# Note: The key terms are explained in the glossary.
| Portfolio Analysis |
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| Breakdown by Currency |  |  |  | (in % of fund volume) |  | Market Capitalization |  |  | (in % of fund volume) |
| United States dollar	95.5 Canadian dollar	7.5 Euro	-3.0 Incl. forward exchange transactions, negative and positive figures reflect expected currency developments. | > 10 Bn.	93.2 > 5 Bn. < 10 Bn.	0.6 > 1 Bn. < 5 Bn.	0.6 Others	1.2 Gross weighting, not adjusted for derivative positions. The calculation is based on Euro. |
| Key Figures regarding the Fund's Assets |
| Number of Shares |  |  | 87 | Dividend Yield (in %) | 2.7 |  | Ø Market Cap |  | 153,385.1 Mio. EUR |
| Cumulative performance (in %) |
|  | 1 m | 1 y | 3 y | 5 y | s. Inception | YTD | 3 y avg | 5 y avg | 2017 | 2018 | 2019 | 2020 |
| FC(EUR) | -0.7 | 24.2 | 22.0 | 42.5 | 155.5 | 20.2 | 6.9 | 7.3 | 1.0 | -1.3 | 24.4 | -10.5 |
| FD(EUR) | -0.7 | 24.2 | 22.0 | 42.6 | 109.6 | 20.2 | 6.9 | 7.3 | 1.0 | -1.3 | 24.4 | -10.4 |
| LC(EUR) | -0.8 | 23.2 | 19.3 | 37.3 | 137.7 | 19.5 | 6.1 | 6.5 | 0.2 | -2.1 | 23.5 | -11.1 |
| LCH (P)(EUR) | -2.8 | 20.6 | 12.2 | 27.6 | 50.7 | 11.8 | 3.9 | 5.0 | 11.5 | -8.9 | 17.4 | -4.4 |
| LD(EUR) | -0.8 | 23.2 | 19.3 | 37.3 | 137.7 | 19.5 | 6.1 | 6.5 | 0.2 | -2.1 | 23.5 | -11.1 |
| NC(EUR) | -0.8 | 22.4 | 16.8 | 32.6 | 122.7 | 18.9 | 5.3 | 5.8 | -0.5 | -2.7 | 22.6 | -11.7 |
| NCH (P)(EUR) | -2.8 | 19.7 | 9.9 | 23.2 | 42.4 | 11.3 | 3.2 | 4.3 | 10.6 | -9.5 | 16.7 | -5.1 |
| TFC(EUR) | -0.7 | 24.2 | 22.1 | -- | 31.8 | 20.2 | 6.9 | -- | -- | -- | 24.4 | -10.4 |
| TFD(EUR) | -0.7 | 24.2 | 22.2 | -- | 32.0 | 20.2 | 6.9 | -- | -- | -- | 24.5 | -10.4 |
| USD LC(USD) | -2.8 | 22.0 | 19.4 | 41.9 | 68.2 | 12.6 | 6.1 | 7.2 | 13.9 | -6.5 | 20.8 | -2.4 |
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| Fund Data |
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| Portfolio Manager |  |  | Katharina Seiler | Assets |  |  | 365.5 Mio. EUR |
| Portfolio Manager since |  |  | 02/07/2012 | Fund Currency |  |  | EUR |
| Portfolio Management Company |  |  | DWS Investment GmbH | Launch Date |  |  | 02/07/2012 |
| Portfolio Management Location |  |  | Germany | Fiscal Year End |  |  | 31/12/2021 |
| Management Company |  |  | DWS Investment S.A. | Investor profile |  |  | Growth-oriented |
| Legal Structure |  |  | SICAV |  |
| Custodian |  |  | State Street Bank GmbH, Lux. |  |
| Share Classes |
| Share Class | Cur. | ISIN Code | German Sec. Code | Earnings | Front-end Load ¹ Issue Price up to | Redemption Price | Interim Gains | Management Fee | Running costs / TER | plus performance- related fee | Minimum Invest- ment Amount |
| FC | EUR | LU0781239156 | DWS 1EM | Accumulation | 0.00% | 255.45 | 255.45 |  | 0.750% | 0.83% (1) | -- | 2,000,000 |
| FD | EUR | LU0781239230 | DWS 1EN | Distribution | 0.00% | 181.34 | 181.34 |  | 0.750% | 0.84% (1) | -- | 2,000,000 |
| LC | EUR | LU0781238778 | DWS 1EH | Accumulation | 5.00% | 250.18 | 237.67 |  | 1.500% | 1.59% (1) | -- | -- |
| LCH (P) | EUR | LU0781239586 | DWS 1ER | Accumulation | 5.00% | 158.67 | 150.74 |  | 1.500% | 1.63% (1) | -- | -- |
| LD | EUR | LU0781238851 | DWS 1EJ | Distribution | 5.00% | 208.97 | 198.52 |  | 1.500% | 1.59% (1) | -- | -- |
| NC | EUR | LU0781238935 | DWS 1EK | Accumulation | 3.00% | 229.54 | 222.65 |  | 2.000% | 2.29% (1) | -- | -- |
| NCH (P) | EUR | LU0781239743 | DWS 1ET | Accumulation | 3.00% | 146.80 | 142.40 |  | 2.000% | 2.33% (1) | -- | -- |
| TFC | EUR | LU1663960422 | DWS 2R6 | Accumulation | 0.00% | 131.81 | 131.81 |  | 0.750% | 0.83% (1) | -- | -- |
