# EDGAR Filing Document

**Accession Number:** 0000888568
**File Stem:** 0000088053-23-000129
**Filing Date:** 2023-3
**Character Count:** 442328
**Document Hash:** 925cb77587b32cb0a508249535d8b638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-23-000129.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0000088053-23-000129

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO
- **CENTRAL INDEX KEY:** 0000888568
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06698
- **FILM NUMBER:** 23722818

**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:** DEUTSCHE EQUITY 500 INDEX PORTFOLIO
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS EQUITY 500 INDEX PORTFOLIO
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER EQUITY 500 INDEX PORTFOLIO
- **DATE OF NAME CHANGE:** 20030519

## Series and Classes Contracts Data

### DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO (Series ID: S000009010)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000024521 | DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-06698

<u>Deutsche DWS Equity 500 Index Portfolio</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 12/31/2022

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| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 1.** | &nbsp;&nbsp;**REPORT TO STOCKHOLDERS** |
|  | &nbsp;&nbsp;(a) |

---

![](g464418img3df8ead81.jpg)

December 31, 2022

**Annual Report**

**to Shareholders**

**DWS Equity 500 Index Fund**

![](g464418imgd6f717a12.jpg)

------

<br>**Contents**

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

---

| | |
|:---|:---|
| **[DWS Equity 500 Index Fund](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_lts-cc-financial-runningfooter-352_1)** | **[DWS Equity 500 Index Fund](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_lts-cc-financial-runningfooter-352_1)** |
| **4** | [Letter to Shareholders](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_lts-cc-financial-runningfooter-352_1) |
| **5** | &nbsp;&nbsp; [Portfolio Management](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mda-cc-financial-runningfooter-352_1)<br> [Review](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mda-cc-financial-runningfooter-352_1) <br>|
| **10** | [Performance Summary](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_perfsum-cc-financial-runningfooter-352_1) |
| **12** | [Portfolio Summary](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_portsum-cc-financial-runningfooter-351_1) |
| **14** | &nbsp;&nbsp; [Statement of Assets and](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fs-cc-financial-runningfooter-352_1)<br> [Liabilities](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fs-cc-financial-runningfooter-352_1) <br>|
| **15** | [Statement of Operations](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fs-cc-financial-runningfooter-352_2) |
| **16** | &nbsp;&nbsp; [Statements of Changes in](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fs-cc-financial-runningfooter-352_3)<br> [Net Assets](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fs-cc-financial-runningfooter-352_3)<br>|
| **17** | [Financial Highlights](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fihi-cc-financial-runningfooter-352_1) |
| **20** | &nbsp;&nbsp; [Notes to Financial](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_ntf-cc-financial-runningfooter-352_1)<br> [Statements](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_ntf-cc-financial-runningfooter-352_1) <br>|
| **26** | &nbsp;&nbsp; [Report of Independent](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_aud-cc-financial-runningfooter-352_1)<br> [Registered Public](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_aud-cc-financial-runningfooter-352_1)<br> [Accounting Firm](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_aud-cc-financial-runningfooter-352_1)<br>|
| **28** | &nbsp;&nbsp; [Information About Your](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fexpti-cc-financial-runningfooter-352_1)<br> [Fund's Expenses](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fexpti-cc-financial-runningfooter-352_1)<br>|
| **29** | [Tax Information](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_fexpti-cc-financial-runningfooter-352_2) |

---

---

| | |
|:---|:---|
| **[Deutsche DWS Equity 500](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstsoi-cc-financial-runningfooter-351_1)**<br> **[Index Portfolio](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstsoi-cc-financial-runningfooter-351_1)** | **[Deutsche DWS Equity 500](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstsoi-cc-financial-runningfooter-351_1)**<br> **[Index Portfolio](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstsoi-cc-financial-runningfooter-351_1)** |
| **32** | [Investment Portfolio](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstsoi-cc-financial-runningfooter-351_1) |
| **50** | &nbsp;&nbsp; [Statement of Assets and](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfs-cc-financial-runningfooter-351_1)<br> [Liabilities](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfs-cc-financial-runningfooter-351_1) <br>|
| **51** | [Statement of Operations](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfs-cc-financial-runningfooter-351_2) |
| **52** | &nbsp;&nbsp; [Statements of Changes in](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfs-cc-financial-runningfooter-351_3)<br> [Net Assets](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfs-cc-financial-runningfooter-351_3)<br>|
| **53** | [Financial Highlights](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstfihi-cc-financial-runningfooter-351_1) |
| **54** | &nbsp;&nbsp; [Notes to Financial](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstntf-cc-financial-runningfooter-351_1)<br> [Statements](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstntf-cc-financial-runningfooter-351_1) <br>|
| **61** | &nbsp;&nbsp; [Report of Independent](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaud-cc-financial-runningfooter-351_1)<br> [Registered Public](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaud-cc-financial-runningfooter-351_1)<br> [Accounting Firm](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaud-cc-financial-runningfooter-351_1)<br>|
| **63** | &nbsp;&nbsp; [Advisory Agreement Board](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaabcf-cc-financial-runningfooter-352_1)<br> [Considerations and Fee](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaabcf-cc-financial-runningfooter-352_1)<br> [Evaluation](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstaabcf-cc-financial-runningfooter-352_1)<br>|
| **68** | &nbsp;&nbsp; [Board Members and](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstboard-cc-financial-runningfooter-351_1)<br> [Officers](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstboard-cc-financial-runningfooter-351_1) <br>|
| **74** | &nbsp;&nbsp; [Account Management](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstamr-cc-financial-runningfooter-352_1)<br> [Resources](#xx_9b5499ba-1437-4ebd-b129-4a0dddf7b1d0_mstamr-cc-financial-runningfooter-352_1) <br>|

---

**This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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| | | |
|:---|:---|:---|
| **2**  | \|  | DWS Equity 500 Index Fund  |

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Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by DWS Investment Management Americas, Inc. ("DIMA"). Standard & Poor's<sup>®</sup>, S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DIMA. The Fund and the Portfolio are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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

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| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>3</sub> |

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**Letter to Shareholders**

Dear Shareholder:

This past year can be described as one where there were major structural disruptions and challenges impacting financial markets: record high inflation; end of ultra-loose monetary policy; impact of slower growth in China; ongoing political attacks on global trade; demographic change profoundly affecting more and more countries; and finally, the Ukraine conflict, future course of which continues to be highly unpredictable.

It is therefore apparent that there will be no lack of challenges for investors in 2023 looking at the global landscape from today's perspective. With the additional looming recession concerns in the U.S. and Europe, we believe the prospects for equity returns to be challenging in 2023. However, considering the strong labor markets, comparatively solid household and corporate balance sheets, and last but not least, the big declines that markets suffered in 2022, we do not anticipate further price losses to be as dramatic as we experienced during the end of 2022.

Consequentially, we believe that it is time to consider diversifying investments again. Bonds finally offer a return and risk assets are no longer the only game in town. Emerging market bond and corporate bonds, especially from the high-yield segment are already offering investors such attractive yields that even a renewed widening in risk premiums would be bearable. Government bonds too are once again an alternative, as we expect the U.S. Federal Reserve (Fed) and European Central Bank (ECB) to reach the peak of their interest rate hike cycle in 2023. The persistence of inflation is ultimately one of the reasons why we continue to believe equities are an essential part of every portfolio, even if they face a wide variety of headwinds including limited potential for further earnings growth.

It is, as ever, not individual data points that will determine the prospects for the markets in 2023 but will likely be the highly complex interplay of the numerous economic and political forces that will shape the global big picture. Thank you for your trust. For ongoing updates to our market and economic outlook, please visit the "Insights" section of dws.com.

Best regards, <br> ![](g464418img9a83fd1b3.jpg) ![](g464418img10bc952b4.jpg)

Hepsen Uzcan

President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

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

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|:---|:---|:---|
| **4**  | \|  | DWS Equity 500 Index Fund  |

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**Portfolio Management Review(Unaudited)**

**Market Overview and Fund Performance**

**All performance information below is historical and does not guarantee future results. Returns shown are for Institutional Class shares. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10 through 11 for more complete performance information.**

**Investment Objective**

The Fund seeks to provide investment results that, before expenses, correspond to the total return of common stocks publicly traded in the United States, as represented by the Standard & Poor's 500<sup>®</sup> Composite Stock Price Index (S&P 500<sup>®</sup> Index).

DWS Equity 500 Index Fund returned –18.27% in 2022, while the Standard & Poor's 500<sup>®</sup> (S&P 500) Index returned –18.11%. Since the Fund's investment strategy is to replicate the performance of the index, its return is normally close to that of the index. The difference in performance is typically driven by transaction costs and Fund expenses.

The Fund periodically invested in equity index futures to keep the portfolio's positioning in line with that of the index. This strategy had a neutral impact on results.

**Market Overview**

U.S. equities suffered a sizable loss in 2022, breaking a streak of three consecutive years with double-digit returns. While a number of developments conspired to depress performance, a sharp increase in inflation — and the U.S. Federal Reserve's (Fed's) effort to contain the price pressures — were the primary factors in the market downturn. Inflation, which had already begun to rise in late 2021, took another leg higher in the wake of Russia's invasion of Ukraine in February. Consumer price inflation, after staying in a range of 0% to 3% over the previous decade, rose above 8% in March and ultimately reached a peak of 9.1% in June.

The Fed responded with its most aggressive series of interest-rate increases since the early 1980s, raising rates seven separate times over

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| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>5</sub> |

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the course of the year to move the fed funds rate from 0.0%–0.25% to 4.25%–4.50%. The pronounced increase in rates, in addition to weighing on investor sentiment and putting downward pressure on equities' valuations, fueled worries about the potential for slowing economic growth and weaker corporate earnings in 2023. Rising rates also led to an increase in bond yields, drawing cash out of equities by making fixed-income investments a more compelling alternative.

Geopolitical events were another headwind for market performance. Russia's invasion of Ukraine not only fueled inflation, but it also raised concerns that Europe was headed for a recession – a negative for many of the multinational companies represented in the S&P 500 Index. China's zero-COVID policy was an additional obstacle, since the resulting slowdown in the nation's growth fed through to the rest of the world economy.

*"A sharp increase in inflation — and the U.S. Federal Reserve's (Fed's) effort to contain the price pressures — were the primary factors in the market downturn."* 

Although markets moved lower in 2022, the year was punctuated by several impressive rallies sparked by optimism that the Fed was set to pivot to a more accommodative policy. Stocks delivered sizable gains in late March, the span from mid-June to mid-August, and again in October–November. However, none of these moves developed into a more sustainable uptrend.

**Growth-Oriented Sectors Lagged**

Rising interest rates generally had the largest adverse effect on the most growth-oriented segments of the market, particularly the information technology sector. Investors discount future earnings to today's dollars using current interest rates, which reduces the value of profits expected to occur further in the future. This was an especially large headwind for more speculative companies with limited current profits, a cohort that is heavily represented in the technology sector. The pain was felt even by the sector's mega-cap companies, however, which had a large impact on the index given their sizable weightings. The underperformance for technology-related stocks spilled over into the consumer discretionary sector, where Tesla, Inc., and Amazon.com, Inc. were notable laggards, as

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|:---|:---|:---|
| **6**  | \|  | DWS Equity 500 Index Fund  |

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well as communications services, which was dragged down by poor returns for Alphabet, Inc. (parent of Google) and Meta Platforms, Inc. (formerly Facebook).

All three areas were weighed down by sector-specific trends, as well. The technology sector was pressured by the significant underperformance for semiconductor stocks, which were hurt by decreasing demand and a move in chip supply from a shortage amid to a glut. The consumer discretionary segment, for its part, saw weakness for a number of retail and travel-related stocks caused by fears that rising inflation and slower growth may lead to reduced spending on non-essential items. Similarly, underperformance for media stocks — which fell sharply due to increased streaming competition and declining advertising revenues — exacerbated the downturn in the communication services sector.

**Energy Was a Bright Spot**

Despite the weakness in the overall market, the energy stocks in the index combined for a gain of over 60% in 2022. Crude oil prices climbed sharply in the first half of the year, boosting the profits of the related companies. Energy stocks were also helped by elevated demand for assets seen as having the ability to hold up well through periods of higher inflation. Not least, many companies in the sector continued to display improving capital discipline and an increased focus on shareholder returns. Exxon Mobil Corp. and Chevron Corp., the two largest energy stocks in the United States by market capitalization, were the leading individual contributors to the 12-month return for the S&P 500 Index.

**Defensive Stocks Held up Well**

The persistent worries about inflation, interest rates, and the economy prompted investors to gravitate to companies that could maintain stable earnings in a time of macroeconomic headwinds. Utilities finished the year with a gain as a group, reflecting the essential nature of their services and contracts that allow many companies to pass on inflation. Electric utilities were particularly strong performers, with many registering positive returns. Consumer staples was an additional bright spot, since the types of food, beverage, and personal care products sold by companies such as Coca-Cola Co. and PepsiCo, Inc. feature steady demand profiles. Healthcare stocks also performed well as a group, but the gains were concentrated in a relatively limited number of pharmaceutical, biotechnology, and managed-care providers. Merck & Co.,

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| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>7</sub> |

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Inc., Eli Lilly & Co., and AbbVie, Inc. all produced impressive returns for the year and were the leading contributors to the sector's performance. Still, the majority of healthcare stocks in the index lost ground.

Although these three sectors performed well, real estate — which is also viewed as being somewhat defensive — failed to keep pace with the index. In addition to being hurt by concerns about the U.S. property market, real estate companies faced rising costs of capital from higher interest rates.

**Cyclicals Also Outperformed**

The industrials, materials, and financial sectors lost ground in absolute terms but held up better than the overall market. Although many industrial companies were hurt by the prospect of slower growth, this was counterbalanced by meaningful strength in the aerospace/defense industry. Materials stocks also held up reasonably well, since a number of mining and agriculture companies are positioned to benefit from inflation. Performance was mixed across the financial sector. While banks and companies with capital markets exposure generally underperformed, a robust gain for insurance stocks offset some of the weakness. Higher rates allow insurance companies to generate better returns on their investment portfolios, making them another beneficiary of investors' preference for stocks that could withstand higher inflation and rising rates.

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| | | |
|:---|:---|:---|
| **8**  | \|  | DWS Equity 500 Index Fund  |

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**Portfolio Manager**

Brent Reeder. Senior Vice President of Northern Trust Investments, Inc.

Portfolio Manager of the Fund. Began managing the Fund in 2007.

<sup>—</sup>Joined Northern Trust Investments, Inc. in 1993 and is responsible for the management of quantitative equity portfolios.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

**Terms to Know** 

The **Standard & Poor's 500 (S&P 500) Index** is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Futures contracts** are contractual agreements to buy or sell a particular commodity or financial instrument at a predetermined price in the future.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Consumer discretionary** stocks represent companies that make and market goods and services that are considered non-essential. Sub-categories within the consumer discretionary sector include retailers, media, consumer services, consumer durables & apparel, and automobiles.

**Consumer staples** stocks represent companies that make products purchased by consumers on a regular basis, such as food and beverages, prescription drugs, and household products. In the aggregate, sales of consumer staples tend to be steady and less sensitive to economic fluctuations.

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| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>9</sub> |

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**Performance SummaryDecember 31, 2022 (Unaudited)**

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| | | | |
|:---|:---|:---|:---|
| **Class R6** | **1-Year** | **5-Year** | **Life of** <br>**Class**<sup>\*</sup> <br>|
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| No Sales Charges | –18.27% | 9.26% | 10.60% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 10.73% |

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| | | | |
|:---|:---|:---|:---|
| **Class S** | **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| No Sales Charges | –18.31% | 9.21% | 12.26% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 12.56% |

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| | | | |
|:---|:---|:---|:---|
| **Institutional Class** | **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| No Sales Charges | –18.27% | 9.26% | 12.32% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 12.56% |

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**Performance in the Average Annual Total Returns table above and the Growth of an Assumed $1,000,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions.**

**The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2022 are 0.22%, 0.35% and 0.28% for Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.**

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS Equity 500 Index Fund  |

---

------

**Growth of an Assumed $10,000 Investment**

------

![](g464418imgdcdff2ec5.jpg)

Yearly periods ended December 31

------

The growth of $1,000,000 is cumulative.

The minimum initial investment for the Institutional Class is $1,000,000.

Performance of other share classes will vary based on the fee structure of those classes.

---

| | |
|:---|:---|
| <sup>\*</sup> | Class R6 shares commenced operations on March 31, 2017. |
| <sup>†</sup> | &nbsp;&nbsp; The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The <br> index is designed to measure performance of the broad domestic economy through <br> changes in the aggregate market value of 500 stocks representing all major industries.<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R6** | **Class S** | **Institutional** <br>**Class**<br>|
| **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** |
| 12/31/22 | $152.81 | $148.63 | $152.84 |
| 12/31/21 | $213.73 | $208.54 | $213.77 |
| **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 |
| Income Dividends, Twelve Months | $2.49  | $2.35 | $2.50 |
| Capital Gain Distributions | $19.66  | $19.66 | $19.66 |

---

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

---

| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>11</sub> |

---

------

**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding <br> Securities Lending Collateral)<br>| **12/31/22** | **12/31/21** |
| Common Stocks | 100% | 99% |
| Cash Equivalents | 0% | 1% |
| Short-Term U.S. Treasury Obligation | 0% | 0% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Common Stocks) | **12/31/22** | **12/31/21** |
| Information Technology | 26% | 29% |
| Health Care | 16% | 13% |
| Financials | 12% | 11% |
| Consumer Discretionary | 10% | 12% |
| Industrials | 8% | 8% |
| Communication Services | 7% | 10% |
| Consumer Staples | 7% | 6% |
| Energy | 5% | 3% |
| Utilities | 3% | 2% |
| Materials | 3% | 3% |
| Real Estate | 3% | 3% |
|  | 100% | 100% |

---

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

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

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS Equity 500 Index Fund  |

---

------

---

| | |
|:---|:---|
| **Ten Largest Equity Holdings at December 31, 2022** (25.3% of Net Assets) | **Ten Largest Equity Holdings at December 31, 2022** (25.3% of Net Assets) |
| **1Apple, Inc.** | **6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Designs, manufactures and markets personal computers and related computing <br> and mobile-communication devices<br>|  |
| **2Microsoft Corp.** | **5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Develops, manufactures, licenses, sells and supports software products |  |
| **3Alphabet, Inc.** | **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding company with subsidiaries that provide Web-based search, maps, <br> hardware products and various software applications<br>|  |
| **4Amazon.com, Inc.** | **2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Online retailer offering a wide range of products |  |
| **5Berkshire Hathaway, Inc.** | **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding company of insurance business and a variety of other businesses |  |
| **6UnitedHealth Group, Inc.** | **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Operator of organized health systems |  |
| **7Johnson & Johnson** | **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provider of health care products |  |
| **8Exxon Mobil Corp.** | **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Explorer and producer of oil and gas |  |
| **9JPMorgan Chase & Co.** | **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provider of global financial services |  |
| **10NVIDIA Corp.** | **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Designs, develops and markets three dimensional (3D) graphic processors |  |

---

Portfolio holdings and characteristics are subject to change.

