# EDGAR Filing Document

**Accession Number:** 0000862064
**File Stem:** 0000088053-26-000345
**Filing Date:** 2026-4
**Character Count:** 294433
**Document Hash:** c665c01eccf46fb0ae404b457eb07584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000345.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000088053-26-000345

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOVERNMENT CASH MANAGEMENT PORTFOLIO
- **CENTRAL INDEX KEY:** 0000862064

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06073
- **FILM NUMBER:** 26923404

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENTCASH MANAGEMENT PORTFOLIO
- **DATE OF NAME CHANGE:** 20160519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENT CASH MANAGEMENT PORTFOLIO
- **DATE OF NAME CHANGE:** 20160519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CASH MANAGEMENT PORTFOLIO
- **DATE OF NAME CHANGE:** 20060406

## Series and Classes Contracts Data

### GOVERNMENT CASH MANAGEMENT PORTFOLIO (Series ID: S000009009)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000024519 | GOVERNMENT CASH MANAGEMENT PORTFOLIO |  |

**Filed electronically with the Securities and Exchange Commission on April 30, 2026**

**1940 Act File No. 811-06073**

UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM N-1A

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 <br>

☒ <br>

Amendment No. 47 <br>

☒ <br>

**GOVERNMENT CASH MANAGEMENT PORTFOLIO**

(Exact Name of Registrant as Specified in Charter)

<u>875 Third Avenue, New York, NY 10022-6225</u>

(Address of Principal Executive Offices)

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Registrant's Telephone Number, including Area Code: (212) 454-4500

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John Millette <br>Vice President and Secretary <br>GOVERNMENT CASH MANAGEMENT PORTFOLIO <br> 100 Summer Street <br><u>Boston, MA 02110-2146</u>

(Name and Address of Agent for Service)

Copy to: <br> John S. Marten<br> Vedder Price P.C.<br> 222 North LaSalle Street<br> Chicago, IL 60601-1104<br>

**EXPLANATORY NOTE**

This Amendment to the Registration Statement of Government Cash Management Portfolio (the "Portfolio") on Form N-1A (the "Registration Statement") has been filed by the Portfolio pursuant to Section 8(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). However, beneficial interests in the Portfolio are not being registered under the Securities Act of 1933, as amended (the "1933 Act"), because such interests will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Portfolio may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. The Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any beneficial interests in the Portfolio.

Potential investors to whom an offer of beneficial interests is made (and their employees, representatives, and other agents) may disclose to any and all persons, without limitation of any kind, the US federal income tax consequences of an investment in the Portfolio as described in this Registration Statement and in all other materials of any kind (including tax opinions or other tax analyses) that are provided to such person by, or on behalf of, the Portfolio in connection with an investment in the Portfolio.

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![](graphic1.jpg)

Private Offering Memorandum - Part A

April 30, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Government Cash Management Portfolio <br>

THE SECURITIES DESCRIBED IN THIS MEMORANDUM ARE OFFERED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC). LIKE SHARES OF ALL MUTUAL FUNDS, THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

NO RESALE OF SHARES MAY BE MADE UNLESS THE SHARES ARE SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS CONFIDENTIAL PRIVATE OFFERING MEMORANDUM HAS BEEN PREPARED ON A CONFIDENTIAL BASIS SOLELY FOR THE INFORMATION OF THE RECIPIENT AND MAY NOT BE REPRODUCED, PROVIDED TO OTHERS OR USED FOR ANY OTHER PURPOSE.

NO PERSON HAS BEEN AUTHORIZED TO MAKE REPRESENTATIONS OR GIVE ANY INFORMATION WITH RESPECT TO THE SHARES, EXCEPT THE INFORMATION CONTAINED HEREIN OR IN THE TRUST'S REGISTRATION STATEMENT FILED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940 ACT").

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**Table of Contents** <br>

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; [Item 5. Management](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 6. Purchase and Sale of Portfolio Shares](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 7. Tax Information](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 8. Financial Intermediary Compensation](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 9. Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_2)<br> [Holdings](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_2)<br>| 2  |
| &nbsp;&nbsp;&nbsp; [Item 10. Management, Organization and Capital Structure](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_7) | 7  |
| &nbsp;&nbsp;&nbsp; [Item 11. Shareholder Information](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_9) | 9  |
| &nbsp;&nbsp;&nbsp; [Item 12. Distribution Arrangements](#xx_11b42c97-231a-4ebc-91da-21da78ebe70c_13) | 13  |

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**Government Cash Management Portfolio (the "Portfolio")**

Responses to Items 1, 2, 3, 4 and 13 have been omitted pursuant to paragraph 2(b) of Instruction B of the General Instructions to Form N-1A.

**Item 5. Management** 

**Investment Advisor**

DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor") is the Portfolio's investment adviser.

**Item 6. Purchase and Sale of Portfolio Shares**

Beneficial interests in the Portfolio are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Portfolio may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any "security" within the meaning of the 1933 Act. There is no minimum initial or subsequent investment in the Portfolio. An investor in the Portfolio may withdraw all or any portion of its investment at the net value next determined after a withdrawal request in proper form is furnished by the investor to the Portfolio by the designated cutoff time for each accredited investor.

Beneficial interests in the Portfolio are redeemable on any day the Portfolio is open. The Portfolio is generally open on days when the New York Stock Exchange ("NYSE") is open for regular trading. The Portfolio may, but is not required to, accept certain types of purchase, exchange and redemption orders on days that the NYSE is closed, or beyond a NYSE early closing time (referred to as a "Limited Trading Period") if: (a) the Federal Reserve system is open, (b) the primary trading markets for the Portfolio's portfolio instruments are open and (c) the Advisor believes there will be adequate liquidity in the short-term markets.

**Item 7. Tax Information** 

The Portfolio is expected to be treated as a partnership for US federal income tax purposes. As a partnership, the Portfolio is not subject to US federal income tax. Instead, in computing its US federal income tax liability, each investor in the Portfolio will be required to take into account its distributive share of items of Portfolio income, gain, loss, deduction, credit, and tax preference for each taxable year substantially as though such items had been realized directly by the investor and without regard to whether the Portfolio has distributed or will distribute any amount to its investors. The Portfolio is not required and generally does not expect to make distributions (other than distributions in redemption of Portfolio interests) to its investors. As a result, an investor could recognize taxable income from the Portfolio in a taxable year in excess of actual non-liquidating cash distributions (if any) made by the Portfolio for that year. Investors that intend to be treated as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), may be required to redeem Portfolio interests in order to obtain sufficient cash to meet distribution requirements for such treatment and to avoid an entity-level tax.

**Item 8. Financial Intermediary Compensation**

Not Applicable.

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**Item 9. Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings** 

**Investment Objective**

The Portfolio seeks maximum current income to the extent consistent with stability of principal.

While portfolio management gives priority to earning income and preserving the Portfolio's capital, all money market instruments, including US government obligations, can change in value when interest rates change or an issuer's creditworthiness changes. The investment objective of the Portfolio may be changed without shareholder approval.

**Principal Investment Strategies**

**Main investments.** The Portfolio is a money market fund that is managed in accordance with federal regulations which govern the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest.

The Portfolio operates as a "government money market fund," as such term is defined under federal regulations. As a government money market fund, the Portfolio is required to invest at least 99.5% of its total assets at the time of investment in cash, US government securities, and/or repurchase agreements that are collateralized by these instruments.

The Portfolio follows the policies described below:

• Portfolio securities are denominated in US dollars and, at the time of purchase, have remaining maturities of 397 days (about 13 months) or less, or have certain maturity shortening features (such as interest rate resets and demand features) that have the effect of reducing their maturities to 397 days or less.

• The Portfolio maintains a dollar-weighted average maturity of (i) 60 days or less and (ii) 120 days or less determined without regard to interest rate resets.

• The Portfolio maintains certain minimum liquidity standards such that:

-

the Portfolio may not purchase a security other than a security offering daily liquidity if, immediately after purchase, the Portfolio would have invested less than 25% of its total assets in securities offering daily liquidity (includes securities that mature or are subject to demand within one business day, cash or direct US government obligations);

-

the Portfolio may not purchase a security other than a security offering weekly liquidity if, immediately after purchase, the Portfolio would have invested less than 50% of its total assets in securities offering weekly liquidity (includes securities that mature or are subject to demand within five business days, cash, direct US government obligations and government agency discount notes with remaining maturities of 60 days or less); and

-

the Portfolio may not purchase an illiquid security if, immediately after purchase, the Portfolio would have invested more than 5% of its total assets in illiquid securities (securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the market value ascribed to them by the Portfolio).

The Portfolio primarily invests in the following types of investments:

• US Treasury bills, notes, bonds and other obligations issued or guaranteed by the US government, its agencies or instrumentalities.

• Repurchase agreements backed by these instruments. In a repurchase agreement, the Portfolio buys securities at one price with a simultaneous agreement to sell back the securities at a future date at an agreed-upon price.

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The Portfolio may invest in floating and variable rate instruments (obligations that do not bear interest at fixed rates).

Under normal circumstances, the Portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in US government securities and/or repurchase agreements that are collateralized by US government securities. The Portfolio considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities.

**Management process.** Working in consultation with portfolio management, a credit team screens potential securities and develops a list of those that the Portfolio may buy. Portfolio management, looking for attractive yield and weighing considerations such as credit quality, economic outlooks and possible interest rate movements, then decides which securities on this list to buy.

Portfolio management may adjust the Portfolio's exposure to interest rate risk, typically seeking to take advantage of possible rises in interest rates and to preserve yield when interest rates appear likely to fall.

**Main Risks**

There are several risk factors that could reduce the yield you get from the Portfolio, cause the Portfolio's performance to trail that of other investments, or cause you to lose money.

The Portfolio may not achieve its investment objective, and is not intended to be a complete investment program.

**Money market fund risk.** You could lose money by investing in the Portfolio. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

**Market risk.** The market value of the securities in which the Portfolio invests may be impacted by the prospects of individual issuers, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

**Market disruption risk.** Economies and financial markets throughout the world have become increasingly interconnected, which has increased the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. This includes reliance on global supply chains that are susceptible to disruptions resulting from, among other things, war and other armed conflicts, tariffs, extreme weather events, and natural disasters. Such supply chain disruptions can lead to, and have led to, economic and market disruptions that have far-reaching effects on financial markets worldwide. The value of the Portfolio's investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, debt levels and credit ratings, and trade policies, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. In addition, geopolitical and other globally interconnected occurrences, including war and other armed conflicts, terrorism, economic uncertainty or financial crises, contagion, tariffs and trade disputes, government debt crises (including defaults or downgrades) or uncertainty about government debt payments, government shutdowns, public health crises, natural disasters, supply chain disruptions, climate change and related events or conditions, have led, and in the future may lead, to disruptions in the US and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Portfolio and its investments. Ongoing trade disputes between the United States and other countries may lead to tariffs and investment restrictions, negatively impacting affected companies and their securities. These disputes can also harm the economies of the United States and its trading partners, as well as financial markets overall. Adverse market conditions or disruptions could cause the Portfolio to lose money, experience significant redemptions, and encounter operational difficulties. Although multiple asset classes may be affected by adverse market conditions or a particular market disruption, the duration and effects may not be the same for all types of assets.

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Current military and other armed conflicts in various geographic regions, including those in Europe and the Middle East, among others, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Portfolio's investments. The extent and duration of any military or other armed conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial.

Other market disruption events include pandemic spread of viruses, such as the novel coronavirus known as COVID-19, which have caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain disruptions, and may adversely affect the Portfolio and its investments.

In addition, markets are becoming increasingly susceptible to disruption events resulting from the use of new and emerging technologies, such as artificial intelligence, to engage in cyber-attacks or to take over the Web sites and/or social media accounts of companies, governmental entities or public officials, or to otherwise pose as or impersonate such, which then may be used to disseminate false or misleading information that can cause volatility in financial markets or for the securities of a particular company, group of companies, industry or other class of assets.

Adverse market conditions or particular market disruptions, such as those discussed above, may magnify the impact of each of the other risks described in this "MAIN RISKS" section and may increase volatility in one or more markets in which the Portfolio invests leading to the potential for greater losses for the Portfolio.

**Interest rate risk.** Rising interest rates could cause the value of the Portfolio's investments—and therefore its net value as well—to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Portfolio. Increased redemptions from the Portfolio may force the Portfolio to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Portfolio's investments to decline. Conversely, any decline in interest rates is likely to cause the Portfolio's yield to decline, and during periods of unusually low or negative interest rates, the Portfolio's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Portfolio from providing a positive yield or paying Portfolio expenses out of current income. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of US government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Portfolio.

**Security selection risk.** Although short-term securities are relatively stable investments, it is possible that the securities in which the Portfolio invests will not perform as expected. This could cause the Portfolio's returns to lag behind those of similar money market funds and could result in a decline in net value.

**Repurchase agreement risk.** If the party that sells the securities to the Portfolio defaults on its obligation to repurchase them at the agreed-upon time and price, the Portfolio could lose money.

**Counterparty risk.** A financial institution or other counterparty with whom the Portfolio does business, or that underwrites, distributes or guarantees any investments or contracts that the Portfolio owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the Portfolio or could delay the return or delivery of collateral or other assets to the Portfolio.

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**Credit risk.** The Portfolio's performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation.

Some securities issued by US government agencies or instrumentalities are backed by the full faith and credit of the US government. Other securities that are supported only by the credit of the issuing agency or instrumentality are subject to greater credit risk than securities backed by the full faith and credit of the US government. This is because the US government might provide financial support, but has no obligation to do so, if there is a potential or actual loss of principal or failure to make interest payments.

**US government default risk.** Due to the rising US government debt burden and potential limitations caused by the statutory debt ceiling, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. In the past, US sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. Such a credit event may adversely impact the financial markets and the fund. From time to time, uncertainty regarding the status of negotiations in the US government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the US government may default on payments on certain US government securities, cause the credit rating of the US government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of US Treasury securities and/or increase the costs of certain kinds of debt.

**Liquidity and transaction risk.** The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors or due to general market conditions and a lack of willing buyers. When there are no willing buyers and an instrument cannot be readily sold at a desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market funds may be higher than normal, potentially causing increased supply in the market due to selling activity. If dealer capacity in debt instruments is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the debt markets. Additionally, market participants other than the Portfolio may attempt to sell debt holdings at the same time as the Portfolio, which could cause downward pricing pressure and contribute to illiquidity. An inability to sell one or more portfolio securities can prevent the Portfolio from being able to take advantage of other investment opportunities.

Unusual market conditions, an unusually high volume of redemption requests or other similar conditions could cause the Portfolio to be unable to pay redemption proceeds within a short period of time.

Certain shareholders, including clients or affiliates of the Advisor, may from time to time own or control a significant percentage of the Portfolio's shares. These shareholders may include, for example, institutional investors and other shareholders whose buy-sell decisions are controlled by a single decision maker. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase the Portfolio's liquidity risk.

**Prepayment and extension risk.** When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Portfolio may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Portfolio's assets tied up in lower interest debt obligations. Ultimately, any changes or unexpected behavior in interest rates could increase the volatility of the Portfolio's yield and could hurt Portfolio performance. Prepayments could also create capital gains tax liability in some instances.

**Risks of holding cash.** The Portfolio will at times hold cash positions, which may hurt the Portfolio's performance. Cash positions may also subject the Portfolio to additional risks and costs, including any fees imposed by the Portfolio's custodian for large cash balances.

**Operational and technology risk.** The Portfolio and the entities with which it interacts directly or indirectly, including the Portfolio's service providers and counterparties, issuers of securities held by the Portfolio and other market participants, are susceptible to operational and technology risks, including those related to human errors, processing errors, communication

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errors, system failures, cybersecurity incidents, and the use of artificial intelligence, among others, which may impair the Portfolio's operations and/or result in losses for the Portfolio. For example, the Portfolio's or its service providers' assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential Portfolio information, interfere with the processing of shareholder transactions, impact the ability to calculate the Portfolio's net value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the Portfolio's operations.

While the Portfolio and its service providers may establish business continuity and other plans and processes that seek to address the possibility of and fallout from cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as Portfolio counterparties, issuers of securities held by the Portfolio or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no assurance that such plans and processes will be effective. Among other situations, disruptions (for example, pandemics or health crises) that cause prolonged periods of remote work or significant employee absences at the Portfolio's service providers could impact the ability to conduct the Portfolio's operations. In addition, the Portfolio cannot directly control any cybersecurity plans and systems, including artificial intelligence, put in place by its service providers, Portfolio counterparties, issuers of securities held by the Portfolio or other market participants.

Cyber-attacks may include unauthorized attempts by third parties to improperly access, modify, disrupt the operations of, or prevent access to the systems of the Portfolio's service providers or counterparties, issuers of securities held by the Portfolio or other market participants or data within them. In addition, power or communications outages, acts of god, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data.

Cyber-attacks, disruptions, or failures may adversely affect the Portfolio and its shareholders or cause reputational damage and subject the Portfolio to regulatory fines, litigation costs, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, cyber-attacks, disruptions, or failures involving a Portfolio counterparty could affect such counterparty's ability to meet its obligations to the Portfolio, which may result in losses to the Portfolio and its shareholders. Similar types of operational and technology risks are also present for issuers of securities held by the Portfolio, which could have material adverse consequences for such issuers, and may cause the Portfolio's investments to lose value. Furthermore, as a result of cyber-attacks, disruptions, or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Portfolio being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments.

For example, the Portfolio relies on various sources to calculate its net value. Therefore, the Portfolio is subject to certain operational risks associated with reliance on third party service providers and data sources. Net value calculation may be impacted by operational risks arising from factors such as failures in systems and technology. Such failures may result in delays in the calculation of the Portfolio's net value and/or the inability to calculate net value over extended time periods. The Portfolio may be unable to recover any losses associated with such failures.

In addition, the development and use of artificial intelligence technologies are expanding rapidly and may be employed by service providers that support the operations of the Portfolio as well as by issuers of securities held by the Portfolio. Artificial intelligence technologies rely on complex algorithms and large data sets, which may produce incomplete, inaccurate, or biased outcomes and lead to errors in decision making, reputational damage, legal or operational challenges, and investment losses negatively affecting the Portfolio. Artificial intelligence technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to evolve rapidly, and it is impossible to anticipate the full scope of future impacts such developments may have and the associated risks to the Portfolio.

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**Other Policies**

While the previous pages describe the main points of the Portfolio's strategy and risks, there are a few other matters to know about:

• Although major changes tend to be infrequent, the Portfolio's Board could change the Portfolio's investment objective without seeking shareholder approval. However, the Board will provide shareholders with at least 60 days' notice prior to making any changes to the Portfolio's 80% investment policy as described herein.

• While the Portfolio does not intend to impose a liquidity fee in connection with the implementation of federal regulations relating to money market funds, the Portfolio may elect to do so in the future.

• Purchase and redemption decisions by institutional investors in money market funds may be highly sensitive to changes in portfolio yield and, as a result, the Portfolio's assets may fluctuate significantly over short periods of time in response to changes in the Portfolio's yield relative to other money market funds. Large redemptions by these shareholders may adversely impact the Portfolio.

**For More Information**

This prospectus doesn't tell you about every policy or risk of investing in the Portfolio. See Part B of this Registration Statement for more information on the Portfolio's allowable securities and investment practices and the characteristics and risks of each one.

Keep in mind that there is no assurance that the Portfolio will achieve its investment objective.

A schedule of the Portfolio's holdings, including information required by applicable regulations, is posted once each month on dws.com/en-us/capabilities/liquidity-management/ (the Web site does not form a part of this prospectus). Please note that the list of portfolio holdings for the Portfolio is reflected, to the extent applicable, in the list of portfolio holdings for the Portfolio's affiliated "feeder" fund, DWS Government Money Market Series, and is not posted as a separate list. Portfolio holdings as of each month-end are posted to the Web site within five business days of the date of the applicable portfolio holdings information. More frequent posting of portfolio holdings information may be made from time to time on dws.com/en-us/capabilities/liquidity-management/. The posted portfolio holdings information is available by fund (in the case of a "master portfolio" like the Portfolio, such information is available only by feeder fund) and generally remains accessible for a period of not less than six months. The affiliated feeder fund also may post on the Web site, on the same or a more frequent basis, various depictions of portfolio characteristics such as the allocation of the portfolio across various security types, market sectors and sub-sectors and maturities, liquidity and risk characteristics of the portfolio. Part B of this Registration Statement includes a description of the Portfolio's policies and procedures with respect to the disclosure of the Portfolio's holdings.

**Item 10. Management, Organization and Capital Structure**

**Who Manages and Oversees the Portfolio** 

**The Investment Advisor**

DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the Portfolio. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the Portfolio and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.

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DWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ("DDI" or the "Distributor"). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world's major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

The Advisor may utilize the resources of its global investment platform to provide investment management services through branch offices or affiliates located outside the US. In some cases, the Advisor may also utilize its branch offices or affiliates located in the US or outside the US to perform certain services, such as trade execution, trade matching and settlement, or various administrative, back-office or other services. To the extent services are performed outside the US, such activity may be subject to both US and foreign regulation. It is possible that the jurisdiction in which the Advisor or its affiliate performs such services may impose restrictions or limitations on portfolio transactions that are different from, and in addition to, those that apply in the US.

**Management Fee**

The Advisor receives a management fee from the Portfolio. For the most recent fiscal year, the Portfolio paid a management fee at an annual rate of 0.074% (reflecting the effects of expense limitations and/or fee waivers then in effect for the Portfolio) of the Portfolio's average daily net assets.

From time to time, the Advisor may voluntarily waive a portion of its fees and/or reimburse certain operating expenses of the Portfolio. These voluntary waivers and/or reimbursements may be terminated at any time at the option of the Advisor.

The Advisor and its affiliates may voluntarily waive a portion of their fees and/or reimburse certain expenses to the extent necessary to assist the Portfolio in attempting to avoid a negative yield. There is no guarantee that the Portfolio will avoid a negative yield. These voluntary waivers and/or reimbursements may be amended or terminated at any time at the option of the Advisor. These voluntary waivers and/or reimbursements are in addition to any existing contractual expense limitations.

A discussion regarding the basis for the Board's approval of the investment management agreement for the Portfolio is contained in the most recent financial statements and other information report for DWS Government Money Market Series (Institutional Shares) for the annual period ended December 31 and the semi-annual period ended June 30.

The Portfolio has a separate administrative services agreement with the Advisor pursuant to which the Portfolio pays the Advisor a fee of 0.03% of the Portfolio's average daily net assets for certain administrative services.

**Multi-Manager Structure.** The Advisor, subject to the approval of the Board, has ultimate responsibility to oversee any subadvisor to the Portfolio and to recommend the hiring, termination and replacement of subadvisors. The Portfolio and the Advisor have received an order from the SEC that permits the Advisor to appoint or replace certain subadvisors, to manage all or a portion of the Portfolio's assets and enter into, amend or terminate a subadvisory agreement with certain subadvisors, in each case subject to the approval of the Portfolio's Board but without obtaining shareholder approval ("multi-manager structure"). The multi-manager structure applies to subadvisors that are not affiliated with the Portfolio or the Advisor ("nonaffiliated subadvisors"), as well as subadvisors that are indirect or direct, wholly-owned subsidiaries of the Advisor or that are indirect or direct, wholly-owned subsidiaries of the same company that, indirectly or directly, wholly owns the Advisor ("wholly-owned subadvisors"). Pursuant to the SEC order, the Advisor, with the approval of the Portfolio's Board, has the discretion to terminate any subadvisor and allocate and reallocate the Portfolio's assets among any other nonaffiliated subadvisors or wholly-owned subadvisors (including terminating a nonaffiliated subadvisor and replacing it with a wholly-owned subadvisor). The Portfolio and the Advisor are subject to the conditions imposed by the SEC order, including the condition that within 90 days of hiring a new subadvisor pursuant to the multi-manager structure, the Portfolio will provide shareholders with an information statement containing information about the new subadvisor. The shareholders of the Portfolio have approved the multi-manager structure described herein.

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**Transfer agent.** DWS Service Company ("DSC"), an affiliate of DIMA, serves as the Portfolio's transfer agent. DSC performs the functions necessary to establish and maintain your account.

Besides setting up the account and processing your purchase and sale orders, these functions include:

• keeping accurate, up-to-date records for your individual account;

• implementing any changes you wish to make in your account information;

• processing your requests for cash dividends and distributions from the Portfolio; and

• answering your questions on the Portfolio's investment performance or administration.

DSC delegates certain of these functions to a third party.

**Management** 

A group of investment professionals is responsible for the day-to-day management of the Portfolio. These investment professionals have a broad range of experience managing money market funds.

**Portfolio Interests** 

The Portfolio is organized as a trust under the laws of the State of New York. Under the Declaration of Trust, the Trustees are authorized to issue beneficial interests in the Portfolio. Each investor is entitled to a vote in proportion to the amount of its interest in the Portfolio. Beneficial interests in the Portfolio may not be transferred, but an investor may withdraw all or any portion of its beneficial interest as described below under Item 11 "Shareholder Information." Investors in the Portfolio (e.g., investment companies, insurance company separate accounts and common and commingled trust funds) will each be liable for all obligations of the Portfolio. However, the risk of an investor in the Portfolio incurring financial loss on account of such liability is limited to circumstances in which both inadequate insurance existed and the Portfolio itself was unable to meet its obligations.