| TFD | EUR | LU1663960695 | DWS 2R7 | Distribution | 0.00% | 123.30 | 123.30 |  | 0.750% | 0.80% (1) | -- | -- |
| USD LC | USD | LU0781240089 | DWS 1EV | Accumulation | 5.00% | 177.10 | 168.24 |  | 1.500% | 1.55% (1) | -- | -- |
| (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2020. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. |
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| Performance Review |
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| September was the first month after seven positive ones in the row for the US stock market to finish in a negative territory. The recovery was on track, but at much slower pace due to delta variances and increasing cases of infection. Inflationary pressure in commodities became worrisome. 10-year Treasury yields started to increase in anticipation of necessary steps of FED to increase rates. In the US, discussion about debt ceiling brought worries about a possible government shutdown. Increasing reports from companies about supply chain, production and transport disruption caused high volatility on the stock level. Some companies started to bring profit warnings and therefore spread the worry about risk of earnings cuts for the broader market. In September, the S&P 500 finished the month with -4.76% in USD (-2.8% in EUR). Under the best performing sectors were energy, financials, and consumer discretionary. The underperformers were on the opposite in materials, Real Estate Investment Trusts (REITs) and communication. Defensive sectors underperformed as increasing yields weighted on the stock performance. During September, the DWS Invest II US Top Dividend outperformed the broad market due to its defensive allocation. |
| Performance Attribution |
| From an allocation and selection point of view, the largest positive contribution to the relative return, measured against the broad market, was obtained by communication services and energy. Negative contributors were health care, industrials and consumer discretionary. Although we refer to relative returns and weightings, the broad market should not be considered as the benchmark for the fund. On the single stock level, the largest positive contribution came from ConocoPhillips, Baker Hughes and Exxon. On the other hand, Eli Lilly and Abbvie were the most negative contributors to the performance. |
| Current Positioning |
| The fund focuses on high dividend-yield and dividend-growth companies with moderate pay-out ratios, strong balance sheets and cash flow, stable or expanding business model and strong management. |
| Outlook |
| After the outbreak of the Covid pandemic the economic environment became very uncertain. The economic expansion ended abruptly, causing consumer sentiment and other economic indicators like industrial production fall of the cliff, unemployment increase dramatically and many companies to revise their financial conditions. For some companies it would take years to restore the operation and return to the pre-crisis levels, especially to the previous margins. However, fiscal stimulus masks the situation and helps the stock market multiple to expand to historically elevated levels. In our opinion it cannot be sustained for very long. Consequently, from a performance perspective we see limited price appreciation potential for U.S. equities from multiple expansion this year, and expect a larger part of total return to come from dividends. We therefore continue to focus on companies providing defensive characteristics, quality, and a sustainable dividend. |

Translation (ENFR, 2021-09-30):