DWS Equity 500 Index Fund (the "Fund") is a feeder fund that invests substantially all of its assets in a "master portfolio," the Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), and owns a pro rata interest in the Portfolio's net assets. The Asset Allocation, Sector Diversification and Ten Largest Equity Holdings at December 31, 2022 are based on the holdings of Deutsche DWS Equity 500 Index Portfolio.

For more complete details about the Portfolio's investment portfolio, see page 32. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 74 for contact information.

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

---

| | |
|:---|:---|
| DWS Equity 500 Index Fund  | \|<sub>13</sub> |

---

------

**Statement of Assets and Liabilities**

as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in Deutsche DWS Equity 500 Index Portfolio, at value | $456925008 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 299965 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp; 14430 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 457239403 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 266273 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 830 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp; 182624 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449727 |
| **Net assets, at value** | **$456789676** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 439666100 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 17123576 |
| **Net assets, at value** | **$456789676** |
| **Net Asset Value** |  |
| **Class R6** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($8,781,742 ÷ 57,468 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$152.81** |
| **Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($230,284,699 ÷ 1,549,379 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$148.63** |
| **Institutional Class** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($217,723,235 ÷ 1,424,490 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$152.84** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS Equity 500 Index Fund  |

---

------

**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income and expenses allocated from Deutsche DWS Equity <br> 500 Index Portfolio:<br>|  |
| Dividends (net of foreign taxes withheld of $40,726) | $8449821 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11003 |
| Income distributions — DWS Central Cash Management <br> Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57068 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4452 |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514388) |
| Net investment income allocated from Deutsche DWS Equity <br> 500 Index Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8007956 |
| Expenses: |  |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508710 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485463 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57354 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36491 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59542 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4089 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6555 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158204 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491100) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667104 |
| **Net investment income** | **7340852** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) allocated from Deutsche DWS Equity <br> 500 Index Portfolio:<br>|  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32090561 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1116436) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30974125 |
| Change in net unrealized appreciation (depreciation) allocated from <br> Deutsche DWS Equity 500 Index Portfolio:<br>|  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (153003297) |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (347630) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (153350927) |
| **Net gain (loss)** | **(122376802)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(115035950)** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **15**  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $7340852 | $7462558 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 30974125 | &nbsp;&nbsp;&nbsp;&nbsp; 47226089 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; (153350927) | &nbsp;&nbsp;&nbsp; 103231865 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; (115035950) | &nbsp;&nbsp;&nbsp; 157920512 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1113206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1128607) |
| &nbsp;&nbsp;&nbsp; Class S | &nbsp;&nbsp;&nbsp;&nbsp; (30917729) | &nbsp;&nbsp;&nbsp;&nbsp; (46594720) |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; (28498158) | &nbsp;&nbsp;&nbsp;&nbsp; (43180991) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (60529093) | &nbsp;&nbsp;&nbsp;&nbsp; (90904318) |
| Fund share transactions: |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 67604243 | &nbsp;&nbsp;&nbsp;&nbsp; 81607967 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 57982723 | &nbsp;&nbsp;&nbsp;&nbsp; 86674563 |
| Payments for shares redeemed | &nbsp;&nbsp; (156055962) | &nbsp;&nbsp; (183542392) |
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30468996) | &nbsp;&nbsp;&nbsp;&nbsp; (15259862) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp; (206034039) | &nbsp;&nbsp;&nbsp;&nbsp; 51756332 |
| Net assets at beginning of period | &nbsp;&nbsp;&nbsp; 662823715 | &nbsp;&nbsp;&nbsp; 611067383 |
| **Net assets at end of period** | **$456789676** | **$662823715** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS Equity 500 Index Fund  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Equity 500 Index Fund** — **Class R6** | **DWS Equity 500 Index Fund** — **Class R6** | **DWS Equity 500 Index Fund** — **Class R6** | **DWS Equity 500 Index Fund** — **Class R6** | **DWS Equity 500 Index Fund** — **Class R6** | **DWS Equity 500 Index Fund** — **Class R6** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$213.73** | **$192.26** | **$198.17** | **$172.91** | **$220.83** |
| *Income (loss) from investment* <br> *operations:*<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (41.39) | &nbsp;&nbsp;&nbsp;&nbsp; 51.07 | &nbsp;&nbsp;&nbsp;&nbsp; 29.98 | &nbsp;&nbsp;&nbsp;&nbsp; 49.27 | &nbsp;&nbsp;&nbsp; (12.67)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (38.77) | &nbsp;&nbsp;&nbsp;&nbsp; 53.68 | &nbsp;&nbsp;&nbsp;&nbsp; 33.15 | &nbsp;&nbsp;&nbsp;&nbsp; 52.82 | &nbsp;&nbsp;&nbsp;&nbsp; (8.58) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.49) | &nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.44) | &nbsp;&nbsp;&nbsp;&nbsp; (3.78) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (19.66) | &nbsp;&nbsp;&nbsp; (29.31) | &nbsp;&nbsp;&nbsp; (35.86) | &nbsp;&nbsp;&nbsp; (24.12) | &nbsp;&nbsp;&nbsp; (35.56) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (22.15) | &nbsp;&nbsp;&nbsp; (32.21) | &nbsp;&nbsp;&nbsp; (39.06) | &nbsp;&nbsp;&nbsp; (27.56) | &nbsp;&nbsp;&nbsp; (39.34) |
| **Net asset value, end of period** | **$152.81** | **$213.73** | **$192.26** | **$198.17** | **$172.91** |
| Total Return (%) | &nbsp;&nbsp;&nbsp; (18.27)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.44<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.05<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.21<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.23)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Ratio of expenses before expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 |
| Ratio of expenses after expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82 |
| Portfolio turnover rate for Deutsche DWS <br> Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **17**  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Equity 500 Index Fund** — **Class S** | **DWS Equity 500 Index Fund** — **Class S** | **DWS Equity 500 Index Fund** — **Class S** | **DWS Equity 500 Index Fund** — **Class S** | **DWS Equity 500 Index Fund** — **Class S** | **DWS Equity 500 Index Fund** — **Class S** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$208.54** | **$188.17** | **$194.65** | **$170.17** | **$217.91** |
| *Income (loss) from investment* <br> *operations:*<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (40.36) | &nbsp;&nbsp;&nbsp;&nbsp; 49.97 | &nbsp;&nbsp;&nbsp;&nbsp; 29.40 | &nbsp;&nbsp;&nbsp;&nbsp; 48.47 | &nbsp;&nbsp;&nbsp; (12.38)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (37.90) | &nbsp;&nbsp;&nbsp;&nbsp; 52.41 | &nbsp;&nbsp;&nbsp;&nbsp; 32.43 | &nbsp;&nbsp;&nbsp;&nbsp; 51.87 | &nbsp;&nbsp;&nbsp;&nbsp; (8.58) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp; (2.73) | &nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp;&nbsp; (3.27) | &nbsp;&nbsp;&nbsp;&nbsp; (3.60) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (19.66) | &nbsp;&nbsp;&nbsp; (29.31) | &nbsp;&nbsp;&nbsp; (35.86) | &nbsp;&nbsp;&nbsp; (24.12) | &nbsp;&nbsp;&nbsp; (35.56) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (22.01) | &nbsp;&nbsp;&nbsp; (32.04) | &nbsp;&nbsp;&nbsp; (38.91) | &nbsp;&nbsp;&nbsp; (27.39) | &nbsp;&nbsp;&nbsp; (39.16) |
| **Net asset value, end of period** | **$148.63** | **$208.54** | **$188.17** | **$194.65** | **$170.17** |
| Total Return (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; (18.31) | &nbsp;&nbsp;&nbsp;&nbsp; 28.37 | &nbsp;&nbsp;&nbsp;&nbsp; 17.99 | &nbsp;&nbsp;&nbsp;&nbsp; 31.14 | &nbsp;&nbsp;&nbsp;&nbsp; (4.27)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| Ratio of expenses before expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .34 |
| Ratio of expenses after expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71 |
| Portfolio turnover rate for Deutsche DWS <br> Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS Equity 500 Index Fund  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS Equity 500 Index Fund** — **Institutional Class** | **DWS Equity 500 Index Fund** — **Institutional Class** | **DWS Equity 500 Index Fund** — **Institutional Class** | **DWS Equity 500 Index Fund** — **Institutional Class** | **DWS Equity 500 Index Fund** — **Institutional Class** | **DWS Equity 500 Index Fund** — **Institutional Class** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$213.77** | **$192.30** | **$198.20** | **$172.92** | **$220.85** |
| *Income (loss) from investment* <br> *operations:*<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (41.38) | &nbsp;&nbsp;&nbsp;&nbsp; 51.08 | &nbsp;&nbsp;&nbsp;&nbsp; 29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 49.27 | &nbsp;&nbsp;&nbsp; (12.55)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (38.77) | &nbsp;&nbsp;&nbsp;&nbsp; 53.68 | &nbsp;&nbsp;&nbsp;&nbsp; 33.16 | &nbsp;&nbsp;&nbsp;&nbsp; 52.83 | &nbsp;&nbsp;&nbsp;&nbsp; (8.61) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp;&nbsp; (3.76) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (19.66) | &nbsp;&nbsp;&nbsp; (29.31) | &nbsp;&nbsp;&nbsp; (35.86) | &nbsp;&nbsp;&nbsp; (24.12) | &nbsp;&nbsp;&nbsp; (35.56) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (22.16) | &nbsp;&nbsp;&nbsp; (32.21) | &nbsp;&nbsp;&nbsp; (39.06) | &nbsp;&nbsp;&nbsp; (27.55) | &nbsp;&nbsp;&nbsp; (39.32) |
| **Net asset value, end of period** | **$152.84** | **$213.77** | **$192.30** | **$198.20** | **$172.92** |
| Total Return (%)<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; (18.27) | &nbsp;&nbsp;&nbsp;&nbsp; 28.43 | &nbsp;&nbsp;&nbsp;&nbsp; 18.05 | &nbsp;&nbsp;&nbsp;&nbsp; 31.21 | &nbsp;&nbsp;&nbsp;&nbsp; (4.23)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| Ratio of expenses before expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .33 |
| Ratio of expenses after expense <br> reductions, including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 |
| Portfolio turnover rate for Deutsche DWS <br> Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.62 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **19**  |

---

------

**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

DWS Equity 500 Index Fund (the "Fund") is a diversified series of Deutsche DWS Institutional Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master portfolio, Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), a diversified open-end management investment company registered under the 1940 Act and organized as a New York trust advised by DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"). 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 fund") with substantially 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. At December 31, 2022, the Fund owned approximately 31% of the Portfolio.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as services to shareholders and certain other class specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual

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

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS Equity 500 Index Fund  |

---

------

results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

**Security Valuation.** The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio and is categorized as Level 1. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022, and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund are declared and distributed to shareholders quarterly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in derivatives and the realized tax character on distributions from certain securities. The Fund utilized a portion of the proceeds from capital shares redeemed as a distribution from net investment income and realized capital gains. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **21**  |

---

------

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $802521 |
| Undistributed long-term capital gains | $1388699 |

---

In addition, the tax character of distributions paid to shareholders by the Funds are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $6845698 | $10616681 |
| Distributions from long-term capital gains | $53683395 | $80287637 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** The Fund receives a daily allocation of the Portfolio's income, expenses and net realized and unrealized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

**B.** **Related Parties**

**Management Agreement.** Under its Investment Management Agreement with the Fund, the Advisor serves as investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure noted above in Note A.

Under the Investment Management Agreement, the Fund pays no management fee to the Advisor so long as the Fund is a feeder fund that invests substantially all of its assets in the Portfolio. In the event the Board of Trustees determines it is in the best interests of the Fund to withdraw its investment from the Portfolio, the Advisor may become responsible for directly managing the assets of the Fund under the Investment Management Agreement. In such event, the Fund would pay the Advisor an annual fee (exclusive of any applicable waivers/reimbursements) of 0.05% of the Fund's average daily net assets, accrued daily and payable monthly.

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

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS Equity 500 Index Fund  |

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------

For the period from January 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse fund expenses, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class R6 | .20% |
| Class S | .25% |
| Institutional Class | .20% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for each class are as follows:

---

| | |
|:---|:---|
| Class R6 | $2559 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 241705 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 246836 |
|  | **$491100** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $508,710, of which $38,732 is unpaid.

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class R6 | $151 | $25 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 24978 | &nbsp;&nbsp;&nbsp;&nbsp; 4168 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
|  | **$26410** | **$4406** |

---

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **23**  |

---

------

In addition, for the year ended December 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| Class S | $274481 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; 174940 |
|  | **$449421** |

---

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,155, of which $210 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**C.** **Fund Share Transactions**

The following table summarizes share and dollar activity in the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022** | **Year Ended** <br>**December 31, 2022** | **Year Ended** <br>**December 31, 2021** | **Year Ended** <br>**December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Class R6 | 15619 | $2773540 | 5499 | $1186689 |
| Class S | 106365 | &nbsp;&nbsp;&nbsp;&nbsp; 19463714 | 99731 | &nbsp;&nbsp;&nbsp;&nbsp; 20934151 |
| Institutional Class | 247442 | &nbsp;&nbsp;&nbsp;&nbsp; 45366989 | 276258 | &nbsp;&nbsp;&nbsp;&nbsp; 59487127 |
|  |  | **$67604243** |  | **$81607967** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| Class R6 | 6399 | $1005764 | 5135 | $1085883 |
| Class S | 198520 | &nbsp;&nbsp;&nbsp;&nbsp; 30419039 | 222724 | &nbsp;&nbsp;&nbsp;&nbsp; 45969211 |
| Institutional Class | 168465 | &nbsp;&nbsp;&nbsp;&nbsp; 26557920 | 187334 | &nbsp;&nbsp;&nbsp;&nbsp; 39619469 |
|  |  | **$57982723** |  | **$86674563** |

---

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

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS Equity 500 Index Fund  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2022** | **Year Ended**<br> **December 31, 2022** | **Year Ended**<br> **December 31, 2021** | **Year Ended**<br> **December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Class R6 | (3809) | $(685977) | (8732) | $(1957254) |
| Class S | (369755) | &nbsp;&nbsp;&nbsp; (67884331) | (435943) | &nbsp;&nbsp;&nbsp; (88900632) |
| Institutional Class | (478078) | &nbsp;&nbsp;&nbsp; (87485654) | (426632) | &nbsp;&nbsp;&nbsp; (92684506) |
|  |  | **$(156055962)** |  | **$(183542392)** |
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Class R6 | 18209 | $3093327 | 1902 | $315318 |
| Class S | (64870) | &nbsp;&nbsp;&nbsp; (18001578) | (113488) | &nbsp;&nbsp;&nbsp; (21997270) |
| Institutional Class | (62171) | &nbsp;&nbsp;&nbsp; (15560745) | 36960 | &nbsp;&nbsp;&nbsp;&nbsp; 6422090 |
|  |  | **$(30468996)**  |  | **$(15259862)**  |

---

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **25**  |

---

------

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Institutional Funds and Shareholders of DWS Equity 500 Index Fund:**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of DWS Equity 500 Index Fund (the "Fund") (one of the funds constituting Deutsche DWS Institutional Funds) (the "Trust") as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Institutional Funds) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 21, 2019, expressed an unqualified opinion on those financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial

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

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS Equity 500 Index Fund  |

---

------

reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements .Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imga78167626.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 23, 2023

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

---

| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **27**  |

---

------

**Information About Your Fund's Expenses**

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other

mutual funds. In the most recent six-month period, the Fund limited these

expenses; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2022 to December 31, 2022).

The tables illustrate your Fund's expenses in two ways:

—

**Actual Fund Return**. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—

**Hypothetical 5% Fund Return**. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the

relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Class S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

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

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS Equity 500 Index Fund  |

---

------

**Expenses and Value of a $1,000 Investment**

for the six months ended December 31, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Actual Fund Return\*** | **Class R6** | **Class S** | **Institutional** <br>**Class**<br>|
| Beginning Account Value 7/1/22 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 12/31/22 | $1022.20 | $1021.90 | $1022.10 |
| Expenses Paid per $1,000\*\* | $1.02  | $1.27  | $1.02 |
| **Hypothetical 5% Fund Return** | **Class R6** | **Class S** | **Institutional** <br>**Class**<br>|
| Beginning Account Value 7/1/22 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 12/31/22 | $1024.20 | $1023.95 | $1024.20 |
| Expenses Paid per $1,000\*\* | $1.02  | $1.28  | $1.02 |

---

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

\* Expenses include amounts allocated proportionally from the master portfolio.

\*\* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. 

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

---

| | | | |
|:---|:---|:---|:---|
| **Annualized Expense Ratios** | **Class R6** | **Class S** | **Institutional** <br>**Class**<br>|
| DWS Equity 500 Index Fund | .20% | .25% | .20% |

---

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

**Tax Information (Unaudited)**

The Fund paid distributions of $19.66 per share from net long-term capital gains during its year ended December 31, 2022.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $62,116,000 as capital gain dividends for its year ended December 31, 2022.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2022, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $7,655,000, or the maximum amount allowable under tax law, as qualified dividend income.

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

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| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **29**  |

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------

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

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

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| | | |
|:---|:---|:---|
| **30**  | \|  | DWS Equity 500 Index Fund  |

---

------

(The following financial statements of the Deutsche DWS Equity 500 Index Portfolio should be read in conjunction with the Fund's financial statements.)