Beneficial interests in the Portfolio have no preemptive or conversion rights and are fully paid and non-assessable, except as set forth below. The Portfolio is not required and has no current intention to hold annual meetings of investors, but the Portfolio will hold special meetings of investors when in the judgment of the Trustees it is necessary or desirable to submit matters for an investor vote.

Changes in fundamental policies will be submitted to investors for approval. Investors have under certain circumstances (e.g., upon application and submission of certain specified documents to the Trustees by a specified number of investors) the right to communicate with other investors in connection with requesting a meeting of investors for the purpose of removing one or more Trustees. Investors also have the right to remove one or more Trustees without a meeting by a declaration in writing by a specified number of investors. Upon liquidation of the Portfolio, investors would be entitled to share pro rata in the net assets of the Portfolio available for distribution to investors.

**Item 11. Shareholder Information** 

**Pricing Portfolio Interests**

An investment in the Portfolio may be made without a sales load. All investments are made at the net value next determined if an order is received by the Portfolio by the designated cutoff time for each accredited investor. The Portfolio is generally open for business each day the NYSE is open. The Portfolio calculates its net value (i.e., the value of the Portfolio's portfolio instruments and any other assets less all liabilities) every business day at 5:00 p.m. Eastern time (the "Valuation Time"), but sometimes earlier when the NYSE closes early, as in the case of scheduled half-day trading, shortened trading hours due to emergency circumstances or unscheduled suspensions of trading. Investors

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can place an order to buy or sell beneficial interests at any time that the Portfolio is open for business. An investor in the Portfolio may withdraw all or any portion of its investment at the net value next determined if a withdrawal request in proper form is furnished by the investor to the Portfolio by the designated cutoff time for each accredited investor. **In accordance with current SEC staff guidance regarding the application of Rule 2a-7(d)(4)(ii) under the 1940 Act to funds participating in a master-feeder structure,** it is the policy of the Portfolio to pay redemption proceeds within one Portfolio Business Day (defined below under "Buying and Selling Portfolio Interests") after receipt of a withdrawal request in proper form until further notice.

The proceeds of a withdrawal normally will be paid by the Portfolio in Federal funds, though the Portfolio reserves the right to pay redemptions in kind. The Portfolio typically expects to satisfy withdrawal requests by using available cash or by selling portfolio securities if available cash is not sufficient to meet withdrawals. The Portfolio may also utilize inter-fund lending, though such use is expected to be rare. The Portfolio may use any of these methods of satisfying withdrawal requests under normal or stressed market conditions. Beneficial interests in the Portfolio may not be transferred.

Each investor in the Portfolio may add to or reduce its investment in the Portfolio on each day the Portfolio is open for business. At the Valuation Time, on each such business day, the value of each investor's beneficial interest in the Portfolio will be determined by multiplying the net value of the Portfolio by the percentage, effective at the Valuation Time, which represents that investor's share of the aggregate beneficial interests in the Portfolio. Any additions or withdrawals, which are to be effected at the Valuation Time, will then be effected. The percentage of the aggregate beneficial interests in the Portfolio held by each investor in the Portfolio will then be recomputed as the percentage equal to the fraction (i) the numerator of which is the value of the investor's investment in the Portfolio as of the Valuation Time, plus or minus, as the case may be, the amount of net additions to or withdrawals from such investor's investment in the Portfolio effected at the Valuation Time, and (ii) the denominator of which is the aggregate net value of the Portfolio as of the Valuation Time, plus or minus, as the case may be, the amount of the net additions to or withdrawals from the aggregate investments in the Portfolio by all investors in the Portfolio. The percentage so determined will then be applied to determine the value of the investor's interest in the Portfolio as of the next Valuation Time.

The Portfolio values its portfolio instruments at amortized cost, which does not take into account unrealized capital gains or losses. This initially involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Portfolio would receive if it sold the instrument.

**Buying and Selling Portfolio Interests**

Beneficial interests in the Portfolio are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Portfolio may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any beneficial interests in the Portfolio.

There is no minimum initial or subsequent investment in the Portfolio. However, because the Portfolio intends to be as fully invested at all times as is reasonably practicable in order to enhance the yield on its assets, investments must be made in Federal funds (i.e., monies credited to the account of the Portfolio's custodian bank by a Federal Reserve Bank).

The Portfolio reserves the right to suspend or postpone withdrawals as permitted pursuant to Section 22(e) of the 1940 Act. Generally, those circumstances are when 1) the NYSE is closed other than customary weekend or holiday closings; 2) the SEC determines that trading on the NYSE is restricted; 3) the SEC determines that an emergency exists which makes the disposal of securities owned by the Portfolio or the fair determination of the value of the Portfolio's net assets not reasonably practicable; or 4) the SEC, by order or rule, permits the suspension of the right of redemption.

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The Portfolio may, but is not required to, accept certain types of purchase and redemption orders (not including exchanges) on days that the NYSE is closed, or beyond a NYSE early closing time (referred to as a "Limited Trading Period") if: (a) the Federal Reserve system is open, (b) the primary trading markets for the Portfolio's portfolio instruments are open and (c) the investment advisor believes there will be adequate liquidity in the short-term markets (a "Portfolio Business Day").

The Portfolio and DDI reserve the right to cease accepting investments at any time or to reject any investment order.

The Portfolio's Board may determine to redeem a shareholder's investment, collapse the master/feeder structure or terminate the Portfolio.

The exclusive placement agent for the Portfolio is DDI. The principal business address of DDI is 222 South Riverside Plaza, Chicago, IL 60606. DDI receives no additional compensation for serving as exclusive placement agent for the Portfolio.

**Distributions and Taxes** 

The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio. The Portfolio is not required, and generally does not expect, to make distributions (other than distributions in redemption of Portfolio interests) to its investors.

The net income of the Portfolio shall consist of (i) all income accrued, less the amortization of any premium, on the assets of the Portfolio, less (ii) all actual and accrued expenses of the Portfolio determined in accordance with generally accepted accounting principles. Interest income includes discount earned (including both original issue and market discount) on discount paper accrued ratably to the date of maturity and any net realized gains or losses on the assets of the Portfolio.

Under the anticipated method of operation of the Portfolio, the Portfolio, as a partnership for US federal income tax purposes, will generally not be subject to any US federal income tax. Instead, in computing its federal income tax liability, each investor will be required to take into account its distributive share of items of Portfolio income, gain, loss, deduction, credit, and tax preference for each taxable year substantially as though such items had been realized directly by the investor and without regard to whether the Portfolio has distributed or will distribute any amount to its investors. An investor could recognize taxable income from the Portfolio in a taxable year in excess of actual non-liquidating cash distributions (if any) made by the Portfolio for that year. The determination of each investor's distributive share of the Portfolio's ordinary income and capital gain will be made in accordance with the governing instruments of the Portfolio, as well as with the Code, the Treasury regulations promulgated thereunder, and other applicable authority. The Portfolio may modify its partner allocations to comply with applicable tax laws and US Treasury regulations, including, without limitation, the US Treasury regulations under Sections 704, 706, 708, 734, 743, 754, and 755 of the Code. It also may make special allocations of specific tax items, including gross income, gain, deduction, or loss. These modified or special allocations could result in an investor, as a partner, receiving a larger or smaller share of items of income, gain, deduction, or loss (and/or income, gain, deduction, or loss of a different character) than it would in the absence of such modified or special allocations.

An investor's receipt of a non-liquidating cash distribution from the Portfolio generally will result in recognized gain (but not loss) only to the extent that the amount of the distribution exceeds the investor's adjusted basis in its Portfolio interests immediately before the distribution. An investor that receives a liquidating cash distribution from the Portfolio generally will recognize capital gain to the extent of the difference between the proceeds received by the investor and the investor's adjusted tax basis in its Portfolio interests; however, the investor generally will recognize ordinary income, rather than capital gain, to the extent that investor's allocable share of "unrealized receivables" (including any accrued but untaxed market discount) and substantially appreciated inventory, if any, exceeds the investor's share of the basis in those unrealized receivables and substantially appreciated inventory. Any loss may be recognized by

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an investor only if it redeems all of its Portfolio interests for cash. An investor generally will not recognize gain or loss on an in-kind distribution of property from the Portfolio, including on an in-kind redemption of Portfolio interests. However, certain exceptions to this general rule may apply.

The Portfolio will provide tax information on Schedule K-1 to each investor following the close of the Portfolio's taxable year. Each investor will be responsible for keeping its own records for determining its tax basis in its Portfolio interests and for the preparation and filing of its own tax returns.

It is intended that the Portfolio's income and assets will be managed in such a way that an investor in the Portfolio will be able to satisfy the income and diversification requirements under Section 851(b) of the Code for qualification as a regulated investment company under Subchapter M of the Code ("regulated investment company"), assuming that the investor has invested all or substantially all of its assets in the Portfolio. Such investors may be required to redeem Portfolio interests in order to obtain sufficient cash to meet the distribution requirements under Section 852 of the Code for treatment as a regulated investment company and to avoid an entity-level tax.

This discussion is a general summary of certain US federal income tax consequences of investing in the Portfolio. Investors should consult their own tax advisors about the precise tax consequences of an investment in the Portfolio in light of their particular tax situation, including possible foreign, state, local, and other applicable taxes (including the federal alternative minimum tax). See Item 24 "Taxation of the Portfolio" in Part B of this Registration Statement for more information concerning the federal income tax consequences of investing in the Portfolio. The Portfolio's investors are expected to be principally regulated investment companies so this summary is only intended to address beneficial owners of interests in the Portfolio that are regulated investment companies. The summary above does not address tax consequences to shareholders of those regulated investment companies. Shareholders of those regulated investment companies should refer to the prospectuses and statements of additional information for those regulated investment companies for a summary of the tax consequences applicable to them.

**Short-Term Trading.** Since money market funds hold short-term instruments and are intended to provide liquidity to shareholders of each fund that invests substantially all of its assets in the Portfolio (a "feeder fund"), the Advisor does not monitor or limit short-term or excessive trading activity in the Portfolio and, accordingly, the Board of the Portfolio has not approved any policies and procedures designed to limit this activity. However, the Portfolio reserves the right to and may reject or cancel a purchase or exchange order for any reason, including if, in the opinion of the Advisor, there appears to be a pattern of short-term or excessive trading by an investor in another DWS fund.

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**Item 12. Distribution Arrangements**

**Organizational Structure** 

The Portfolio is a master portfolio; a master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master portfolio") with the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio has one affiliated DWS feeder fund and one unaffiliated feeder fund, with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio.

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![](graphic1.jpg)

Private Offering Memorandum - Part B

April 30, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Government Cash Management Portfolio <br>

Part A of the Registration Statement of the Portfolio dated April 30, 2026, which may be amended from time to time, provides the basic information investors should know before investing. This Part B of the Registration Statement, which is not a prospectus, is intended to provide additional information regarding the activities and operations of the Portfolio and should be read in conjunction with Part A of the Registration Statement. You may request a copy of Part A of the Registration Statement or a paper copy of this Part B, if you have received it electronically, free of charge by calling the Portfolio at (800) 730-1313.

Portions of the Statement of Additional Information and the Annual Financial Statements and Other Information Report of DWS Government Money Market Series (Institutional Shares) are incorporated herein by reference, and are hereby deemed to be part of this Part B. Such reports may also be obtained without charge by calling the number provided in the preceding paragraph.

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**Table of Contents** <br>

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; [Item 15. Portfolio History](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 16. Description of the Portfolio and Its Investments and Risks](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 17. Management of the Portfolio](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_4) | 4  |
| &nbsp;&nbsp;&nbsp; [Item 18. Control Persons and Principal Holders of Securities](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_14) | 14  |
| &nbsp;&nbsp;&nbsp; [Item 19. Investment Advisory and Other Services](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_14) | 14  |
| &nbsp;&nbsp;&nbsp; [Item 20. Portfolio Managers](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_16) | 16  |
| &nbsp;&nbsp;&nbsp; [Item 21. Brokerage Allocation and Other Practices](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_17) | 17  |
| &nbsp;&nbsp;&nbsp; [Item 22. Capital Stock and Other Securities](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_20) | 20  |
| &nbsp;&nbsp;&nbsp; [Item 23. Purchase, Redemption and Pricing of Shares](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_21) | 21  |
| &nbsp;&nbsp;&nbsp; [Item 24. Taxation of the Portfolio](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_21) | 21  |
| &nbsp;&nbsp;&nbsp; [Item 25. Underwriters](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_27) | 27  |
| &nbsp;&nbsp;&nbsp; [Item 26. Calculation of Performance Data](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_27) | 27  |
| &nbsp;&nbsp;&nbsp; [Item 27. Financial Statements](#xx_62961d9d-f705-4907-bbe8-af90c5877cc0_28) | 28  |

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**Government Cash Management Portfolio (the "Portfolio")**

**Item 15. Portfolio History**

The Portfolio was organized as a trust under the laws of the State of New York on March 26, 1990. Effective May 16, 2003, the name of the Portfolio was changed from Cash Management Portfolio to Scudder Cash Management Portfolio. Effective February 6, 2006, the Portfolio was renamed Cash Management Portfolio. Effective May 1, 2016, the Portfolio was renamed Government Cash Management Portfolio.

**Item 16. Description of the Portfolio and Its Investments and Risks** 

**Investment Restrictions** 

Except as otherwise indicated, the Portfolio's investment objective and policies are not fundamental and may be changed without a vote of shareholders. There can be no assurance that the Portfolio's investment objective will be met.

Any investment restrictions herein which involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, the Portfolio, except as described below with respect to asset coverage for Portfolio borrowings.

The Portfolio is a no-load, open-end management investment company and has elected to be classified as diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer (other than cash and cash items, US government securities or securities of other investment companies) or invest in more than 10% of the outstanding voting securities of such issuer. A fund's election to be classified as diversified under the 1940 Act may not be changed without the vote of a majority of the outstanding voting securities (as defined herein) of the fund. The Portfolio is also subject to additional diversification requirements imposed by Rule 2a-7 under the 1940 Act.

The following fundamental policies may not be changed without the approval of a majority of the outstanding voting securities of the Portfolio which, under the 1940 Act and the rules thereunder and as used in this Part B, means the lesser of (1) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Portfolio are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Portfolio.

As a matter of fundamental policy, the Portfolio may not do any of the following:

(1) borrow money, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(2) issue senior securities, except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(3) purchase or sell commodities, except as permitted by the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(4) engage in the business of underwriting securities issued by others, except to the extent that the Portfolio may be deemed to be an underwriter in connection with the disposition of portfolio securities.

(5) purchase or sell real estate, which term does not include securities of companies which deal in real estate or mortgages or investments secured by real estate or interests therein, except that the Portfolio reserves freedom of action to hold and to sell real estate acquired as a result of the Portfolio's ownership of securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(6) make loans except as permitted under the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

(7) concentrate its investments in a particular industry, as that term is used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

The following is intended to help investors better understand the meaning of a fund's fundamental policies by briefly describing limitations, if any, imposed by the 1940 Act. References to the 1940 Act below may encompass rules, regulations or orders issued by the SEC and, to the extent deemed appropriate by the Portfolio, interpretations and guidance provided by the SEC staff. These descriptions are intended as brief summaries of such limitations as of the date of this Part B; they are not comprehensive and they are qualified in all cases by reference to the 1940 Act (including any rules, regulations or orders issued by the SEC and any relevant interpretations and guidance provided by the SEC staff). These descriptions are subject to change based on evolving guidance by the appropriate regulatory authority and are not part of a fund's fundamental policies.

The 1940 Act generally permits a fund to borrow money in amounts of up to 33 <sup>1</sup>∕3% of its total assets from banks for any purpose. The 1940 Act requires that after any borrowing from a bank, a fund shall maintain an asset coverage of at least 300% for all of the fund's borrowings, and, in the event that such asset coverage shall at any time fall below 300%, a fund must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of all of a fund's borrowings shall be at least 300%. In addition, a fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed).

At present, the 1940 Act does not set forth a maximum percentage of a fund's assets that may be invested in commodities.

Under the 1940 Act, a fund generally may not lend portfolio securities representing more than one-third of its total asset value (including the value of collateral received for loans of portfolio securities).

The SEC staff currently interprets concentration to mean investing more than 25% of a fund's assets in a particular industry or group of industries (excluding US government securities).

**Other Investment Policies.** The Board has adopted certain additional non-fundamental policies and restrictions which are observed in the conduct of the Portfolio's affairs. They differ from fundamental investment policies in that they may be changed or amended by action of the Board without requiring prior notice to, or approval of, the shareholders.

As a matter of non-fundamental policy:

(1) the Portfolio may not acquire securities of other investment companies, except as permitted by the 1940 Act and the rules, regulations and any applicable exemptive order issued thereunder.

(2) the Portfolio may not lend portfolio securities.

(3) the Portfolio will enter into when-issued or delayed delivery transactions for the purpose of acquiring securities and not for the purpose of leverage.

(4) the Portfolio may only use banks which, in the opinion of the Advisor, are of investment quality comparable to other permitted investments of the Portfolio for letter of credit backed investments.

**Investments, Practices and Techniques, and Risks** 

Below is a list of the investments, practices and techniques, and risks which the Portfolio may employ (or be subject to) in pursuing its investment objective.

Adjustable Rate Securities

Borrowing

Commodity Pool Operator Exclusion

Credit Enhancement

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Fixed Income Securities

Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares

Inflation

Interfund Borrowing and Lending Program

Investment Companies and Other Pooled Investment Vehicles

Mortgage-Backed Securities

Obligations of Banks and Other Financial Institutions

Repurchase Agreements

Reverse Repurchase Agreements

Special Information Concerning Master-Feeder Fund Structure

Stand-by Commitments

Technology and Data Risk

Third Party Puts

US Government Securities

Variable and Floating Rate Instruments

When-Issued and Delayed-Delivery Securities

Yields and Ratings

A further description of each of these investments, practices and techniques, and risks is incorporated by reference to the specific descriptions of these investments, practices and techniques, and risks in the section entitled "Part II:

Appendix II-G—Investments, Practices and Techniques, and Risks" in the [Statement of Additional Information for](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)[Deutsche DWS Money Market Trust—DWS Government Money Market Series (Institutional Shares) filed with the](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)[SEC in Post-Effective Amendment No. 93 on April 27, 2026 (File Nos. 002-78122 and 811-03495).](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)

**Portfolio Holdings Information** 

In addition to the public disclosure of Portfolio portfolio holdings through required SEC quarterly filings (and monthly filings for money market funds), the Portfolio may make its portfolio holdings information publicly available on the DWS funds' Web site as described in Part A of this Registration Statement. The Portfolio does not disseminate non-public information about portfolio holdings except in accordance with policies and procedures adopted by the Portfolio.

The Portfolio's procedures permit non-public portfolio holdings information to be shared with DWS and its affiliates, subadvisors, if any, administrators, sub-administrators, fund accountants, custodians, sub-custodians, independent registered public accounting firms, attorneys, officers and trustees/directors and each of their respective affiliates and advisers who require access to this information to fulfill their duties to the Portfolio and are subject to the duties of confidentiality, including the duty not to trade on non-public information, imposed by law or contract, or by the Portfolio's procedures. This non-public information may also be disclosed, subject to the requirements described below, to certain third parties, such as securities lending agents, financial printers, proxy voting firms, mutual fund analysts, rating and tracking agencies, and, on an ad hoc basis, transition managers, to shareholders in connection with in-kind redemptions or, in connection with investing in underlying funds, subadvisors to DWS funds of funds (Authorized Third Parties).

Prior to any disclosure of the Portfolio's non-public portfolio holdings information to Authorized Third Parties, a person who has been authorized by the Board to make such determinations must make a good faith determination in light of the facts then known that the Portfolio has a legitimate business purpose for providing the information, that the disclosure is in the best interest of the Portfolio, and that the recipient assents or otherwise has a duty to keep the information confidential and to not trade based on the information received while the information remains non-public and that the disclosure would be in compliance with all applicable laws and DWS's and a subadvisor's fiduciary duties to the Portfolio. No compensation is received by the Portfolio or DWS for disclosing non-public holdings information. Periodic reports regarding these procedures will be provided to the Board.

Portfolio holdings information distributed by the trading desks of DWS or a subadvisor for the purpose of facilitating efficient trading of such securities and receipt of relevant research is not subject to the foregoing requirements. Non-public portfolio holding information does not include portfolio characteristics (other than holdings or subsets of holdings) about the Portfolio and information derived therefrom, including, but not limited to, how the Portfolio's investments are divided among various sectors, industries, countries, value and growth stocks, bonds, small, mid and large cap stocks, currencies and cash, types of bonds, bond maturities, duration, bond coupons and bond credit quality ratings, alpha, beta, tracking error, default rate, portfolio turnover, and risk and style characteristics so long as the identity of the Portfolio's holdings could not be derived from such information.

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Registered investment companies that are subadvised by DWS may be subject to different portfolio holdings disclosure policies, and neither DWS nor the Board exercise control over such policies. In addition, separate account clients of DWS have access to their portfolio holdings and are not subject to the Portfolio's portfolio holdings disclosure policy. The portfolio holdings of some of the funds subadvised by DWS and some of the separate accounts managed by DWS may substantially overlap with the portfolio holdings of the Portfolio.

DWS also manages certain unregistered commingled trusts, the portfolio holdings of which may substantially overlap with the portfolio holdings of the Portfolio. These trusts are not subject to the Portfolio's portfolio holdings disclosure policy, but have their own policy that is similar to that of the Portfolio. To the extent that investors in these commingled trusts may receive portfolio holdings information of their trust on a different basis from that on which Portfolio portfolio holdings information is made public, DWS has implemented procedures reasonably designed to encourage such investors to keep such information confidential, and to prevent those investors from trading on the basis of non-public holdings information.

In addition, DWS may, from time to time, provide model portfolios to third party sponsors of model portfolio programs, which model portfolios may substantially overlap with the portfolio holdings of the Portfolio. These model portfolios are not subject to the Portfolio's portfolio holdings disclosure policy. DWS has adopted procedures that require such third party sponsors to agree in writing to keep the model portfolio information confidential and to limit their use of the information to implementing their respective model portfolio programs.

There is no assurance that the Portfolio's policies and procedures with respect to the disclosure of portfolio holdings information will protect the Portfolio from the potential misuse of portfolio holdings information by those in possession of that information.

