . Count 565 768GEA Group (DE0006602006) . . . . . . . . . . . . . . . . . . . Count 303 576HORNBACH Holding (DE0006083405) . . . . . . . . . . . Count 113 086Hugo Boss Reg . (DE000A1PHFF7) . . . . . . . . . . . . . . Count 272 157 272 157Linde (IE00BZ12WP82) . . . . . . . . . . . . . . . . . . . . . . . Count 814 087 814 087MorphoSys (DE0006632003) . . . . . . . . . . . . . . . . . . Count 102 865 102 865ProSiebenSat .1 Media Reg . (DE000PSM7770) . . . . . Count 1 070 000Rheinmetall Ord . (DE0007030009) . . . . . . . . . . . . . . Count 169 675 169 675Rocket Internet (DE000A12UKK6) . . . . . . . . . . . . . . Count 336 750Siemens Healthineers (DE000SHL1006) . . . . . . . . . . Count 111 486Siltronic Reg . (DE000WAF3001) . . . . . . . . . . . . . . . . Count 118 076 118 076SMA Solar Technology (DE000A0DJ6J9) . . . . . . . . . Count 563 548STO SE & Co . Pref . (DE0007274136) . . . . . . . . . . . . Count 87 542STRATEC (DE000STRA555) . . . . . . . . . . . . . . . . . . . Count 20 956 20 956thyssenkrupp (DE0007500001) . . . . . . . . . . . . . . . . . Count 1 042 000 1 042 000voestalpine (AT0000937503) . . . . . . . . . . . . . . . . . . . Count 397 074Zalando (DE000ZAL1111) . . . . . . . . . . . . . . . . . . . . . Count 210 240 760 000

Certificates

UBS London/Fresenius 19 .12 .25 Perles Cert .(DE000UBS6DW6) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 214 743 214 743

Unlisted securities

Equities

Linde (applied for tender) (DE000A2E4L75) . . . . . . . Count 885 923

Certificates

Merrill Lynch/SAP 28 .12 .18 Tracker Cert(CWN5647X1834) . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 75 000 75 000

Derivatives (option premiums realized in opening transactions, or total options transactions; in the case of warrants, purchases and sales are shown)

Value (’000)

Futures contracts

Securities futures

Equity futures

Contracts purchased: EUR 462 282(Underlyings: Linde)

Equity index futures

Contracts purchased: EUR 1 109 079(Underlyings: DAX (performance index), MDAX Index)

12

Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))

Other disclosuresNet asset value per unit, Class LC: EUR 207.59Net asset value per unit, Class FC: EUR 211.18Net asset value per unit, Class IC: EUR 212.70Net asset value per unit, Class LD: EUR 206.97Net asset value per unit, Class TFC: EUR 85.28Net asset value per unit, Class TFD: EUR 83.73Net asset value per unit, Class GLC: EUR 199.00Net asset value per unit, Class GTFC: EUR 85.36

Number of units outstanding, Class LC: 19 101 223.084Number of units outstanding, Class FC: 578 840.214Number of units outstanding, Class IC: 6 554 150.000Number of units outstanding, Class LD: 98 622.984Number of units outstanding, Class TFC: 185 261.595Number of units outstanding, Class TFD: 12 967.556Number of units outstanding, Class GLC: 127 086.000Number of units outstanding, Class GTFC: 26 864.000

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

If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.

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

DWS Deutschland

13

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

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

DWS Deutschland

Asset Management Company

DWS Investment GmbH60612 Frankfurt/Main, GermanyLiable equity capital as of December 31, 2018: EUR 188.7 millionSubscribed and paid-in capital as ofDecember 31, 2018: EUR 115 million

Supervisory Board

Dr. Asoka Wöhrmann (since December 13, 2018)Chairman (since December 19, 2018)DWS Management GmbH(personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main

Christof von DryanderVice-ChairmanCleary Gottlieb Steen & Hamilton LLP,Frankfurt/Main

Hans-Theo FrankenDeutsche Vermögensberatung AG, Frankfurt/Main

Dr. Alexander IlgenDeutsche Bank AG,Frankfurt/Main

Dr. Stefan MarcinowskiLudwigshafen

Friedrich von Metzler(until December 12, 2018)Frankfurt/Main

Alain MoreauDeutsche Bank AG, Frankfurt/Main

Nicolas Moreau (until October 25, 2018)Frankfurt/Main

Prof. Christian StrengerFrankfurt/Main

Claire PeelDWS Group GmbH & Co. KGaA,Frankfurt/Main

Gerhard Wiesheu (since December 13, 2018)Partner of BankhausB. Metzler seel. Sohn & Co. KGaA,Frankfurt/Main

Management

Holger NaumannSpeaker of the Management

Member of the Management ofDWS Beteiligungs GmbH,Frankfurt/MainChairman of the Supervisory Board ofDWS Investment S.A., LuxembourgChairman of the Board of Directors of DWS CH AG, Zürich Member of the Supervisory Board of Sal. Oppenheim jr. & Cie. AG & Co. KGaA,KölnMember of the Supervisory Board of Sal. Oppenheim jr. & Cie. Komplementär AG,Köln

Dirk Görgen (since December 1, 2018)

Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/MainMember of the Management ofDWS Beteiligungs GmbH,Frankfurt/Main

Stefan Kreuzkamp

Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/MainMember of the Management ofDWS Beteiligungs GmbH,Frankfurt/MainMember of the Supervisory Board ofDWS Investment S.A., Luxembourg

Dr. Matthias Liermann

Member of the Management ofDWS International GmbH,Frankfurt/MainMember of the Management ofDWS Beteiligungs GmbH,Frankfurt/MainMember of the Supervisory Board of DWS Investment S.A., LuxembourgMember of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main

Petra Pflaum

Member of the Management ofDWS Beteiligungs GmbH,Frankfurt/Main

Thorsten Michalik (until November 30, 2018)

Depositary

State Street Bank International GmbHBrienner Straße 5980333 München, GermanyOwn funds after approval of the annual financial statements on December 31, 2018: EUR 2,222.0 million(as defined in Article 72 of Regulation (EU) No. 575/2013 (CRR))Subscribed and paid-in capital as ofDecember 31, 2018: EUR 109.3 million

Shareholder ofDWS Investment GmbH

DWS Beteiligungs GmbH,Frankfurt/Main

As of: April 30, 2019

DWS Investment GmbH60612 Frankfurt/Main, GermanyTel.: +49 (0) 69-910-12371Fax: +49 (0) 69-910-19090www.dws.com