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **31**  |

---

------

**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.3%** | **Common Stocks 99.3%** |  |
| **Communication Services 7.2%** | **Communication Services 7.2%** |  |
| **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** |  |
| AT&T, Inc. | 326500 | 6010865 |
| Lumen Technologies, Inc. | 43811 | 228694 |
| Verizon Communications, Inc. | 192331 | 7577841 |
|  |  | **13817400** |
| **Entertainment 1.3%** | **Entertainment 1.3%** |  |
| Activision Blizzard, Inc. | 32810 | 2511605 |
| Electronic Arts, Inc. | 12037 | 1470681 |
| Live Nation Entertainment, Inc.\* | 6494 | 452892 |
| Netflix, Inc.\* | 20386 | 6011424 |
| Take-Two Interactive Software, Inc.\* | 7282 | 758275 |
| Walt Disney Co.\* | 83412 | 7246834 |
| Warner Bros Discovery, Inc.\* (a) | 102569 | 972354 |
|  |  | **19424065** |
| **Interactive Media & Services 3.9%** | **Interactive Media & Services 3.9%** |  |
| Alphabet, Inc. "A" \* | 273595 | 24139287 |
| Alphabet, Inc. "C" \* | 242574 | 21523591 |
| Match Group, Inc.\* | 12978 | 538457 |
| Meta Platforms, Inc. "A" \* | 102996 | 12394538 |
|  |  | **58595873** |
| **Media 0.8%** | **Media 0.8%** |  |
| Charter Communications, Inc. "A" \* | 4927 | 1670746 |
| Comcast Corp. "A"  | 197547 | 6908219 |
| DISH Network Corp. "A" \* | 11890 | 166936 |
| Fox Corp. "A"  | 14139 | 429401 |
| Fox Corp. "B"  | 6387 | 181710 |
| Interpublic Group of Companies, Inc. | 17958 | 598181 |
| News Corp. "A"  | 17301 | 314878 |
| News Corp. "B"  | 5883 | 108483 |
| Omnicom Group, Inc. | 9244 | 754033 |
| Paramount Global "B" (a) | 23329 | 393793 |
|  |  | **11526380** |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |  |
| T-Mobile U.S., Inc.\* | 27301 | **3822140** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **32**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** |  |
| **Auto Components 0.1%** | **Auto Components 0.1%** |  |
| Aptiv PLC\* | 12322 | 1147548 |
| BorgWarner, Inc. | 10912 | 439208 |
|  |  | **1586756** |
| **Automobiles 1.3%** | **Automobiles 1.3%** |  |
| Ford Motor Co. | 181935 | 2115904 |
| General Motors Co. | 64800 | 2179872 |
| Tesla, Inc.\* | 123001 | 15151263 |
|  |  | **19447039** |
| **Distributors 0.2%** | **Distributors 0.2%** |  |
| Genuine Parts Co. | 6544 | 1135449 |
| LKQ Corp. | 11538 | 616245 |
| Pool Corp. | 1767 | 534217 |
|  |  | **2285911** |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |  |
| Booking Holdings, Inc.\* | 1776 | 3579137 |
| Caesars Entertainment, Inc.\* | 9745 | 405392 |
| Carnival Corp.\* | 45570 | 367294 |
| Chipotle Mexican Grill, Inc.\* | 1279 | 1774600 |
| Darden Restaurants, Inc. | 5627 | 778383 |
| Domino's Pizza, Inc. | 1661 | 575370 |
| Expedia Group, Inc.\* | 6930 | 607068 |
| Hilton Worldwide Holdings, Inc. | 12406 | 1567622 |
| Las Vegas Sands Corp.\* | 15283 | 734654 |
| Marriott International, Inc. "A"  | 12281 | 1828518 |
| McDonald's Corp. | 33565 | 8845385 |
| MGM Resorts International | 14451 | 484542 |
| Norwegian Cruise Line Holdings Ltd.\* | 19574 | 239586 |
| Royal Caribbean Cruises Ltd.\* | 10239 | 506114 |
| Starbucks Corp. | 52577 | 5215638 |
| Wynn Resorts Ltd.\* | 4682 | 386125 |
| Yum! Brands, Inc. | 12849 | 1645700 |
|  |  | **29541128** |
| **Household Durables 0.3%** | **Household Durables 0.3%** |  |
| D.R. Horton, Inc. | 14423 | 1285666 |
| Garmin Ltd. | 6931 | 639662 |
| Lennar Corp. "A"  | 11806 | 1068443 |
| Mohawk Industries, Inc.\* | 2393 | 244613 |
| Newell Brands, Inc. | 17024 | 222674 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **33**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| NVR, Inc.\* | 134 | 618086 |
| PulteGroup, Inc. | 10538 | 479795 |
| Whirlpool Corp. | 2590 | 366381 |
|  |  | **4925320** |
| **Internet & Direct Marketing Retail 2.4%** | **Internet & Direct Marketing Retail 2.4%** |  |
| Amazon.com, Inc.\* | 406675 | 34160700 |
| eBay, Inc. | 24942 | 1034345 |
| Etsy, Inc.\* | 5806 | 695443 |
|  |  | **35890488** |
| **Leisure Products 0.0%** | **Leisure Products 0.0%** |  |
| Hasbro, Inc. | 5892 | **359471** |
| **Multiline Retail 0.5%** | **Multiline Retail 0.5%** |  |
| Dollar General Corp. | 10344 | 2547210 |
| Dollar Tree, Inc.\* | 9613 | 1359663 |
| Target Corp. | 21129 | 3149066 |
|  |  | **7055939** |
| **Specialty Retail 2.4%** | **Specialty Retail 2.4%** |  |
| Advance Auto Parts, Inc. | 2845 | 418300 |
| AutoZone, Inc.\* | 873 | 2152975 |
| Bath & Body Works, Inc. | 10470 | 441206 |
| Best Buy Co., Inc. | 9090 | 729109 |
| CarMax, Inc.\* | 7336 | 446689 |
| Home Depot, Inc. | 46889 | 14810359 |
| Lowe's Companies, Inc. | 28437 | 5665788 |
| O'Reilly Automotive, Inc.\* | 2873 | 2424898 |
| Ross Stores, Inc. | 15852 | 1839942 |
| TJX Companies, Inc. | 53103 | 4226999 |
| Tractor Supply Co. | 5006 | 1126200 |
| Ulta Beauty, Inc.\* | 2333 | 1094340 |
|  |  | **35376805** |
| **Textiles, Apparel & Luxury Goods 0.5%** | **Textiles, Apparel & Luxury Goods 0.5%** |  |
| NIKE, Inc. "B"  | 57836 | 6767390 |
| Ralph Lauren Corp. | 1993 | 210600 |
| Tapestry, Inc. | 10848 | 413092 |
| VF Corp. | 15257 | 421246 |
|  |  | **7812328** |
| **Consumer Staples 7.1%** | **Consumer Staples 7.1%** |  |
| **Beverages 1.9%** | **Beverages 1.9%** |  |
| Brown-Forman Corp. "B"  | 8326 | 546852 |
| Coca-Cola Co. | 178103 | 11329132 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **34**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Constellation Brands, Inc. "A"  | 7474 | 1732099 |
| Keurig Dr Pepper, Inc. | 39135 | 1395554 |
| Molson Coors Beverage Co. "B"  | 8479 | 436838 |
| Monster Beverage Corp.\* | 17490 | 1775760 |
| PepsiCo, Inc. | 63122 | 11403620 |
|  |  | **28619855** |
| **Food & Staples Retailing 1.5%** | **Food & Staples Retailing 1.5%** |  |
| Costco Wholesale Corp. | 20313 | 9272884 |
| Kroger Co. | 29651 | 1321842 |
| Sysco Corp. | 23162 | 1770735 |
| Walgreens Boots Alliance, Inc. | 33019 | 1233590 |
| Walmart, Inc. | 64690 | 9172395 |
|  |  | **22771446** |
| **Food Products 1.2%** | **Food Products 1.2%** |  |
| Archer-Daniels-Midland Co. | 25180 | 2337963 |
| Campbell Soup Co. | 9146 | 519035 |
| Conagra Brands, Inc. | 21733 | 841067 |
| General Mills, Inc. | 27179 | 2278959 |
| Hormel Foods Corp. | 13454 | 612830 |
| Kellogg Co. | 11773 | 838708 |
| Kraft Heinz Co. | 36272 | 1476633 |
| Lamb Weston Holdings, Inc. | 6566 | 586738 |
| McCormick & Co., Inc. | 11543 | 956799 |
| Mondelez International, Inc. "A"  | 62521 | 4167025 |
| The Hershey Co. | 6789 | 1572129 |
| The J.M. Smucker Co. | 4930 | 781208 |
| Tyson Foods, Inc. "A"  | 13195 | 821389 |
|  |  | **17790483** |
| **Household Products 1.6%** | **Household Products 1.6%** |  |
| Church & Dwight Co., Inc. | 11176 | 900897 |
| Clorox Co. | 5660 | 794268 |
| Colgate-Palmolive Co. | 38283 | 3016318 |
| Kimberly-Clark Corp. | 15546 | 2110370 |
| Procter & Gamble Co. | 108549 | 16451686 |
|  |  | **23273539** |
| **Personal Products 0.2%** | **Personal Products 0.2%** |  |
| Estee Lauder Companies, Inc. "A"  | 10555 | **2618801** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **35**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Tobacco 0.7%** | **Tobacco 0.7%** |  |
| Altria Group, Inc. | 82107 | 3753111 |
| Philip Morris International, Inc. | 70973 | 7183177 |
|  |  | **10936288** |
| **Energy 5.2%** | **Energy 5.2%** |  |
| **Energy Equipment & Services 0.4%** | **Energy Equipment & Services 0.4%** |  |
| Baker Hughes Co. | 46115 | 1361776 |
| Halliburton Co. | 41305 | 1625352 |
| Schlumberger Ltd. | 65077 | 3479016 |
|  |  | **6466144** |
| **Oil, Gas & Consumable Fuels 4.8%** | **Oil, Gas & Consumable Fuels 4.8%** |  |
| APA Corp. | 14560 | 679661 |
| Chevron Corp. | 81507 | 14629691 |
| ConocoPhillips | 57196 | 6749128 |
| Coterra Energy, Inc. | 35795 | 879483 |
| Devon Energy Corp. | 29804 | 1833244 |
| Diamondback Energy, Inc. | 8027 | 1097933 |
| EOG Resources, Inc. | 26967 | 3492766 |
| EQT Corp. | 17085 | 577985 |
| Exxon Mobil Corp. | 188708 | 20814492 |
| Hess Corp. | 12677 | 1797852 |
| Kinder Morgan, Inc. | 91088 | 1646871 |
| Marathon Oil Corp. | 29198 | 790390 |
| Marathon Petroleum Corp. | 21405 | 2491328 |
| Occidental Petroleum Corp. | 33334 | 2099709 |
| ONEOK, Inc. | 20574 | 1351712 |
| Phillips 66 | 21595 | 2247608 |
| Pioneer Natural Resources Co. | 10866 | 2481686 |
| Targa Resources Corp. | 10470 | 769545 |
| Valero Energy Corp. | 17648 | 2238825 |
| Williams Companies, Inc. | 55971 | 1841446 |
|  |  | **70511355** |
| **Financials 11.6%** | **Financials 11.6%** |  |
| **Banks 3.8%** | **Banks 3.8%** |  |
| Bank of America Corp. | 319894 | 10594889 |
| Citigroup, Inc. | 88743 | 4013846 |
| Citizens Financial Group, Inc. | 22801 | 897675 |
| Comerica, Inc. | 5774 | 385992 |
| Fifth Third Bancorp. | 31683 | 1039519 |
| First Republic Bank | 8263 | 1007177 |
| Huntington Bancshares, Inc. | 66712 | 940639 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **36**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| JPMorgan Chase & Co. | 134358 | 18017408 |
| KeyCorp. | 42707 | 743956 |
| M&T Bank Corp. | 7914 | 1148005 |
| PNC Financial Services Group, Inc. | 18430 | 2910834 |
| Regions Financial Corp. | 43134 | 929969 |
| Signature Bank | 2859 | 329414 |
| SVB Financial Group\* | 2746 | 631965 |
| Truist Financial Corp. | 60758 | 2614417 |
| U.S. Bancorp. | 61928 | 2700680 |
| Wells Fargo & Co. | 174651 | 7211340 |
| Zions Bancorp. NA | 6647 | 326767 |
|  |  | **56444492** |
| **Capital Markets 3.1%** | **Capital Markets 3.1%** |  |
| Ameriprise Financial, Inc. | 4861 | 1513570 |
| Bank of New York Mellon Corp. | 33948 | 1545313 |
| BlackRock, Inc. | 6876 | 4872540 |
| Cboe Global Markets, Inc. | 4864 | 610286 |
| Charles Schwab Corp. | 70004 | 5828533 |
| CME Group, Inc. | 16527 | 2779180 |
| FactSet Research Systems, Inc. | 1743 | 699309 |
| Franklin Resources, Inc. | 12755 | 336477 |
| Intercontinental Exchange, Inc. | 25682 | 2634716 |
| Invesco Ltd. | 21138 | 380273 |
| MarketAxess Holdings, Inc. | 1729 | 482201 |
| Moody's Corp. | 7175 | 1999098 |
| Morgan Stanley | 60390 | 5134358 |
| MSCI, Inc. | 3660 | 1702522 |
| Nasdaq, Inc. | 15623 | 958471 |
| Northern Trust Corp. | 9629 | 852070 |
| Raymond James Financial, Inc. | 8824 | 942844 |
| S&P Global, Inc. | 15258 | 5110515 |
| State Street Corp. | 16729 | 1297669 |
| T. Rowe Price Group, Inc. | 10198 | 1112194 |
| The Goldman Sachs Group, Inc. | 15504 | 5323763 |
|  |  | **46115902** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| American Express Co. | 27370 | 4043917 |
| Capital One Financial Corp. | 17410 | 1618434 |
| Discover Financial Services | 12635 | 1236082 |
| Synchrony Financial | 20552 | 675339 |
|  |  | **7573772** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **37**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Diversified Financial Services 1.7%** | **Diversified Financial Services 1.7%** |  |
| Berkshire Hathaway, Inc. "B" \* | 82588 | **25511433** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Aflac, Inc. | 25869 | 1861016 |
| Allstate Corp. | 12132 | 1645099 |
| American International Group, Inc. | 33812 | 2138271 |
| Aon PLC "A"  | 9473 | 2843226 |
| Arch Capital Group Ltd.\* | 17056 | 1070776 |
| Arthur J. Gallagher & Co. | 9705 | 1829781 |
| Assurant, Inc. | 2427 | 303521 |
| Brown & Brown, Inc. | 10716 | 610490 |
| Chubb Ltd. | 19068 | 4206401 |
| Cincinnati Financial Corp. | 7115 | 728505 |
| Everest Re Group Ltd. | 1783 | 590654 |
| Globe Life, Inc. | 4143 | 499439 |
| Hartford Financial Services Group, Inc. | 14580 | 1105601 |
| Lincoln National Corp. | 7151 | 219679 |
| Loews Corp. | 9300 | 542469 |
| Marsh & McLennan Companies, Inc. | 22647 | 3747625 |
| MetLife, Inc. | 30160 | 2182679 |
| Principal Financial Group, Inc. | 10536 | 884181 |
| Progressive Corp. | 26917 | 3491404 |
| Prudential Financial, Inc. | 16776 | 1668541 |
| Travelers Companies, Inc. | 10817 | 2028079 |
| W.R. Berkley Corp. | 9394 | 681723 |
| Willis Towers Watson PLC | 4903 | 1199176 |
|  |  | **36078336** |
| **Health Care 15.7%** | **Health Care 15.7%** |  |
| **Biotechnology 2.5%** | **Biotechnology 2.5%** |  |
| AbbVie, Inc. | 81047 | 13098006 |
| Amgen, Inc. | 24428 | 6415770 |
| Biogen, Inc.\* | 6620 | 1833210 |
| Gilead Sciences, Inc. | 57485 | 4935087 |
| Incyte Corp.\* | 8353 | 670913 |
| Moderna, Inc.\* | 15135 | 2718549 |
| Regeneron Pharmaceuticals, Inc.\* | 4891 | 3528808 |
| Vertex Pharmaceuticals, Inc.\* | 11793 | 3405582 |
|  |  | **36605925** |
| **Health Care Equipment & Supplies 2.8%** | **Health Care Equipment & Supplies 2.8%** |  |
| Abbott Laboratories | 79869 | 8768818 |
| Align Technology, Inc.\* | 3375 | 711788 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **38**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Baxter International, Inc. | 22858 | 1165072 |
| Becton, Dickinson & Co. | 13100 | 3331330 |
| Boston Scientific Corp.\* | 65762 | 3042808 |
| DENTSPLY SIRONA, Inc. | 9929 | 316139 |
| DexCom, Inc.\* | 17684 | 2002536 |
| Edwards Lifesciences Corp.\* | 28210 | 2104748 |
| Hologic, Inc.\* | 11547 | 863831 |
| IDEXX Laboratories, Inc.\* | 3782 | 1542905 |
| Intuitive Surgical, Inc.\* | 16184 | 4294424 |
| Medtronic PLC | 60876 | 4731283 |
| ResMed, Inc. | 6734 | 1401547 |
| STERIS PLC | 4499 | 830920 |
| Stryker Corp. | 15448 | 3776882 |
| Teleflex, Inc. | 2143 | 534957 |
| The Cooper Companies, Inc. | 2267 | 749629 |
| Zimmer Biomet Holdings, Inc. | 9667 | 1232542 |
|  |  | **41402159** |
| **Health Care Providers & Services 3.7%** | **Health Care Providers & Services 3.7%** |  |
| AmerisourceBergen Corp. | 7399 | 1226088 |
| Cardinal Health, Inc. | 12025 | 924362 |
| Centene Corp.\* | 26015 | 2133490 |
| Cigna Corp. | 13983 | 4633127 |
| CVS Health Corp. | 60199 | 5609945 |
| DaVita, Inc.\* | 2597 | 193918 |
| Elevance Health, Inc. | 10943 | 5613431 |
| HCA Healthcare, Inc. | 9699 | 2327372 |
| Henry Schein, Inc.\* | 6238 | 498229 |
| Humana, Inc. | 5811 | 2976336 |
| Laboratory Corp. of America Holdings | 4091 | 963349 |
| McKesson Corp. | 6495 | 2436404 |
| Molina Healthcare, Inc.\* | 2689 | 887962 |
| Quest Diagnostics, Inc. | 5133 | 803006 |
| UnitedHealth Group, Inc. | 42832 | 22708670 |
| Universal Health Services, Inc. "B"  | 2927 | 412385 |
|  |  | **54348074** |
| **Life Sciences Tools & Services 1.9%** | **Life Sciences Tools & Services 1.9%** |  |
| Agilent Technologies, Inc. | 13622 | 2038532 |
| Bio-Rad Laboratories, Inc. "A" \* | 984 | 413762 |
| Bio-Techne Corp. | 7204 | 597068 |
| Charles River Laboratories International, Inc.\* | 2291 | 499209 |
| Danaher Corp. | 30019 | 7967643 |
| Illumina, Inc.\* | 7149 | 1445528 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **39**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| IQVIA Holdings, Inc.\* | 8492 | 1739926 |
| Mettler-Toledo International, Inc.\* | 1025 | 1481586 |
| PerkinElmer, Inc. | 5776 | 809911 |
| Thermo Fisher Scientific, Inc. | 17965 | 9893146 |
| Waters Corp.\* | 2718 | 931132 |
| West Pharmaceutical Services, Inc. | 3429 | 807015 |
|  |  | **28624458** |
| **Pharmaceuticals 4.8%** | **Pharmaceuticals 4.8%** |  |
| Bristol-Myers Squibb Co. | 97430 | 7010089 |
| Catalent, Inc.\* | 8310 | 374033 |
| Eli Lilly & Co. | 36173 | 13233530 |
| Johnson & Johnson | 119866 | 21174329 |
| Merck & Co., Inc. | 116201 | 12892501 |
| Organon & Co. | 11277 | 314967 |
| Pfizer, Inc. | 257171 | 13177442 |
| Viatris, Inc. | 55400 | 616602 |
| Zoetis, Inc. | 21300 | 3121515 |
|  |  | **71915008** |
| **Industrials 8.6%** | **Industrials 8.6%** |  |
| **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** |  |
| Boeing Co.\* | 25654 | 4886830 |
| General Dynamics Corp. | 10356 | 2569427 |
| Howmet Aerospace, Inc. | 16732 | 659408 |
| Huntington Ingalls Industries, Inc. | 1814 | 418454 |
| L3Harris Technologies, Inc. | 8712 | 1813926 |
| Lockheed Martin Corp. | 10676 | 5193767 |
| Northrop Grumman Corp. | 6640 | 3622850 |
| Raytheon Technologies Corp. | 67389 | 6800898 |
| Textron, Inc. | 9717 | 687964 |
| TransDigm Group, Inc. | 2379 | 1497937 |
|  |  | **28151461** |
| **Air Freight & Logistics 0.6%** | **Air Freight & Logistics 0.6%** |  |
| C.H. Robinson Worldwide, Inc. | 5368 | 491494 |
| Expeditors International of Washington, Inc. | 7277 | 756226 |
| FedEx Corp. | 11029 | 1910223 |
| United Parcel Service, Inc. "B"  | 33390 | 5804517 |
|  |  | **8962460** |
| **Airlines 0.2%** | **Airlines 0.2%** |  |
| Alaska Air Group, Inc.\* | 5698 | 244672 |
| American Airlines Group, Inc.\* | 29356 | 373408 |
| Delta Air Lines, Inc.\* | 29244 | 960958 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **40**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Southwest Airlines Co.\* | 27055 | 910942 |
| United Airlines Holdings, Inc.\* | 14853 | 559958 |
|  |  | **3049938** |
| **Building Products 0.4%** | **Building Products 0.4%** |  |
| A.O. Smith Corp. | 5909 | 338231 |
| Allegion PLC | 4085 | 429987 |
| Carrier Global Corp. | 38269 | 1578596 |
| Johnson Controls International PLC | 31369 | 2007616 |
| Masco Corp. | 10441 | 487282 |
| Trane Technologies PLC | 10543 | 1772173 |
|  |  | **6613885** |
| **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** |  |
| Cintas Corp. | 3961 | 1788867 |
| Copart, Inc.\* | 19771 | 1203856 |
| Republic Services, Inc. | 9477 | 1222438 |
| Rollins, Inc. | 10874 | 397336 |
| Waste Management, Inc. | 17162 | 2692375 |
|  |  | **7304872** |
| **Construction & Engineering 0.1%** | **Construction & Engineering 0.1%** |  |
| Quanta Services, Inc. | 6592 | **939360** |
| **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** |  |
| AMETEK, Inc. | 10581 | 1478377 |
| Eaton Corp. PLC | 18129 | 2845347 |
| Emerson Electric Co. | 27182 | 2611103 |
| Generac Holdings, Inc.\* | 2990 | 300973 |
| Rockwell Automation, Inc. | 5219 | 1344258 |
|  |  | **8580058** |
| **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** |  |
| 3M Co. | 25380 | 3043569 |
| General Electric Co. | 49992 | 4188830 |
| Honeywell International, Inc. | 30753 | 6590368 |
|  |  | **13822767** |
| **Machinery 1.9%** | **Machinery 1.9%** |  |
| Caterpillar, Inc. | 23853 | 5714225 |
| Cummins, Inc. | 6409 | 1552837 |
| Deere & Co. | 12583 | 5395087 |
| Dover Corp. | 6346 | 859312 |
| Fortive Corp. | 16033 | 1030120 |
| IDEX Corp. | 3484 | 795502 |
| Illinois Tool Works, Inc. | 12822 | 2824687 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **41**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Ingersoll Rand, Inc. | 18449 | 963960 |
| Nordson Corp. | 2484 | 590496 |
| Otis Worldwide Corp. | 19124 | 1497600 |
| PACCAR, Inc. | 15845 | 1568180 |
| Parker-Hannifin Corp. | 5890 | 1713990 |
| Pentair PLC | 7446 | 334921 |
| Snap-on, Inc. | 2374 | 542435 |
| Stanley Black & Decker, Inc. | 6770 | 508562 |
| Westinghouse Air Brake Technologies Corp. | 8307 | 829122 |
| Xylem, Inc. | 8298 | 917510 |
|  |  | **27638546** |
| **Professional Services 0.4%** | **Professional Services 0.4%** |  |
| CoStar Group, Inc.\* | 18605 | 1437795 |
| Equifax, Inc. | 5562 | 1081030 |
| Jacobs Solutions, Inc. | 5947 | 714056 |
| Leidos Holdings, Inc. | 6218 | 654072 |
| Robert Half International, Inc. | 4852 | 358223 |
| Verisk Analytics, Inc. | 7109 | 1254170 |
|  |  | **5499346** |
| **Road & Rail 0.9%** | **Road & Rail 0.9%** |  |
| CSX Corp. | 96265 | 2982290 |
| J.B. Hunt Transport Services, Inc. | 3844 | 670240 |
| Norfolk Southern Corp. | 10571 | 2604906 |
| Old Dominion Freight Line, Inc. | 4129 | 1171727 |
| Union Pacific Corp. | 28187 | 5836682 |
|  |  | **13265845** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |  |
| Fastenal Co. | 25979 | 1229326 |
| United Rentals, Inc.\* | 3171 | 1127037 |
| W.W. Grainger, Inc. | 2060 | 1145875 |
|  |  | **3502238** |
| **Information Technology 25.6%** | **Information Technology 25.6%** |  |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |  |
| Arista Networks, Inc.\* | 11412 | 1384846 |
| Cisco Systems, Inc. | 188198 | 8965753 |
| F5, Inc.\* | 2761 | 396231 |
| Juniper Networks, Inc. | 14716 | 470323 |
| Motorola Solutions, Inc. | 7609 | 1960916 |
|  |  | **13178069** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **42**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |  |
| Amphenol Corp. "A"  | 27384 | 2085018 |
| CDW Corp. | 6161 | 1100231 |
| Corning, Inc. | 34772 | 1110618 |
| Keysight Technologies, Inc.\* | 8180 | 1399353 |
| TE Connectivity Ltd. | 14509 | 1665633 |
| Teledyne Technologies, Inc.\* | 2158 | 863006 |
| Trimble, Inc.\* | 11078 | 560104 |
| Zebra Technologies Corp. "A" \* | 2377 | 609486 |
|  |  | **9393449** |
| **IT Services 4.4%** | **IT Services 4.4%** |  |
| Accenture PLC "A"  | 28874 | 7704738 |
| Akamai Technologies, Inc.\* | 7183 | 605527 |
| Automatic Data Processing, Inc. | 18977 | 4532846 |
| Broadridge Financial Solutions, Inc. | 5319 | 713438 |
| Cognizant Technology Solutions Corp. "A"  | 23533 | 1345852 |
| DXC Technology Co.\* | 10390 | 275335 |
| EPAM Systems, Inc.\* | 2618 | 858023 |
| Fidelity National Information Services, Inc. | 27121 | 1840160 |
| Fiserv, Inc.\* | 29170 | 2948212 |
| FleetCor Technologies, Inc.\* | 3359 | 616981 |
| Gartner, Inc.\* | 3606 | 1212121 |
| Global Payments, Inc. | 12340 | 1225609 |
| International Business Machines Corp. | 41435 | 5837777 |
| Jack Henry & Associates, Inc. | 3317 | 582333 |
| Mastercard, Inc. "A"  | 38875 | 13518004 |
| Paychex, Inc. | 14806 | 1710981 |
| PayPal Holdings, Inc.\* | 52246 | 3720960 |
| VeriSign, Inc.\* | 4276 | 878461 |
| Visa, Inc. "A"  | 74938 | 15569119 |
|  |  | **65696477** |
| **Semiconductors & Semiconductor Equipment 5.1%** | **Semiconductors & Semiconductor Equipment 5.1%** |  |
| Advanced Micro Devices, Inc.\* | 73958 | 4790260 |
| Analog Devices, Inc. | 23578 | 3867499 |
| Applied Materials, Inc. | 39436 | 3840278 |
| Broadcom, Inc. | 18557 | 10375775 |
| Enphase Energy, Inc.\* | 6253 | 1656795 |
| First Solar, Inc.\* | 4551 | 681694 |
| Intel Corp. | 189009 | 4995508 |
| KLA Corp. | 6470 | 2439384 |
| Lam Research Corp. | 6243 | 2623933 |
| Microchip Technology, Inc. | 25160 | 1767490 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **43**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Micron Technology, Inc. | 49824 | 2490203 |
| Monolithic Power Systems, Inc. | 2058 | 727729 |
| NVIDIA Corp. | 114096 | 16673989 |
| NXP Semiconductors NV | 11800 | 1864754 |
| ON Semiconductor Corp.\* | 19899 | 1241101 |
| Qorvo, Inc.\* | 4667 | 423017 |
| QUALCOMM, Inc. | 51440 | 5655314 |
| Skyworks Solutions, Inc. | 7323 | 667345 |
| SolarEdge Technologies, Inc.\* | 2536 | 718373 |
| Teradyne, Inc. | 7193 | 628309 |
| Texas Instruments, Inc. | 41570 | 6868195 |
|  |  | **74996945** |
| **Software 8.3%** | **Software 8.3%** |  |
| Adobe, Inc.\* | 21346 | 7183569 |
| ANSYS, Inc.\* | 3938 | 951381 |
| Autodesk, Inc.\* | 9895 | 1849079 |
| Cadence Design Systems, Inc.\* | 12635 | 2029686 |
| Ceridian HCM Holding, Inc.\* | 7057 | 452707 |
| Fortinet, Inc.\* | 29819 | 1457851 |
| Gen Digital, Inc. | 26927 | 577046 |
| Intuit, Inc. | 12914 | 5026387 |
| Microsoft Corp. | 341572 | 81915797 |
| Oracle Corp. | 70406 | 5754986 |
| Paycom Software, Inc.\* | 2191 | 679889 |
| PTC, Inc.\* | 4802 | 576432 |
| Roper Technologies, Inc. | 4833 | 2088291 |
| Salesforce, Inc.\* | 45834 | 6077130 |
| ServiceNow, Inc.\* | 9265 | 3597322 |
| Synopsys, Inc.\* | 6978 | 2228006 |
| Tyler Technologies, Inc.\* | 1905 | 614191 |
|  |  | **123059750** |
| **Technology Hardware, Storage & Peripherals 6.3%** | **Technology Hardware, Storage & Peripherals 6.3%** |  |
| Apple, Inc. | 685296 | 89040509 |
| Hewlett Packard Enterprise Co. | 59455 | 948902 |
| HP, Inc. | 40405 | 1085682 |
| NetApp, Inc. | 9793 | 588168 |
| Seagate Technology Holdings PLC | 8843 | 465230 |
| Western Digital Corp.\* | 14818 | 467508 |
|  |  | **92595999** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **44**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Materials 2.7%** | **Materials 2.7%** |  |
| **Chemicals 1.9%** | **Chemicals 1.9%** |  |
| Air Products & Chemicals, Inc. | 10192 | 3141786 |
| Albemarle Corp. | 5333 | 1156514 |
| Celanese Corp. | 4614 | 471735 |
| CF Industries Holdings, Inc. | 8945 | 762114 |
| Corteva, Inc. | 32738 | 1924340 |
| Dow, Inc. | 32539 | 1639640 |
| DuPont de Nemours, Inc. | 22790 | 1564078 |
| Eastman Chemical Co. | 5321 | 433342 |
| Ecolab, Inc. | 11263 | 1639442 |
| FMC Corp. | 5735 | 715728 |
| International Flavors & Fragrances, Inc. | 11774 | 1234386 |
| Linde PLC | 22645 | 7386346 |
| LyondellBasell Industries NV "A"  | 11788 | 978758 |
| PPG Industries, Inc. | 10805 | 1358621 |
| Sherwin-Williams Co. | 10851 | 2575268 |
| The Mosaic Co. | 15411 | 676081 |
|  |  | **27658179** |
| **Construction Materials 0.1%** | **Construction Materials 0.1%** |  |
| Martin Marietta Materials, Inc. | 2822 | 953751 |
| Vulcan Materials Co. | 6164 | 1079378 |
|  |  | **2033129** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Amcor PLC | 68772 | 819074 |
| Avery Dennison Corp. | 3678 | 665718 |
| Ball Corp. | 14541 | 743627 |
| International Paper Co. | 16592 | 574581 |
| Packaging Corp. of America | 4283 | 547839 |
| Sealed Air Corp. | 6589 | 328659 |
| Westrock Co. | 11787 | 414431 |
|  |  | **4093929** |
| **Metals & Mining 0.4%** | **Metals & Mining 0.4%** |  |
| Freeport-McMoRan, Inc. | 65679 | 2495802 |
| Newmont Corp. | 36492 | 1722422 |
| Nucor Corp. | 11703 | 1542573 |
| Steel Dynamics, Inc. | 7639 | 746330 |
|  |  | **6507127** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **45**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Real Estate 2.7%** | **Real Estate 2.7%** |  |
| **Equity Real Estate Investment Trusts (REITs) 2.6%** | **Equity Real Estate Investment Trusts (REITs) 2.6%** |  |
| Alexandria Real Estate Equities, Inc. | 6865 | 1000024 |
| American Tower Corp. | 21347 | 4522575 |
| AvalonBay Communities, Inc. | 6434 | 1039220 |
| Boston Properties, Inc. | 6520 | 440622 |
| Camden Property Trust | 4900 | 548212 |
| Crown Castle, Inc. | 19915 | 2701271 |
| Digital Realty Trust, Inc. | 13194 | 1322962 |
| Equinix, Inc. | 4223 | 2766192 |
| Equity Residential | 15611 | 921049 |
| Essex Property Trust, Inc. | 3007 | 637243 |
| Extra Space Storage, Inc. | 6115 | 900006 |
| Federal Realty Investment Trust | 3378 | 341313 |
| Healthpeak Properties, Inc. | 24769 | 620959 |
| Host Hotels & Resorts, Inc. | 32660 | 524193 |
| Invitation Homes, Inc. | 26217 | 777072 |
| Iron Mountain, Inc. | 13268 | 661410 |
| Kimco Realty Corp. | 28393 | 601364 |
| Mid-America Apartment Communities, Inc. | 5302 | 832361 |
| Prologis, Inc. | 42304 | 4768930 |
| Public Storage | 7286 | 2041464 |
| Realty Income Corp. | 28501 | 1807818 |
| Regency Centers Corp. | 7016 | 438500 |
| SBA Communications Corp. | 4908 | 1375761 |
| Simon Property Group, Inc. | 15064 | 1769719 |
| UDR, Inc. | 14175 | 548998 |
| Ventas, Inc. | 18645 | 839957 |
| VICI Properties, Inc. | 44367 | 1437491 |
| Vornado Realty Trust | 7444 | 154910 |
| Welltower, Inc. | 21531 | 1411357 |
| Weyerhaeuser Co. | 33562 | 1040422 |
|  |  | **38793375** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |  |
| CBRE Group, Inc. "A" \* | 14583 | **1122308** |
| **Utilities 3.2%** | **Utilities 3.2%** |  |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |  |
| Alliant Energy Corp. | 11479 | 633756 |
| American Electric Power Co., Inc. | 23451 | 2226672 |
| Constellation Energy Corp. | 14912 | 1285563 |
| Duke Energy Corp. | 35167 | 3621849 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **46**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Edison International | 17347 | 1103616 |
| Entergy Corp. | 9394 | 1056825 |
| Evergy, Inc. | 10638 | 669449 |
| Eversource Energy | 16013 | 1342530 |
| Exelon Corp. | 45875 | 1983176 |
| FirstEnergy Corp. | 24954 | 1046571 |
| NextEra Energy, Inc. | 91091 | 7615208 |
| NRG Energy, Inc. | 10375 | 330132 |
| PG&E Corp.\* | 74389 | 1209565 |
| Pinnacle West Capital Corp. | 5068 | 385371 |
| PPL Corp. | 34018 | 994006 |
| Southern Co. | 49748 | 3552505 |
| Xcel Energy, Inc. | 24896 | 1745459 |
|  |  | **30802253** |
| **Gas Utilities 0.0%** | **Gas Utilities 0.0%** |  |
| Atmos Energy Corp. | 6441 | **721843** |
| **Independent Power & Renewable Electricity Producers 0.1%** | **Independent Power & Renewable Electricity Producers 0.1%** |  |
| AES Corp. | 30402 | **874361** |
| **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** |  |
| Ameren Corp. | 11896 | 1057792 |
| CenterPoint Energy, Inc. | 29048 | 871150 |
| CMS Energy Corp. | 13388 | 847862 |
| Consolidated Edison, Inc. | 16177 | 1541830 |
| Dominion Energy, Inc. | 38328 | 2350273 |
| DTE Energy Co. | 8934 | 1050013 |
| NiSource, Inc. | 18567 | 509107 |
| Public Service Enterprise Group, Inc. | 23002 | 1409333 |
| Sempra Energy | 14336 | 2215485 |
| WEC Energy Group, Inc. | 14300 | 1340768 |
|  |  | **13193613** |
| **Water Utilities 0.1%** | **Water Utilities 0.1%** |  |
| American Water Works Co., Inc. | 8342 | **1271488** |
| **Total Common Stocks** (Cost $425,197,213) | **Total Common Stocks** (Cost $425,197,213) | **1472397583** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Short-Term U.S. Treasury Obligation 0.2%** | **Short-Term U.S. Treasury Obligation 0.2%** | **Short-Term U.S. Treasury Obligation 0.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.46% (b), 5/11/2023 (c) <br> (Cost $2,617,159)<br>| 2660000 | **2617055** |