**Item 17. Management of the Portfolio** 

**Board Members and Officers** 

**Identification and Background**

The following table presents certain information regarding the Board Members of the Portfolio. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Board Member that is not an "interested person" (as defined in the 1940 Act) of the Portfolio or the Advisor (each, an "Independent Board Member") is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. The term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Portfolio. Because the Portfolio does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

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**Independent Board Members** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **Position** <br> **with the Portfolio**<br> **and Length of Time** <br> **Served**<sup>(1)</sup> <br>| **Business Experience and**<br> **Directorships During the Past 5 Years**<br>| **Number of**<br> **Funds in** <br> **DWS**<br> **Fund Complex**<br> **Overseen**<br>| **Other Directorships**<br> **Held by Board Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, <br> and Board Member since <br> 1996<br>| Former Managing General Partner, Exeter <br> Capital Partners (a series of private <br> investment funds) (1986-2023); Former <br> Chairman, National Association of Small <br> Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance <br> Company; BoxTop Media Inc. (advertising); <br> Sun Capital Advisers Trust (mutual funds); <br> Progressive International Corporation <br> (kitchen goods designer and distributor) <br>| 65 | - |
| Jennifer S. Conrad (1959)<br> Board Member since 2024<br>| Emerita Professor of Finance, Kenan-Flagler <br> Business School, University of North <br> Carolina at Chapel Hill (Since 2025); <br> Formerly, Dalton McMichael, Sr., <br> Distinguished Professor of Finance (2003-<br> 2025) and Interim Dean (2022-2023), Kenan-<br> Flagler Business School, University of North <br> Carolina at Chapel Hill; and Director of the <br> Four Corners Center for Research on Index <br> Investments (2021-2023) <br>| 65 | - |
| Mary Schmid Daugherty, <br> NACD.DC, PHD, CFA (1958) <br> Board Member since 2023<br>| Senior Fellow in Applied Finance, <br> Department of Finance, Opus College of <br> Business at the University of St. Thomas <br> (1987-present); Directorships: The Meritex <br> Company (real estate investment and <br> management company) (2017-present); The <br> Hardenbergh Foundation (2021-present) and <br> Warners' Stellian (appliance company) (2024-<br> present); Former Directorships: Driessen <br> Water, Inc. (2016-2023); Mairs & Power <br> Funds Trust (mutual funds) (2010-2022); and <br> Crescent Electric Supply Company (2010-<br> 2019)<br>| 65 | - |
| Chad D. Perry (1972)<br> Board Member since 2021<br>| Private Investor; Formerly: Executive Vice <br> President, General Counsel and Secretary, <br> RLJ Lodging Trust<sup>(2)</sup> (2023-2025); Executive <br> Vice President, General Counsel and <br> Secretary, Tanger Factory Outlet Centers, <br> Inc.<sup>(2)</sup> (2011-2023); Executive Vice President <br> and Deputy General Counsel, LPL Financial <br> Holdings Inc.<sup>(2)</sup> (2006-2011); Senior <br> Corporate Counsel, EMC Corporation (2005-<br> 2006); Associate, Ropes & Gray LLP (1997-<br> 2005)<br>| 65 | Director, Great Elm Capital <br> Corp. (business development <br> company) (since 2022)<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **Position** <br> **with the Portfolio**<br> **and Length of Time** <br> **Served**<sup>(1)</sup><br>| **Business Experience and**<br> **Directorships During the Past 5 Years**<br>| **Number of**<br> **Funds in** <br> **DWS**<br> **Fund Complex**<br> **Overseen**<br>| **Other Directorships**<br> **Held by Board Member**<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Directorships: Washington College (since <br> July 2023); Formerly: President, Chief <br> Executive Officer and Director (1994-2020) <br> and Senior Advisor (2020-2021), The Pew <br> Charitable Trusts (charitable organization); <br> Executive Vice President, The Glenmede <br> Trust Company (investment trust and wealth <br> management) (1983-2004); Board Member, <br> Investor Education (charitable organization) <br> (2004-2005); Former Directorships: Trustee, <br> Executive Committee, Philadelphia Chamber <br> of Commerce (2001-2007); Director, Viasys <br> Health Care<sup>(2)</sup> (January 2007-June 2007); <br> Trustee, Thomas Jefferson Foundation <br> (charitable organization) (1994-2012); <br> Director, BioTelemetry Inc.<sup>(2)</sup> (acquired by <br> Royal Philips in 2021) (healthcare) (2009-<br> 2021); Director, Becton Dickinson and <br> Company<sup>(2)</sup> (medical technology company) <br> (2012-2022) <br>| 65 | Director, The Bridgespan <br> Group (nonprofit organization) <br> (since October 2020)<br>|
| Catherine Schrand (1964) <br> Board Member since 2021<br>| Celia Z. Moh Professor of Accounting (2016-<br> present) and Professor of Accounting (1994-<br> present), The Wharton School, University of <br> Pennsylvania; and Member of the Financial <br> Economists Roundtable (2014-present), <br> Member of its Steering Committee (2022-<br> present) and Member of Executive <br> Committee (2024-present). Directorships: <br> Advisory Board Member, the Jacobs Levy <br> Center, The Wharton School, University of <br> Pennsylvania (since 2023); Former positions: <br> Vice Dean, Wharton Doctoral Programs, The <br> Wharton School, University of Pennsylvania <br> (2016-2019)<br>| 65 | - |

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**Officers**<sup>(3)</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Portfolio**<br> **and Length of Time Served**<sup>(4)</sup> <br>| **Business Experience and Directorships During the Past 5 Years** |
| Hepsen Uzcan<sup>(5)</sup> (1974)<br> President and Chief Executive <br> Officer, 2017-present <br>| &nbsp;&nbsp;&nbsp;&nbsp; Managing Director, DWS; CEO of the Americas (since 2024), DWS; Head of Client <br> Coverage Americas Wealth, DWS (since 2026); Head of Product Americas, DWS (2021-<br> present); Head of Fund Administration and Head of U.S. Mutual Funds, DWS (2017-<br> present); Vice President, DWS Service Company (2018-present); President and Chief <br> Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and <br> The Central and Eastern Europe Fund, Inc. (2017-present); Vice President, DWS <br> Investment Management Americas, Inc. (2023-present); formerly: Vice President for <br> the Deutsche funds (2016-2017); Assistant Secretary for the DWS funds (2013-2019); <br> Secretary, DWS USA Corporation (2018-2023); Assistant Secretary, DWS Investment <br> Management Americas, Inc. (2018-2023); Assistant Secretary, DWS Trust Company <br> (2018-2023); Assistant Secretary, The European Equity Fund, Inc., The New Germany <br> Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013-2020); Assistant <br> Secretary, DWS Distributors, Inc. (2018-2023); Head of Americas CEO Office, DWS <br> (2023-2026); Director of Cayman Real Assets Fund, Ltd. (2018-2026); Director of <br> Cayman Commodity Fund II, Ltd. (2018-2026); and Director of Episcopal Charities of <br> New York (2018 - 2026); Directorships: Director of DWS Service Company (2018-<br> present); Interested Director of The European Equity Fund, Inc., The New Germany <br> Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2020-present); Director of ICI <br> Mutual Insurance Company (2020-present); Director of DWS USA Corporation (2023-<br> present); Director of DWS Investment Management Americas, Inc. (2023-present); and <br> Manager of DBX Advisors LLC. (2023-present)<br>|
| John Millette<sup>(6)</sup> (1962)<br> Vice President and Secretary, <br> 1999-present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS; Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS <br> Investment Management Americas, Inc. (2015-present); Director of DWS Trust <br> Company (2016-present); President and CEO, DWS Trust Company (since October 17, <br> 2025); Secretary, DBX ETF Trust (2020-present); Vice President, DBX Advisors LLC <br> (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, <br> Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary, <br> Deutsche Investment Management Americas Inc. (2015-2017); and Assistant <br> Secretary, DBX ETF Trust (2019-2020); and Vice President of DWS Trust Company <br> (2016-2025)<br>|
| Ciara Crawford<sup>(5)</sup> (1984)<br> Assistant Secretary, 2019-<br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, DWS (2025-present); Fund Administration (Specialist), DWS (2015-<br> present); Secretary, DWS Service Company (2024-present); Assistant Secretary of U.S. <br> Mutual Funds, DWS (2019-present); Secretary, DWS USA Corporation (2024-present); <br> Assistant Secretary, DBX Advisors, LLC (2025-present); Assistant Secretary, DWS <br> Investment Management Americas, Inc. (2025-present); Assistant Clerk, DWS Trust <br> Company (2025-present); Assistant Secretary, DWS Distributors, Inc. (2025-present); <br> formerly, Assistant Vice President, DWS (2015-2025); Assistant Secretary, DWS <br> Service Company (2018-2024); Assistant Secretary, DWS USA Corporation (2023-<br> 2024); Secretary (2024-2025) and Assistant Secretary (2023-2024), DBX Advisors, LLC; <br> Secretary (2024-2025) and Assistant Secretary (2023-2024), DWS Investment <br> Management Americas, Inc.; Clerk (2024-2025) and Assistant Clerk (2023-2024), DWS <br> Trust Company; Secretary (2024-2025) and Assistant Secretary (2023-2024), DWS <br> Distributors, Inc.; Legal Assistant at Accelerated Tax Solutions<br>|
| Diane Kenneally<sup>(6)</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018-present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS; Fund Administration Treasurer's Office (Head since 2024), DWS; <br> Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019-present); <br> Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); <br> formerly: Assistant Treasurer for the DWS funds (2007-2018); and Co-Head of DWS <br> Treasurer's Office (2018-2024)<br>|
| Yvonne Wong<sup>(6)</sup> (1960) <br> Assistant Treasurer, 2023-<br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, DWS; Fund Administration (Senior Analyst), DWS; Assistant Treasurer, <br> DBX ETF Trust (2023-present)<br>|
| Jeffrey Berry<sup>(6)</sup> (1959)<br> Assistant Treasurer, since May <br> 15, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS; Fund Administration (Senior Specialist), DWS; Financial and Regulatory <br> Reporting Oversight and Print, Publishing and Mail for DWS Funds; Assistant Treasurer, <br> DBX ETF Trust (2019-present); and Director and Vice President of DWS Trust Company <br> (since October 17, 2025)<br>|

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Portfolio**<br> **and Length of Time Served**<sup>(4)</sup><br>| **Business Experience and Directorships During the Past 5 Years** |
| Rob Benson<sup>(7)</sup> (1978)<br> Chief Compliance Officer, since <br> May 20, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS (since 2024); AFC & Compliance US (Senior Team Lead), DWS (since <br> 2025); Vice President, DBX Advisors LLC (since 2025); and Chief Compliance Officer, <br> The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (since 2025); formerly: Associate General Counsel, DWS <br> Legal (2023-2025); Vice President and Senior Counsel, DWS Legal (2021-2023); and <br> Assistant Vice President and Counsel, DWS Legal (2017-2021)<br>|
| Caroline Pearson<sup>(6)</sup> (1962)<br> Chief Legal Officer, 2010-<br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Managing Director, DWS; Legal (Regional Head of Legal, Americas), DWS (since 2024); <br> Assistant Secretary, DBX ETF Trust (2020-present); Chief Legal Officer, DBX Advisors <br> LLC (2019-present); Chief Legal Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); <br> formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche <br> AM Service Company (2010-2017); Chief Legal Officer, DBX Strategic Advisors LLC <br> (2020-2021); and Legal (Senior Team Lead), DWS (2020-2024) <br>|
| Christian Rijs<sup>(5)</sup> (1980)<br> Anti-Money Laundering <br> Compliance Officer, 2021-<br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS; Senior Team Lead Anti-Financial Crime and Compliance, DWS; AML <br> Officer, DWS Trust Company (2021-present); AML Officer, DBX ETF Trust (2021-<br> present); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. <br> and The Central and Eastern Europe Fund, Inc. (2021-present); AML Officer, DWS <br> Distributor, Inc. (2021-present); formerly: DWS UK & Ireland Head of Anti-Financial <br> Crime and MLRO <br>|
| Rich Kircher<sup>(5)</sup> (1962)<br> Deputy Anti-Money Laundering <br> Compliance Officer, 2024-<br> present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, DWS; Senior Team Lead Anti-Financial Crime and Compliance, of DWS <br> Investment Management Americas, Inc.; Deputy AML Officer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2024-present); Deputy AML Officer, DBX ETF Trust (2024-present); Deputy AML <br> Officer, DWS Distributors, Inc. (2024-present); formerly: BSA & Sanctions Compliance <br> Officer for Putnam Investments<br>|

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<sup>(1)</sup>

The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

<sup>(2)</sup>

A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

<sup>(3)</sup>

As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Portfolio.

<sup>(4)</sup>

The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

<sup>(5)</sup>

Address: 875 Third Avenue, New York, New York 10022.

<sup>(6)</sup>

Address: 100 Summer Street, Boston, MA 02110.

<sup>(7)</sup>

Address: 5201 Gate Parkway, Jacksonville, FL 32256.

Certain officers hold similar positions for other investment companies for which DIMA or an affiliate serves as the Advisor.

**Officer's Role with Placement Agent: DWS Distributors, Inc.** 

Ciara Crawford: Assistant Secretary <br> Christian Rijs: Anti-Money Laundering Compliance Officer <br> Rich Kircher: Deputy Anti-Money Laundering Compliance Officer

**Board Member Qualifications**

The Nominating and Governance Committee is responsible for recommending proposed nominees for election to the full Board for its approval. In recommending the election of the current Board Members, the Committee generally considered the educational, business and professional experience of each Board Member in determining his or her qualifications to serve as a Board Member, including the Board Member's record of service as a director or trustee of public and private organizations. In the case of most Board Members, this included their many years of previous service as a trustee of certain of the DWS funds. This previous service has provided these Board Members with a valuable understanding of the history of the DWS funds and the DIMA organization and has also served to demonstrate

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their high level of diligence and commitment to the interests of fund shareholders and their ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Board Members:

Jennifer S. Conrad—Ms. Conrad's experience as a finance professor with expertise on a range of topics including corporate finance, investments and derivatives.

Mary Schmid Daugherty—Ms. Daugherty's experience as a professor of finance and business consultant, and her experience as a corporate director of numerous organizations, including experience as a mutual fund director.

Keith R. Fox—Mr. Fox's experience as the chairman and a director of various private operating companies and investment partnerships and his experience as a director and audit committee member of several public companies. In addition, he holds the Chartered Financial Analyst designation.

Chad D. Perry—Mr. Perry's professional training and experience as an attorney, his experience as general counsel of a public company and his prior experience in the financial services industry.

Rebecca W. Rimel—Ms. Rimel's experience on a broad range of public policy issues acquired during her service as the executive director of a major public charity and her experience as a director of several public companies.

Catherine Schrand—Ms. Schrand's experience as a professor of accounting at a leading business school and her expertise as an author and editor on the subject of accounting and economics.

**Board Committees and Meetings** 

**Information Concerning Committees and Meetings of the Board**

The Board oversees the operations of the DWS funds and meets periodically to oversee fund activities, and to review fund performance and contractual arrangements with fund service providers. The Board met five times during the most recently completed calendar year.

**Board Leadership Structure**

A fund's Board is responsible for the general oversight of a fund's affairs and for assuring that the fund is managed in the best interests of its shareholders. The Board regularly reviews a fund's investment performance as well as the quality of other services provided to a fund and its shareholders by DIMA and its affiliates, including administration and shareholder servicing. At least annually, the Board reviews and evaluates the fees and operating expenses paid by a fund for these services and negotiates changes that it deems appropriate. In carrying out these responsibilities, the Board is assisted by a fund's auditors, independent counsel and other experts, as appropriate, selected by and responsible to the Board.

Independent Board Members are not considered "interested persons" (as defined in the 1940 Act) of the fund or its investment adviser. These Independent Board Members must vote separately to approve all financial arrangements and other agreements with a fund's investment adviser and other affiliated parties. The role of the Independent Board Members has been characterized as that of a "watchdog" charged with oversight to protect shareholders' interests against overreaching and abuse by those who are in a position to control or influence a fund. A fund's Independent Board Members meet regularly as a group in executive session without representatives of the Advisor present. An Independent Board Member currently serves as chairman of the Board.

Taking into account the number, diversity and complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the DWS funds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and/or enabling resolutions, and take actions on those matters and/or make recommendations to the Board, as appropriate. Each committee may utilize the resources of counsel and auditors as well as other experts. The committees meet as

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often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendation of the Nominating and Governance Committee. The membership and chair of each committee consist exclusively of Independent Board Members.

The Board has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of a fund's affairs. While risk management is the primary responsibility of the Advisor, the Board regularly receives reports regarding investment risks and compliance risks. The Board's committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DWS funds and to discuss with the Advisor how it monitors and controls such risks.

**Board Committees.** The Board has established the following standing committees: Audit Committee, Nominating and Governance Committee, Operations Committee and Dividend Committee.

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| | | | |
|:---|:---|:---|:---|
| **Name of Committee** | **Number of**<br> **Meetings in Last**<br> **Calendar Year**<br>| **Functions** | **Current Members** |
| AUDIT COMMITTEE | 5 | Assists the Board in fulfilling its responsibility <br> for oversight of (1) the integrity of the financial <br> statements, (2) a fund's accounting and <br> financial reporting policies and procedures, (3) <br> a fund's compliance with legal and regulatory <br> requirements related to accounting and <br> financial reporting, (4) valuation of fund assets <br> and securities and (5) the qualifications, <br> independence and performance of the <br> independent registered public accounting firm <br> for a fund. Oversees a fund's valuation <br> designee, who is responsible for valuing the <br> fund's securities and other assets. The Audit <br> Committee also approves and recommends to <br> the Board the appointment, retention or <br> termination of the independent registered <br> public accounting firm for a fund, reviews the <br> scope of audit and internal controls, considers <br> and reports to the Board on matters relating to <br> a fund's accounting and financial reporting <br> practices, and performs such other tasks as <br> the full Board deems necessary or appropriate.<br>| Catherine Schrand (Chair), <br> Jennifer S. Conrad (Vice <br> Chair) and Keith R. Fox<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of Committee** | **Number of**<br> **Meetings in Last**<br> **Calendar Year**<br>| **Functions** | **Current Members** |
| NOMINATING AND <br> GOVERNANCE <br> COMMITTEE<br>| 5 | Recommends individuals for membership on <br> the Board, nominates officers, Board and <br> committee chairs, vice chairs and committee <br> members, and oversees the operations of the <br> Board. The Nominating and Governance <br> Committee has not established specific, <br> minimum qualifications that must be met by an <br> individual to be considered by the Nominating <br> and Governance Committee for nomination as <br> a Board Member. The Nominating and <br> Governance Committee may take into account <br> a wide variety of factors in considering Board <br> Member candidates, including, but not limited <br> to: (i) availability and commitment of a <br> candidate to attend meetings and perform his <br> or her responsibilities to the Board, (ii) relevant <br> industry and related experience, (iii) <br> educational background, (iv) financial expertise, <br> (v) an assessment of the candidate's ability, <br> judgment and expertise, and (vi) the current <br> composition of the Board. The Committee <br> generally believes that the Board benefits from <br> diversity of background, experience and views <br> among its members, and considers this as a <br> factor in evaluating the composition of the <br> Board, but has not adopted any specific policy <br> in this regard. The Nominating and Governance <br> Committee reviews recommendations by <br> shareholders for candidates for Board positions <br> on the same basis as candidates <br> recommended by other sources. Shareholders <br> may recommend candidates for Board <br> positions by forwarding their correspondence <br> by US mail or courier service to Keith R. Fox, <br> DWS Funds Board Chair, c/o Thomas R. Hiller, <br> Ropes & Gray LLP, Prudential Tower, 800 <br> Boylston Street, Boston, MA 02199-3600. <br>| Rebecca W. Rimel (Chair), <br> Chad D. Perry (Vice Chair) <br> and Keith R. Fox <br>|
| OPERATIONS <br> COMMITTEE<br>| 5 | Reviews the administrative operations and <br> general compliance matters of the funds. <br> Reviews administrative matters related to the <br> operations of the funds, policies and <br> procedures relating to portfolio transactions, <br> custody arrangements, fidelity bond and <br> insurance arrangements and such other tasks <br> as the full Board deems necessary or <br> appropriate. <br>| Chad D. Perry (Chair), Mary <br> Schmid Daugherty (Vice <br> Chair) and Rebecca W. <br> Rimel<br>|
| DIVIDEND COMMITTEE | 0 | Authorizes dividends and other distributions for <br> those funds that are organized as Maryland <br> corporations or as series of a Maryland <br> corporation. The Committee meets on an as-<br> needed basis. The Committee applies only to <br> the following corporations: Deutsche DWS <br> Global/International Fund, Inc. and Deutsche <br> DWS International Fund, Inc.<br>| Keith R. Fox, Catherine <br> Schrand, Jennifer S. Conrad <br> (Alternate), Mary Schmid <br> Daugherty (Alternate), Chad <br> D. Perry (Alternate) and <br> Rebecca W. Rimel <br> (Alternate)<br>|

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**Ad Hoc Committees.** In addition to the standing committees described above, from time to time the Board may also form ad hoc committees to consider specific issues.

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**Board Member Ownership and Control Persons** 

**Board Member Ownership in the Portfolio**

Because the Portfolio is a "master portfolio" held by other feeder funds, the Board Members cannot directly invest in the Portfolio. The following table shows the dollar range of equity securities beneficially owned by each current Board Member in DWS funds as of December 31, 2025.

**Aggregate Dollar Range of Beneficial Ownership**<sup>(1)</sup>

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Funds Overseen by**<br> **Board Member in the**<br> **DWS Funds**<br>|
| **Independent Board Member:** | **Independent Board Member:** |
| Jennifer S. Conrad | Over $100,000 |
| Mary Schmid Daugherty | Over $100,000 |
| Keith R. Fox | Over $100,000 |
| Chad D. Perry | Over $100,000 |
| Rebecca W. Rimel | Over $100,000 |
| Catherine Schrand | Over $100,000 |

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<sup>(1)</sup> The dollar ranges are: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or over $100,000.

**Ownership in Securities of the Advisor and Related Companies**

As reported to the Portfolio, the information in the table below reflects ownership by the current Independent Board Members and their immediate family members of certain securities as of December 31, 2025. An immediate family member can be a spouse, children residing in the same household, including step and adoptive children, and any dependents. The securities represent ownership in the Advisor or Distributor and any persons (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Advisor or Distributor (including Deutsche Bank AG and DWS Group).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent**<br> **Board Member**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Owner and**<br> **Relationship to**<br> **Board Member**<br>| **Company** | &nbsp;&nbsp;&nbsp;&nbsp; **Title of**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value of**<br> **Securities on an**<br> **Aggregate Basis**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percent of**<br> **Class on an**<br> **Aggregate Basis**<br>|
| Jennifer S. Conrad |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |
| Mary Schmid Daugherty |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |
| Keith R. Fox |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |
| Chad D. Perry |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |
| Rebecca W. Rimel |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |
| Catherine Schrand |  | &nbsp;&nbsp;&nbsp;&nbsp; None |  |  |  |

---

**Board Member Compensation** 

Each Independent Board Member receives compensation from the Portfolio for his or her services, which includes retainer fees and specified amounts for various committee services and for the Board Chairperson and Vice Chairperson, if any. No additional compensation is paid to any Independent Board Member for travel time to meetings, attendance at directors' educational seminars or conferences, service on industry or association committees, participation as speakers at directors' conferences or service on special fund industry director task forces or subcommittees. Independent Board Members do not receive any employee benefits such as pension or retirement benefits or health insurance from the Portfolio or any fund in the DWS fund complex.

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Board Members who are officers, directors, employees or stockholders of DWS or its affiliates receive no direct compensation from the Portfolio, although they are compensated as employees of DWS, or its affiliates, and as a result may be deemed to participate in fees paid by the Portfolio. The following tables show, for each current Independent Board Member, compensation from the Portfolio during its most recently completed fiscal year, and aggregate compensation from all of the funds in the DWS fund complex during calendar year 2025.

**Aggregate Compensation from the Portfolio** 

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| | |
|:---|:---|
|  | **Government Cash Management Portfolio** |
| **Independent Board Member:** | **Independent Board Member:** |
| Jennifer S. Conrad | $138163 |
| Mary Schmid Daugherty | $138163 |
| Keith R. Fox | $194145 |
| Chad D. Perry | $149359 |
| Rebecca W. Rimel | $149359 |
| Catherine Schrand | $153838 |

---

**Total Compensation from DWS Fund Complex** 

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| | |
|:---|:---|
| **Board Member** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Compensation**<br> **from the Portfolio and**<br> **DWS Fund Complex**<sup>(1)</sup> <br>|
| **Independent Board Member:** | **Independent Board Member:** |
| Jennifer S. Conrad | $325000 |
| Mary Schmid Daugherty | $325000 |
| Keith R. Fox<sup>(2)</sup> <br>| $450000 |
| Chad D. Perry<sup>(3)</sup> <br>| $350000 |
| Rebecca W. Rimel<sup>(3)</sup> <br>| $350000 |
| Catherine Schrand<sup>(3)</sup> <br>| $360000 |

---

(1) For each Independent Board Member, total compensation from the DWS fund complex represents compensation from 66 funds as of December 31, 2025.

(2) Includes $125,000 in annual retainer fees received by Mr. Fox as Chairperson of the DWS funds.

(3) Includes $25,000 in annual retainer fees for serving as Chairperson of a Board committee (other than the Audit Committee) of the DWS funds and $35,000 in annual retainer fees for serving as Chairperson of the Audit Committee of the DWS funds, as applicable.

**Codes of Ethics** 

The Portfolio, the Advisor, and the Portfolio's exclusive placement agent have adopted codes of ethics under Rule 17j-1 under the 1940 Act. Board Members, officers of the Portfolio and employees of the Advisor and exclusive placement agent are permitted to make personal securities transactions, including transactions in securities that may be purchased or held by the Portfolio, subject to requirements and restrictions set forth in the applicable Code of Ethics. The Advisor's Code of Ethics contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities and the interests of the Portfolio. Among other things, the Advisor's Code of Ethics prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker confirmations and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Advisor's Codes of Ethics may be granted in particular circumstances after review by appropriate personnel.

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**Proxy Voting Policy and Guidelines** 

The Portfolio has delegated proxy voting responsibilities to the Advisor, subject to the Board's general oversight. The Portfolio has delegated proxy voting responsibilities to the Advisor with the direction that proxies should be voted consistent with the Portfolio's best economic interests. The Advisor has adopted its own Proxy Voting Policy and Guidelines ("Policy") for this purpose. The Policy addresses, among other things, conflicts of interest that may arise between the interests of the Portfolio, and the interests of the Advisor and its affiliates, including the Portfolio's exclusive placement agent.

The Policy is incorporated by reference to the section entitled "Part II: Appendix II-I—Proxy Voting Policy and Guidelines"

in the [Statement of Additional Information for Deutsche DWS Money Market Trust—DWS Government Money Market](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)[Series (Institutional Shares) filed with the SEC in Post-Effective Amendment No. 93 on April 27, 2026 (File Nos. 002-78122](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)[and 811-03495).](https://www.sec.gov/Archives/edgar/data/703642/000008805326000320/0000088053-26-000320-index.htm)

You may obtain information about how the Portfolio voted proxies related to its portfolio securities during the 12-month period ended June 30 by visiting the SEC's Web site at www.sec.gov or by visiting our Web site at dws.com/en-us/resources/proxy-voting.

**Item 18. Control Persons and Principal Holders of Securities** 

As of April 2, 2026, DWS Government Money Market Series, a series of Deutsche DWS Money Market Trust, owned approximately 99% of the value of the outstanding interests in the Portfolio, and Government Money Market ProFund, a series of ProFunds, owned approximately 1% of the value of the outstanding interests in the Portfolio (each of the foregoing series, a "Feeder Fund" and collectively, the "Feeder Funds"). At the level of ownership indicated, DWS Government Money Market Series would be able to determine the outcome of most issues that are submitted to investors to vote upon. Deutsche DWS Money Market Trust is a Massachusetts business trust with principal executive offices at 875 Third Avenue, New York, NY 10022. ProFunds is a Delaware statutory trust with principal executive offices at 7272 Wisconsin Avenue, 21<sup>st</sup> Floor, Bethesda, MD 20814.

Each Feeder Fund has informed the Portfolio that whenever it is requested to vote on matters pertaining to the fundamental policies of the Portfolio, the Feeder Fund will hold a meeting of its shareholders and will cast its votes as instructed by the Feeder Fund's shareholders. It is anticipated that other registered investment companies investing in the Portfolio will follow the same or a similar practice.