# Note: Les principaux termes sont définis dans le glossaire.
| Composition du portefeuille |
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| Répartition devises |  |  | (% actif net du compart.) | Capitalisation boursière	(% actif net du compart.) |
| USD	95,5 | > 10 Mrd	93,2 |
| Dollar canadien	7,5 | > 5 et < 10 Mrd	0,6 |
| Euro	-3,0 | > 1 et < 5 Mrd	0,6 |
|  | Autres	1,2 |
| Contrats de change à terme compris, les valeurs nég. et pos. reflètent les prévisions | Pondération brute, non corrigée des éventuelles positions en dérivés. |
| de fluctuation des devises. |  |
| Les chiffres clés se rapportent à l'actif du compartiment |
| Nombre d'actions |  | 87 | taux de dividende moyen	2,7 | Ø Capitalisation du marché	153.385,1 Mio. EUR |
| Rendement actuariel l'an calendrier (en %) |
| LC(EUR) | 1 an 23,2 | 3 ans 19,3 | 5 ans	10 ans 37,3	-- | 2016	2017	2018	2019	2020 10,4	0,2	-2,1	23,5	-11,1 |
| LD(EUR) | 23,2 | 19,3 | 37,3	-- | 10,4	0,2	-2,1	23,5	-11,1 |
| TFC(EUR) | 24,2 | 22,1 | --	-- | --	--	--	24,4	-10,4 |
| TFD(EUR) | 24,2 | 22,2 | --	-- | --	--	--	24,5	-10,4 |
| Les rendements actuariels en devises de l'OPC concerné à 1 an, 3 ans, 5 ans et 10 ans, jusqu´à la dernière VNI de 30.09.2021. Le tableau n’indique pas de rendements lorsque les données existantes ne sont pas suffisantes pour fournir des indications utiles sur la performance passée. Les performances passées ne constituent pas un indicateur fiable de la performance future. |

| Données du compartiment |
| --- |
| Gérant de portefeuille |  |  | Katharina Seiler | Encours |  |  | 365,5 Mio. EUR |
| Gestionnaire depuis |  |  | 02.07.2012 | Devise du compartiment |  |  | EUR |
| Société de gestion |  |  | DWS Investment GmbH | Date de lancement |  |  | 02.07.2012 |
| Localisation du gérant |  |  | Allemagne | Fin d´exercise |  |  | 31.12.2021 |
| Forme juridique |  |  | SICAV | Profil de l’investisseur |  |  | Orienté sur la croissance |
| Banque dépositaire |  |  | State Street Bank GmbH, Lux. |  |
| Droits de sortie |  |  | néant |  |
| Type de parts |
| Type de parts | Devise | Code ISIN | Souscription minimum | Type | Droits d'entrée max. ¹ jusqu'à | Frais de sortie | VNI | Plus-values intermédiaires | Frais de gestion | Frais courants / TER | plus comm. de performance |
| LC | EUR | LU0781238778 | 1 part | Capitalisation | 5,00% | 0% | 237,67 | 1 | 1,500% | 1,59% (1) | -- |
| LD | EUR | LU0781238851 | 1 part | Distribution | 5,00% | 0% | 198,52 | 0 | 1,500% | 1,59% (1) | -- |
| TFC | EUR | LU1663960422 | 1 part | Capitalisation | 0,00% | 0% | 131,81 | 1 | 0,750% | 0,83% (1) | -- |
| TFD | EUR | LU1663960695 | 1 part | Distribution | 0,00% | 0% | 123,30 | 0 | 0,750% | 0,80% (1) | -- |
| (1) Les frais courants (TFE) reprennent en principe l’ensemble des coûts imputés au compartiment, à l’exception des frais de transaction et de la commission de performance. Si le compartiment investit une part substantielle de son actif dans d’autres fonds, les coûts supportés par ces derniers et les versements à leur bénéfice sont pris en compte. Les frais courants indiqués dans les présentes sont ceux engagés par le compartiment au cours du dernier exercice, clos au 31.12.2020. Ces frais peuvent varier d’une année sur l’autre. Informations importantes : Les distributeurs comme des banques ou autres établissements fournissant des services d'investissement, peuvent présenter aux investisseurs intéressés des coûts ou estimations de coûts différents des coûts indiqués dans les présentes, et éventuellement supérieurs à ces derniers. Cette divergence peut s'expliquer par l'évolution des dispositions réglementaires relatives au calcul et à la présentation des coûts par ces entités, notamment après l'entrée en vigueur de la directive 2014/65/UE (directive concernant les marchés d'instruments financiers, ou « MIFID II ») le 3 janvier 2018. |
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