---

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

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **47**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS <br> Government Cash Institutional Shares" , 4.07% (d) (e) <br>(Cost $350,418)<br>| 350418 | **350418** |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management Government Fund, 4.2% <br> (d) (Cost $6,023,842)<br>| 6023842 | **6023842** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $434,188,632) | &nbsp;&nbsp; 99.9 | **1481388898** |
| **Other Assets and Liabilities, Net** | &nbsp;&nbsp;&nbsp;&nbsp; 0.1 | **1081156** |
| **Net Assets** | 100.0 | **1482470054** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($)** <br>**at** <br>**12/31/2021**<br>| **Pur-** <br>**chases** <br>**Cost** <br>**($)**<br>| **Sales** <br>**Proceeds** <br>**($)**<br>| **Net** <br>**Real-** <br>**ized** <br>**Gain/** <br>**(Loss)** <br>**($)**<br>| **Net** <br>**Change** <br>**in** <br>**Unreal-** <br>**ized** <br>**Appreci-** <br>**ation** <br>**(Depreci-** <br>**ation)** <br>**($)**<br>| **Income** <br>**($)**<br>| **Capital** <br>**Gain** <br>**Distri-** <br>**butions** <br>**($)**<br>| **Number of** <br>**Shares at** <br>**12/31/2022**<br>| **Value ($)** <br>**at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) |
| 12413546 |  | 12,063,128 (f) |  |  | 14116 |  | 350418 | 350418 |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) |
| 25082012 | 165548862 | 184607032 |  |  | 183096 |  | 6023842 | 6023842 |
| **37495558** | **165548862** | **196670160** |  |  | **197212** |  | **6374260** | **6374260** |

---

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

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $345,668, which is 0.0% of net assets. 