**Item 19. Investment Advisory and Other Services** 

**Management of the Portfolio** 

**The Investment Advisor**

DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), with headquarters at 875 Third Avenue, New York, NY 10022, is the investment advisor for the Portfolio. Under the oversight of the Board, the Advisor makes investment decisions, buys and sells securities for the Portfolio and conducts research that leads to these purchase and sale decisions. The Advisor is an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), a separate, publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG. The Advisor and its predecessors have more than 95 years of experience managing mutual funds and provide a full range of global investment advisory services to institutional and retail clients.

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DWS represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, other affiliated investment advisors and DWS Distributors, Inc. ("DDI" or the "Distributor"). DWS is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world's major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

DWS Investment Management Americas, Inc., DWS Distributors, Inc. and their advisory affiliates ("DWS Service Providers") have sought and obtained a permanent order from the Securities and Exchange Commission providing exemptive relief under Section 9 of the Investment Company Act of 1940, as amended, on which the DWS Service Providers rely in connection with the continued provision of investment advisory and underwriting services to the funds and other registered investment companies.

Pursuant to an Investment Management Agreement with the Portfolio, DIMA receives a fee for its services at the rate set forth below in the section entitled "Fee payable to DIMA for investment management services."

**DWS Name**. Under a separate agreement, DWS Investment GmbH has granted a license to DWS Group which permits the DWS funds to utilize the "DWS" trademark.

**Placement Agent**. Pursuant to an Exclusive Placement Agent Agreement with the Portfolio, DDI, 222 South Riverside Plaza, Chicago, IL 60606, an affiliate of the Advisor, serves as Exclusive Placement Agent for the Portfolio.

**Administrator**. DIMA serves as the Portfolio's administrator pursuant to an Administrative Services Agreement. For its services under the Administrative Services Agreement, the Administrator receives a fee at the rate set forth below in the section entitled "Fee payable to DIMA for administrative services." The Administrator will pay Accounting Agency fees out of the Administrative Services fee.

**Transfer Agent and Shareholder Service Agent**. DWS Service Company ("DSC"), 222 South Riverside Plaza, Chicago, IL 60606, an affiliate of the Advisor, is the Portfolio's transfer agent, dividend-paying agent and shareholder service agent pursuant to a transfer agency and service agreement ("Transfer Agency and Service Agreement"). Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (formerly known as DST Systems, Inc.) ("SS&C"), DSC has delegated certain transfer agent, dividend paying agent and shareholder servicing agent functions to SS&C. The costs and expenses of such delegation are borne by DSC, not by the Portfolio. The Portfolio does not pay a fee to DSC for services provided pursuant to the Transfer Agency and Service Agreement.

**Custodian**. State Street Bank and Trust Company (the "Custodian"), One Congress Street, Suite 1, Boston, MA 02114-2016, serves as the Portfolio's custodian pursuant to a custody agreement with the Portfolio ("Custody Agreement"). Under the Custody Agreement with the Portfolio, the Custodian (i) maintains separate accounts in the name of the Portfolio, (ii) holds and transfers portfolio securities on account of the Portfolio, (iii) accepts receipts and makes disbursements of money on behalf of the Portfolio, and (iv) collects and receives all income and other payments and distributions on account of the Portfolio's portfolio securities. The Custodian has entered into agreements with foreign subcustodians approved by the Board pursuant to Rule 17f-5 under the 1940 Act.

In some instances, the Custodian may use Deutsche Bank AG or its affiliates, as subcustodian ("DB Subcustodian") in certain countries. To the extent a fund holds any securities in the countries in which the Custodian uses a DB Subcustodian as a subcustodian, those securities will be held by DB Subcustodian as part of a larger omnibus account in the name of the Custodian ("Omnibus Account"). For its services, DB Subcustodian receives (1) an annual fee based on a percentage of the average daily net assets of the Omnibus Account and (2) transaction charges with respect to transactions that occur within the Omnibus Account (e.g., foreign exchange transactions or corporate transactions). To the extent that a DB Subcustodian receives any brokerage commissions for any transactions, such transactions and amount of brokerage commissions paid by the Portfolio are set forth in Item 21 "Brokerage Allocation and Other Practices" below.

The Custodian's fee may be reduced by certain earnings credits in favor of the Portfolio.

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**Independent Registered Public Accounting Firm.** Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116, serves as the Portfolio's independent registered public accounting firm. The independent registered public accounting firm audits the financial statements of the Portfolio and provides other audit, tax and related services.

**Fee Rates of Service Providers** 

**Fee payable to DIMA for investment management services**

The management fee for the Portfolio, at the annual percentage rate of daily net assets, is indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Name** | **Management Fee Rate** |
| Government Cash Management Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $3 billion 0.1200%<br> Next $4.5 billion 0.1025%<br> Thereafter 0.0900%<br>|

---

**Fee payable to DIMA for administrative services**

The Portfolio pays DIMA an administrative services fee, computed daily and paid monthly, of 0.030% of the Portfolio's average daily net assets.

**Service Provider Compensation** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **Gross Amount** <br> **Paid to DIMA** <br> **for Advisory** <br> **Services**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Amount Waived** <br> **by DIMA for** <br> **Advisory** <br> **Services**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Gross Amount Paid to** <br> **DIMA for General** <br> **Administrative** <br> **Services**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Amount Waived by** <br> **DIMA for General** <br> **Administrative** <br> **Services**<br>|
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $32098644 | &nbsp;&nbsp;&nbsp;&nbsp; $6668937 | &nbsp;&nbsp;&nbsp;&nbsp; $10212048 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $34685171 | &nbsp;&nbsp;&nbsp;&nbsp; $8434068 | &nbsp;&nbsp;&nbsp;&nbsp; 11074224 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp; $30640663 | &nbsp;&nbsp;&nbsp;&nbsp; $15133377 | &nbsp;&nbsp;&nbsp;&nbsp; $9726055 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

From time to time, the Advisor may voluntarily waive a portion of its fees and/or reimburse certain operating expenses of the Portfolio. These voluntary waivers and/or reimbursements may be terminated at any time at the option of the Advisor.

The Advisor and its affiliates may voluntarily waive a portion of their fees and/or reimburse certain expenses to the extent necessary to assist the Portfolio in attempting to avoid a negative yield. There is no guarantee that the Portfolio will avoid a negative yield. These voluntary waivers and/or reimbursements may be amended or terminated at any time at the option of the Advisor. These voluntary waivers and/or reimbursements are in addition to any existing contractual expense limitations.

**Securities Lending**

The Portfolio had no securities lending activity during its most recent fiscal year.

**Item 20. Portfolio Managers** 

Not Applicable.

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**Item 21. Brokerage Allocation and Other Practices**

**Portfolio Transactions** 

The Advisor is generally responsible for placing orders for the purchase and sale of portfolio securities, including the allocation of brokerage. The Advisor may delegate trade execution, trade matching and settlement services to DWS's branch offices or affiliates located in the US or outside the US.

The policy of the Advisor in placing orders for the purchase and sale of securities for a fund is to seek best execution, taking into account execution factors such as: costs; speed; likelihood of execution and settlement; size; nature; and any other consideration relevant to the execution of a particular order. The relative importance of these execution factors will be determined based on the following criteria: characteristics of the order; the financial instruments that are the subject of the order; the characteristics of the execution venues to which the order can be directed; the current market circumstances; and the objectives, investment policies and risks of a fund. Generally, the Advisor will regard price and cost as the important factors for best execution, however there may be circumstances when the Advisor may determine that other execution factors have a greater influence for a particular order in achieving the best possible result.

The Advisor will generally select brokers to effect securities transactions based on a number of criteria, including their: market and security familiarity; access to liquidity or willingness to commit risk to a principal trade; financial stability and certainty of settlement; reliability and integrity of maintaining confidentiality; soundness of technological infrastructure and operational capabilities; safeguards and compliance controls to protect clients; pricing costs for execution-only services; and ability to provide transaction costs analysis.

Commission rates on transactions in equity securities on US securities exchanges are subject to negotiation. Commission rates on transactions in equity securities on foreign securities exchanges are generally fixed. Purchases and sales of fixed-income securities and certain over-the-counter securities are effected on a net basis, without the payment of brokerage commissions. Transactions in fixed income and certain over-the-counter securities are generally placed by the Advisor with the principal market makers for these securities unless the Advisor reasonably believes more favorable results are available elsewhere. Transactions with dealers serving as market makers reflect the spread between the bid and asked prices. Purchases of underwritten issues will include an underwriting fee paid to the underwriter. Money market instruments are normally purchased in principal transactions directly from the issuer or from an underwriter or market maker. The Advisor seeks to evaluate the overall reasonableness of brokerage commissions with commissions charged on comparable transactions and compares the brokerage commissions (if any) paid by the funds to reported commissions paid by others. The Advisor routinely reviews commission rates, execution and settlement services performed and makes internal and external comparisons.

It is likely that the broker-dealers selected based on the considerations described in this section will include firms that also sell shares of the funds to their customers. However, the Advisor does not consider sales of shares of the funds as a factor in the selection of broker-dealers to execute portfolio transactions for the funds and, accordingly, has implemented policies and procedures reasonably designed to prevent its traders from considering sales of shares of the funds as a factor in the selection of broker-dealers to execute portfolio transactions for the funds.

The Advisor is permitted by Section 28(e) of the the 1934 Act, when placing portfolio transactions for a fund, to cause a fund to pay brokerage commissions in excess of that which another broker-dealer might charge for executing the same transaction in order to obtain research and brokerage services if the Advisor determines that such commissions are reasonable in relation to the overall services provided. The Advisor may from time to time, in reliance on Section 28(e) of the 1934 Act, execute portfolio transactions with broker-dealers that provide research and brokerage services to the Advisor. Consistent with the Advisor's policy regarding best execution, where more than one broker is believed to be capable of providing best execution for a particular trade, the Advisor may take into consideration the receipt of research and brokerage services in selecting the broker-dealer to execute the trade. Although certain research and brokerage services from broker-dealers may be useful to a fund and to the Advisor, it is the opinion of the Advisor that such information only supplements its own research effort since the information must still be analyzed, weighed and reviewed by the Advisor's staff. To the extent that research and brokerage services of value are received by the

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Advisor, the Advisor avoids expenses that it might otherwise incur. Research and brokerage services received from a broker-dealer may be useful to the Advisor and its affiliates in providing investment management services to all or some of its clients, which includes a fund. Services received from broker-dealers that executed securities transactions for a fund will not necessarily be used by the Advisor specifically to service that fund.

Research and brokerage services provided by broker-dealers may include, but are not limited to, information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis and measurement and analysis of corporate responsibility issues. Research and brokerage services are typically received in the form of written or electronic reports, access to specialized financial publications, telephone contacts and personal meetings with security analysts, but may also be provided in the form of access to various computer software and meetings arranged with corporate and industry representatives. In addition, the Advisor may also select broker-dealers and obtain from them research and brokerage services that are used in connection with executing trades, such as computer software and/or electronic communication services used by the Advisor to facilitate trading activity with a broker-dealer.

Research and brokerage services may include products obtained from third parties if the Advisor determines that such product or service constitutes brokerage and research as defined in Section 28(e) and interpretations thereunder. Provided a subadvisor is acting in accordance with any instructions and directions of the Advisor or the Board, the subadvisor is authorized to pay to a broker or dealer who provides third party brokerage and research services a commission for executing a portfolio transaction for a fund in excess of what another broker or dealer may charge, if the subadvisor determines in good faith that such commission was reasonable in relation to the value of the third party brokerage and research services provided by such broker or dealer.

The Advisor may use brokerage commissions to obtain certain brokerage products or services that have a mixed use (i.e., it also serves a function that does not relate to the investment decision-making process). In those circumstances, the Advisor will make a good faith judgment to evaluate the various benefits and uses to which it intends to put the mixed use product or service and will pay for that portion of the mixed use product or service that it reasonably believes does not constitute research and brokerage services with its own resources.

The Advisor will monitor regulatory developments and market practice in the use of client commissions to obtain research and brokerage services and may adjust its portfolio transactions policies in response thereto.

Due to European regulatory changes affecting the Advisor and certain of its affiliates, beginning in January 2018, funds (or portions thereof) subadvised by the Advisor's European affiliates will no longer participate in the client commission arrangements described above with respect to obtaining research services. For those funds (or relevant portions thereof), the Advisor or its affiliates will pay for research services previously obtained through use of client commissions from their own assets. The Advisor and its affiliates have put into place procedures to ensure that all funds managed by the Advisor or its affiliates pay only their proportionate share of the cost of research services, as appropriate. The subadvisory agreements for the relevant funds have been modified to reflect the European regulatory changes.

Investment decisions for a fund and for other investment accounts managed by the Advisor are made independently of each other in light of differing conditions. However, the same investment decision may be made for two or more of such accounts. In such cases, simultaneous transactions are inevitable. To the extent permitted by law, the Advisor may aggregate the securities to be sold or purchased for a fund with those to be sold or purchased for other accounts in executing transactions. The Advisor has adopted policies and procedures that are reasonably designed to ensure that when the Advisor aggregates securities purchased or sold on behalf of accounts, the securities are allocated among the participating accounts in a manner that the Advisor believes to be fair and equitable. The Advisor makes allocations among accounts based upon a number of factors that may include, but are not limited to, investment objectives and guidelines, risk tolerance, availability of other investment opportunities and available cash for investment. While in some cases this practice could have a detrimental effect on the price paid or received by, or on the size of the position obtained or disposed of for, a fund, in other cases it is believed that the ability to engage in volume transactions will be beneficial to a fund. With respect to limited opportunities or initial public offerings, the Advisor may make allocations among accounts on a pro-rata basis with consideration given to suitability.

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The Advisor and its affiliates and each fund's management team manage other mutual funds and separate accounts, some of which use short sales of securities as a part of its investment strategy. The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these potential conflicts of interest. Incorporated in the procedures are specific guidelines developed to ensure fair and equitable treatment for all clients. The Advisor and the investment team have established monitoring procedures and a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.

The Advisor may provide model portfolio recommendations for a variety of investment styles to clients of the Advisor and affiliates. Model portfolios may relate to the same investment strategies that are also offered to or utilized by the Advisor's other client accounts, including the DWS funds. The Advisor may provide model portfolio recommendations on a non-discretionary or discretionary basis to sponsors of model portfolio programs (Sponsors) who may utilize such recommendations in connection with the management of their client accounts; i.e., the Advisor may provide model portfolio recommendations to Sponsors who then execute securities transactions on behalf of their program clients in accordance with the model portfolios. Model portfolio related trading activity by Sponsors on behalf of their clients could potentially result in the Advisor's non-model portfolio clients, including the DWS funds, receiving prices that are less favorable than prices that might otherwise have been obtained absent the Sponsors' trading activity, particularly for orders that are large in relation to a security's average daily trading volume. The Advisor intends to take reasonable steps to minimize the market impact on non-model portfolio client accounts of orders associated with model portfolio recommendations provided to Sponsors.

Deutsche Bank AG or one of its affiliates (or in the case of a subadvisor, the subadvisor or one of its affiliates) may act as a broker for the funds and receive brokerage commissions or other transaction-related compensation from the funds in the purchase and sale of securities, options or futures contracts when, in the judgment of the Advisor, and in accordance with procedures approved by the Board, the affiliated broker will be able to obtain a price and execution at least as favorable as those obtained from other qualified brokers and if, in the transaction, the affiliated broker charges the funds a rate consistent with that charged to comparable unaffiliated customers in similar transactions.

**Brokerage Commissions** 

The amount of brokerage commissions paid by the Portfolio may change from year to year because of, among other things, changing asset levels, shareholder activity and/or portfolio turnover.

**Brokerage Commissions** 

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fiscal** <br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brokerage Commissions** <br> **Paid by Portfolio**<br>|
| Government Cash Management Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

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**Brokerage Commissions Paid to Affiliated Brokers** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Fiscal** <br> **Year**<br>| &nbsp;&nbsp;&nbsp; **Name of** <br> **Affiliated** <br> **Broker** <br>| **Affiliation**  | &nbsp;&nbsp;&nbsp; **Aggregate** <br> **Brokerage** <br> **Commissions** <br> **Paid by Portfolio** <br> **to Affiliated** <br> **Brokers**<br>| &nbsp;&nbsp;&nbsp; **% of the Total** <br> **Brokerage** <br> **Commissions**<br>| &nbsp;&nbsp;&nbsp; **% of the** <br> **Aggregate** <br> **Dollar** <br> **Value of all** <br> **Portfolio** <br> **Transactions**<br>|
| Government Cash <br> Management Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fiscal** <br> **Year**<br>| &nbsp;&nbsp;&nbsp; **Name of** <br> **Affiliated** <br> **Broker** <br>| **Affiliation**  | &nbsp;&nbsp;&nbsp; **Aggregate** <br> **Brokerage** <br> **Commissions** <br> **Paid by Portfolio** <br> **to Affiliated** <br> **Brokers**<br>| &nbsp;&nbsp;&nbsp; **% of the Total** <br> **Brokerage** <br> **Commissions**<br>| &nbsp;&nbsp;&nbsp; **% of the** <br> **Aggregate** <br> **Dollar** <br> **Value of all** <br> **Portfolio** <br> **Transactions**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

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The Portfolio did not hold any securities of its regular brokers or dealers (as such term is defined in the 1940 Act) as of the end of its most recent fiscal year.

**Transactions for Research Services**

For the most recent fiscal year, the Portfolio allocated the following amount of transactions, and related commissions, to broker-dealer firms that have been deemed by the Advisor to provide research services. The provision of research services was not necessarily a factor in the placement of business with such firms.

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Transactions**<br> **with Research Firms**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commissions Paid**<br> **on Transactions**<br> **with Research Firms**<br>|
| Government Cash Management Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

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**Item 22. Capital Stock and Other Securities**

Under the Declaration of Trust, the Trustees are authorized to issue beneficial interests in the Portfolio. Investors are entitled to participate pro rata in distributions of income, loss, gain and credit of the Portfolio. Upon liquidation or dissolution of the Portfolio, investors are entitled to share pro rata in the Portfolio's net assets available for distribution to its investors. Investments in the Portfolio have no preference, preemptive, conversion or similar rights and are fully paid and non-assessable, except as set forth below. Investments in the Portfolio may not be transferred.

Each investor is entitled to a vote in proportion to the amount of its beneficial interest in the Portfolio. Investors in the Portfolio do not have cumulative voting rights, and investors holding more than 50% of the aggregate beneficial interests in the Portfolio may elect all of the Trustees of the Portfolio if they choose to do so and in such event the other investors in the Portfolio would not be able to elect any Trustee. The Portfolio is not required and has no current intention to hold annual meetings of investors but the Portfolio will hold special meetings of investors when in the judgment of the Portfolio's Trustees it is necessary or desirable to submit matters for an investor vote. No material amendment may be made to the Portfolio's Declaration of Trust without the affirmative majority vote of investors (with the vote of each being in proportion to the amount of their investment).

The Portfolio may enter into a merger or consolidation, or sell all or substantially all of its assets, if approved by the affirmative vote of the holders of not less than two-thirds of the beneficial interests of the Portfolio. The Portfolio may also be terminated (i) upon liquidation and distribution of its assets, if approved by the affirmative vote of the holders of not less than two-thirds of the beneficial interests of the Portfolio, or (ii) by the Trustees of the Portfolio by written notice to its investors.

Investors in the Portfolio will be held personally liable (on a joint and several basis) for its obligations and liabilities, subject, however, to indemnification by the Portfolio in the event that there is imposed upon an investor a greater portion of the liabilities and obligations of the Portfolio than its proportionate beneficial interest in the Portfolio. The Declaration of Trust also provides that the Portfolio shall maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Portfolio, its investors, Trustees, officers, employees and agents, covering possible tort and other liabilities. Thus, the risk of an investor incurring financial loss on account of investor liability is limited to circumstances in which both inadequate insurance existed and the Portfolio itself was unable to meet its obligations.

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The Declaration of Trust further provides that obligations of the Portfolio are not binding upon the Trustees individually but only upon the property of the Portfolio and that the Trustees will not be liable for any action or failure to act, but nothing in the Declaration of Trust protects a Trustee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

**Item 23. Purchase, Redemption and Pricing of Shares** 

Beneficial interests in the Portfolio are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended. See Item 11 "Shareholder Information" in Part A of this Registration Statement.

**Item 24. Taxation of the Portfolio** 

**Taxes** 

The following is intended to be a general summary of certain US federal income tax consequences of investing in the Portfolio. It is not intended as a complete discussion of all such consequences, nor does it purport to deal with all categories of investors, some of which may be subject to special tax rules. Current and prospective investors are therefore advised to consult with their tax advisors before making an investment in the Portfolio. The Portfolio's investors are expected to be principally regulated investment companies. The summary below does not address tax consequences to shareholders of those regulated investment companies. Shareholders of those regulated investment companies should refer to the prospectuses and statements of additional information for those funds for a summary of the tax consequences applicable to them. The summary below is based on the laws in effect on the date of this Registration Statement and on existing judicial and administrative interpretations thereof, all of which are subject to change, possibly with retroactive effect. This summary assumes that each investor holds their interest in the Portfolio as a capital asset and is a taxable US investor (except as otherwise specifically provided below).

For purposes of this summary, a "US investor" is a beneficial owner of the interest in the Portfolio that is for US federal income tax purposes:

• a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

• a corporation or other entity treated as a corporation for US federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

• an estate, the income of which is subject to US federal income taxation regardless of its source; or

• a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons (as such term is defined under the Internal Revenue Code of 1986, as amended (the "Code")) have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a United States person under the Code).

A "Non-US investor" is a beneficial owner of the interest in the Portfolio that is an individual, corporation, trust or estate and is not a US investor.

If an entity classified as a partnership (including any entity treated as a partnership for US federal income tax purposes) holds an interest in the Portfolio, the US federal income tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. If you are a partnership holding the interest in the Portfolio or a partner in such a partnership, you should consult your tax advisor as to the particular US and foreign tax consequences of the partnership's interest in the Portfolio.

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**Federal Income Tax Treatment of the Portfolio.** It is intended that the Portfolio operate and be treated as a partnership for US federal income tax purposes and not as an association taxable as a corporation or a "publicly traded partnership" (as defined in Section 7704 of the Code) taxable as a corporation. As a result, the Portfolio generally is not expected to be subject to US federal income tax. Nonetheless, it will file appropriate information returns with the Internal Revenue Service ("IRS") annually as described below in "Federal Income Taxation of Investors."

**Federal Income Taxation of Investors.** Each US investor in the Portfolio is required to take into account in determining its US federal income tax liability its allocable share (as determined in accordance with the governing instruments of the Portfolio and Subchapter K of the Code, related Treasury regulations promulgated thereunder, and other applicable authority) of the Portfolio's income, gain, loss, deductions, credits and tax preference items for any taxable year of the Portfolio ending with or within the taxable year of such US investor, without regard to whether the investor has received or will receive any cash or property distributions from the Portfolio.

The Portfolio may modify its allocations to investors to comply with applicable tax laws and US Treasury regulations, including, without limitation, the US Treasury regulations under Sections 704, 706, 708, 734, 743, 754, and 755 of the Code. It also may make special allocations of specific tax items, including gross income, gain, deduction, or loss. These modified or special allocations could result in a US investor receiving a larger or smaller share of income, gain, deduction, or loss (and/or income, gain, deduction, or loss of a different character) than they would in the absence of such modified or special allocations.

The amount of tax due, if any, with respect to gains and income of the Portfolio is determined separately for each US investor. The Portfolio will be required to file an information return on IRS Form 1065 and, following the close of the Portfolio's taxable year, to provide each investor with a Schedule K-l indicating the investor's allocable share of the Portfolio's income, gains, losses, deductions, credits, and items of tax preference. Each investor, however, is responsible for keeping their own records for determining its tax basis in their Portfolio interests and calculating and reporting any gain or loss resulting from a Portfolio distribution or redemption or other disposition of Portfolio interests.

Investors who contribute assets in kind to the Portfolio in exchange for Portfolio interests (to the extent such investors do not recognize gains at the time of the contribution) generally will, at the time of disposition by the Portfolio of the investors' contributed assets, be specially allocated gains or losses from such assets up to the amount of built-in gain or built-in loss, respectively, at the time of contribution. There are circumstances in which investors who contribute appreciated assets to the Portfolio in kind could recognize income up to the built-in gain in such assets at the time of contribution even in advance of a disposition of such assets. The IRS may successfully challenge any of the Portfolio's allocations, elections or determinations, in which case an investor in the Portfolio interests may be allocated a larger or smaller share of any tax item.

**Distributions and adjusted basis.** In general, an investor's adjusted basis in their interest in the Portfolio will initially equal the amount of cash and the adjusted basis in other property, if any, the investor has contributed for the interest and will be increased by the investor's proportionate share of Portfolio income and gains and decreased (but not below zero) by the amount of cash distributions and the adjusted basis of any property distributed from the Portfolio to the investor and such investor's distributive share of certain Portfolio expenses and losses. In addition, (1) an investor's basis includes the investor's share of the Portfolio's liabilities, and (2) decreases in the investor's share of liabilities are treated as cash distributions.

In general, an investor that receives cash in connection with the investor's complete withdrawal from the Portfolio will recognize capital gain or loss to the extent of the difference between the proceeds received by such investor and such investor's adjusted tax basis in its Portfolio interest immediately before the distribution. Gain or loss recognized as a result of a complete withdrawal from the Portfolio generally will be short-term or long-term capital gain or loss depending on the investor's holding period in their interests in the Portfolio, except that an investor generally will recognize ordinary income (regardless of whether there would be net gain on the transaction and possibly in excess of net gain otherwise recognized) to the extent that the investor receives a cash distribution for the investor's allocable share of (i) previously untaxed "unrealized receivables" (including any accrued but untaxed market discount) and (ii) substantially appreciated inventory, if any. The basis attributable to any unrealized receivables or substantially appreciated inventory might also affect the calculation of gain or loss from the other assets held by the Portfolio. An investor's

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receipt of a non-liquidating cash distribution from the Portfolio generally will result in recognized gain (but not loss) only to the extent that the amount of the distribution exceeds such investor's adjusted basis in their Portfolio interest before the distribution. If an investor acquired portions of their interest at different times or acquired their entire interest in a single transaction subject to different holding periods, the investor's interest generally will have a divided holding period, which could cause the investor to recognize more or less short-term and long-term capital gain or loss than it would have with a single holding period.

An investor generally will not recognize gain or loss on an in-kind distribution of property from the Portfolio. An investor that receives an in-kind distribution of property from the Portfolio may be required to recognize taxable gain or loss upon a subsequent taxable disposition of that property. If the distribution does not represent a complete liquidation of the investor's Portfolio interest, the investor's basis in the distributed property generally will equal the Portfolio's adjusted tax basis in the property, or, if less, the investor's basis in their Portfolio interest before the distribution. If the distribution is made in complete liquidation of the investor's Portfolio interest, the investor generally will take the assets with a tax basis equal to their adjusted tax basis in its Portfolio interest. Special rules apply to the distribution of property to an investor who contributed other property to the Portfolio and to the distribution of such contributed property to another investor. The federal income tax law generally requires a partner in a partnership to recognize gain on a distribution by the partnership of marketable securities, to the extent that the value of such securities exceeds the partner's adjusted basis in their partnership interest. This requirement does not apply, however, to distributions to "eligible partners" of an "investment partnership," as those terms are defined in the Code. It is intended that the Portfolio be operated so as to qualify as an "investment partnership," although there can be no assurance that it will so qualify. If the Portfolio qualifies as an investment partnership, each investor should qualify as an "eligible partner," provided that such investor contributes only cash and certain other liquid property to the Portfolio.

An investor cannot deduct losses from the Portfolio in an amount greater than such investor's adjusted tax basis in its Portfolio interest as of the end of the Portfolio's tax year. An investor may be able to deduct such excess losses in subsequent tax years to the extent that the investor's adjusted tax basis in their interest exceeds zero in such years. Certain other limitations on the deductibility of Portfolio losses and certain expenses can also apply. For instance, Section 163(d) of the Code imposes limitations on the deductibility of investment interest by non-corporate taxpayers. Investment interest is defined as interest paid or accrued on indebtedness incurred or continued to purchase properties to be held for investment. Investment interest is deductible only to the extent of net investment income (i.e., investment income less investment expenses). Investment interest which cannot be deducted for any year because of the foregoing limitation may be carried forward and allowed as a deduction in a subsequent year to the extent the taxpayer has net investment income in such year. Because all or substantially all of the income or loss of the Portfolio is expected to be treated as arising from property held for investment, any interest expense incurred by a non-corporate investor to purchase or carry its interest in the Portfolio and its allocable share of interest expense incurred by the Portfolio may be subject to the investment interest limitations.

In addition, depending on the nature of its activities, the Portfolio may be deemed to be either an investor or trader in securities, or both if the Portfolio engages in multiple activities. If the Portfolio is deemed to be an investor, certain Portfolio fees and expenses (including, without limitation, the management fees) will be treated as miscellaneous itemized deductions of the Portfolio for US federal income tax purposes. An individual US investor and certain trusts or estates that hold interests in the Portfolio (directly or through certain pass-through entities, including a partnership, a nonpublicly offered regulated investment company, a Subchapter S corporation, or a grantor trust) may not deduct such fees and expenses for taxable years beginning after December 31, 2017. In addition, in the case of US individuals whose adjusted gross income exceeds a certain inflation adjusted threshold, the aggregate itemized deductions allowable for taxable years beginning on or after January 1, 2026 will be reduced by 2/37 of the lesser of (i) the amount of itemized deductions otherwise permissible under the Code or (ii) the amount of taxable income of the US individual for the taxable year (plus the amount of itemized deductions otherwise permissible under the Code) that exceeds the dollar amount at which the 37 percent rate bracket under Code Section 1 begins.

**Federal Income Taxation of Portfolio Income.** For federal income tax purposes, investment income is generally treated as ordinary income. The treatment of capital gains, however, is generally determined by how long the Portfolio owned (or is deemed to have owned) the investments that generated them, rather than by how long an investor has held its interest in the Portfolio. In general, gains or losses from the sale of investments that the Portfolio owned (or

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is deemed to have owned) for one year or less are treated as short-term capital gains or losses and gains or losses from the sale of investments that the Portfolio owned (or is deemed to have owned) for more than one year are treated as long-term capital gains or losses. Dividends received by the Portfolio (if any) from domestic corporations and certain foreign corporations will be "qualified dividend income," taxed in the hands of US investors that are individuals and other non-corporate US taxpayers at the rates applicable to long-term capital gain, provided certain holding period and other requirements are met by such US investors with respect to the underlying securities generating such dividend income and the Portfolio also meets the same holding period and other requirements. The Portfolio does not expect to earn income that will qualify as "qualified dividend income," or for the corporate dividends-received deduction when allocated to investors.

Income received by the Portfolio in lieu of dividends with respect to (i) securities on loan pursuant to a securities lending transaction or (ii) dividend income received by the Portfolio on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for US federal income tax purposes as a loan by the Portfolio, will not constitute qualified dividend income to US investors that are individuals and other non-corporate shareholders and will not be eligible for the dividends-received deduction for US corporate shareholders.

The distinction between capital gains and ordinary income is significant not only with respect to the maximum tax rate differential for individuals and other non-corporate taxpayers, but also with regard to the rules concerning the offsetting of capital gains and losses. In general, capital losses are allowed as an offset only against capital gains. If an individual (or other non-corporate taxpayer) has a net capital loss, the first $3,000 may generally offset ordinary income, and the excess may be carried forward (but not back) indefinitely and applied first against capital gains, and then against ordinary income up to $3,000, in each succeeding year. Corporations may only offset capital losses against capital gains and may also be subject to other rules that limit the use of losses in a particular taxable year, and the excess generally may be carried forward for an unlimited period. Subject to certain limitations, a regulated investment company is able to carry forward a net capital loss from any taxable year to offset capital gains, if any, realized during a subsequent taxable year. Any such carryforward losses of a regulated investment company will retain their character as long-term or short-term.

An additional 3.8% Medicare contribution tax is imposed on certain net investment income (which includes, but is not limited to, interest, dividends and net gain on investments) of US investors that are individuals, estates and certain trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

**Special federal income tax provisions that apply to certain investments.** Certain of the Portfolio's investment practices are subject to special and complex federal income tax provisions, including rules relating to short sales, constructive sales, "straddle" and "wash sale" transactions and mark-to-market rules, that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains into higher taxed short-term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss, (iv) cause the recognition of income or gain without a corresponding receipt of cash and/or (v) adversely alter the characterization of certain Portfolio investments. Moreover, the straddle rules and short sale rules may require the capitalization of certain related expenses of the Portfolio.

*Certain debt obligations.* The Portfolio's investment in debt obligations that are issued with original issue discount (OID) or acquired with market discount or acquisition discount will be subject to special federal income tax rules. Pursuant to these special rules, the Portfolio may be required to include any such OID or discount generated on these securities in its taxable income, and allocate that income to its investors, over the term of the securities, even though payment of those amounts are not received until a later time, upon partial or full repayment or disposition of the debt securities. These investments may also affect the character of income recognized by the Portfolio and allocated to its investors.

*Certain mortgage-backed securities.* Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Portfolio's income (including income allocated to the Portfolio from another pass-through entity) that is attributable to a residual interest in a real estate mortgage investment conduit (REMIC) (including a residual interest in a collateralized mortgage obligation (CMO) for which an election to

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be treated as a REMIC is in effect) or an equity interest in a taxable mortgage pool (TMP) (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a partnership will be allocated to investors in the partnership consistent with their allocation of other items of income, with the same consequences as if the investors held the related REMIC or TMP interest directly. In general, excess inclusion income allocated to investors (i) may constitute "unrelated business taxable income" (UBTI) for those entities who would otherwise be exempt from federal income tax, such as individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities, that invest in a regulated investment company to which the Portfolio allocates excess inclusion income, thereby potentially requiring an entity that otherwise might not be required to file a federal income tax return, to file a tax return and pay tax on such income, (ii) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), and (iii) will not be eligible for reduced US withholding tax rates for non-US investors (including non-US investors eligible for the benefits of a US income tax treaty) that invest in a regulated investment company to which the Portfolio allocates excess inclusion income.

*Foreign investments.* The Portfolio may make investments that subject the Portfolio and/or investors directly or indirectly to taxation and/or tax filing obligations in foreign jurisdictions, including withholding taxes on dividends, interest, and capital gains. In particular, the Portfolio's foreign investments may cause some of the income or gains of the Portfolio to be subject to withholding or other taxes of foreign jurisdictions, and could result in taxation on net income attributed to the jurisdiction if the Portfolio were considered to be conducting a trade or business in the applicable country through a permanent establishment or otherwise. Such foreign taxes and/or tax filing obligations may be reduced or eliminated by applicable income tax treaties, although investors should be aware that the Portfolio may not be entitled to claim reduced withholding rates on foreign taxes or may choose not to assert any such claim. The tax consequences to investors may depend in part on the direct and indirect activities and investments of the Portfolio. Accordingly, the Portfolio will be limited in its ability to avoid adverse foreign tax consequences resulting from the Portfolio's underlying investments. Furthermore, some investors may not be eligible for certain or any income tax treaty benefits. Subject to applicable limitations, a US investor that is a regulated investment company for US federal income tax purposes may be entitled to elect to permit its shareholders to claim, for US federal income tax purposes, a credit or deduction for its allocable share of any foreign tax incurred by the Portfolio, including withholding taxes, so long as such foreign tax qualifies as a creditable income tax under the applicable Treasury regulations.

**Regulated investment company investors.** It is intended that the Portfolio's assets and income will be managed in such a way that an investor in the Portfolio will be able to satisfy the diversification and income requirements of Subchapter M of the Code for qualification as a regulated investment company, assuming that the investor has invested all or substantially all of its assets in the Portfolio.

Because the Portfolio is not required to make distributions to its investors each year, the income recognized by a regulated investment company in respect of its investment in the Portfolio could exceed amounts distributed by the Portfolio to the regulated investment company in a particular year. In addition, this situation can be exacerbated by certain of the Portfolio's investments which, as described earlier, can give rise to "phantom" (noncash) income or otherwise cause timing differences between income recognition for federal income tax purposes and actual receipt of cash by the Portfolio on the investments. Accordingly, US investors that intend to meet the 90% distribution requirement for treatment as a regulated investment company could be required to redeem a portion of their interests in the Portfolio in order to obtain sufficient cash to satisfy the annual 90% distribution requirement with respect to such income and to otherwise avoid entity-level US federal income and excise taxes. The Portfolio, in turn, may sell portfolio holdings in order to meet such redemption requests, including at a time when it may not be advantageous to do so.

**Backup Withholding**

The Portfolio may be required to withhold US federal income tax on distributions, sales proceeds, redemption proceeds, and any other payments payable to investors who fail to provide the Portfolio with their correct taxpayer identification number or to make required certifications, who have underreported dividend or interest income, or who have been notified (or when the Portfolio is notified) by the IRS that they are subject to backup withholding. The backup withholding

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tax rate is currently a flat rate of 24%. Corporate US investors and certain other US investors specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the US investor's US federal income tax liability on such US investor's federal income tax return.

**Audits and Adjustments to Tax Liability**

The Portfolio's tax returns are subject to review by the IRS and other taxing authorities. If the Portfolio were audited and the IRS or another taxing authority were successful in adjusting items of income, gain, loss or deduction, then subject to the Revised Audit Provisions discussed below, such adjustments could change the income tax liabilities of investors in the Portfolio and might require investors to file amended tax returns, which could result in an investor owing additional taxes, penalties and interest and in an audit of the investor's own tax return.

For taxable years beginning on or after January 1, 2018, the federal income tax audit procedures that apply to partnerships, such as the Portfolio, changed. Under these rules (the "Revised Audit Provisions"), any adjustments to the Portfolio's tax items (including any investor's share thereof) would be determined in a proceeding at the Portfolio level. Any resulting underpayment of taxes (including interest and penalties) generally would be assessed against the Portfolio itself, notwithstanding that the Portfolio is not otherwise subject to federal income tax. As a result, such additional income tax assessment would be borne by the investors that own an interest in the Portfolio at the time of such assessment, which may be different persons, or persons with different ownership percentages, than the persons owning interests for the tax year at issue.

Under the Revised Audit Provisions, certain elections may be available to mitigate the impact of these adjustments on the Portfolio, including an election to "pass through" the adjustments to investors. If such an election were made, each person who was an investor in the year subject to audit would be responsible for any additional taxes, interest and penalties on its share of the adjustment.

**US Tax Shelter Rules**

The Portfolio may engage in transactions or make investments that would subject the Portfolio, its investors, and/or its "material advisors," as defined in Treas. Reg. Sec. 301.6112-1(c)(1), to special rules requiring such transactions or investments by the Portfolio or investments in the Portfolio to be reported and/or otherwise disclosed to the IRS, including to the IRS's Office of Tax Shelter Analysis (the "Tax Shelter Rules"). A transaction may be subject to reporting or disclosure if it is described in any of several categories of "reportable transactions" in Treas. Reg. Sec. 1.6011-4(b), which include, among others, transactions that result in the incurrence of a loss or losses exceeding certain thresholds or that are offered under conditions of confidentiality. Although the Portfolio does not expect to engage in transactions solely or principally for the purpose of achieving a particular tax consequence, there can be no assurance that the Portfolio will not engage in transactions that trigger the Tax Shelter Rules. In addition, an investor may have disclosure obligations with respect to its interest in the Portfolio if the investor (or the Portfolio in certain cases) participates in a reportable transaction.

Investors should consult their own tax advisors about their obligation to report or disclose to the IRS information about their investment in the Portfolio and participation in the Portfolio's income, gain, loss, deduction, or credit with respect to transactions or investments subject to these rules. In addition, pursuant to these rules, the Portfolio may provide to its material advisors identifying information about the Portfolio's investors and their participation in the Portfolio and the Portfolio's income, gain, loss, deduction, or credit from those transactions or investments, and the Portfolio or its material advisors may disclose this information to the IRS upon its request. Significant penalties may apply for failure to comply with these rules.

In certain circumstances, the Portfolio and/or the Portfolio's tax advisor may make special disclosures to the IRS of certain positions taken by the Portfolio.

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**Investor Reporting Obligations With Respect to Foreign Banks and Financial Accounts.** US investors that own, directly or indirectly, more than 50% of the Portfolio could be required to report annually their "financial interest" in the Portfolio's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts.

**FATCA**

Sections 1471-1474 of the Code and the US Treasury regulations and IRS guidance issued thereunder (collectively the "Foreign Account Tax Compliance Act" or "FATCA") generally require the Portfolio to obtain information sufficient to identify the status of each of its investors. If a Non-US investor fails to provide this information or otherwise fails to comply with FATCA, the Portfolio may be required to withhold under FATCA at a rate of 30% with respect to that Non-US investor on certain types of income, including interest or dividends it distributes or allocates to that investor. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to gross proceeds that are distributed or allocated to a Non-US investor or that are realized on the redemption of a Non-US investor's interest in the Portfolio. The Department of Treasury has indicated that taxpayers generally may rely on these proposed regulations until final Treasury Regulations are issued. The Portfolio may disclose the information that it receives from (or concerning) its investors to the IRS, non-US taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

**Non-Income, State, Local, and Foreign Taxes**

The foregoing discussion does not address the US federal alternative minimum tax, or US federal non-income, state, local, or foreign tax, consequences of an investment in the Portfolio. It is possible that the Portfolio's activities might generate tax return filing, reporting, or tax payment obligations in US states or local or foreign jurisdictions. Prospective investors should consult their own tax advisors regarding US federal non-income, state, local, and foreign tax matters.

**The foregoing is only a summary of certain material US federal income tax consequences affecting the Portfolio and its investors. Current and prospective investors are advised to consult their own tax advisors with respect to the particular federal, state, local and foreign tax consequences to them of an investment in the Portfolio.** 

**In particular, the Portfolio's investors are expected to be principally entities that intend to qualify for the special tax treatment accorded regulated investment companies under Subchapter M of the Code. The foregoing discussion does not address all of the special tax considerations applicable to those investors. Further, the summary above does not address tax consequences to shareholders of those regulated investment companies. Shareholders of those regulated investment companies should refer to the prospectuses and statements of additional information for those regulated investment companies for a summary of the tax consequences applicable to them. Potential investors that do not qualify or do not intend to qualify as regulated investment companies are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Portfolio.**

**Item 25. Underwriters** 

The exclusive placement agent for the Portfolio is DDI, which receives no additional compensation for serving in this capacity. Investment companies, insurance company separate accounts, common and commingled trust funds and similar organizations and entities may continuously invest in the Portfolio.

**Item 26. Calculation of Performance Data** 

Not Applicable.

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**Item 27. Financial Statements** 

The financial statements for the Portfolio, together with the report of the Independent Registered Public Accounting

Firm, financial highlights and notes to financial statements in the [Annual Financial Statements and Other Information](https://www.sec.gov/Archives/edgar/data/703642/000008805326000210/0000088053-26-000210-index.htm)[Report of Deutsche DWS Money Market Trust—DWS Government Money Market Series (Institutional Shares) dated](https://www.sec.gov/Archives/edgar/data/703642/000008805326000210/0000088053-26-000210-index.htm)[December 31, 2025,](https://www.sec.gov/Archives/edgar/data/703642/000008805326000210/0000088053-26-000210-index.htm) are incorporated herein by reference and are hereby deemed to be a part of this Part B. A copy of an Annual Financial Statements and Other Information Report may be obtained without charge by calling the Portfolio at (800) 730-1313.

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**Government Cash Management Portfolio**

**PART C. OTHER INFORMATION**

Responses to Items 28(e), (i) and (k) have been omitted pursuant to paragraph 2(b) of Instruction B of the General Instructions to Form N-1A.

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| | | |
|:---|:---|:---|
| **Item 28.** | **Exhibits** |  |
| (a) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>Amended and Restated Declaration of Trust dated April 1, 1990.</u>](http://www.sec.gov/Archives/edgar/data/862064/000093549096000012/0000935490-96-000012.txt) (Incorporated by reference to Amendment <br> No. 9 to the Registration Statement, as filed on April 24, 1996.) <br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment of Amended and Restated Declaration of Trust dated November 30, 1990.</u>](http://www.sec.gov/Archives/edgar/data/862064/000095016899001329/0000950168-99-001329.txt) (Incorporated by <br> reference to Amendment No. 13 to the Registration Statement, as filed on April 30, 1999.)<br>|
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated May 16, 2003.</u>](http://www.sec.gov/Archives/edgar/data/862064/000119312504073756/dex99a3.htm) (Incorporated by reference to <br> Amendment No. 18 to the Registration Statement, as filed on April 29, 2004.)<br>|
|  | &nbsp;&nbsp; (4) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated February 6, 2006.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805306000472/exa4-cmp.txt) (Incorporated by reference to <br> Amendment No. 20 to the Registration Statement, as filed on April 28, 2006.)<br>|
|  | &nbsp;&nbsp; (5) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated April 12, 2016.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805316001954/exa5-cmp.htm) (Incorporated by reference to <br> Amendment No. 34 to the Registration Statement, as filed on April 29, 2016.)<br>|
| (b) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>By-Laws dated March 26, 1990.</u>](http://www.sec.gov/Archives/edgar/data/862064/000093549096000012/0000935490-96-000012.txt) (Incorporated by reference to Amendment No. 9 to the Registration State-<br> ment, as filed on April 24, 1996.) <br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment to By-Laws dated September 30, 2005</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805315000512/exb2-cmp.htm). (Incorporated by reference to Amendment No. 33 to <br> the Registration Statement, as filed on May 1, 2015.)<br>|
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; [<u>Amendment to By-Laws dated April 1, 2011.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805311000597/exb2-cmp.htm) (Incorporated by reference to Amendment No. 29 to the Reg-<br> istration Statement, as filed on April 29, 2011.)<br>|
| (c) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; Instruments defining the rights of shareholders, including the relevant portions of the Declaration of Trust, <br> dated April 1, 1990, as amended through April 12, 2016 (see Section 6). Referenced in exhibits (a)(1) <br> through (a)(5) to this Item, above.<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; Instruments defining the rights of shareholders, including the relevant portions of the By-Laws, dated <br> March 6, 1990, as amended through April 1, 2011 (see Article #1). Referenced in exhibits (b)(1) through <br> (b)(3) to this Item, above.<br>|
| (d) |  | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement between the Registrant and Deutsche Invest-</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805316001954/exd1-cmp.htm)<br> [<u>ment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) dated as of</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805316001954/exd1-cmp.htm)<br> [<u>June 1, 2006, and revised as of January 1, 2007, May 14, 2007, August 1, 2007, and May 1, 2016.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805316001954/exd1-cmp.htm) (Incor-<br> porated by reference to Amendment No. 34 to the Registration Statement, as filed on April 29, 2016.)<br>|
| (f) |  | Not applicable. |
| (g) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>Master Custodian Agreement between the Registrant and State Street Bank and Trust Company dated</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805309000460/exg-cmp.htm)<br> [<u>November 17, 2008</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805309000460/exg-cmp.htm). (Incorporated by reference to Amendment No. 25 to the Registration Statement, as <br> filed on April 30, 2009.)<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment, effective as of January 20, 2017, to the Master Custodian Agreement dated November 17,</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exg2-gcmp.htm)<br> [<u>2008.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exg2-gcmp.htm) (Incorporated by reference to Amendment No. 36 to the Registration Statement, as filed on April 28, <br> 2017.)<br>|
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; [<u>Appendix A, effective as of May 1, 2016, to the Master Custodian Agreement dated November 17, 2008</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exg3-gcmp.htm). <br> (Incorporated by reference to Amendment No. 36 to the Registration Statement, as filed on April 28, 2017.)<br>|
|  | &nbsp;&nbsp; (4) | &nbsp;&nbsp; [<u>Amendment, effective as of January 1, 2020, to the Master Custodian Agreement between the Registrant</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805321000373/exg4-gcmp.htm)<br> [<u>and State Street Bank and Trust Company, dated November 17, 2008.</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805321000373/exg4-gcmp.htm) (Incorporated by reference to <br> Amendment No. 42 to the Registration Statement, as filed on April 30, 2021.)<br>|
|  | &nbsp;&nbsp; (5) | &nbsp;&nbsp; [<u>Amendment, effective as of March 20, 2024, to the Master Custodian Agreement between the Registrant</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exg5-gcm.htm)<br> [<u>and State Street Bank and Trust Company, dated November 17, 2008.</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exg5-gcm.htm) (Incorporated by reference to <br> Amendment No. 46 to the Registration Statement, as filed on April 30, 2025.)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [<u>Exclusive Placement Agent Agreement between the Registrant and Scudder Distributors, Inc. (now known</u>](http://www.sec.gov/Archives/edgar/data/862064/000102140803006854/dex99h2.txt) [<u>as DWS Distributors, Inc.) dated August 19, 2002.</u>](http://www.sec.gov/Archives/edgar/data/862064/000102140803006854/dex99h2.txt) (Incorporated by reference to Amendment No. 17 to the Registration Statement, as filed on April 30, 2003.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Sub-Administration and Sub-Accounting Agreement among State Street Bank and Trust Company and</u>](http://www.sec.gov/Archives/edgar/data/862064/000119312504073756/dex99h3.htm) [<u>Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas,</u>](http://www.sec.gov/Archives/edgar/data/862064/000119312504073756/dex99h3.htm) [<u>Inc.), Scudder Fund Accounting Corporation, and Investment Company Capital Corp. dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/862064/000119312504073756/dex99h3.htm) [<u>(Portions omitted.)</u>](http://www.sec.gov/Archives/edgar/data/862064/000119312504073756/dex99h3.htm) (Incorporated by reference to Amendment No. 18 to the Registration Statement, as
 filed on April 29, 2004.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Amendment, effective as of January 20, 2017, to the Sub-Administration and Sub-Accounting Agreement</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh3-gcmp.htm) [<u>dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh3-gcmp.htm) (Incorporated by reference to Amendment No. 36 to the Registration Statement, as filed on April 28, 2017.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Amendment, effective as of June 29, 2018, to the Sub-Administration and Sub-Accounting Agreement</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805318001291/exh4-gcmp.htm) [<u>dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805318001291/exh4-gcmp.htm) (Incorporated by reference to Amendment No. 39 to the Registration Statement, as filed on December 7, 2018.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Amendment, effective as of January 1, 2020, to the Sub-Administration and Sub-Accounting Agreement,</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805320000569/exh5-gcmp.htm) [<u>dated April 1, 2003 (Portions omitted.)</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805320000569/exh5-gcmp.htm) (Incorporated by reference to Amendment No. 41 to the Registration Statement, as filed on April 29, 2020.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Amendment, effective as of March 20, 2024, to the Sub-Administration and Sub-Accounting Agreement,</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exh6-gcm.htm) [<u>dated April 1, 2003.</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exh6-gcm.htm) (Incorporated by reference to Amendment No. 46 to the Registration Statement, as filed on April 30, 2025.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Amendment, effective as of June 1, 2024, to the Sub-Administration and Sub-Accounting Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exh7-gcm.htm) [<u>April 1, 2003.</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805325000326/exh7-gcm.htm) (Incorporated by reference to Amendment No. 46 to the Registration Statement, as
 filed on April 30, 2025.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Schedule A, dated as of May 1, 2016, to the Sub-Administration and Sub-Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh4-gcmp.htm) [<u>April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh4-gcmp.htm) (Incorporated by reference to Amendment No. 36 to the Registration Statement, as
 filed on April 28, 2017.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Amended and Restated Administrative Services Agreement between the Registrant and DWS Investment</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805320000569/exh7-gcmp.htm) [<u>Management Americas, Inc., dated as of January 1, 2020. (Portions omitted.)</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805320000569/exh7-gcmp.htm) <sup></sup> (Incorporated by reference to Amendment No. 41 to the Registration Statement, as filed on April 29, 2020.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Transfer Agency and Service Agreement between the Registrant and DWS Scudder Investment Service</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805307000550/exh5.htm) [<u>Company (now known as DWS Service Company) dated June 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805307000550/exh5.htm) (Incorporated by reference to Amendment No. 21 to the Registration Statement, as filed on April 30, 2007.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Amendment No. 1, made as of July 13, 2016, to the Transfer Agency and Service Agreement dated June 1,</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh8-gcmp.htm) [<u>2006.</u>](http://www.sec.gov/Archives/edgar/data/862064/000008805317000729/exh8-gcmp.htm) (Incorporated by reference to Amendment No. 36 to the Registration Statement, as
 filed on April 28, 2017.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Form of Expense Limitation Agreement, dated October 1, 2007, between the Registrant and Deutsche](exh12-gcmp.htm) [Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.)](exh12-gcmp.htm) (Filed herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Consent of Independent Registered Public Accounting Firm.](exj-gcmp.htm) (Filed herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investment representation letters of initial investors. (Incorporated by reference to Registrant's Registration Statement on Form N-1A, as filed on July 20, 1990.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Code of Ethics – DWS Group (U.S. Registered Entities), dated August 22, 2025.](exp1-gcmp.htm) (Filed herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>DWS Funds and Germany Funds Code of Ethics, dated May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/862064/000008805324000343/exp2-gcmp.htm) (Incorporated by reference to Amendment No. 45 to the Registration Statement, as filed on April 29, 2024.)