(b) Annualized yield at time of purchase; not a coupon rate.

(c) At December 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

(d) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **48**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022.

At December 31, 2022, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| S&P 500 E-Mini <br> Index<br>| USD | 3/17/2023 | 49 | 9792644 | 9459450 | **(333194)** |

---

**Currency Abbreviation(s)**

------

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

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

**Fair Value Measurements**

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2022 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $1472397583 | $— | $— | $1472397583 |
| Short-Term U.S. Treasury <br> Obligation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2617055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2617055 |
| Short-Term Investments (a) | &nbsp;&nbsp; 6374260 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6374260 |
| **Total** | **$1478771843** | **$2617055** | **$**—  | **$1481388898** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(333194) | $— | $— | $(333194) |
| **Total** | **$(333194)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | **$**—  | **$(333194)** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

The accompanying notes are an integral part of the financial statements.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **49**  |

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**Statement of Assets and Liabilities**

as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $427,814,372) — <br> including $345,668 of securities loaned<br>| $1475014638 |
| Investment in DWS Government & Agency Securities Portfolio <br> (cost $350,418)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp; 350418 |
| Investment in DWS Central Cash Management Government Fund <br> (cost $6,023,842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6023842 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 350447 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp; 1268886 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 21528 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp; 24951 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 1483054710 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 350418 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 35541 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp; 64724 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 17362 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp; 116611 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584656 |
| **Net assets, at value** | **$1482470054** |

---

\*

Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

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

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| | | |
|:---|:---|:---|
| **50**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld of $129,196) | $26754897 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35373 |
| Income distributions — DWS Central Cash Management <br> Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183096 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14116 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26987482 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828162 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496897 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23029 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94716 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23869 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78420 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79439 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624532 |
| **Net investment income** | **25362950** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 101801274 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3452932) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98348342 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (478783334) |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1073301) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (479856635) |
| **Net gain (loss)** | **(381508293)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(356145343)** |

---

The accompanying notes are an integral part of the financial statements.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **51**  |

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**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** |
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $25362950 | $24489328 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98348342 | &nbsp;&nbsp;&nbsp;&nbsp; 139972064 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (479856635) | &nbsp;&nbsp;&nbsp;&nbsp; 303074792 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (356145343) | &nbsp;&nbsp;&nbsp;&nbsp; 467536184 |
| Capital transactions in shares of beneficial interest: |  |  |
| Proceeds from capital invested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32754340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34499150 |
| Value of capital withdrawn | &nbsp;&nbsp;&nbsp;&nbsp; (201732311) | &nbsp;&nbsp;&nbsp;&nbsp; (224576589) |
| Net increase (decrease) in net assets from capital <br> transactions in shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp; (168977971) | &nbsp;&nbsp;&nbsp;&nbsp; (190077439) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (525123314) | &nbsp;&nbsp;&nbsp;&nbsp; 277458745 |
| Net assets at beginning of period | &nbsp;&nbsp; 2007593368 | &nbsp;&nbsp; 1730134623 |
| **Net assets at end of period** | **$1482470054** | **$2007593368**  |

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The accompanying notes are an integral part of the financial statements.

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

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| | | |
|:---|:---|:---|
| **52**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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**Financial Highlights** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 1482 | 2008 | 1730 | 1693 | 1457 |
| Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; 1.76 | &nbsp;&nbsp; 1.93 | &nbsp;&nbsp; 1.90 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Total investment return (%)<sup>a</sup> <br>| (18.17) | 28.53 | 18.15 | 31.34 | (4.09)<sup>b</sup> <br>|

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

<sup>a</sup> Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund. 

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. Excluding this reimbursement, total return would have been .30% lower. 

The accompanying notes are an integral part of the financial statements.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **53**  |

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**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Equity 500 Index Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company organized as a New York trust.

The Portfolio is a master fund; 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 fund") with substantially 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 two affiliated DWS feeder funds, 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. As of December 31, 2022, DWS S&P 500 Index Fund and DWS Equity 500 Index Fund owned approximately 69% and 31%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk).

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| | | |
|:---|:---|:---|
| **54**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Portfolio's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **55**  |

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security is normally traded. The value determined under these procedures may differ from published values for the same securities.

**Securities Lending.** Brown Brothers Harriman & Co., as lending agent, lends securities of the Portfolio to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Portfolio continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Portfolio requires the borrowers of the securities to maintain collateral with the Portfolio consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Portfolio receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Portfolio or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Portfolio is not able to recover securities lent, the Portfolio may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Portfolio is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Portfolio had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Federal Income Taxes.** The Portfolio is considered a partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to

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

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| | | |
|:---|:---|:---|
| **56**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $460,735,526. The net unrealized appreciation for all investments based on tax cost was $1,020,653,372. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,086,659,779 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $66,006,407.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Contingencies.** In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities, futures and foreign currency transactions to its investors in proportion to their investment in the Portfolio.

**B.** **Derivative Instruments**

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2022, the Portfolio invested in futures contracts to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **57**  |

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Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Portfolio dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Portfolio's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2022, is included in a table following the Portfolio's Investment Portfolio. For the year ended December 31, 2022, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $9,459,000 to $33,301,000.

The following table summarizes the value of the Portfolio's derivative instruments held as of December 31, 2022, presented by primary underlying risk exposure:

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| | |
|:---|:---|
| **Liability Derivative** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(333194) |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Portfolio earnings during the year ended December 31, 2022 and the related location in the accompanying

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

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| | | |
|:---|:---|:---|
| **58**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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Statement of Operations is summarized in the following tables by primary underlying risk exposure:

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| | |
|:---|:---|
| **Realized Gain (Loss)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(3452932) |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from futures contracts

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

---

| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(1073301) |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on futures contracts

**C.** **Purchases and Sales of Securities**

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $24,804,698 and $154,186,697, respectively.

**D.** **Related Parties**

DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), serves as the investment manager to the Portfolio.

**Management Agreement.** Under its Investment Management Agreement with the Portfolio, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio or delegates such responsibility to the Portfolio's sub-advisor. Northern Trust Investments, Inc. ("NTI") serves as sub-advisor to the Portfolio and is paid by the Advisor for its services. NTI is responsible for the day-to-day management of the Portfolio.

The management fee payable under the Investment Management Agreement is equal to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.05% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $496,897, of which $38,835 is unpaid.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **59**  |

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**Other Service Fee.** Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the year ended December 31, 2022, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,950, of which $400 is unpaid.

**Trustees' Fees and Expenses.** The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Portfolio may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Portfolio indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Portfolio equal to the amount of the investment management fee payable on the Portfolio's assets invested in DWS ESG Liquidity Fund.

**E.** **Line of Credit**

The Portfolio and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at December 31, 2022.

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

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| **60**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees and Holders of Beneficial Interest in Deutsche DWS Equity 500 Index Portfolio:**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 21, 2019, expressed an unqualified opinion on those financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of the Portfolio's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the

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|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **61**  |

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effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imga78167626.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 23, 2023

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|:---|:---|:---|
| **62**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

DWS Equity 500 Index Fund (the "Fund"), a series of Deutsche DWS Institutional Funds, invests substantially all of its assets in Deutsche DWS Equity 500 Index Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with DWS Investment Management Americas, Inc. ("DIMA") and the sub-advisory agreement (the "Sub-Advisory Agreement") between DIMA and Northern Trust Investments, Inc. ("NTI"), and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement" and together with the Portfolio Agreement and the Sub-Advisory Agreement, the "Agreements") in September 2022. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board" or "Trustees."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

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During the entire process, all of the Portfolio's and the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreements, the Board also reviewed

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| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **63**  |

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the terms of the Fund's distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's and NTI's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Portfolio and the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including NTI. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into

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| | | |
|:---|:---|:---|
| **64**  | \|  | DWS Equity 500 Index Fund  |

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place a process of identifying "Funds in Review" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Institutional Class shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Portfolio's and the Fund's investment management fee schedules, the Portfolio's sub-advisory fee schedule, the Fund's operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.097% fees paid to DIMA under the respective administrative services agreements, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Portfolio. The Board noted that the Fund's Institutional Class shares total (net) operating expenses, which include Portfolio expenses allocated to the Fund, were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Portfolio and the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The

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| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **65**  |

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Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Portfolio and the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and NTI.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Portfolio. The Board noted that DIMA pays NTI's fee out of its management fee, and its understanding that the Portfolio's sub-advisory fee schedule was the product of an arm's length negotiation with DIMA.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. In this regard, the Board observed that while the Portfolio's and the Fund's current investment management fee schedule does not include breakpoints, the Portfolio's and the Fund's fee schedule represents an appropriate sharing between the Portfolio and the Fund and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

**Other Benefits to DIMA and NTI and Their Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and

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

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| | | |
|:---|:---|:---|
| **66**  | \|  | DWS Equity 500 Index Fund  |

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to the Fund and any fees received by an affiliate of DIMA for transfer agency services provided to the Fund. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Portfolio's and the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

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

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| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **67**  |

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**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. 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 Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston

Street, Boston, MA 02199-3600. Except as otherwise noted below, 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 Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. 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.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, <br> CFA (1954)<br> Chairperson <br> since 2017, and <br> Board Member <br> since 1996<br>| Managing General Partner, Exeter Capital <br> Partners (a series of private investment <br> funds) (since 1986). Directorships: <br> Progressive International Corporation (kitchen <br> goods designer and distributor); 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>| 69 |  |

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| | | |
|:---|:---|:---|
| **68**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| John W. <br> Ballantine <br> (1946)<br> Board Member <br> since 1999<br>| Retired; formerly, Executive Vice President <br> and Chief Risk Management Officer, First <br> Chicago NBD Corporation/The First National <br> Bank of Chicago (1996–1998); Executive Vice <br> President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: <br> Window to the World Communications <br> (public media); Life Director of Harris Theater <br> for Music and Dance (Chicago); Life Director <br> of Hubbard Street Dance Chicago; Former <br> Directorships: Director and Chairman of the <br> Board, Healthways, Inc.<sup>2</sup> (population <br> wellbeing and wellness services) <br> (2003–2014); Stockwell Capital Investments <br> PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak <br> Brook Bancshares, Inc.; Oak Brook Bank; <br> Portland General Electric<sup>2</sup> (utility company <br> (2003–2021); and Prisma Energy <br> International; Former Not-for-Profit <br> Directorships: Public Radio International; <br> Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie <br> Driscoll (1946)<br> Board Member <br> since 1987<br>| Advisory Board and former Executive Fellow, <br> Hoffman Center for Business Ethics, Bentley <br> University; formerly: Partner, Palmer & Dodge <br> (law firm) (1988–1990); Vice President of <br> Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: <br> Trustee and former Chairman of the Board, <br> Southwest Florida Community Foundation <br> (charitable organization); Former <br> Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust <br> (mutual funds) (2007–2012), Investment <br> Company Institute (audit, executive, <br> nominating committees) and Independent <br> Directors Council (governance, <br> executive committees)<br>| 69 |  |

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|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **69**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Richard J. <br> Herring (1946)<br> Board Member <br> since 1990<br>| Jacob Safra Professor of International <br> Banking and Professor of Finance, The <br> Wharton School, University of Pennsylvania <br> (since July 1972); formerly: Director, The <br> Wharton Financial Institutions Center <br> (1994–2020); Vice Dean and Director, <br> Wharton Undergraduate Division (1995–2000) <br> and Director, The Lauder Institute of <br> International Management Studies <br> (2000–2006); Member FDIC Systemic Risk <br> Advisory Committee since 2011, member <br> Systemic Risk Council since 2012 and <br> member of the Advisory Board at the Yale <br> Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the <br> Shadow Financial Regulatory Committee <br> (2003–2015), Executive Director of The <br> Financial Economists Roundtable <br> (2008–2015), Director of The Thai Capital Fund <br> (2007–2013), Director of The Aberdeen <br> Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and <br> Nonexecutive Director of Barclays Bank <br> DE (2010–2018)<br>| 69 |  |
| Chad D. Perry <br> (1972)<br> Board Member <br> or Advisory <br> Board Member <br> since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel <br> and Secretary, Tanger Factory Outlet Centers, <br> Inc.<sup>2</sup> (since 2011); formerly Executive Vice <br> President and Deputy General Counsel, LPL <br> Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation <br> (2005–2006); Associate, Ropes & Gray <br> LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. <br> Rimel (1951)<br> Board Member <br> since 1995<br>| Director, The Bridgespan Group (nonprofit <br> organization) (since October 2020); formerly: <br> Executive Vice President, The Glenmede Trust <br> 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> President, Chief Executive Officer and <br> Director (1994–2020) and Senior Advisor <br> (2020-2021), The Pew Charitable Trusts <br> (charitable organization); Director, <br> BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips <br> in 2021) (healthcare) (2009–2021); Director, <br> Becton Dickinson and Company<sup>2</sup> (medical <br> technology company) (2012-2022)<br>| 69 |  |

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|:---|:---|:---|
| **70**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Catherine <br> Schrand (1964)<br> Board Member <br> since 2021\*<br>| Celia Z. Moh Professor of Accounting (since <br> 2016) and Professor of Accounting (since <br> 1994), The Wharton School, University of <br> Pennsylvania; formerly Vice Dean, Wharton <br> Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. <br> Searcy, Jr. <br> (1946)<br> Board Member <br> since 1993<br>| Private investor since October 2003; formerly: <br> Pension & Savings Trust Officer, Sprint <br> Corporation<sup>2</sup> (telecommunications) <br> (November 1989–September 2003); Former <br> Directorships: Trustee, Sun Capital Advisers <br> Trust (mutual funds) (1998–2012)<br>| 69 |  |

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**Officers**<sup>5</sup>

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| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, <br> DWS USA Corporation (2018–present); Assistant Secretary, <br> DWS Distributors, Inc. (2018–present); Director and Vice <br> President, DWS Service Company (2018–present); Assistant <br> Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment <br> Managers, Inc. (2018–present); President and Chief <br> Executive Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe <br> Fund, Inc. (2017–present); formerly: Vice President for the <br> Deutsche funds (2016–2017); Assistant Secretary for the <br> DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The <br> Central and Eastern Europe Fund, Inc. (2013–2020); <br> Directorships: Interested Director, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual <br> Insurance Company (since October 16, 2020); and <br> Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal <br> Officer, DWS Investment Management Americas, Inc. <br> (2015–present); Director and Vice President, DWS Trust <br> Company (2016–present); Secretary, DBX ETF Trust <br> (2020–present); Vice President, DBX Advisors LLC <br> (2021–present); Secretary, The European Equity Fund, Inc., <br> The New Germany Fund, Inc. and The Central and Eastern <br> Europe Fund, Inc. 2011–present); formerly: Secretary, <br> Deutsche Investment Management Americas Inc. <br> (2015–2017); and Assistant Secretary, DBX ETF <br> Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); <br> formerly, Legal Assistant at Accelerated Tax Solutions<br>|

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **71**  |

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| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), <br> DWS; Treasurer, Chief Financial Officer and Controller, DBX <br> ETF Trust (2019–present); Treasurer and Chief Financial <br> Officer, The European Equity Fund, Inc., The New Germany <br> Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2018–present); formerly: Assistant Treasurer for the DWS <br> funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant <br> Treasurer, DBX ETF Trust (2019–present)<br>|
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), <br> DWS; Director and Vice President, DWS Trust Company <br> (2018–present); Assistant Treasurer, DBX ETF Trust <br> (2019–present); Assistant Treasurer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), <br> DWS; Chief Compliance Officer, The European Equity Fund, <br> Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (2016–present)<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX <br> ETF Trust (2020–present); Chief Legal Officer, DBX Advisors <br> LLC (2020–present); Chief Legal Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The <br> Central and Eastern Europe Fund, Inc. (2012–present); <br> formerly: Secretary, Deutsche AM Distributors, Inc. <br> (2002–2017); Secretary, Deutsche AM Service Company <br> (2010–2017); and Chief Legal Officer, DBX Strategic Advisors <br> LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, <br> DWS; AML Officer, DWS Trust Company (since November 2, <br> 2021); AML Officer, DBX ETF Trust (since October 21, 2021); <br> AML Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe <br> Fund, Inc. (since November 12, 2021); formerly: DWS UK & <br> Ireland Head of Anti-Financial Crime and MLRO<br>|

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<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<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> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

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|:---|:---|:---|
| **72**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</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 Fund. 