------

**Item 29. Persons Controlled by or under Common Control with the Portfolio**

None

------

**Item 30. Indemnification**

Under Article V, Section 5.3 of the Trust's Amended and Restated Declaration of Trust (which is referenced in Exhibit (a)(1) to Item 28, above) (the "Declaration of Trust"), the Trust shall indemnify each of its Trustees, officers, employees, and agents (including persons who serve at its request as directors, officers or trustees of another organization in which it has any interest, as a shareholder, creditor or otherwise) against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and as counsel fees) reasonably incurred by him in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, in which he may be involved or with which he may be threatened, while in office or thereafter, by reason of his being or having been such a Trustee, officer, employee or agent, except with respect to any matter as to which he shall have been adjudicated to have acted in bad faith, willful misfeasance, gross negligence or reckless disregard of his duties; provided, however, that as to any matter disposed of by a compromise payment by such Person, pursuant to a consent decree or otherwise, no indemnification either for said payment or for any other expenses shall be provided unless there has been a determination that such Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office by the court or other body approving the settlement or other disposition or by a reasonable determination, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that he did not engage in such conduct by written opinion from independent legal counsel approved by the Trustees. The rights accruing to any Person under these provisions shall not exclude any other right to which he may be lawfully entitled; provided that no Person may satisfy any right of indemnity or reimbursement granted herein or in Section 5.1 or to which he may be otherwise entitled except out of the Trust Property. The Trustees may make advance payments in connection with indemnification under this Section 5.3, provided that the indemnified Person shall have given a written undertaking to reimburse the Trust in the event it is subsequently determined that he is not entitled to such indemnification.

Each of the trustees who is not an "interested person" (as defined under the Investment Company Act of 1940, as amended (the "1940 Act")) of the Registrant (a "Non-interested Trustee") has entered into an indemnification agreement with the Registrant, which agreement provides that the Registrant shall indemnify the Non-interested Trustee against certain liabilities which such Non-interested Trustee may incur while acting in the capacity as a trustee, officer or employee of the Registrant to the fullest extent permitted by law, now or in the future, and requires indemnification and advancement of expenses unless prohibited by law. The indemnification agreement cannot be altered without the consent of the Non-interested Trustee and is not affected by amendment of the Declaration of Trust. In addition, the indemnification agreement adopts certain presumptions and procedures which may make the process of indemnification and advancement of expenses more timely, efficient and certain. In accordance with Section 17(h) of the 1940 Act, the indemnification agreement does not protect a Non-interested Trustee against any liability to the Registrant or its shareholders to which such Non-interested Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

The Registrant has purchased insurance policies insuring its officers and trustees against certain liabilities which such officers and trustees may incur while acting in such capacities and providing reimbursement to the Registrant for sums which it may be permitted or required to pay to its officers and trustees by way of indemnification against such liabilities, subject to certain deductibles.

**Item 31. Business and Other Connections of Investment Advisor**

During the last two fiscal years, no director or officer of DWS Investment Management Americas, Inc., the investment advisor, has engaged in any other business, profession, vocation or employment of a substantial nature other than that of the business of investment management and, through affiliates, investment banking.

**Item 32. Principal Underwriters**

(a) DWS Distributors, Inc. acts as exclusive placement agent for the Registrant and acts as principal underwriter for registered open-end management investment companies and other funds managed by DWS Investment Management Americas, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;

(b) Information on the officers and directors of DWS Distributors, Inc., exclusive placement agent for the Registrant, is set forth below. The principal business address is 222 South Riverside Plaza, Chicago, Illinois 60606-5808.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br> DWS Distributors, Inc. <br> Name and Principal<br> Business Address<br>| (2)<br> Positions and Offices with<br> DWS Distributors, Inc.<br>| (3)<br> Positions and<br> Offices with Registrant<br>|
| Brian Maute<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>| &nbsp;&nbsp; Chairperson of the Board, <br> Director, President, and Chief <br> Executive Officer<br>|  |
| Kevin Abbott<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>| &nbsp;&nbsp; Director and Chief Operating <br> Officer<br>|  |
| John Shields<br> 101 California Street<br> San Francisco, CA 94111-5802<br>| Director and Vice President |  |
| Jason Vassil<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>| Director and Vice President |  |
| Michelle Reuter<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>| Vice President |  |
| Joel (JJ) Wilczewski<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>| Vice President |  |
| Rheeza Ramos<br> 875 Third Avenue<br> New York, NY 10022-6225<br>| &nbsp;&nbsp; Chief Financial Officer and <br> Treasurer<br>|  |
| Nicole Chelel<br> 875 Third Avenue<br> New York, NY 10022-6225<br>| Chief Compliance Officer |  |
| Christian Rijs<br> 875 Third Avenue<br> New York, NY 10022-6225<br>| &nbsp;&nbsp; Anti-Money Laundering <br> Compliance Officer<br>| &nbsp;&nbsp; Anti-Money Laundering <br> Compliance Officer<br>|
| Rich Kircher<br> 875 Third Avenue<br> New York, NY 10022-6225<br>| &nbsp;&nbsp; Deputy Anti-Money Laundering <br> Compliance Officer<br>| &nbsp;&nbsp; Deputy Anti-Money Laundering <br> Compliance Officer<br>|
| Maci Joplin<br> 5201 Gate Parkway<br> Jacksonville, FL 32256-7284<br>| Secretary |  |
| Ciara Crawford<br> 875 Third Avenue<br> New York, NY 10022-6225<br>| Assistant Secretary | Assistant Secretary |

---

(c) Not applicable.

------

**Item 33. Location of Accounts and Records**

The accounts and records of the Registrant are located, in whole or in part, at the office of the Registrant and the following locations:

---

| | |
|:---|:---|
| Advisor and Administrator (Accounting Agent, as <br> applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 875 Third Avenue<br> New York, NY 10022-6225<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 100 Summer Street<br> Boston, MA 02110-2146<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 5201 Gate Parkway<br> Jacksonville, FL 32256-7284<br>|
| Custodian and Sub-Administrator (Sub-Accounting <br> Agent, as applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank and Trust Company<br> State Street Financial Center<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>|
| Sub-Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C GIDS, Inc.<br> 333 West 11th Street<br> Kansas City, MO 64105-1628<br>|
| Placement Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Distributors, Inc.<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>|
| Storage Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Incorporated<br> 12646 NW 115<sup>th</sup> Avenue<br> Medley, FL 33178-3179<br>|

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant, GOVERNMENT CASH MANAGEMENT PORTFOLIO, has duly caused this Amendment No. 47 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized in the City of New York and the State of New York, on the 22<sup>nd</sup> day of April 2026.

GOVERNMENT CASH MANAGEMENT PORTFOLIO

By: <u>/s/Hepsen Uzcan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hepsen Uzcan\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President

\*By:

<u>/s/Caroline Pearson</u>

Caroline Pearson\*\*

Chief Legal Officer

\*\* Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to [Post-Effective Amendment No. 38, as filed on July 2, 2018 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/862064/000008805318000759/0000088053-18-000759-index.htm).

**GOVERNMENT CASH MANAGEMENT PORTFOLIO**

**EXHIBIT INDEX** 

([h)(12](exh12-gcmp.htm)) <br> [(j)](exj-gcmp.htm) <br> [(p)(1](exp1-gcmp.htm))

------

## Ex-99.H12

Exhibit (h)(12)

**EXPENSE LIMITATION AGREEMENT**

**THIS** **EXPENSE LIMITATION AGREEMENT** ("**Expense Limitation Agreement**") is made as of the 1st day of October, 2007 by and between each of the funds listed on <u>Exhibit A</u> hereto (as may be amended from time to time), each of which is a Massachusetts business trust, a Maryland corporation or a New York trust (each, a "**Fund**" and collectively, the "**Funds**"), and **DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.**, a Delaware corporation (the "**Advisor**"), with respect to the following:

**WHEREAS**, each Fund is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), with such series (each a "**Series**") and classes (each a "**Class**") as listed on <u>Exhibit A</u>; and

**WHEREAS**, the Advisor serves as Investment Advisor to each Series pursuant to an Investment Advisory Agreement;

**NOW**, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; The Advisor agrees to waive its fees and/or reimburse expenses (or to cause its affiliates to waive their fees and/or reimburse expenses) to the extent necessary so that the "total annual fund operating expenses" for each Series or Class, as applicable, do not exceed the percentage of average daily net assets set forth on Exhibit A. For the purposes of this Expense Limitation Agreement, "total annual fund operating expenses" for a Series or Class shall consist of all expenses and costs of a Fund not specifically borne by the Advisor or a Series' principal underwriter, including investment advisory fees, administration fees, distribution and shareholder service fees, fees for necessary professional services, and costs associated with regulatory compliance and maintaining legal existence and shareholder relations, but excluding the following: (a) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities (but not commitment fees on credit facilities), prime broker fees and expenses, interest expense, dividend expenses related to short sales and "Acquired Fund Fees and Expenses" (as defined in Form N-1A)); (b) taxes; and (c) extraordinary expenses. For purposes of this agreement, "extraordinary expenses" mean any unusual, unexpected and/or nonrecurring expenses that are approved as such by the Board(s) of Trustees/Directors of the applicable Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, organizational expenses and offering costs related to certain Funds, Series or Classes as indicated on Exhibit A and that commenced operations prior to October 1, 2007 are excluded from the limit on "total annual fund operating expenses," but such organizational expenses and offering costs shall be subject to a separate limit of 10 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Expense Limitation Agreement shall be effective as to each Fund, Series or Class, as applicable, for the period set forth in Exhibit A. Upon the termination of the Agreement, this Expense Limitation Agreement shall automatically terminate with respect to the affected Fund. The obligation of the Advisor under Paragraph 1 hereof shall survive the

termination of the Investment Advisory Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any question of interpretation of any term or provision of this Expense Limitation Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by the parties hereto, taking into consideration and assigning such weight as they may determine on a case-by-case basis, by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission ("SEC") issued pursuant to said Act. Otherwise the provisions of this Expense Limitation Agreement shall be interpreted in accordance with the laws of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments</u>. This Expense Limitation Agreement and the exhibits hereto may be amended by agreement of the affected Fund and the Advisor. Additional Funds, Series or Classes may be added to this Expense Limitation Agreement by written agreement of such Fund and the Advisor. The Advisor may unilaterally amend Exhibit A to extend or lower any expense limitation and any such amendment shall be subject to the terms of this Agreement. In addition, the Advisor shall be contractually bound hereunder by the disclosure of expense limitations contained in the Fund's prospectus or any supplements thereto as if such limitations were set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For each Fund that is a Massachusetts business trust, a copy of the Fund's Declaration of Trust, together with all amendments thereto, is on file in the Office of the Secretary of the Commonwealth of Massachusetts. For each Fund that is a Massachusetts business trust, the Advisor is hereby expressly put on notice of the limitation of liability as set forth in the Fund's Declaration of Trust and it agrees that the obligations assumed by the Fund on behalf of each Series pursuant to this Expense Limitation Agreement will be limited in all cases to the Series and its assets, and it will not seek satisfaction of any such obligation from the shareholders or any shareholder of the Series or any other series of the Fund, or from any Trustee, officer, employee or agent of the Fund. The Advisor understands that the rights and obligations of each Series under the Declaration of Trust are separate and distinct from those of any and all other Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and all the exhibits attached hereto constitute the entire agreement of the parties with respect to the subject matter of this Agreement and supersede all prior negotiations, agreements and understandings with respect thereto.

**IN WITNESS WHEREOF**, the parties hereto have caused this Expense Limitation Agreement to be executed in duplicate by their respective officers as of the day and year first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>Attest:_____________________________<br> Name:<br>| &nbsp;&nbsp; DWS FUNDS<br>By: _______________________<br> Name:&nbsp;&nbsp;&nbsp;&nbsp;John Millette<br> Title:&nbsp;&nbsp;&nbsp;&nbsp; Secretary<br>|
| &nbsp;&nbsp; <br> Attest:_____________________________<br> Name:<br>| &nbsp;&nbsp; DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.<br>By: _______________________<br> Name:&nbsp;&nbsp;&nbsp;&nbsp;<br> Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Operating Officer<br>By: _______________________<br> Name:&nbsp;&nbsp;&nbsp;&nbsp;John Millette<br> Title:&nbsp;&nbsp;&nbsp;&nbsp; Director<br>|

---

**<u>EXHIBIT A</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fund<br>| &nbsp;&nbsp; Cap on Total Annual Fund Operating Expenses (as a percentage of average daily net assets)<br>|

---

[PLEASE SEE ATTACHED EXHIBIT MATRIX]

## Ex-99.J

Exhibit (j)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in the Private Offering Memorandum Part B, dated April 30, 2026, and included in this Amendment No. 47 to the Registration Statement (Form N-1A, File No. 811-06073) of Government Cash Management Portfolio (the "Registration Statement").

We also consent to the incorporation by reference of our report dated February 23, 2026, with respect to the financial statements and financial highlights of Government Cash Management Portfolio included in the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ ERNST & YOUNG LLP

Boston, Massachusetts

April 24, 2026

## Ex-99.P1

Exhibit (p)(1)

Code of Ethics<br> DWS Group (U.S.<br> Registered <br> Entities)

DWS Global

![](coe_logo.jpg)

Table of contents

---

| | |
|:---|:---|
| 1 / Key data | 2 |
| 2 / Purpose | 3 |
| 3 / Scope and applicability | 4 |
| 4 / General Rule | 5 |
| 5 / Reporting Requirements | 6 |
| 6 / Pre-Clearance Requirements | 9 |
| 7 / Restrictions | 11 |
| 8 / Written Acknowledgement | 16 |
| 9 / Compliance Oversight | 17 |
| 10 / Interpretations and Exceptions | 19 |
| 11 / Associated Policies | 20 |
| 12 / Authoritative Guidance | 21 |
| 13 / Key components | 22 |
| 14 / Key regional differences | 23 |
| 15 / Governance | 24 |
| 16 / DWS local jurisdiction specifics | 25 |
| 17/ Terms and definitions | 29 |
| 18/ Appendices | 30 |

---

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Code of Ethics – DWS Group (U.S. Registered Entities)

1 / Key data

**Summary**

The Code of Ethics – DWS Group (U.S. Registered Entities)<sup>1</sup>, the "Code", sets forth the specialized rules for personal trading and investment of all Supervised Persons, which includes Access Persons and Investment Persons<sup>2</sup>, of U.S. Registered Entities and seeks to prevent actual or potential conflicts of interest or any abuse of an individual's position to our clients.

Capitalised terms have the meaning ascribed to them in section "Terms and definitions".

**Document category**

☒ Policy

☐ Rule

**Applicability**

---

| | |
|:---|:---|
| Region/Country | All DWS regions for Access Persons |
| Regulation/ Regulator | US Regulators |
| DWS Legal Entity/ies | All DWS entities |
| Issuing Function | Compliance |
| Key Theme/Risk Type | Personal Trading and Outside Business Activity<br> Insider Dealing and Misuse of Inside Information |
| Applicable local jurisdictions | All |
| Addressees | All DWS regions for Access Persons |
| Author | Brynne Salomone |
| Reviewer | Sebastian Hoeck |
| Functional approver | Sebastian Hoeck |
| Risk Type Controller approver | N/A |

---

---

| | | |
|:---|:---|:---|
| **Implementation date**<br> 24.04.2023  | **Review date**<br> 31.08.2025  | **Next review date**<br> 31.08.2026 |

---

<sup>1</sup> Please note that as of the implementation data of this document, the Personal Account Dealing Policy – DB Group is not applicable anymore.

<sup>2</sup> In case you are an access persons or investment person who have been explicitly classified by compliance and confirmed your status. It is to be noted that every Investment Person is also an Access Person. Please refer also to the terms and definitions section in this document.

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Code of Ethics – DWS Group (U.S. Registered Entities)

2 / Purpose

In conducting our activities, we must also be cognizant of our fiduciary obligations. We will, in varying degrees, participate in or be aware of fiduciary and investment services provided to Advisory Clients. As a fiduciary, we have an obligation to adhere to the highest standards of conduct and integrity and act solely in the best interest of our clients. ***Accordingly, we must place the interest of our clients first and avoid transactions, internal or external business activities, and relationships that might interfere or appear to interfere with making decisions in the best interests of such clients and conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility.*** If a conflict of interest arises, it must be managed promptly, appropriately, and in the best interests of our clients. We will at all times conduct ourselves with integrity and distinction, putting the interests of our clients first and beyond all others.

It is ***your duty*** to conduct all activities in a manner that is consistent with all applicable laws and regulations, including the U.S. Federal Securities Laws, which include the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers and any rules and/or regulations adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

***You must promptly report to DWS Compliance and, if deemed appropriate, your Supervisor any suspected violation(s) of DWS policy, including this Code, or any illegal conduct.***

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Code of Ethics – DWS Group (U.S. Registered Entities)

3 / Scope and applicability

**Overview**

DWS's Values

DWS has established a clear set of values which lie at the core of what we do – Client Commitment, Entrepreneurial Spirit and Sustainable Action. These values guide our behavior with clients, with each other, with our shareholders and with the communities we serve. They define the type of institution DWS aspires to be. Each of the values rests on a set of beliefs which set out how we seek to conduct ourselves as we live our values and reflects our own history, the interests of our stakeholders and the changing environment in which we operate.

Risk Culture

With these guiding values, DWS has defined and embedded a set of risk culture behaviors that align with those values. These behaviors, listed below, operationalize DWS's values enhancing its corporate governance through a strong risk management culture and establishing DWS's expectations that all employees take a holistic approach to managing risk and return and effectively managing DWS's risk, capital and reputation. These behaviors include:

&nbsp;&nbsp;&nbsp;&nbsp;· Being fully responsible for managing and mitigating DWS's risks.

&nbsp;&nbsp;&nbsp;&nbsp;· Being rigorous, forward looking, and comprehensive in the assessment of risk.

&nbsp;&nbsp;&nbsp;&nbsp;· Reporting to DWS Compliance behaviors inconsistent with our risk culture.

&nbsp;&nbsp;&nbsp;&nbsp;· Identifying and mitigating potential and actual conflicts of interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Troubleshooting collectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Placing both clients' best interests and DWS's reputation at the heart of all decisions.

The Code and Access Persons

This Code sets forth the specialized rules for personal trading and investment of all Access Persons (as defined below) and seeks to prevent actual or potential conflicts of interest or any abuse of an individual's position to our clients.

**For purposes of this Code, all DWS Employees and Contingent Workers of DWS Investment Management Americas, Inc. ("DIMA"), RREEF Americas L.L.C. ("RREEF"), DBX Advisors LLC ("DBX"), and DWS Distributors, Inc. ("DDI") are "Access Persons." For the avoidance of doubt, all DWS Employees and Contingent Workers in the US are "Access Persons." Each Chief Compliance Officer of DWS International GmbH ("DWSI"), DWS Alternatives Global Limited ("DWS Global"), DWS Investments Hong Kong Limited ("DWS HK"), and DWS Investments Australia Limited ("DIAL") shall identify, and maintain a list of, DWS Employees or Contingent Workers who are Access Persons under this Code**<sup>3</sup>**.** 

In addition to the Code, you should also review and comply with the requirements of the associated policies set forth in under Associated Policies. For access to the policies and procedures, see the Deutsche Bank AG ("DB") Policy Portal.

***Together, this Code, and other associated policies, as referenced herein, underscore DWS's commitment that we will act with fairness, decency and integrity, put our clients' interests before any other interests, adhere to the highest standards of ethics and comply with the U.S. federal securities laws. The success of this commitment depends on the conduct of each of us.***

 ****

Any questions relating to the Code should be directed to DWS Compliance.

<sup>3</sup> The Board of Directors/Trustees (the "Board") of the DWS Funds, DBX Funds, and Germany Funds have adopted a separate code of ethics that applies to the members of the Boards.

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Code of Ethics – DWS Group (U.S. Registered Entities)

4 / General Rule

The General Scope

While the restrictions in this Code apply only to an individual who is an Access Persons of a DWS Entity, the general principles underlying the Code apply to all Supervised Persons. The purpose of the Code is to ensure that, in connection with your personal trading, you do not violate any U.S. Federal Securities Laws.

You must report violations of one or more provisions contained within the Code to the Chief Compliance Officer(s) (or designee) or DWS Compliance senior management, and if you do not do so, you may be deemed in violation of this Code. The Chief Compliance Officer(s) (or designee) and DWS Compliance senior management will receive periodic reports of all violations of the Code. You should refer to the "Raising Concerns (including Whistleblowing Policy) – Deutsche Bank Group" for your responsibilities to report violations of U.S. Federal Securities Laws.

If you violate the Code, you may be subject to disciplinary actions, including but not limited to the issuance of a Red Flag<sup>4</sup><sup>,</sup> disgorging profits, suspending trading, terminating employment, and being subject to regulatory sanctions and fines. Please refer to Section 9 of the Code for additional information.

<sup>4</sup> In Germany, the Red Flag process is limited to senior executives ("leitende Angestellte").

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Code of Ethics – DWS Group (U.S. Registered Entities)

5 / Reporting Requirements

As an Access Person, you are required to make certain disclosures relating to Trading Accounts and Securities for which you have a Beneficial Ownership, to the extent permitted by local laws. Below are details of the reporting requirements applicable to all Access Persons of a DWS Entity.

&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Personal Securities Holdings and Trading Accounts Disclosures

All Access Persons are required to disclose all Trading Accounts along with applicable holdings in Securities no later than ten (10) calendar days after an individual becomes an Access Person. The information submitted must be current within 45 days prior to the date the individual becomes an Access Person. The information must include:

&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type of security, and as
 applicable the exchange ticker symbol or CUSIP number <sup>5</sup> ,
 number of shares, and principal amount of each Security in which the Access Person has any
 direct or indirect Beneficial Ownership when the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintained a Trading Account in which
any securities (including open-end Investment Companies) were held for the direct or indirect benefit of the Access Person as of the date
the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Access Person.

Please note that Private Investment Transactions fall under the definition of Security and must be reported accordingly.

**Access Persons that do not have any Beneficial Ownership in securities (including open-end Investment Companies) will be required to attest to that effect.** 

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Access Persons must report all Securities held in Trading Accounts via the StarCompliance system. A sample
Initial Personal Securities Holdings Report form is attached as Appendix B.

 

&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Designated Brokers.* All Access Persons must disclose their Trading Accounts in StarCompliance.
In general, Access Persons must maintain new Trading Accounts with a Designated Broker (provided below).

DWS Entities in the U.S. require that Access Persons maintain their Trading Accounts with a Designated Broker. See the link below for a list of Designated Brokers.

https://deutschebank.sharepoint.com/sites/dws-employee-compliance-team

New Access Persons must complete the transfer of all Trading Accounts to a Designated Broker within 30 days of the start of employment, unless an exception is granted by DWS Compliance.

Exceptions to the Designated Broker requirement may be given on a case-by-case basis. Exceptions, include but are not limited to, approved Discretionary Managed Accounts or where a member of an Access Person's Immediate Family is employed by another financial institution with its own conflicting Designated Broker requirement. If an exception is granted for a Trading Account or to not be maintained with a Designated Broker, the Access Person must provide or arrange for duplicate account statements and confirmations be automatically provided.

<sup>5</sup> DWS Compliance considers the ISIN an equivalent uniform identifier to the CUSIP when obtaining holdings reports for Access Persons who are outside of North America.

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Code of Ethics – DWS Group (U.S. Registered Entities)

Please Note: Trading Accounts that are a U.S. 529 Plan (college savings plans) **where the investment options are only limited to Investment Companies, excluding plans offering products where a DWS Entity or an affiliate act as investment adviser, sub-adviser or principal underwriter**, do not need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;A. Quarterly Transaction Reports

All Access Persons must submit a quarterly transaction report no later than 30 calendar days after the end of the calendar quarter. The information in the report shall contain the following information with respect to any transaction during the quarter in a Security within a Trading Account:

&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the transaction, the title, and as applicable the exchange ticker symbol or ISIN/CUSIP number,
interest rate and maturity date, number of shares, and principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;ii. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;iii. The price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;iv. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;v. The date the Access Person submits the report.

Please note that Private Investment Transactions fall under the definition of Security and must be reported accordingly.

**Access Persons that do not have any transactions in Securities in a particular quarter will be required to attest that they did not have any such transactions for the respective quarter.** 

In addition, all Access Persons must report with respect to any Trading Account opened during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank where the Access Person established the Trading Account;

&nbsp;&nbsp;&nbsp;&nbsp;· The date the Trading Account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

Access Persons must complete the quarterly transaction report for all transactions in Securities during the prior calendar quarter via StarCompliance. A sample Quarterly Transaction Report form is attached as Appendix C.

All quarterly transaction reports will be reviewed to ensure compliance with the Code in accordance with applicable procedures.

&nbsp;&nbsp;&nbsp;&nbsp;B. Annual Holdings and Trading Accounts Reports

Annually, all Access Person must submit a report that includes all Trading Accounts and all applicable holdings in Securities. The information submitted must be current within forty-five (45) calendar days of the report date. The information must include:

&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type of security, and as applicable the exchange ticker symbol or ISIN/CUSIP number, number
of shares, and principal amount of each Security in which the Access Person has any direct or indirect Beneficial Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;ii. The name of any broker, dealer or bank with whom the Access Person maintained a Trading Account in which
any securities (including open-end Investment Companies) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Access Person.

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Code of Ethics – DWS Group (U.S. Registered Entities)

Please note that Private Investment Transactions fall under the definition of Security and must be reported accordingly.

**Access Persons that do not have any Beneficial Ownership in securities (including open-end Investment Companies) will be required to attest to that effect.** 

Access Persons must complete the annual holdings report via StarCompliance. A sample Annual Personal Securities Holdings Disclosure form is attached as Appendix D.

All annual holdings reports will be reviewed to ensure compliance with the Code in accordance with applicable procedures.

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Code of Ethics – DWS Group (U.S. Registered Entities)

6 / Pre-Clearance Requirements

All Access Persons must pre-clear transactions (e.g., purchases, sales, and gifting) in any Security (as defined) prior to execution in a Trading Account. Access Persons must enter pre-clearance requests via StarCompliance, which will process such request. StarCompliance is available via DWS Network.

**Employees must not commit funds, place orders or execute transactions until written confirmation has been received from DWS Employee Compliance that the request has been approved. Approvals are valid only for the day granted.** For clarification, if you received written approval for a transaction in a Security, your transaction must be executed on the same day that you received written approval and by the time the market on which the Security is traded closes. If you do not execute the order on the same day that you received written approval, you must repeat the pre-clearance process before executing the transaction the next day. **Good Till Cancelled ("GTC") orders, limit orders, or any other carry-over orders are NOT permitted**.

All pre-clearance requests will be routed to the DWS Employee's manager for review and approval before Compliance review. Managers have an important role in overseeing and ensuring DWS Employees conduct their personal trading activities in compliance with the Code. Specifically, managers are responsible for considering the activities performed by the DWS Employee on behalf of DWS and the activities of the business area, including, but not limited to, if the DWS Employee has access to information relating to DWS research or trade activity, whether the DWS Employee has access to inside information relating to the Security or related Securities (i.e., industry peers), and the frequency of transactions and time dedicated to personal trading by the DWS Employee's relative to his or her responsibilities to DWS and its clients. Managers should not approve requests that are considered prohibited transactions; present conflicts, actual or potential, with DB or DWS, clients or responsibilities; or present any other issues that are relevant to the business / DWS Employee situation that may indicate a concern. Additionally, managers should consider the nature, pattern and / or frequency of trading activity of DWS Employee and raise any concerns or questions to Compliance prior to approval.

For avoidance of doubt, approval by the DWS Employee's manager is not considered DWS Employee Compliance approval. Written confirmation from DWS Employee Compliance (whether manually or via StarCompliance) is required before proceeding with the transaction.

**In addition to the exclusions from the definition of Security below, the following transactions are exempted from the pre-clearance requirement:**

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in disclosed and approved Discretionary Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in DWS open-end Investment Companies;

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions or dispositions of Securities as the result of a stock dividend, stock split, reverse stock
split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class
of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of Securities through an employer sponsored share purchase plan, such as the DWS or Deutsche
Bank Group Global Share Purchase Plan ("GSPP") (or similar plans), and the receipt of shares, rights, or options (including
the exercise of options or other conversions to shares) from an employer as compensation. **(All sales of such Securities received through employer sponsored share purchase plans or as compensation must be precleared)**;

&nbsp;&nbsp;&nbsp;&nbsp;· Receipt of underlying equity, including where the equity is provided net of tax, the transfer of equity
received to another disclosed account, or election to receive cash or notional value rather than shares at the time of vesting through
a deferred compensation scheme/plan (including the exercise of Stock Appreciation Rights);

&nbsp;&nbsp;&nbsp;&nbsp;· Selling or purchasing rights solely to round the rights awarded or granted pursuant to a corporate action
to be able to purchase a complete share;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases and sales of currencies and in digital or crypto currencies; however, transactions in digital
or crypto currencies and assets during an ICO or IEO would be subject to pre-clearance. Additionally, any crypto currency trust or exchange
traded products and any derivative or futures-related transactions in digital or crypto currencies and related

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Code of Ethics – DWS Group (U.S. Registered Entities)

assets would be subject to pre-clearance. **Please note that mining digital or crypto currencies and assets using personal equipment or as a business must be pre-cleared as a Private Investment Transaction or Outside Business Activity. Mining digital or crypto currencies and assets using DWS equipment is strictly prohibited**;

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in cash commodities where the Access Person accepts physical delivery;

&nbsp;&nbsp;&nbsp;&nbsp;· Transfers from one Trading Account to another Trading Account of the same Access Person, provided that
the second Trading Account has been disclosed in accordance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased under a program in which regular periodic purchases are made automatically in Trading
Accounts in accordance with a predetermined schedule and allocation (e.g. issuer sponsored DRIPs). **Additional or occasional purchases outside of the program and all sales of shares would be subject to pre-clearance;** 

&nbsp;&nbsp;&nbsp;&nbsp;· Regular investments within a regular savings plan for DWS Access Persons located in Germany: Saving plans
are periodic investments into the same Security, based on an agreement with the broker, which are booked on a Trading Account. Herewith,
savings plans are only permitted on Securities which are not to be pre-cleared and ETFs. Please note that for existing savings plans on
other Securities which require pre-clearance, they can remain in place in case they were notified to DWS Employee Compliance before the
review date of this Code. For a savings plan in ETFs, DWS Employee Compliance must be notified of the savings plan upon setup. Frequent
changes to savings plans are generally discouraged. DWS Employee Compliance may reject a savings plan if it is deemed inconsistent with
the intent and criteria of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;· Participating or receiving Securities in conjunction with tender offers. Subsequent sales of Securities
must be pre-cleared and will be subject to the short-term trading and holding period requirements described above;

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in collective investment schemes that are not exchanged traded products;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares sold in accordance to Rule 10b5-1 Plan. Please note that any Rule 10b5-1 Plan must be disclosed
(including a copy of the Rule 10b5-1 Plan) to DWS Compliance before being established, unless the Rule 10b5-1 Plan was established prior
to employment at DWS; and

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in cash management vehicles, such as money market Investment Companies.

Access Persons are required to promptly provide Compliance with evidence of all trading activity; at a minimum this includes statements and copies of executed transaction details, however Compliance may request other evidence, as needed. To assist in fulfilling this requirement, Access Persons can directly arrange for their Broker(s) to provide this trading activity information to Compliance via StarCompliance. Access Persons are responsible for ensuring the arrangement is implemented and, upon leaving DWS, is terminated. In case this is not an available option within your region (e.g. in Germany), you are required to manually upload evidence as soon as reasonably possible.

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Code of Ethics – DWS Group (U.S. Registered Entities)

7 / Restrictions

Access Persons must ensure conflicts or the appearance of conflicts are identified, mitigated and managed, between their duties and responsibilities to our Advisory Clients and their personal investment activities. Technical compliance with the Code will not automatically insulate any transaction in any Trading Accounts from scrutiny that indicates an abuse of your fiduciary duties or that creates an appearance of such abuse.

Note that violations of these restrictions may result in a Red Flag and/or other disciplinary actions, including but not limited to, disgorging profits, suspending trading, terminating employment, and being subject to regulatory sanctions and fines. Please refer to Section 9 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;A. General

&nbsp;&nbsp;&nbsp;&nbsp;i. *The Basic Policy*: Access Persons have a personal obligation to conduct transactions in Securities
lawfully and in a manner that avoids actual, perceived, or potential conflicts between their own interests and the interests of DWS and
Advisory Clients. Access Persons must carefully consider the nature of their responsibilities – and the type of information that
he or she might be deemed to possess in light of any particular securities transaction – before engaging in that transaction;

&nbsp;&nbsp;&nbsp;&nbsp;ii. *Inside Information (also referred to Material Non-public Information ("MNPI") or Price Sensitive Information ("PSI"))*: An Access Person who is in possession of or believes he or she is in possession of inside
information about or affecting Securities or the Security's issuer must promptly notify DWS Compliance Control Room (and no one
else, including any other DWS Employee). Such Access Persons are prohibited from buying or selling such Securities or advising any other
person to buy or sell such Securities;

See also the Information Security Policy – DB Group and the DWS Market Abuse Policy.

&nbsp;&nbsp;&nbsp;&nbsp;iii. *Firm and Departmental Restricted Lists*: Access Persons are not permitted to buy or sell any Securities
that are included on the Restricted List (available at https://dws-ccr.starcompliance.com/ or can be accessed from the intranet home page
under Resources – Policies & Compliance – StarCompliance Compliance Control Room) and/or other applicable restricted lists
for a DWS Entity. See "Restricted List" below; and

&nbsp;&nbsp;&nbsp;&nbsp;iv. *Front-Running/Piggybacking*: Access Persons are prohibited from buying or selling Securities or
other instruments in their Trading Accounts so as to benefit from the Access Person's knowledge of the DWS Entity's, an investment
company's or other client's trading positions, plans or strategies, or forthcoming research recommendations.

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Code of Ethics – DWS Goup (U.S. Registered Entities)

&nbsp;&nbsp;&nbsp;&nbsp;B. Specific Blackout Period Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;i. Same-Day Rule:

Access Persons shall not knowingly or otherwise effect the purchase or sale of a Security in their Trading Accounts on a day during which any Advisory Client has an open "buy" or "sell" order for the same Security, until that order is withdrawn or fully executed;

&nbsp;&nbsp;&nbsp;&nbsp;ii. 5-Day Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Personnel shall not purchase or sell a Security in their Trading Accounts within **five calendar days before or five calendar days after** the same Security (i) is traded (or contemplated to be traded) for an Advisory Client account
with which the individual is associated; or (ii) is added to/deleted from or has its weighting changed in a model portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Access Persons who have real time access to Fixed Income and/or Equity global research, shall not purchase
or sell a Security in their Trading Accounts within five calendar days before or **five calendar days after** the same Security: (i)
has its internal rating upgraded or downgraded; or (ii) has research coverage initiated.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Deutsche Bank and DWS Issued Securities:

During certain times of the year, Access Persons are prohibited from conducting transactions in equity and debt securities of Deutsche Bank AG and DWS Group GmbH & Co. KgaA ("DWS Group"). DWS Compliance generally imposes these "blackout" periods around the fiscal reporting of corporate earnings. Blackouts typically begin three days prior to the expected quarterly or annual earnings announcement and end after earnings are released publicly. Additional restricted periods may be required for certain individuals and events, and DWS Compliance will advise when such additional restricted periods are in effect. Additionally, Access Persons are prohibited from short selling (e.g., selling a security that is not held in your Trading Account) or trading in options or derivatives with a DB or DWS Group security as an underlying instrument. (Transactions in DB and/or DWS Group securities are also subject to local requirements.)

&nbsp;&nbsp;&nbsp;&nbsp;iv. Exceptions to Blackout Periods (above items i and ii only):

The following transactions in Securities are exempt from the Same Day Rule and 5-Day Rule noted above:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of 500 shares or less of an equity Security of an issuer in, or a derivative contract (e.g., option or futures)
with an underlying index consisteing of, one of the following indexes : Stoxx 50, Eurostoxx 50, DAX, FTSE MIB 40, CAC 40, Ibex 35, AEX,
ATX, SMI, FTSE 100, ASX 200, and S&P 500 Indices;

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in Discretionary Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased under a program in which automatic purchases are made in Trading Accounts in accordance with a predetermined
schedule and allocation (e.g. issuer sponsored Dividend Reinvestment Plan ("DRIPs")) but excluding any purchases outside of
the program (**However, the sale of such Securities will be subject to the Blackout Periods above**.);

&nbsp;&nbsp;&nbsp;&nbsp;· To the extent acquired from the issuer, Securities acquired upon the exercise of rights issued to holders of a class of such Securities
(**However, the sale of such Securities will be subject to the Blackout Periods above**.);

&nbsp;&nbsp;&nbsp;&nbsp;· Currency (Excluding ICOs and IEOs);

&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased through an employer sponsored share purchase plan, such as the DWS or Deutsche Bank Group Global Share Purchase
Plan ("GSPP") (or similar plans), and the receipt of shares, rights, or options (including the exercise of options or other
conversions to shares) from an employer as compensation (**However, the sale of such Securities will be subject to the Blackout Periods above**.); and

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&nbsp;&nbsp;&nbsp;&nbsp;· Securities bought or
 sold in accordance to a Rule 10b5-1 Plan <sup>6</sup> or similar pre-established, written trading contract or plan that expressly specifies the
 amount, price, and date to buy or sell a security. <sup>7</sup> This written plan or contract must instruct another person to purchase or sell the Security
 for the instructing person's account and not permit the Access Person to exercise any
 subsequent influence over how, when, or whether to effect sales, provided that any other
 person exercising such influence must not be aware of any inside information when doing so.

&nbsp;&nbsp;&nbsp;&nbsp;C. Initial Public Offerings ("IPOs")

Access Persons are prohibited from purchasing or subscribing for Securities pursuant to an initial public offering or limited offering. This prohibition applies even if DB or DWS Group (or any affiliate) has no underwriting role and/or is not involved with the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;D. Short-Term Trading and Holding Period Requirement

Access Persons must always conduct their personal trading activities lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. DWS generally discourages personal short-term trading strategies, and Access Persons are cautioned that such personal short term trading strategies may inherently carry a higher risk of regulatory scrutiny. In any event, excessive or inappropriate trading that interferes with job performance or compromises the duty that DWS owes its Advisory Clients and shareholders is not appropriate and will not be tolerated.

Access Persons are prohibited from purchasing and selling any Securities within any 30 calendar day period. The 30 calendar day period is calculated using the Last In, First Out ("LIFO") basis (e.g. any additional purchases in the same security, regardless of Trading Account, would start the 30 calendar day period over). Requirements under the holding period may be waived in exceptional circumstances by DWS Compliance. For clarification, Securities must be held through 30 days and may not be traded until day 31.

**The following are exempted from this restriction:**

&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased under a program in which automatic purchases are made in Trading Accounts in accordance with a predetermined
schedule and allocation (e.g. issuer sponsored DRIPs and Periodic Purchase Plans/Automatic Investment Plans/Regular savings plans for
open-end Investment Companies advised by DWS). **Additional or occasional purchases of Securities outside of the program would be subject to the 30 calendar day short-term trading requirement**;

&nbsp;&nbsp;&nbsp;&nbsp;· To the extent acquired from the issuer, Securities acquired upon the automatic exercise of rights issued to holders of a class of
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases of Securities through an employer sponsored share purchase plan, such as the DWS or Deutsche Bank Group Global Share Purchase
Plan ("GSPP") (or similar plans), and the receipt of shares, rights, or options (including the exercise of options or other
conversions to shares) from an employer as compensation;

<sup>6</sup> When a contract, instruction or plan is relied upon under this rule, it must meet detailed criteria set forth in Rule 10b5-1(c)(1)(i)(B) and (C).

<sup>7</sup> The SEC has expressed its view about the concept of trading "on the basis of" material, non-public information in Rule 10b5-1. Under Rule 10b5-1, and subject to the affirmative defenses contained in the rule, a purchase or sale of a security of an issuer is "on the basis" of material non-public information about that security or issuer if the person making the purchase or sale was aware of the material, non-public information when the person made the purchase or sale. A person's purchase or sale is not "on the basis of" material, non-public information if he or she demonstrates that before becoming aware of the information, the person had entered into a binding contract to purchase or sell the security, instructed another person to purchase or sell the security for the instructing person's account, or adopted a written plan for trading securities

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&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased or sold in accordance to a Rule 10b5-1 Plan or similar pre-established, written trading contract or plan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Cash management vehicles, such as money market Investment Companies.

&nbsp;&nbsp;&nbsp;&nbsp;E. Short Sales

Access Persons may not sell short any Security, directly or indirectly (e.g. via options), including covered shorts (i.e. selling short "against the box").

&nbsp;&nbsp;&nbsp;&nbsp;F. Restricted List

The Restricted List is comprised of Securities in which the normal trading or recommending activity of DWS Group, including the personal trading of Access Persons, is prohibited or subject to specified restrictions (e.g., inside information).

All Access Persons are responsible for checking the Restricted List prior to entering into any transaction, soliciting customer orders or issuing research. Failure to observe the requirements of the Restricted List is considered a serious disciplinary matter and may result in sanctions, which could include dismissal.

The Restricted List can be found at Restricted List or can be accessed from the intranet home page under Useful Links\Compliance.

For additional information, please also see the Restricted List Policy – Global.

&nbsp;&nbsp;&nbsp;&nbsp;G. Investments in DB/DWS Shares

Trading in options and derivatives involving DB Shares, DWS Shares or with DB Group or DWS Group underlying is prohibited. For example, the following types of transactions are specifically prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;i. Derivatives on DB Shares or DWS Shares;

&nbsp;&nbsp;&nbsp;&nbsp;ii. Short positions, including covered shorts; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. Hedging of compensation awards that are not fully delivered and vested (hedging of FX exposure is permitted).

&nbsp;&nbsp;&nbsp;&nbsp;H. Private Investment Transactions ("PITs")

A PIT is a financial investment or product that is either not listed or if listed cannot be traded on any exchange. It includes all hedge funds, other unlisted funds, private equity, direct investment in someone else's business, starting one's own business, and investing capital in a business of any sort. Exchanges include both regulated markets and multilateral trading facilities. In some circumstances a PIT might also need to be logged as an outside business activity. Please contact Compliance if you have any questions.

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Code of Ethics – DWS Group (U.S. Registered Entities)

All PITs, both buys and sells, are subject to pre-clearance. Committed funds up to the value of that which has been approved by Compliance may be deposited without additional preclearance approval.

Prior to effecting a Private Investment Transaction, either buys or sells, such as subscribing to or purchasing interests of any kind in a private placement, privately held company, private investment partnership, or industrial/commercial property or other private interest, all Access Persons must first, in accordance with the Code, pre-clear the transaction and complete a conflicts of interest questionnaire. Supporting documentation must be provided to Compliance upon request. Approvals for Private Investment Transactions are good for 30 calendar days. Additional time may be granted by DWS Compliance.

All existing PITs are required to be disclosed to Compliance within 10 days of becoming an Access Person, as noted above.

&nbsp;&nbsp;&nbsp;&nbsp;i. DB or DWS-Sponsored Private Placements, Private Investment Partnerships and Other Private Interests

Access Person investments or transactions (including liquidations) in DB or DWS private products raises special concerns regarding the potential for conflicts of interest or the appearance of conflicts. In addition, pursuant to the Volcker Rule, Access Persons may not invest in DB or DWS-sponsored private funds, that are exempt from the definition of "investment company" under Section 3(c)(1) or 3(c)(7) ("Related Covered Funds"), except for any Access Person who is directly providing investment advisory or other services to the fund. Accordingly, transactions in such Securities must be reported to and approved in advance via StarCompliance. DWS Compliance is responsible for reviewing and assessing an Access Person's requested trades in Related Covered Funds. Access Persons must not proceed with any such investments until they have obtained approval.

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Code of Ethics – DWS Group (U.S. Registered Entities)

8 / Written Acknowledgement

Upon commencement of your employment, becoming an Access Person, or the effective date of this Code, whichever occurs later, and upon any material amendments to the Code, all Access Persons will be required to acknowledge in writing receipt of a copy of the Code by submitting an attestation via StarCompliance or via the attached Code of Ethics Acknowledgement form attached as Appendix A. By that acknowledgement, you will also agree:

&nbsp;&nbsp;&nbsp;&nbsp;· To read the Code, to make a reasonable effort to understand its provisions and that you have had the opportunity to ask questions
to DWS Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;· To comply with the Code, as amended or updated, including its general principles, its reporting requirements, its prohibitions, its
preclearance requirements, its short-term trading and holding period requirements and blackout periods;

&nbsp;&nbsp;&nbsp;&nbsp;· To advise the members of your Immediate Family about the existence of the Code, its applicability to their personal transactions in
Securities and your responsibility to assure that their personal transactions in Securities comply with the Code, to the extent permitted
by local laws; and

&nbsp;&nbsp;&nbsp;&nbsp;· To cooperate fully with any review or inquiry by or on behalf of the Chief Compliance Officer (or designee) to determine your compliance
with the provisions of the Code.

In addition, your acknowledgement will recognize that any failure to comply with the Code and to honor the commitments made by your acknowledgement may result in disciplinary actions, including Red Flags or dismissal.

Annual Attestation:

All Access Persons are required to attest in writing on an annual basis, via StarCompliance that they have complied with each provision of your initial acknowledgment (see above). In particular, the annual certification will require that Access Persons certify that they have received, read and understood the Code, that they recognize that they are subject to its provisions, that they have complied with the requirements of the Code during the period to which it applies, and that they have disclosed, reported, or caused to be reported all transactions required to be disclosed or reported pursuant to the requirements of the Code and that they have disclosed, reported or caused to be reported all Trading Accounts in which they have a Beneficial Ownership interest. In addition, all Access Persons will be required to confirm the accuracy of the Trading Accounts and Security records.

All Access Persons must also acknowledge receipt of any amendments made to the Code if a determination is made by DWS Compliance that such acknowledgement should occur prior to the next annual acknowledgement.

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Code of Ethics – DWS Group (U.S. Registered Entities)

9 / Compliance Oversight

&nbsp;&nbsp;&nbsp;&nbsp;A. DWS Compliance Oversight

DWS Employee Compliance Office administers, monitors and reports on violations of the requirements set forth in the Code. DWS Employee Compliance Office is also responsible for administering a pre-clearance system for all Access Persons in accordance with the requirements of the Code, collecting and reviewing the reports and attestations required under the Code and identifying and reporting to DWS Compliance with respect to (i) all violations and (ii) actions taken to address such violations based on DWS's Consequence Management Standards (see below).

DWS Employee Compliance Office is responsible for escalating any issues that fall outside of DWS's Consequence Management Standards to the Chief Compliance Officer(s) (or his or her designee) for the respective DWS Entity. The Chief Compliance Officer(s) (or his or her designee) for each DWS Entity will be responsible for providing oversight of DWS Employee Compliance Office and its administration of the Code. DWS Employee Compliance Office will provide reporting, no less frequently than monthly, of all violations of the Code to the Chief Compliance Officer(s) (or his or her designee) for each DWS Entity. Access Persons may contact DWS Employee Compliance Office with any interpretation questions relating to the Code by sending an email to your respective regional contacts:

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

&nbsp;&nbsp;&nbsp;&nbsp;B. DWS's Consequence Management Standards

The sanctions recommended by the Chief Compliance Officer may, to the extent permitted by local regulations, include, but not be limited to, written breaches of policy, issuance of Red Flags, full or partial disgorgement of profits, consideration of such violation during year-end performance and discretionary compensation review, imposition of a penalty, censure, trading suspension, or dismissal. As part of any sanction, (e.g., for violation of the Code's restrictions on short-term trading and holding period requirements or trading during blackout periods), Access Persons may be required to reverse or unwind a transaction and to forfeit any profit or to absorb any loss from the transaction. If a transaction in a Security cannot be reversed or unwound, you may be required to disgorge any profits associated with the transaction, which profits will be distributed in a manner prescribed by the respective DWS Entity in the exercise of its discretion. Profits derived from transactions in Securities in violation of the Code may not be offset by any losses from other transactions. In certain circumstances, the Chief Compliance Officer will escalate matters to DWS Anti-Financial Crime Investigations ("DWS AFCI") for an independent investigation.