<sup>6</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>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</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.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **73**  |

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**Account Management Resources**

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

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| | |
|:---|:---|
| **For More** <br> **Information** | &nbsp;&nbsp; The automated telephone system allows you to access personalized <br> account information and obtain information on other DWS funds <br> using either your voice or your telephone keypad. Certain account <br> types within Class S also have the ability to purchase, exchange or <br> redeem shares using this system.<br>|
| **For More** <br> **Information** | &nbsp;&nbsp; For more information, contact your financial representative. You may <br> also access our automated telephone system or speak with a <br> Shareholder Service representative by calling:<br> **(800) 728-3337**<br>|
| **Web Site** | &nbsp;&nbsp; **dws.com**<br> View your account transactions and balances, trade shares, monitor <br> your asset allocation, subscribe to fund and account updates by <br> e-mail, and change your address, 24 hours a day.<br>|
| **Web Site** | &nbsp;&nbsp; **Obtain prospectuses and applications,** news about DWS funds, <br> insight from DWS economists and investment specialists and access <br> to DWS fund account information.<br>|
| **Written** <br> **Correspondence**<br>| &nbsp;&nbsp; **DWS**<br> PO Box 219151<br> Kansas City, MO 64121-9151<br>|
| **Proxy Voting** | &nbsp;&nbsp; The Fund's policies and procedures for voting proxies for portfolio <br> securities and information about how the Fund voted proxies related <br> to its portfolio securities during the most recent 12-month period <br> ended June 30 are available on our Web site — <br> dws.com/en-us/resources/proxy-voting — or on the SEC's Web site <br> — sec.gov. To obtain a written copy of the Fund's policies and <br> procedures without charge, upon request, call us toll free at <br> (800) 728-3337.<br>|
| **Portfolio Holdings** | &nbsp;&nbsp; Following the Fund's fiscal first and third quarter-end, a complete <br> portfolio holdings listing is posted on dws.com, and is available free <br> of charge by contacting your financial intermediary, or if you are a <br> direct investor, by calling (800) 728-3337. In addition, the portfolio <br> holdings listing is filed with SEC on the Fund's Form N-PORT and will <br> be available on the SEC's Web site at sec.gov. Additional portfolio <br> holdings for the Fund are also posted on dws.com from time to time. <br> Please see the Fund's current prospectus for more information.<br>|
| **Principal** <br> **Underwriter**<br>| &nbsp;&nbsp; If you have questions, comments or complaints, contact:<br> **DWS Distributors, Inc.**<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br> (800) 621-1148<br>|

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

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| | | |
|:---|:---|:---|
| **74**  | \|  | DWS Equity 500 Index Fund  |

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| | |
|:---|:---|
| **Investment** <br> **Management**<br>| &nbsp;&nbsp; DWS Investment Management Americas, Inc. ("DIMA" or the <br> "Advisor"), which is part of the DWS Group GmbH & Co. KGaA <br> ("DWS Group"), is the investment advisor for the Fund. DIMA and its <br> predecessors have more than 90 years of experience managing <br> mutual funds and DIMA provides a full range of investment advisory <br> services to both institutional and retail clients. DIMA is an indirect, <br> wholly owned subsidiary of DWS Group.<br>|
|  | &nbsp;&nbsp; DWS Group is a global organization that offers a wide range of <br> investing expertise and resources, including hundreds of portfolio <br> managers and analysts and an office network that reaches the <br> world's major investment centers. This well-resourced global <br> investment platform brings together a wide variety of experience and <br> investment insight across industries, regions, asset classes and <br> investing styles.<br>|

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

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| | | |
|:---|:---|:---|
|  | **Class S** | **Institutional Class** |
| **Nasdaq Symbol** | BTIEX | BTIIX |
| **CUSIP Number** | 25159R 205 | 25159R 106 |
| **Fund Number** | 815 | 565 |

---

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

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| | |
|:---|:---|
| **For shareholders of Class R6** | **For shareholders of Class R6** |
| **Automated** <br> **Information Line** | **DWS/Ascensus Plan Access (800) 728-3337** |
| **Automated** <br> **Information Line** | 24-hour access to your retirement plan account. |
| **Web Site** | **dws.com** |
| **Web Site** | &nbsp;&nbsp; **Obtain prospectuses and applications,** news about DWS funds, <br>insight from DWS economists and investment specialists and access <br>to DWS fund account information.<br>|
| **Web Site** | &nbsp;&nbsp; Log in/register to manage retirement account assets at <br> **https://www.mykplan.com/participantsecure_net/login.aspx.**<br>|
| **For More** <br> **Information** | **(800) 728-3337** |
| **For More** <br> **Information** | To speak with a service representative. |
| **Written** <br> **Correspondence**<br>| &nbsp;&nbsp; **DWS Service Company**<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5806<br>|

---

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

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| | |
|:---|:---|
|  | **Class R6** |
| **Nasdaq Symbol** | BTIRX |
| **CUSIP Number** | 25159R 866 |
| **Fund Number** | 1615 |

---

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

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| | | |
|:---|:---|:---|
| DWS Equity 500 Index Fund  | \|  | **75**  |

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------

**DE500-2** <br>(R-025783-12 2/23)

![](g464418imgf1b4b9567.jpg)

------

![](g464418img0ccd29371.jpg)

December 31, 2022

**Annual Report**

**to Shareholders**

**DWS S&P 500 Index Fund**

![](g464418img7cfc78612.jpg)

------

<br>**Contents**

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

---

| | |
|:---|:---|
| **[DWS S&P 500 Index Fund](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_lts-cc-financial-runningfooter-340_1)** | **[DWS S&P 500 Index Fund](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_lts-cc-financial-runningfooter-340_1)** |
| **4** | [Letter to Shareholders](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_lts-cc-financial-runningfooter-340_1) |
| **5** | &nbsp;&nbsp; [Portfolio Management](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mda-cc-financial-runningfooter-340_1)<br> [Review](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mda-cc-financial-runningfooter-340_1) <br>|
| **10** | [Performance Summary](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_perfsum-cc-financial-runningfooter-340_1) |
| **12** | [Portfolio Summary](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_portsum-cc-financial-runningfooter-351_1) |
| **14** | &nbsp;&nbsp; [Statement of Assets and](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fs-cc-financial-runningfooter-340_1)<br> [Liabilities](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fs-cc-financial-runningfooter-340_1) <br>|
| **15** | [Statement of Operations](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fs-cc-financial-runningfooter-340_2) |
| **16** | &nbsp;&nbsp; [Statements of Changes in](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fs-cc-financial-runningfooter-340_3)<br> [Net Assets](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fs-cc-financial-runningfooter-340_3)<br>|
| **17** | [Financial Highlights](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fihi-cc-financial-runningfooter-340_1) |
| **21** | &nbsp;&nbsp; [Notes to Financial](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_ntf-cc-financial-runningfooter-340_1)<br> [Statements](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_ntf-cc-financial-runningfooter-340_1) <br>|
| **28** | &nbsp;&nbsp; [Report of Independent](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_aud-cc-financial-runningfooter-340_1)<br> [Registered Public](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_aud-cc-financial-runningfooter-340_1)<br> [Accounting Firm](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_aud-cc-financial-runningfooter-340_1)<br>|
| **30** | &nbsp;&nbsp; [Information About Your](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fexpti-cc-financial-runningfooter-340_1)<br> [Fund's Expenses](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fexpti-cc-financial-runningfooter-340_1)<br>|
| **31** | [Tax Information](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_fexpti-cc-financial-runningfooter-340_2) |

---

---

| | |
|:---|:---|
| **[Deutsche DWS Equity 500](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstsoi-cc-financial-runningfooter-351_1)**<br> **[Index Portfolio](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstsoi-cc-financial-runningfooter-351_1)** | **[Deutsche DWS Equity 500](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstsoi-cc-financial-runningfooter-351_1)**<br> **[Index Portfolio](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstsoi-cc-financial-runningfooter-351_1)** |
| **33** | [Investment Portfolio](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstsoi-cc-financial-runningfooter-351_1) |
| **51** | &nbsp;&nbsp; [Statement of Assets and](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfs-cc-financial-runningfooter-351_1)<br> [Liabilities](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfs-cc-financial-runningfooter-351_1) <br>|
| **52** | [Statement of Operations](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfs-cc-financial-runningfooter-351_2) |
| **53** | &nbsp;&nbsp; [Statements of Changes in](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfs-cc-financial-runningfooter-351_3)<br> [Net Assets](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfs-cc-financial-runningfooter-351_3)<br>|
| **54** | [Financial Highlights](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstfihi-cc-financial-runningfooter-351_1) |
| **55** | &nbsp;&nbsp; [Notes to Financial](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstntf-cc-financial-runningfooter-351_1)<br> [Statements](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstntf-cc-financial-runningfooter-351_1) <br>|
| **62** | &nbsp;&nbsp; [Report of Independent](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaud-cc-financial-runningfooter-351_1)<br> [Registered Public](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaud-cc-financial-runningfooter-351_1)<br> [Accounting Firm](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaud-cc-financial-runningfooter-351_1)<br>|
| **64** | &nbsp;&nbsp; [Advisory Agreement Board](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaabcf-cc-financial-runningfooter-340_1)<br> [Considerations and Fee](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaabcf-cc-financial-runningfooter-340_1)<br> [Evaluation](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstaabcf-cc-financial-runningfooter-340_1)<br>|
| **69** | &nbsp;&nbsp; [Board Members and](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstboard-cc-financial-runningfooter-340_1)<br> [Officers](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstboard-cc-financial-runningfooter-340_1) <br>|
| **75** | &nbsp;&nbsp; [Account Management](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstamr-cc-financial-runningfooter-340_1)<br> [Resources](#xx_aeea26f2-d60c-40ee-affa-12e6b1d33b63_mstamr-cc-financial-runningfooter-340_1) <br>|

---

**This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.**

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. <br>NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE <br>NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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

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| | | |
|:---|:---|:---|
| **2**  | \|  | DWS S&P 500 Index Fund  |

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Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund's performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by DWS Investment Management Americas, Inc. ("DIMA"). Standard & Poor's<sup>®</sup>, S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DIMA. The Fund and the Portfolio are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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

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| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>3</sub> |

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**Letter to Shareholders**

Dear Shareholder:

This past year can be described as one where there were major structural disruptions and challenges impacting financial markets: record high inflation; end of ultra-loose monetary policy; impact of slower growth in China; ongoing political attacks on global trade; demographic change profoundly affecting more and more countries; and finally, the Ukraine conflict, future course of which continues to be highly unpredictable.

It is therefore apparent that there will be no lack of challenges for investors in 2023 looking at the global landscape from today's perspective. With the additional looming recession concerns in the U.S. and Europe, we believe the prospects for equity returns to be challenging in 2023. However, considering the strong labor markets, comparatively solid household and corporate balance sheets, and last but not least, the big declines that markets suffered in 2022, we do not anticipate further price losses to be as dramatic as we experienced during the end of 2022.

Consequentially, we believe that it is time to consider diversifying investments again. Bonds finally offer a return and risk assets are no longer the only game in town. Emerging market bond and corporate bonds, especially from the high-yield segment are already offering investors such attractive yields that even a renewed widening in risk premiums would be bearable. Government bonds too are once again an alternative, as we expect the U.S. Federal Reserve (Fed) and European Central Bank (ECB) to reach the peak of their interest rate hike cycle in 2023. The persistence of inflation is ultimately one of the reasons why we continue to believe equities are an essential part of every portfolio, even if they face a wide variety of headwinds including limited potential for further earnings growth.

It is, as ever, not individual data points that will determine the prospects for the markets in 2023 but will likely be the highly complex interplay of the numerous economic and political forces that will shape the global big picture. Thank you for your trust. For ongoing updates to our market and economic outlook, please visit the "Insights" section of dws.com.

Best regards, <br> ![](g464418img7146c3e73.jpg) ![](g464418img499a68b54.jpg)

Hepsen Uzcan

President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

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

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| | | |
|:---|:---|:---|
| **4**  | \|  | DWS S&P 500 Index Fund  |

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**Portfolio Management Review(Unaudited)**

**Market Overview and Fund Performance**

**All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10 through 11 for more complete performance information.**

**Investment Objective**

The Fund seeks to provide investment results that, before expenses, correspond to the total return of common stocks publicly traded in the United States, as represented by the Standard & Poor's 500<sup>®</sup> Composite Stock Price Index (S&P 500<sup>®</sup> Index).

DWS S&P 500 Index Fund returned –18.56% in 2022, while the Standard & Poor's 500<sup>®</sup> (S&P 500) Index returned –18.11%. Since the Fund's investment strategy is to replicate the performance of the index, its return is normally close to that of the index. The difference in performance is typically driven by transaction costs and Fund expenses.

The Fund periodically invested in equity index futures to keep the portfolio's positioning in line with that of the index. This strategy had a neutral impact on results.

**Market Overview**

U.S. equities suffered a sizable loss in 2022, breaking a streak of three consecutive years with double-digit returns. While a number of developments conspired to depress performance, a sharp increase in inflation — and the U.S. Federal Reserve's (Fed's) effort to contain the price pressures — were the primary factors in the market downturn. Inflation, which had already begun to rise in late 2021, took another leg higher in the wake of Russia's invasion of Ukraine in February. Consumer price inflation, after staying in a range of 0% to 3% over the previous decade, rose above 8% in March and ultimately reached a peak of 9.1% in June.

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

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| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>5</sub> |

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The Fed responded with its most aggressive series of interest-rate increases since the early 1980s, raising rates seven separate times over the course of the year to move the fed funds rate from 0.0%–0.25% to 4.25%–4.50%. The pronounced increase in rates, in addition to weighing on investor sentiment and putting downward pressure on equities' valuations, fueled worries about the potential for slowing economic growth and weaker corporate earnings in 2023. Rising rates also led to an increase in bond yields, drawing cash out of equities by making fixed-income investments a more compelling alternative.

Geopolitical events were another headwind for market performance. Russia's invasion of Ukraine not only fueled inflation, but it also raised concerns that Europe was headed for a recession – a negative for many of the multinational companies represented in the S&P 500 Index. China's zero-COVID policy was an additional obstacle, since the resulting slowdown in the nation's growth fed through to the rest of the world economy.

*"A sharp increase in inflation — and the U.S. Federal Reserve's (Fed's) effort to contain the price pressures — were the primary factors in the market downturn."* 

Although markets moved lower in 2022, the year was punctuated by several impressive rallies sparked by optimism that the Fed was set to pivot to a more accommodative policy. Stocks delivered sizable gains in late March, the span from mid-June to mid-August, and again in October–November. However, none of these moves developed into a more sustainable uptrend.

**Growth-Oriented Sectors Lagged**

Rising interest rates generally had the largest adverse effect on the most growth-oriented segments of the market, particularly the information technology sector. Investors discount future earnings to today's dollars using current interest rates, which reduces the value of profits expected to occur further in the future. This was an especially large headwind for more speculative companies with limited current profits, a cohort that is heavily represented in the technology sector. The pain was felt even by the sector's mega-cap companies, however, which had a large impact on the index given their sizable weightings. The underperformance for

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

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| | | |
|:---|:---|:---|
| **6**  | \|  | DWS S&P 500 Index Fund  |

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technology-related stocks spilled over into the consumer discretionary sector, where Tesla, Inc., and Amazon.com, Inc. were notable laggards, as well as communications services, which was dragged down by poor returns for Alphabet, Inc. (parent of Google) and Meta Platforms, Inc. (formerly Facebook).

All three areas were weighed down by sector-specific trends, as well. The technology sector was pressured by the significant underperformance for semiconductor stocks, which were hurt by decreasing demand and a move in chip supply from a shortage amid to a glut. The consumer discretionary segment, for its part, saw weakness for a number of retail and travel-related stocks caused by fears that rising inflation and slower growth may lead to reduced spending on non-essential items. Similarly, underperformance for media stocks — which fell sharply due to increased streaming competition and declining advertising revenues — exacerbated the downturn in the communication services sector.

**Energy Was a Bright Spot**

Despite the weakness in the overall market, the energy stocks in the index combined for a gain of over 60% in 2022. Crude oil prices climbed sharply in the first half of the year, boosting the profits of the related companies. Energy stocks were also helped by elevated demand for assets seen as having the ability to hold up well through periods of higher inflation. Not least, many companies in the sector continued to display improving capital discipline and an increased focus on shareholder returns. Exxon Mobil Corp. and Chevron Corp., the two largest energy stocks in the United States by market capitalization, were the leading individual contributors to the 12-month return for the S&P 500 Index.

**Defensive Stocks Held up Well**

The persistent worries about inflation, interest rates, and the economy prompted investors to gravitate to companies that could maintain stable earnings in a time of macroeconomic headwinds. Utilities finished the year with a gain as a group, reflecting the essential nature of their services and contracts that allow many companies to pass on inflation. Electric utilities were particularly strong performers, with many registering positive returns. Consumer staples was an additional bright spot, since the types of food, beverage, and personal care products sold by companies such as Coca-Cola Co. and PepsiCo, Inc. feature steady demand profiles. Healthcare stocks also performed well as a group, but

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

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| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>7</sub> |

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the gains were concentrated in a relatively limited number of pharmaceutical, biotechnology, and managed-care providers. Merck & Co., Inc., Eli Lilly & Co., and AbbVie, Inc. all produced impressive returns for the year and were the leading contributors to the sector's performance. Still, the majority of healthcare stocks in the index lost ground.

Although these three sectors performed well, real estate — which is also viewed as being somewhat defensive — failed to keep pace with the index. In addition to being hurt by concerns about the U.S. property market, real estate companies faced rising costs of capital from higher interest rates.

**Cyclicals Also Outperformed**

The industrials, materials, and financial sectors lost ground in absolute terms but held up better than the overall market. Although many industrial companies were hurt by the prospect of slower growth, this was counterbalanced by meaningful strength in the aerospace/defense industry. Materials stocks also held up reasonably well, since a number of mining and agriculture companies are positioned to benefit from inflation. Performance was mixed across the financial sector. While banks and companies with capital markets exposure generally underperformed, a robust gain for insurance stocks offset some of the weakness. Higher rates allow insurance companies to generate better returns on their investment portfolios, making them another beneficiary of investors' preference for stocks that could withstand higher inflation and rising rates.

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

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| | | |
|:---|:---|:---|
| **8**  | \|  | DWS S&P 500 Index Fund  |

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**Portfolio Manager**

Brent Reeder. Senior Vice President of Northern Trust Investments, Inc.

Portfolio Manager of the Fund. Began managing the Fund in 2007.

<sup>—</sup>Joined Northern Trust Investments, Inc. in 1993 and is responsible for the management of quantitative equity portfolios.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

**Terms to Know** 

The **Standard & Poor's 500 (S&P 500) Index** is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

**Futures contracts** are contractual agreements to buy or sell a particular commodity or financial instrument at a predetermined price in the future.

**Contribution** and **detraction** incorporate both an investment's total return and its weighting in the Fund.

**Consumer discretionary** stocks represent companies that make and market goods and services that are considered non-essential. Sub-categories within the consumer discretionary sector include retailers, media, consumer services, consumer durables & apparel, and automobiles.

**Consumer staples** stocks represent companies that make products purchased by consumers on a regular basis, such as food and beverages, prescription drugs, and household products. In the aggregate, sales of consumer staples tend to be steady and less sensitive to economic fluctuations.