The Red Flags process is an integral part of DWS's global Risk Culture initiatives, aimed at embedding a strong Risk Culture across the Firm. This includes making sure the Firm only rewards the right behaviors. Access Person personal account dealing is one of the categories that will be measured for compliance. An Access Person's Red Flags data will therefore be

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Code of Ethics – DWS Group (U.S. Registered Entities)

considered as one of the criteria during performance management, compensation and promotion decisions. Any Access Person who violates the Code may be subject to disciplinary actions, including the issuance of a Red Flag or possible termination of employment<sup>8</sup>. Additionally, violations of the Code are reported to Business Management no less than monthly. Finally, violations and suspected violations of criminal laws will be reported to the appropriate authorities as required by applicable laws and regulations. Additional information regarding the Red Flags Program can be found at the following link:

https://deutschebank.sharepoint.com/sites/red-flags

&nbsp;&nbsp;&nbsp;&nbsp;C. Reports of Violations

In a timely manner, typically monthly, but not less frequently than quarterly, any known violations of the Code by an Access Person will be reported, as appropriate, to the Risk & Control Committee, regional operating committees, DB Compliance, DWS Funds Board, DBX Funds Board, and Germany Funds Board along with the sanctions imposed in response to the violation.

On at least an annual basis, the DWS Funds Board, DBX Funds Board, and Germany Funds Board will each be presented with an annual report that, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;i. Summarizes existing procedures concerning personal investing and any changes in the procedures made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;ii. Identifies any violations requiring significant sanctions during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;iii. Identifies any recommended changes in existing restrictions or procedures based on evolving industry practices or developments in
applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;iv. Includes certifications from the Fund, investment advisers, and principal underwriter, stating that each entity has adopted procedures
reasonably necessary to prevent Access Persons from violating the Code.

<sup>8</sup> In Germany, the Red Flag process is limited to senior executives ("leitende Angestellte").

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Code of Ethics – DWS Group (U.S. Registered Entities)

10 / Interpretations and Exceptions

The Chief Compliance Officer(s) (or his or her designee), in their discretion, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions, except that the Chief Compliance Officer(s) (or his or her designee) may not exempt any transaction in a Security from the Code's reporting requirements. Exemptions from the Code's pre-clearance requirements and from the Code's restrictions on Short-Term Trading and trading during Blackout Periods will require a determination by the Chief Compliance Officer(s) (or his or her designee) that the exempted transaction does not involve a realistic possibility of violating the general principles described in this Code. An application for a case-by-case exemption, in accordance with this paragraph, should be made **in writing** to the Chief Compliance Officer (or his or her designee).

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Code of Ethics – DWS Group (U.S. Registered Entities)

11 / Associated Policies

The following policies provide additional guidance to the Code. DWS Access Persons must also comply with the requirements of the following policies.

&nbsp;&nbsp;&nbsp;&nbsp;· Code
of Conduct – DB Group

&nbsp;&nbsp;&nbsp;&nbsp;· CCF
Risk Categories Global Requirements MaComp – Written Supervisory Procedures – DWS Global

&nbsp;&nbsp;&nbsp;&nbsp;· Anti-Bribery
and Corruption Policy – DB Group

&nbsp;&nbsp;&nbsp;&nbsp;· Information
Security Policy – DB Group

&nbsp;&nbsp;&nbsp;&nbsp;· Restricted
List Policy – Global

&nbsp;&nbsp;&nbsp;&nbsp;· DWS
Market Abuse Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Raising
Concerns (including Whistleblowing Policy) – Deutsche Bank Group

&nbsp;&nbsp;&nbsp;&nbsp;· Market
Conduct Policy – Global

&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts
of Interest Policy – DWS Group

&nbsp;&nbsp;&nbsp;&nbsp;· Employee
Compliance Policy – DWS Group

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Code of Ethics – DWS Group (U.S. Registered Entities)

12 / Authoritative Guidance

&nbsp;&nbsp;&nbsp;&nbsp;· Section 10(b) of, and Rule 10b-5 under the Securities Exchange Act of 1934 (15 USC § 78j and 17 CFR § 240.10b-5)

&nbsp;&nbsp;&nbsp;&nbsp;· Section 204A of, and Rule 204A-1 under the Investment Advisers Act of 1940 (15 USC § 80b-4a and 17 CFR § 275.204A-1)

&nbsp;&nbsp;&nbsp;&nbsp;· Section 206 of the Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;· Section 17(j) of, and Rule 17j-1 under the Investment Company Act of 1940 (15 USC § 80a-17 and 17 CFR § 270.17j-1)

&nbsp;&nbsp;&nbsp;&nbsp;· FINRA Rule 3210

&nbsp;&nbsp;&nbsp;&nbsp;· FINRA Rule 3110(d)

&nbsp;&nbsp;&nbsp;&nbsp;· European Market Abuse Regulation

&nbsp;&nbsp;&nbsp;&nbsp;· Fund Manager Code of Conduct (Securities and Futures Commission – Hong Kong)

&nbsp;&nbsp;&nbsp;&nbsp;· Gramm-Leach-Bliley Act

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Code of Ethics – DWS Group (U.S. Registered Entities)

13 / Key components

**Staff responsibilities**

This Code sets forth the specialized rules for personal trading and investment of all Access Persons. Every Supervised Persons, which includes Access Persons and Investment Persons, has to be aware of the requirements outlined in this document, which includes complying to the requirements and responding to requests being made in relation to this document.

**Transactions and financial instruments in scope**

Any Security, transactions or reporting obligations which fall into the scope of this document, need to be registered in StarCompliance.

**Exclusions**

Any exclusions or exceptions are outlined within the applicable section of this document and apply as described.

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14 / Key regional differences

There are no regional differences.

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Code of Ethics – DWS Group (U.S. Registered Entities)

15 / Governance

The policy is approved by the DWS Global Head of AFC & Compliance.

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|:---|:---|
| **Supervised Persons, including Access Persons and Investment Persons** | Ensure adherence to this Code of Ethics by DWS Employees.<br>|
| **Business Signatory Officer (BSO)**<br>| The manager(s) of each Access Person have to approve or deny the respective trade requests for personal account dealing or private investment transaction requests, before they are reviewed by Compliance. |
| **Compliance** | Regional teams are supporting in advising on matters related to this document and will ensure timely feedback of requests. In addition, Compliance is conducting further checks to ensure that adherence to this Code of Ethics has been demonstrated by Staff. pursuant to the Consequence Management Standards which is outlined in Section 9: Compliance Oversight. |

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16 / Terms and definitions

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| | |
|:---|:---|
| **Term** | **Definition** |
| Access Person | "**Access Person**" shall include individuals who are "access persons" under Rule 17j-1 of the Investment Company Act of 1940, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended, and shall include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A DWS Employee who, in the normal conduct of his/her job responsibilities, has access (or are likely to be perceived to have access) to inside information regarding any Advisory Client's purchase or sale of Securities or inside information regarding the portfolio holdings of any reportable fund;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A DWS Employee who is involved in making securities recommendations to advisory clients, or has access to such recommendations before they are public;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any officer or director of each DWS Entity;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any officer of an Investment Company advised or sub-advised by a DWS Entity; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual determined by DWS Compliance.<br>**For purposes of the Code, all DWS Employees and Contingent Workers of DIMA, RREEF, DBX, and DDI are "Access Persons." For the avoidance of doubt, all DWS Employees and Contingent Workers in the US are "Access Persons."** <br>**The Chief Compliance Officers of DWSI, DWS Global, DWS HK, and DIAL shall identify, and maintain a list of, DWS Employees or Contingent Workers who are Access Persons under this Code.** <br>Staff who is not explicitly classified as access person (or investment person, see below) is a "Non-Access Person". |
| Advisory Client | "**Advisory Client**" shall mean a U.S. client, including a U.S. Investment Company or U.S. institutional client, for which a DWS Entity provides investment advisory services as an investment adviser or sub-adviser. |
| Beneficial Ownership | "**Beneficial Ownership**" as a general matter, shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in a Security. **You are presumed to have a Beneficial Ownership interest in any security held directly or indirectly by you or a member of your Immediate Family (as defined below).** <br> Some examples may include:<br>· You are named as having power of attorney on a Trading Account through any contract, arrangement, understanding, or otherwise;<br> · You own partnership interests in a partnership or limited company;<br> · You have or share investment control over a corporation's investment portfolio; or<br> · You have investment control over a trust's investments.<br>As a technical matter, the term "Beneficial Ownership" for purposes of this Code will be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, in determining whether a person has beneficial ownership of a Security. |

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|:---|:---|
| Contingent Workers | "**Contingent Workers**" shall mean individuals working at or for a DWS Entity who are not directly employed by such DWS Entity. |
| Discretionary Managed Account | "**Discretionary Managed Account**" shall mean a Trading Account where (A) the investment making decision has been delegated to an independent third-party investment manager or financial institution, who is not a family member or related-party, by means of a written agreement, (B) the third-party investment manager or financial institution maintains full discretionary control over the Trading Account, and (C) the DWS Employee and a person with Beneficial Ownership may not direct or influence any activity in the Trading Account. |
| DWS Compliance | "**DWS Compliance**" shall mean the designated compliance officer contact assigned to support a specific business line. |
| DWS Employee | "**DWS Employee**" shall include all employees of DWS Entities. For avoidance of doubt, DWS Employee includes individuals who are seconded into a DWS Entity, but employed by an affiliated entity. |
| DWS Entity | "DWS Entity" includes the following:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS Investment Management Americas, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RREEF America, L.L.C.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS Distributors Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS International GmbH<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS Alternatives Global Limited<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS Investments Hong Kong Limited<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DWS Investments Australia Limited<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DBX Advisors LLC |
| Immediate Family | "**Immediate Family**" shall mean any of the following persons who **share the same household with you**: your spouse, partner, any child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including any adoptive relationships. ***Any questions relating to whether a person shares the same household with you should be directed to DWS Compliance.***<br>**For the avoidance of doubt, this includes, but is not limited to, children in college or others for whom you are financial responsible.**  |
| Initial Coin Offerings ("ICOs") and Initial Exchange Offerings ("IEOs") | "**Initial Coin Offerings**" or token sales are offerings of new digital assets to raise capital or participate in investment opportunities. In an ICO, a company offers digital tokens to potential investors to fund a certain project or platform, and distributes the token via a blockchain network.<br> "**Initial Exchange Offerings**" are offerings of digital assets (e.g., coins or tokens) to raise capital that are offered directly by online trading platforms on behalf of companies to provide immediate trading opportunities for the digital assets. |
| Inside Information (also referred to as Material Non-public Information (MNPI) or Price Sensitive Information (PSI)) | Defined in the Information Barriers Policy – Deutsche Bank Group as precise information, not publicly available which relates directly or indirectly to one or more issuer or financial instrument, which, if publicly known, would likely have significant effect on the price of a publicly traded instrument. |

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| | |
|:---|:---|
| Investment Company | "**Investment Company**" is a company that issues securities that represent an undivided interest in the net assets held by the company. This includes such companies, and their series, that are registered under the Investment Company Act of 1940, as amended, or similar non-U.S. regulatory regime. These companies may be structured as open end or closed end companies and may be offered at a share price equal to their net asset value or on an exchange based on market prices. |
| Investment Personnel / Investment Persons | "**Investment Personnel**" shall mean any Access Person who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities for Advisory Clients or any natural person who controls the Investment Company or DWS Entity and who obtains information concerning recommendations made to the Investment Company regarding the purchase or sale of securities by such Investment Company.<br>Generally, this will include Portfolio Managers, Traders, Research Analysts (including other DWS Employees who work directly with these individuals in an assistant capacity) and others as may be determined by DWS Compliance.<br>As those responsible for making investment decisions (or participating in such decisions) for Advisory Clients, Investment Personnel occupy a comparatively sensitive position, and thus, additional rules outlined in this Code apply to these Access Persons. |
| Private Investment Transaction | "**Private Investment Transaction**" shall mean a transaction in a Security that is not listed on any exchange and is generally not available to the public. It includes subscribing to or purchasing interest, of any kind, in a hedge fund, private equity fund, other unlisted funds, a privately held company, private investment partnership, or industrial/commercial property or any direct investment in someone else's business, starting one's own business, and investing capital in a business of any sort. |
| Security or Securities | "**Security or Securities**" shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, or Section 202(a)(18) of the Investment Advisers Act of 1940, as amended, but shall ***<u>not</u>*** include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States and any debt obligations of the national governments included in the G10 or national governments of Singapore and Hong Kong;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by an open-end Investment Company, except for an open-end Investment Company for which a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter (e.g., Investmentfond-Anteile); and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment Companies, none of which are advised by a DWS Entity or an affiliate (e.g., Dachfond);<br>A ***Security will generally include***, but not be limited to, equity or debt securities, DWS open-end Investment Companies, ***closed-end Investment Companies, exchange traded products, including exchange traded funds (ETFs)***, hedge funds, private funds, or other unregistered **** |

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investment fund securities, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs"), commodities, securities indices, and municipal bonds and similar instruments.<br>***Any questions relating to the definition of Securities should be directed to DWS Compliance.***<br>

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| | |
|:---|:---|
| Supervised Persons | "**Supervised Persons**" mean any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the DWS Entity. |
| Trading Account | "**Trading Account**" shall mean any banking, investment or any other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities, excluding investments in 529 Plans (college savings plans) where products do not include any advised by a DWS Entity (to the extent permitted by local laws). |

---

\28

Code of Ethics – DWS Group (U.S. Registered Entities)

17 / Document Retention

Books and records required to be maintained under this Policy must be maintained for 6 years, the first two years in a readily accessible place, including:

&nbsp;&nbsp;&nbsp;&nbsp;· copies of codes of ethics adopted, implemented and / or in effect at any time during the period;

&nbsp;&nbsp;&nbsp;&nbsp;· records of any violations of the code of ethics and actions taken as a result thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· records of all written acknowledgements are required herein for each person who is currently, or during the period was, a supervised
person;

&nbsp;&nbsp;&nbsp;&nbsp;· records of each report made by an access person, including any information provided in lieu of such reports;

&nbsp;&nbsp;&nbsp;&nbsp;· record of the names of persons who are currently, or within the past six years were, access persons of the investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;· record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by access persons, for at
least six years after the end of the fiscal year in which the approval is granted.

\29

Code of Ethics – DWS Group (U.S. Registered Entities)

18 / Appendices

Appendix A – Code of Ethics Acknowledgement

**Code of Ethics Acknowledgement**

I hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I have received, read, made a reasonable effort
to understand the provisions of the Global Code of Ethics – DWS Group ("the Code") and have had the opportunity to ask
questions to DWS Compliance about the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I will comply with the Code, as amended or updated,
including its general principles, its reporting requirements, its prohibitions, its preclearance requirements, its short-term trading
and holding period requirements and blackout periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I will advise the members of my Immediate Family
about the existence of the Code, its applicability to their personal transactions in Securities and my responsibility to assure that their
personal transactions in Securities comply with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· I will cooperate fully with any review or inquiry
by or on behalf of the Chief Compliance Officer (or designee) to determine my compliance with the provisions of the Code.

In addition, pursuant to the requirements of the Code, I have reported all of my personal transactions requiring quarterly disclosure and all of my personal securities holdings requiring initial and annual disclosure. I recognize that any failure to comply with the Code and to honor the commitments made by my acknowledgement herein may result in disciplinary actions, including Red Flags or dismissal.

Print Name:

___________________________________________________

Signature:

___________________________________________________

Date:

________________________

\30

Code of Ethics – DWS Group (U.S. Registered Entities)

Appendix B – Initial Personal Securities Holdings Disclosure

**INITIAL PERSONAL SECURITIES HOLDINGS DISCLOSURE**

---

| | |
|:---|:---|
| **Name in print (Legal & Preferred):** | **Department:** |
| <br> **Date of Report:** |  |

---

**<u>This information must be submitted within 10 days of you becoming an Access Person in order to comply with the Global Code of Ethics – DWS Group (the "Code") requirements.</u>**

**<u>This disclosure must include all Securities held within your Trading Accounts, as defined in the Code, including exchange traded funds (ETFs).</u>**

**<u>\*</u><u>Trading Accounts shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities.</u>**

**\*Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments.

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10 or national governments of Singapore and Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by an open-end Investment Company, except for an open-end Investment Company for which
a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment
Companies, none of which are advised by a DWS Entity or an affiliate.

**<u>All Access Persons are required to immediately disclose their Trading Accounts in StarCompliance. This disclosure requirement is separate and distinct from the requirement to complete this form.</u>**

**<u>New Access Persons will receive via email a new joiner attestation, which will include instructions on how to disclose their brokerage account information. If you do not receive this e-mail, please contact the DWS Employee Compliance team at one of the email addresses below</u><u>mailto:.</u>**

**ð <u>I certify that I have reported all Trading Accounts and have reportable Securities holdings and I have provided DWS Employee Compliance with current (dated within 45 days) account statements and have not disclosed outside DWS any information related to DWS client accounts.</u>**

**ð <u>I do not maintain any Trading Accounts or any reportable Securities holdings as of my effective date of hire or transfer and have not disclosed outside DWS any information related to DWS client accounts.</u>**

**________________________ ______________________**

**Signature <u>Date</u>**

\31

Code of Ethics – DWS Group (U.S. Registered Entities)

<u>**Send your completed form or any questions to**</u>**:**

**DWS Employee Compliance Email:** 

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

\32

Code of Ethics – DWS Group (U.S. Registered Entities)

**Initial Holdings Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name in print (Legal & Preferred):** | &nbsp;&nbsp;**Department:** |
| &nbsp;&nbsp;**Date of Report: DD/MMM/YYYY** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;As of Date | &nbsp;&nbsp;Security Name | &nbsp;&nbsp;Security Type | &nbsp;&nbsp;ISIN / CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Broker Name / Account No. |

---

\33

Code of Ethics – DWS Group (U.S. Registered Entities)

Appendix C – Quarterly Transaction Report

**Quarterly Transaction Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name in print (Legal & Preferred):** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Department:** |
| <br> **<u>Date of Report:</u>** |  |

---

**<u>Compliance is required to maintain a register of all Trading Accounts and Securities held by Access Persons and Investment Personnel under the Code of Ethics – DWS Group (the "Code"), which is the DWS policy outlining the U.S. regulatory requirements for U.S. registered investment advisers.</u>**

**<u>This Quarterly Transaction Report must be submitted by all Access Persons/ Investment Personnel on a quarterly basis within 30 days from each quarter end. Please refer to the Code and the relevant procedures for a full explanation of reporting requirements on personal transactions.</u>**

**<u>Please check the appropriate boxes below and provide relevant information. Please note that even if you have not opened any new Trading Accounts as defined by the Code nor executed any reportable transaction during the quarter, you must check the appropriate boxes in 1 and 2 below.</u>**

**<u>\*Trading Accounts shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities</u>.**

**\*Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments.

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10 or national governments of Singapore and Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by an open-end Investment Company, except for an open-end Investment Company for which
a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; including regular savings plans, and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment
Companies, none of which are advised by a DWS Entity or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Trading Accounts (tick one and report detail)</u> 

**<u>I have not opened any new Employee or Related Party Accounts during the Quarter</u>**

**<u>and have not disclosed outside DWS any information related to DWS client accounts.</u> □**

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Code of Ethics – DWS Group (U.S. Registered Entities)

**<u>I newly opened new Employee or Related Party Account(s) during the Quarter as follows</u>**

**<u>and have not disclosed outside DWS any information related to DWS client accounts.</u> □**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name of Broker</u>** | &nbsp;&nbsp;**<u>Account Holder Name</u>** | &nbsp;&nbsp;**<u>Account No.</u>** | &nbsp;&nbsp;**<u>Relationship w/ Access Person</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Discretionary Managed Accounts (i.e., accounts where the Access Person exercises no discretion in relation to the management of the account or selection of underlying investments);</u> 

**<u>Did you have any discretionary managed accounts(s) or trust(s) at any time during the period to which this certification applies?</u>**

**<u> </u>**

**<u>Yes □</u>**

**<u> </u>**

**<u>No □</u>**

**<u> </u>**

**<u>If Yes, I hereby certify that:</u>**

**<u>(Please check all that apply)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>I did not suggest that the trustee / third-party discretionary manager make any particular □</u> 

**<u>purchases or sales of securities for the account(s);</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>I did not direct the trustee / third-party discretionary manager to make any particular □</u> 

**<u>purchases or sales of securities for the account(s);</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>I did not consult with the trustee / third-party discretionary manager as to the particular □</u> 

**<u>allocation of investments to be made in the account(s);</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reportable Securities (tick one and report detail, as applicable)</u> 

**<u>I have not made any transactions in Reportable Securities during the Quarter.</u> □**

**<u>I have made the following transactions in Reportable Securities during the Quarter.</u> □**

**PLEASE ATTACH A COPY OF THE RESPECTIVE BROKER STATEMENT(S) / COPY CONTRACT NOTE(S) OR FILL IN THE INFORMATION IN THE TABLE ON THE NEXT PAGE.**

**By signing this form, I confirm that I have not disclosed outside DWS any information related to DWS client accounts.** 

**__________________________ ____________________**

**Signature Date**

\35

Code of Ethics – DWS Group (U.S. Registered Entities)

<u>**Send your completed form or any questions to**</u>**:**

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

\36

Code of Ethics – DWS Group (U.S. Registered Entities)

<br> **Quarterly Transaction Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name in print (Legal & Preferred):** | &nbsp;&nbsp;**Department:** |
| &nbsp;&nbsp;**Date of Report: DD/MMM/YYYY** |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Transaction Date | &nbsp;&nbsp;Security Name | &nbsp;&nbsp;ISIN / CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares | &nbsp;&nbsp;Nature of Transaction (Buy, Sell, etc.) | &nbsp;&nbsp;Price | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Interest Rate (if applicable) | &nbsp;&nbsp; Maturity<br> (if applicable) | &nbsp;&nbsp;Broker Name / Account No. | &nbsp;&nbsp;Pre-cleared in StarCompliance? |

---

\37

Code of Ethics – DWS Group (U.S. Registered Entities)

Appendix D – Annual Personal Securities Holdings Disclosure

**ANNUAL PERSONAL SECURITIES HOLDINGS**

**DISCLOSURE**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name in print (Legal & Preferred):** | &nbsp;&nbsp;**Department:** |
| &nbsp;&nbsp;**Date:** |  |

---

DWS requires Access Persons to provide an Annual Personal Securities Holdings Disclosure once each year. The information submitted must be current within forty-five (45) calendar days of the report date.

This disclosure must include all Securities held within your Trading Accounts, as defined in the Code of Ethics – DWS Group, including exchange traded funds (ETFs).

**\*Trading Accounts** shall mean any banking, investment or other account through which an Access Person has, direct or indirect, Beneficial Ownership of Securities (e.g., accounts for which the DWS Employee has power of attorney), which may include accounts of members of an Access Person's Immediate Family sharing the same household that hold respective securities.

**\*Securities** shall mean any security or securities as defined in Section 2(a)(36) of the Investment Company Act of 1940, as amended, and Section 202(a)(18) of the Investment Advisers Act of 1940, as amended. A ***Security will generally include***, but not be limited to, equity or debt securities, ***DWS open-end Investment Companies, closed-end Investment Companies, exchange traded products, including exchange traded Investment Companies***, hedge funds, private funds, unregistered investments, derivatives (such as options, warrants, futures, and swaps,) American Depository Receipts, Global Depository Receipts, commodities, securities indices, and municipal bonds and similar instruments.

***<u>Not all securities are reportable. You do not need to include the following:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United States and any debt obligations of the national governments
included in the G10 or national governments of Singapore and Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by an open-end Investment Company, except for an open-end Investment Company for which
a DWS Entity or an affiliate acts as investment adviser, sub-adviser or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares issued by unit investment trusts that are invested exclusively in one or more open-end Investment
Companies, none of which are advised by a DWS Entity or an affiliate.

**Report on Holdings in Reportable Securities**

[_] I certify that I have reported all Trading Accounts and have reportable Securities holdings and I have attached hereto are current (dated within 45 days) account statements and have not disclosed outside DWS any information related to DWS client accounts.

[_] I do not maintain any Trading Accounts or any reportable Securities holdings as of the report date and have not disclosed outside DWS any information related to DWS client accounts.

________________________ _____________________________

**Signature Date**

<u>**Send your completed form or any questions to**</u>**:**

\38

Code of Ethics – DWS Group (U.S. Registered Entities)

**DWS Employee Compliance Email:** 

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

\39

Code of Ethics – DWS Group (U.S. Registered Entities)

**Annual Holdings Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Name in print (Legal & Preferred):** | &nbsp;&nbsp;**Department:** |
| &nbsp;&nbsp;**Date of Report: DD/MMM/YYYY** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;As of Date | &nbsp;&nbsp;Security Name | &nbsp;&nbsp;Security Type | &nbsp;&nbsp;ISIN / CUSIP / Ticker Symbol | &nbsp;&nbsp;Number of Shares | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Broker Name / Account No. |

---

DWS Group GmbH & Co. KGaA