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

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| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>9</sub> |

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**Performance SummaryDecember 31, 2022 (Unaudited)**

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| | | | |
|:---|:---|:---|:---|
| **Class A** | **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| Unadjusted for Sales Charge | –18.56% | 8.92% | 11.93% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 4.50% load)<br>| –22.23% | 7.92% | 11.42% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 12.56% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class C** | **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| Unadjusted for Sales Charge | –19.15% | 8.13% | 11.15% |
| &nbsp;&nbsp; Adjusted for the Maximum Sales Charge <br>(max 1.00% CDSC)<br>| –19.15% | 8.13% | 11.15% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 12.56% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class R6** | **1-Year** | **5-Year** | **Life of** <br>**Class**<sup>\*</sup> <br>|
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| No Sales Charges | –18.30% | 9.26% | 10.59% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 10.73% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class S** | **1-Year** | **5-Year** | **10-Year** |
| **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 | **Average Annual Total Returns** as of 12/31/22 |
| No Sales Charges | –18.38% | 9.18% | 12.23% |
| S&P 500<sup>®</sup> Index<sup>†</sup> <br>| –18.11% | 9.42% | 12.56% |

---

**Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.**

**The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2022 are 0.54%, 1.25%, 0.22% and 0.29% for Class A, Class C, Class R6 and Class S shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.**

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

---

| | | |
|:---|:---|:---|
| **10**  | \|  | DWS S&P 500 Index Fund  |

---

------

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

**Growth of an Assumed $10,000 Investment**

(Adjusted for Maximum Sales Charge)

------

![](g464418img62c52cc15.jpg)Yearly periods ended December 31

------

**The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 4.50%. This results in a net initial investment of $9,550**.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

---

| | |
|:---|:---|
| <sup>\*</sup> | Class R6 shares commenced operations on March 31, 2017. |
| <sup>†</sup> | &nbsp;&nbsp; The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks. The <br> index is designed to measure performance of the broad domestic economy through <br> changes in the aggregate market value of 500 stocks representing all major industries.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R6** | **Class S** |
| **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** | **Net Asset Value** |
| 12/31/22 | $34.63 | $34.54 | $34.72 | $34.71 |
| 12/31/21 | $44.75 | $44.64 | $44.86 | $44.86 |
| **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 | **Distribution Information** as of 12/31/22 |
| Income Dividends, Twelve Months | $.37  | $.10 | $.49 | $.46 |
| Capital Gain Distributions | $1.47  | $1.47 | $1.47 | $1.47 |

---

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

---

| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>11</sub> |

---

------

**Portfolio Summary(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Asset Allocation** (As a % of Investment Portfolio excluding <br> Securities Lending Collateral)<br>| **12/31/22** | **12/31/21** |
| Common Stocks | 100% | 99% |
| Cash Equivalents | 0% | 1% |
| Short-Term U.S. Treasury Obligation | 0% | 0% |
|  | 100% | 100% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Diversification** (As a % of Common Stocks) | **12/31/22** | **12/31/21** |
| Information Technology | 26% | 29% |
| Health Care | 16% | 13% |
| Financials | 12% | 11% |
| Consumer Discretionary | 10% | 12% |
| Industrials | 8% | 8% |
| Communication Services | 7% | 10% |
| Consumer Staples | 7% | 6% |
| Energy | 5% | 3% |
| Utilities | 3% | 2% |
| Materials | 3% | 3% |
| Real Estate | 3% | 3% |
|  | 100% | 100% |

---

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

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

---

| | | |
|:---|:---|:---|
| **12**  | \|  | DWS S&P 500 Index Fund  |

---

------

---

| | |
|:---|:---|
| **Ten Largest Equity Holdings at December 31, 2022** (25.3% of Net Assets) | **Ten Largest Equity Holdings at December 31, 2022** (25.3% of Net Assets) |
| **1Apple, Inc.** | **6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Designs, manufactures and markets personal computers and related computing <br> and mobile-communication devices<br>|  |
| **2Microsoft Corp.** | **5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Develops, manufactures, licenses, sells and supports software products |  |
| **3Alphabet, Inc.** | **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding company with subsidiaries that provide Web-based search, maps, <br> hardware products and various software applications<br>|  |
| **4Amazon.com, Inc.** | **2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Online retailer offering a wide range of products |  |
| **5Berkshire Hathaway, Inc.** | **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding company of insurance business and a variety of other businesses |  |
| **6UnitedHealth Group, Inc.** | **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Operator of organized health systems |  |
| **7Johnson & Johnson** | **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provider of health care products |  |
| **8Exxon Mobil Corp.** | **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Explorer and producer of oil and gas |  |
| **9JPMorgan Chase & Co.** | **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provider of global financial services |  |
| **10NVIDIA Corp.** | **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Designs, develops and markets three dimensional (3D) graphic processors |  |

---

Portfolio holdings and characteristics are subject to change.

DWS S&P 500 Index Fund (the "Fund") is a feeder fund that invests substantially all of its assets in a "master portfolio," the Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), and owns a pro rata interest in the Portfolio's net assets. The Asset Allocation, Sector Diversification and Ten Largest Equity Holdings at December 31, 2022 are based on the holdings of Deutsche DWS Equity 500 Index Portfolio.

For more complete details about the Portfolio's investment portfolio, see page 33. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 75 for contact information.

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

---

| | |
|:---|:---|
| DWS S&P 500 Index Fund  | \|<sub>13</sub> |

---

------

**Statement of Assets and Liabilities**

as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in Deutsche DWS Equity 500 Index Portfolio, at value | $1025545046 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 122500 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp; 12682 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 1025680228 |
| **Liabilities** |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 711088 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp; 463427 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175119 |
| **Net assets, at value** | **$1024505109** |
| **Net Assets Consist of** |  |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 615374229 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 409130880 |
| **Net assets, at value** | **$1024505109** |
| **Net Asset Value** |  |
| **Class A** |  |
| **Net Asset Value** and redemption price per share <br>($186,959,650 ÷ 5,399,126 outstanding shares of beneficial <br> interest, $.01 par value, unlimited number of shares authorized)<br>| **$34.63**  |
| Maximum offering price per share (100 ÷ 95.50 of $34.63) | **$36.26**  |
| **Class C** |  |
| **Net Asset Value,** offering and redemption price <br>(subject to contingent deferred sales charge) per share per share <br> ($63,584,717 ÷ 1,840,888 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$34.54**  |
| **Class R6** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($3,360,344 ÷ 96,795 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$34.72**  |
| **Class S** |  |
| **Net Asset Value,** offering and redemption price per share <br> ($770,600,398 ÷ 22,198,054 outstanding shares of beneficial interest, <br> $.01 par value, unlimited number of shares authorized)<br>| **$34.71**  |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **14**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income and expenses allocated from Deutsche DWS Equity <br> 500 Index Portfolio:<br>|  |
| Dividends (net of foreign taxes withheld of $88,470) | $18305076 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24370 |
| Income distributions — DWS Central Cash Management <br> Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126028 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9664 |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1110144) |
| Net investment income allocated from Deutsche DWS Equity <br> 500 Index Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17354994 |
| Expenses: |  |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096650 |
| Services to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984027 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229132 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59738 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65748 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67214 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| Total expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516886 |
| Expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168910) |
| Total expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3347976 |
| **Net investment income** | **14007018** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) allocated from Deutsche DWS Equity <br> 500 Index Portfolio:<br>|  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69710713 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2336496) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67374217 |
| Change in net unrealized appreciation (depreciation) allocated from <br> Deutsche DWS Equity 500 Index Portfolio:<br>|  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (325780037) |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (725671) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (326505708) |
| **Net gain (loss)** | **(259131491)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(245124473)** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **15**  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $14007018 | $12383810 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67374217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92745974 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (326505708) | &nbsp;&nbsp;&nbsp;&nbsp; 199842927 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (245124473) | &nbsp;&nbsp;&nbsp;&nbsp; 304972711 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9612409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12789356) |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2831357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4330149) |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249984) |
| &nbsp;&nbsp;&nbsp; Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41774830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55454557) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54389019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72824046) |
| Fund share transactions: |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60746901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80518442 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50874798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68142269 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (131793983) | &nbsp;&nbsp;&nbsp;&nbsp; (149669877) |
| Net increase (decrease) in net assets from Fund <br> share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20172284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1009166) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (319685776) | &nbsp;&nbsp;&nbsp;&nbsp; 231139499 |
| Net assets at beginning of period | &nbsp;&nbsp; 1344190885 | &nbsp;&nbsp; 1113051386 |
| **Net assets at end of period** | **$1024505109** | **$1344190885**  |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **16**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS S&P 500 Index Fund** — **Class A** | **DWS S&P 500 Index Fund** — **Class A** | **DWS S&P 500 Index Fund** — **Class A** | **DWS S&P 500 Index Fund** — **Class A** | **DWS S&P 500 Index Fund** — **Class A** | **DWS S&P 500 Index Fund** — **Class A** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$44.75** | **$36.94** | **$33.64** | **$27.04** | **$30.50** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .45 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (8.70) | &nbsp;&nbsp;&nbsp;&nbsp; 9.90 | &nbsp;&nbsp;&nbsp;&nbsp; 5.34 | &nbsp;&nbsp;&nbsp;&nbsp; 7.77 | &nbsp;&nbsp;&nbsp; (1.79)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (8.28) | &nbsp;&nbsp; 10.26 | &nbsp;&nbsp;&nbsp;&nbsp; 5.78 | &nbsp;&nbsp;&nbsp;&nbsp; 8.23 | &nbsp;&nbsp;&nbsp; (1.34) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.37) | &nbsp;&nbsp;&nbsp;&nbsp; (.37) | &nbsp;&nbsp;&nbsp;&nbsp; (.43) | &nbsp;&nbsp;&nbsp;&nbsp; (.42) | &nbsp;&nbsp;&nbsp;&nbsp; (.40) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (1.72) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp; (2.48) | &nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp; (2.12) |
| **Net asset value, end of period** | **$34.63** | **$44.75** | **$36.94** | **$33.64** | **$27.04** |
| Total Return (%)<sup>c</sup> <br>| (18.56)<sup>d</sup> <br>| &nbsp;&nbsp; 28.02<sup>d</sup> <br>| &nbsp;&nbsp; 17.80<sup>d</sup> <br>| &nbsp;&nbsp; 30.74<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp; (4.55)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| Ratio of expenses before expense reductions, <br> including expenses allocated from Deutsche <br> DWS Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .57 |
| Ratio of expenses after expense reductions, <br> including expenses allocated from Deutsche <br> DWS Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .57 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .87 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44 |
| Portfolio turnover rate for Deutsche DWS Equity <br> 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return does not reflect the effect of any sales charges.

<sup>d</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **17**  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS S&P 500 Index Fund** — **Class C** | **DWS S&P 500 Index Fund** — **Class C** | **DWS S&P 500 Index Fund** — **Class C** | **DWS S&P 500 Index Fund** — **Class C** | **DWS S&P 500 Index Fund** — **Class C** | **DWS S&P 500 Index Fund** — **Class C** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$44.64** | **$36.85** | **$33.57** | **$26.98** | **$30.43** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp;&nbsp; 9.88 | &nbsp;&nbsp;&nbsp;&nbsp; 5.33 | &nbsp;&nbsp;&nbsp;&nbsp; 7.76 | &nbsp;&nbsp;&nbsp; (1.77)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (8.53) | &nbsp;&nbsp;&nbsp;&nbsp; 9.94 | &nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp;&nbsp;&nbsp; 7.99 | &nbsp;&nbsp;&nbsp; (1.55) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.10) | &nbsp;&nbsp;&nbsp;&nbsp; (.07) | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.19) | &nbsp;&nbsp;&nbsp;&nbsp; (.18) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (1.72) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp; (2.15) | &nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; (1.90) |
| **Net asset value, end of period** | **$34.54** | **$44.64** | **$36.85** | **$33.57** | **$26.98** |
| Total Return (%)<sup>c</sup> <br>| (19.15) | &nbsp;&nbsp; 27.11 | &nbsp;&nbsp; 16.91 | &nbsp;&nbsp; 29.81 | &nbsp;&nbsp;&nbsp; (5.22)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Ratio of expenses including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .72 |
| Portfolio turnover rate for Deutsche DWS Equity <br> 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return does not reflect the effect of any sales charges.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **18**  | \|  | DWS S&P 500 Index Fund  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS S&P 500 Index Fund** — **Class R6** | **DWS S&P 500 Index Fund** — **Class R6** | **DWS S&P 500 Index Fund** — **Class R6** | **DWS S&P 500 Index Fund** — **Class R6** | **DWS S&P 500 Index Fund** — **Class R6** | **DWS S&P 500 Index Fund** — **Class R6** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of period** | **$44.86** | **$37.03** | **$33.72** | **$27.10** | **$30.55** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .58 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (8.72) | &nbsp;&nbsp;&nbsp;&nbsp; 9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 5.34 | &nbsp;&nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;&nbsp; (1.81)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (8.18) | &nbsp;&nbsp; 10.42 | &nbsp;&nbsp;&nbsp;&nbsp; 5.88 | &nbsp;&nbsp;&nbsp;&nbsp; 8.36 | &nbsp;&nbsp;&nbsp; (1.23) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.49) | &nbsp;&nbsp;&nbsp;&nbsp; (.51) | &nbsp;&nbsp;&nbsp;&nbsp; (.52) | &nbsp;&nbsp;&nbsp;&nbsp; (.53) | &nbsp;&nbsp;&nbsp;&nbsp; (.50) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (1.72) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (2.59) | &nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp; (1.74) | &nbsp;&nbsp;&nbsp; (2.22) |
| **Net asset value, end of period** | **$34.72** | **$44.86** | **$37.03** | **$33.72** | **$27.10** |
| Total Return (%) | (18.30) | &nbsp;&nbsp; 28.41 | &nbsp;&nbsp; 18.14 | &nbsp;&nbsp; 31.18 | &nbsp;&nbsp;&nbsp; (4.22)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Ratio of expenses including expenses allocated <br> from Deutsche DWS Equity 500 Index <br> Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .24 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 |
| Portfolio turnover rate for Deutsche DWS Equity <br> 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. 

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **19**  |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DWS S&P 500 Index Fund** — **Class S** | **DWS S&P 500 Index Fund** — **Class S** | **DWS S&P 500 Index Fund** — **Class S** | **DWS S&P 500 Index Fund** — **Class S** | **DWS S&P 500 Index Fund** — **Class S** | **DWS S&P 500 Index Fund** — **Class S** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** |
| **Net asset value, beginning of period** | **$44.86** | **$37.03** | **$33.72** | **$27.09** | **$30.56** |
| *Income (loss) from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>a</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .53 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; (8.74) | &nbsp;&nbsp;&nbsp;&nbsp; 9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp;&nbsp; (1.80)<sup>b</sup> <br>|
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (8.22) | &nbsp;&nbsp; 10.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.87 | &nbsp;&nbsp;&nbsp;&nbsp; 8.35 | &nbsp;&nbsp;&nbsp; (1.27) |
| *Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.46) | &nbsp;&nbsp;&nbsp;&nbsp; (.48) | &nbsp;&nbsp;&nbsp;&nbsp; (.51) | &nbsp;&nbsp;&nbsp;&nbsp; (.51) | &nbsp;&nbsp;&nbsp;&nbsp; (.48) |
| &nbsp;&nbsp;&nbsp; Net realized gains | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (1.72) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp; (2.56) | &nbsp;&nbsp;&nbsp; (2.56) | &nbsp;&nbsp;&nbsp; (1.72) | &nbsp;&nbsp;&nbsp; (2.20) |
| **Net asset value, end of period** | **$34.71** | **$44.86** | **$37.03** | **$33.72** | **$27.09** |
| Total Return (%) | (18.38)<sup>c</sup> <br>| &nbsp;&nbsp; 28.33<sup>c</sup> <br>| &nbsp;&nbsp; 18.08<sup>c</sup> <br>| &nbsp;&nbsp; 31.13<sup>c</sup> <br>| &nbsp;&nbsp;&nbsp; (4.33)<sup>b</sup> <br>|
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
| Ratio of expenses before expense reductions, <br> including expenses allocated from Deutsche <br> DWS Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Ratio of expenses after expense reductions, <br> including expenses allocated from Deutsche <br> DWS Equity 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .32 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 |
| Portfolio turnover rate for Deutsche DWS Equity <br> 500 Index Portfolio (%)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

<sup>a</sup> Based on average shares outstanding during the period.

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. The impact of this reimbursement amounted to $0.09 per share. Excluding this reimbursement, total return would have been .30% lower. 

<sup>c</sup> Total return would have been lower had certain expenses not been reduced.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **20**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

DWS S&P 500 Index Fund (the "Fund") is a diversified series of Deutsche DWS Institutional Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master portfolio, Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), a diversified open-end management investment company registered under the 1940 Act and organized as a New York trust advised by DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"). 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 fund") with substantially 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. At December 31, 2022, the Fund owned approximately 69% of the Portfolio.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain qualifying plans and programs. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund's transfer agent.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and services fees, services to shareholders and certain other class specific expenses. Differences in class-level expenses may result in

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **21**  |

---

------

payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements. The financial statements of the Portfolio, including the Investment Portfolio, are contained elsewhere in this report and should be read in conjunction with the Fund's financial statements.

**Security Valuation.** The Fund records its investment in the Portfolio at value, which reflects its proportionate interest in the net assets of the Portfolio and is categorized as Level 1. Valuation of the securities held by the Portfolio is discussed in the notes to the Portfolio's financial statements included elsewhere in this report.

Disclosure about the classification of fair value measurements is included in a table following the Portfolio's Investment Portfolio.

**Federal Income Taxes.** The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2022, and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Distribution of Income and Gains.** Distributions from net investment income of the Fund are declared and distributed to shareholders quarterly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in derivatives and the realized tax character on distributions from certain securities. The Fund utilized a portion of the proceeds from capital shares redeemed as a distribution from net

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

---

| | | |
|:---|:---|:---|
| **22**  | \|  | DWS S&P 500 Index Fund  |

---

------

investment income and realized capital gains. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2022, the Fund's components of distributable earnings (accumulated losses) on a net tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income\* | $3235528 |

---

In addition, the tax character of distributions paid to shareholders by the Funds are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| Distributions from ordinary income\* | $12262730 | $14490223 |
| Distributions from long-term capital gains | $42126289 | $58333823 |

---

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

\* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

**Contingencies.** In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

**Other.** The Fund receives a daily allocation of the Portfolio's income, expenses and net realized and unrealized gains and losses in proportion to its investment in the Portfolio. Expenses directly attributed to a fund are charged to that fund, while expenses which are attributable to the Trust are allocated among the funds in the Trust on the basis of relative net assets.

**B.** **Related Parties**

**Management Agreement.** Under its Investment Management Agreement with the Fund, the Advisor serves as investment manager to the Fund. The Advisor receives a management fee from the Portfolio pursuant to the master/feeder structure noted above in Note A.

Under the Investment Management Agreement, the Fund pays no management fee to the Advisor so long as the Fund is a feeder fund that invests substantially all of its assets in the Portfolio. In the event the Board of Trustees determines it is in the best interests of the Fund to withdraw its investment from the Portfolio, the Advisor may become responsible for

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **23**  |

---

------

directly managing the assets of the Fund under the Investment Management Agreement. In such event, the Fund would pay the Advisor an annual fee (exclusive of any applicable waivers/ reimbursements) of 0.15% of the Fund's average daily net assets, accrued daily and payable monthly.

For the period from January 1, 2022 through September 30, 2022, the Advisor had contractually agreed to waive its fees and/or reimburse fund expenses, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .54% |
| Class C | 1.29% |
| Class R6 | &nbsp;&nbsp; .29% |
| Class S | &nbsp;&nbsp; .29% |

---

Effective October 1, 2022 through September 30, 2023, the Advisor has contractually agreed to waive its fees and/or reimburse fund expenses, including expenses of the Portfolio allocated to the Fund, to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) of each class as follows:

---

| | |
|:---|:---|
| Class A | &nbsp;&nbsp; .52% |
| Class C | 1.27% |
| Class R6 | &nbsp;&nbsp; .27% |
| Class S | &nbsp;&nbsp; .27% |

---

For the year ended December 31, 2022, fees waived and/or expenses reimbursed for certain classes are as follows:

---

| | |
|:---|:---|
| Class A | $30085 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 138825 |
|  | **$168910** |

---

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.097% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $1,096,650, of which $86,663 is unpaid.

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

---

| | | |
|:---|:---|:---|
| **24**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Service Provider Fees.** DWS Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. ("SS&C") (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2022, the amounts charged to the Fund by DSC were as follows:

---

| | | |
|:---|:---|:---|
| **Services to Shareholders** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class A | $30893 | $5063 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 333114 | &nbsp;&nbsp;&nbsp;&nbsp; 55110 |
|  | **$366202** | **$60525** |

---

In addition, for the year ended December 31, 2022, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under "Services to shareholders," were as follows:

---

| | |
|:---|:---|
| **Sub-Recordkeeping** | **Total** <br>**Aggregated**<br>|
| Class A | $148329 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 26898 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp; 340220 |
|  | **$515447** |

---

**Distribution and Service Agreement.** Under the Fund's Class C 12b-1 Plan, DWS Distributors, Inc. ("DDI"), a subsidiary of the Advisor, receives a fee ("Distribution Fee") of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended December 31, 2022, the Distribution Fees were as follows:

---

| | | |
|:---|:---|:---|
| **Distribution Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>|
| Class C | $554308 | $41839 |

---

In addition, DDI provides information and administrative services for a fee ("Service Fee") to Class A and C shareholders at an annual rate of up to

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **25**  |

---

------

0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended December 31, 2022, the Service Fee was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Service Fee** | **Total** <br>**Aggregated**<br>| **Unpaid at** <br>**December 31, 2022**<br>| **Annual** <br>**Rate**<br>|
| Class A | $490608 | $81257 | .24% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 184216 | &nbsp;&nbsp;&nbsp;&nbsp; 26666 | .25% |
|  | **$674824** | **$107923** |  |

---

**Underwriting Agreement and Contingent Deferred Sales Charge.** DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended December 31, 2022 aggregated $9,549.

In addition, DDI receives any contingent deferred sales charge ("CDSC") from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended December 31, 2022, the CDSC for Class C shares aggregated $2,423. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended December 31, 2022, DDI received $13 for Class A shares.

**Other Service Fees.** Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended December 31, 2022, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,152, of which $210 is unpaid.

**Trustees' Fees and Expenses.** The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

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

---

| | | |
|:---|:---|:---|
| **26**  | \|  | DWS S&P 500 Index Fund  |

---

------

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

**C.** **Fund Share Transactions**

The following table summarizes share and dollar activity in the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2022** | **Year Ended** <br>**December 31, 2022** | **Year Ended** <br>**December 31, 2021** | **Year Ended** <br>**December 31, 2021** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** | **Shares sold** |
| Class A | 762611 | $29642274 | 893906 | $37052962 |
| Class C | 84706 | &nbsp;&nbsp;&nbsp;&nbsp; 3299645 | 155353 | &nbsp;&nbsp;&nbsp;&nbsp; 6396719 |
| Class R6 | 15441 | &nbsp;&nbsp;&nbsp;&nbsp; 565067 | 34945 | &nbsp;&nbsp;&nbsp;&nbsp; 1349167 |
| Class S | 696380 | &nbsp;&nbsp;&nbsp;&nbsp; 27239915 | 858312 | &nbsp;&nbsp;&nbsp;&nbsp; 35719594 |
|  |  | **$60746901** |  | **$80518442** |
| **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** | **Shares issued to shareholders in reinvestment of distributions** |
| Class A | 251168 | $8897834 | 270561 | $11794843 |
| Class C | 80573 | &nbsp;&nbsp;&nbsp;&nbsp; 2830491 | 98995 | &nbsp;&nbsp;&nbsp;&nbsp; 4329034 |
| Class R6 | 4423 | &nbsp;&nbsp;&nbsp;&nbsp; 157700 | 5139 | &nbsp;&nbsp;&nbsp;&nbsp; 224135 |
| Class S | 1095694 | &nbsp;&nbsp;&nbsp;&nbsp; 38988773 | 1187665 | &nbsp;&nbsp;&nbsp;&nbsp; 51794257 |
|  |  | **$50874798** |  | **$68142269** |
| **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** | **Shares redeemed** |
| Class A | (1012853) | $(38796993) | (1096068) | $(45364285) |
| Class C | (409594) | &nbsp;&nbsp;&nbsp; (15803789) | (445472) | &nbsp;&nbsp;&nbsp; (18474784) |
| Class R6 | (25086) | &nbsp;&nbsp;&nbsp; (972867) | (5145) | &nbsp;&nbsp;&nbsp; (209473) |
| Class S | (1997141) | &nbsp;&nbsp;&nbsp; (76220334) | (2053884) | &nbsp;&nbsp;&nbsp; (85621335) |
|  |  | **$(131793983)** |  | **$(149669877)** |
| **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** | **Net increase (decrease)** |
| Class A | 926 | $(256885) | 68399 | $3483520 |
| Class C | (244315) | &nbsp;&nbsp;&nbsp; (9673653) | (191124) | &nbsp;&nbsp;&nbsp; (7749031) |
| Class R6 | (5222) | &nbsp;&nbsp;&nbsp; (250100) | 34939 | &nbsp;&nbsp;&nbsp;&nbsp; 1363829 |
| Class S | (205067) | &nbsp;&nbsp;&nbsp; (9991646) | (7907) | &nbsp;&nbsp;&nbsp;&nbsp; 1892516 |
|  |  | **$(20172284)**  |  | **$(1009166)**  |

---

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **27**  |

---

------

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees of Deutsche DWS Institutional Funds and Shareholders of DWS S&P 500 Index Fund:**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of DWS S&P 500 Index Fund (the "Fund") (one of the funds constituting Deutsche DWS Institutional Funds) (the "Trust") as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Institutional Funds) at December 31, 2022, the results of its operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 21, 2019, expressed an unqualified opinion on those financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are

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

---

| | | |
|:---|:---|:---|
| **28**  | \|  | DWS S&P 500 Index Fund  |

---

------

required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgca3ec6396.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 23, 2023

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **29**  |

---

------

**Information About Your Fund's Expenses**

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses

with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class A and

Class S shares; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2022 to December 31, 2022).

The tables illustrate your Fund's expenses in two ways:

—

**Actual Fund Return**. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

—

**Hypothetical 5% Fund Return**. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the

relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

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

---

| | | |
|:---|:---|:---|
| **30**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Expenses and Value of a $1,000 Investment**

for the six months ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Actual Fund Return\*** | **Class A** | **Class C** | **Class R6** | **Class S** |
| Beginning Account Value 7/1/22 | $1000.00 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 12/31/22 | $1020.50 | $1016.70 | $1022.10 | $1021.70 |
| Expenses Paid per $1,000\*\* | $2.70  | $6.40  | $1.22  | $1.43 |
| **Hypothetical 5% Fund Return** | **Class A** | **Class C** | **Class R6** | **Class S** |
| Beginning Account Value 7/1/22 | $1000.00 | $1000.00 | $1000.00 | $1000.00 |
| Ending Account Value 12/31/22 | $1022.53 | $1018.85 | $1024.00 | $1023.79 |
| Expenses Paid per $1,000\*\* | $2.70  | $6.41  | $1.22  | $1.43 |

---

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

\* Expenses include amounts allocated proportionally from the master portfolio.

\*\* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annualized Expense Ratios** | **Class A** | **Class C** | **Class R6** | **Class S** |
| DWS S&P 500 Index Fund | .53% | 1.26% | .24% | .28% |

---

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

**Tax Information (Unaudited)**

The Fund paid distributions of $1.47 per share from net long-term capital gains during its year ended December 31, 2022.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $42,554,000 as capital gain dividends for its year ended December 31, 2022.

For corporate shareholders, 100% of the ordinary dividends (i.e., income dividends plus short-term capital gains) paid during the Fund's fiscal year ended December 31, 2022, qualified for the dividends received deduction.

For federal income tax purposes, the Fund designates approximately $17,100,000, or the maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **31**  |

---

------

(The following financial statements of the Deutsche DWS Equity 500 Index Portfolio should be read in conjunction with the Fund's financial statements.)

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

---

| | | |
|:---|:---|:---|
| **32**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

**Investment Portfolioas of December 31, 2022**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Common Stocks 99.3%** | **Common Stocks 99.3%** |  |
| **Communication Services 7.2%** | **Communication Services 7.2%** |  |
| **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** |  |
| AT&T, Inc. | 326500 | 6010865 |
| Lumen Technologies, Inc. | 43811 | 228694 |
| Verizon Communications, Inc. | 192331 | 7577841 |
|  |  | **13817400** |
| **Entertainment 1.3%** | **Entertainment 1.3%** |  |
| Activision Blizzard, Inc. | 32810 | 2511605 |
| Electronic Arts, Inc. | 12037 | 1470681 |
| Live Nation Entertainment, Inc.\* | 6494 | 452892 |
| Netflix, Inc.\* | 20386 | 6011424 |
| Take-Two Interactive Software, Inc.\* | 7282 | 758275 |
| Walt Disney Co.\* | 83412 | 7246834 |
| Warner Bros Discovery, Inc.\* (a) | 102569 | 972354 |
|  |  | **19424065** |
| **Interactive Media & Services 3.9%** | **Interactive Media & Services 3.9%** |  |
| Alphabet, Inc. "A" \* | 273595 | 24139287 |
| Alphabet, Inc. "C" \* | 242574 | 21523591 |
| Match Group, Inc.\* | 12978 | 538457 |
| Meta Platforms, Inc. "A" \* | 102996 | 12394538 |
|  |  | **58595873** |
| **Media 0.8%** | **Media 0.8%** |  |
| Charter Communications, Inc. "A" \* | 4927 | 1670746 |
| Comcast Corp. "A"  | 197547 | 6908219 |
| DISH Network Corp. "A" \* | 11890 | 166936 |
| Fox Corp. "A"  | 14139 | 429401 |
| Fox Corp. "B"  | 6387 | 181710 |
| Interpublic Group of Companies, Inc. | 17958 | 598181 |
| News Corp. "A"  | 17301 | 314878 |
| News Corp. "B"  | 5883 | 108483 |
| Omnicom Group, Inc. | 9244 | 754033 |
| Paramount Global "B" (a) | 23329 | 393793 |
|  |  | **11526380** |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |  |
| T-Mobile U.S., Inc.\* | 27301 | **3822140** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **33**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** |  |
| **Auto Components 0.1%** | **Auto Components 0.1%** |  |
| Aptiv PLC\* | 12322 | 1147548 |
| BorgWarner, Inc. | 10912 | 439208 |
|  |  | **1586756** |
| **Automobiles 1.3%** | **Automobiles 1.3%** |  |
| Ford Motor Co. | 181935 | 2115904 |
| General Motors Co. | 64800 | 2179872 |
| Tesla, Inc.\* | 123001 | 15151263 |
|  |  | **19447039** |
| **Distributors 0.2%** | **Distributors 0.2%** |  |
| Genuine Parts Co. | 6544 | 1135449 |
| LKQ Corp. | 11538 | 616245 |
| Pool Corp. | 1767 | 534217 |
|  |  | **2285911** |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |  |
| Booking Holdings, Inc.\* | 1776 | 3579137 |
| Caesars Entertainment, Inc.\* | 9745 | 405392 |
| Carnival Corp.\* | 45570 | 367294 |
| Chipotle Mexican Grill, Inc.\* | 1279 | 1774600 |
| Darden Restaurants, Inc. | 5627 | 778383 |
| Domino's Pizza, Inc. | 1661 | 575370 |
| Expedia Group, Inc.\* | 6930 | 607068 |
| Hilton Worldwide Holdings, Inc. | 12406 | 1567622 |
| Las Vegas Sands Corp.\* | 15283 | 734654 |
| Marriott International, Inc. "A"  | 12281 | 1828518 |
| McDonald's Corp. | 33565 | 8845385 |
| MGM Resorts International | 14451 | 484542 |
| Norwegian Cruise Line Holdings Ltd.\* | 19574 | 239586 |
| Royal Caribbean Cruises Ltd.\* | 10239 | 506114 |
| Starbucks Corp. | 52577 | 5215638 |
| Wynn Resorts Ltd.\* | 4682 | 386125 |
| Yum! Brands, Inc. | 12849 | 1645700 |
|  |  | **29541128** |
| **Household Durables 0.3%** | **Household Durables 0.3%** |  |
| D.R. Horton, Inc. | 14423 | 1285666 |
| Garmin Ltd. | 6931 | 639662 |
| Lennar Corp. "A"  | 11806 | 1068443 |
| Mohawk Industries, Inc.\* | 2393 | 244613 |
| Newell Brands, Inc. | 17024 | 222674 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **34**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| NVR, Inc.\* | 134 | 618086 |
| PulteGroup, Inc. | 10538 | 479795 |
| Whirlpool Corp. | 2590 | 366381 |
|  |  | **4925320** |
| **Internet & Direct Marketing Retail 2.4%** | **Internet & Direct Marketing Retail 2.4%** |  |
| Amazon.com, Inc.\* | 406675 | 34160700 |
| eBay, Inc. | 24942 | 1034345 |
| Etsy, Inc.\* | 5806 | 695443 |
|  |  | **35890488** |
| **Leisure Products 0.0%** | **Leisure Products 0.0%** |  |
| Hasbro, Inc. | 5892 | **359471** |
| **Multiline Retail 0.5%** | **Multiline Retail 0.5%** |  |
| Dollar General Corp. | 10344 | 2547210 |
| Dollar Tree, Inc.\* | 9613 | 1359663 |
| Target Corp. | 21129 | 3149066 |
|  |  | **7055939** |
| **Specialty Retail 2.4%** | **Specialty Retail 2.4%** |  |
| Advance Auto Parts, Inc. | 2845 | 418300 |
| AutoZone, Inc.\* | 873 | 2152975 |
| Bath & Body Works, Inc. | 10470 | 441206 |
| Best Buy Co., Inc. | 9090 | 729109 |
| CarMax, Inc.\* | 7336 | 446689 |
| Home Depot, Inc. | 46889 | 14810359 |
| Lowe's Companies, Inc. | 28437 | 5665788 |
| O'Reilly Automotive, Inc.\* | 2873 | 2424898 |
| Ross Stores, Inc. | 15852 | 1839942 |
| TJX Companies, Inc. | 53103 | 4226999 |
| Tractor Supply Co. | 5006 | 1126200 |
| Ulta Beauty, Inc.\* | 2333 | 1094340 |
|  |  | **35376805** |
| **Textiles, Apparel & Luxury Goods 0.5%** | **Textiles, Apparel & Luxury Goods 0.5%** |  |
| NIKE, Inc. "B"  | 57836 | 6767390 |
| Ralph Lauren Corp. | 1993 | 210600 |
| Tapestry, Inc. | 10848 | 413092 |
| VF Corp. | 15257 | 421246 |
|  |  | **7812328** |
| **Consumer Staples 7.1%** | **Consumer Staples 7.1%** |  |
| **Beverages 1.9%** | **Beverages 1.9%** |  |
| Brown-Forman Corp. "B"  | 8326 | 546852 |
| Coca-Cola Co. | 178103 | 11329132 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **35**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Constellation Brands, Inc. "A"  | 7474 | 1732099 |
| Keurig Dr Pepper, Inc. | 39135 | 1395554 |
| Molson Coors Beverage Co. "B"  | 8479 | 436838 |
| Monster Beverage Corp.\* | 17490 | 1775760 |
| PepsiCo, Inc. | 63122 | 11403620 |
|  |  | **28619855** |
| **Food & Staples Retailing 1.5%** | **Food & Staples Retailing 1.5%** |  |
| Costco Wholesale Corp. | 20313 | 9272884 |
| Kroger Co. | 29651 | 1321842 |
| Sysco Corp. | 23162 | 1770735 |
| Walgreens Boots Alliance, Inc. | 33019 | 1233590 |
| Walmart, Inc. | 64690 | 9172395 |
|  |  | **22771446** |
| **Food Products 1.2%** | **Food Products 1.2%** |  |
| Archer-Daniels-Midland Co. | 25180 | 2337963 |
| Campbell Soup Co. | 9146 | 519035 |
| Conagra Brands, Inc. | 21733 | 841067 |
| General Mills, Inc. | 27179 | 2278959 |
| Hormel Foods Corp. | 13454 | 612830 |
| Kellogg Co. | 11773 | 838708 |
| Kraft Heinz Co. | 36272 | 1476633 |
| Lamb Weston Holdings, Inc. | 6566 | 586738 |
| McCormick & Co., Inc. | 11543 | 956799 |
| Mondelez International, Inc. "A"  | 62521 | 4167025 |
| The Hershey Co. | 6789 | 1572129 |
| The J.M. Smucker Co. | 4930 | 781208 |
| Tyson Foods, Inc. "A"  | 13195 | 821389 |
|  |  | **17790483** |
| **Household Products 1.6%** | **Household Products 1.6%** |  |
| Church & Dwight Co., Inc. | 11176 | 900897 |
| Clorox Co. | 5660 | 794268 |
| Colgate-Palmolive Co. | 38283 | 3016318 |
| Kimberly-Clark Corp. | 15546 | 2110370 |
| Procter & Gamble Co. | 108549 | 16451686 |
|  |  | **23273539** |
| **Personal Products 0.2%** | **Personal Products 0.2%** |  |
| Estee Lauder Companies, Inc. "A"  | 10555 | **2618801** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **36**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Tobacco 0.7%** | **Tobacco 0.7%** |  |
| Altria Group, Inc. | 82107 | 3753111 |
| Philip Morris International, Inc. | 70973 | 7183177 |
|  |  | **10936288** |
| **Energy 5.2%** | **Energy 5.2%** |  |
| **Energy Equipment & Services 0.4%** | **Energy Equipment & Services 0.4%** |  |
| Baker Hughes Co. | 46115 | 1361776 |
| Halliburton Co. | 41305 | 1625352 |
| Schlumberger Ltd. | 65077 | 3479016 |
|  |  | **6466144** |
| **Oil, Gas & Consumable Fuels 4.8%** | **Oil, Gas & Consumable Fuels 4.8%** |  |
| APA Corp. | 14560 | 679661 |
| Chevron Corp. | 81507 | 14629691 |
| ConocoPhillips | 57196 | 6749128 |
| Coterra Energy, Inc. | 35795 | 879483 |
| Devon Energy Corp. | 29804 | 1833244 |
| Diamondback Energy, Inc. | 8027 | 1097933 |
| EOG Resources, Inc. | 26967 | 3492766 |
| EQT Corp. | 17085 | 577985 |
| Exxon Mobil Corp. | 188708 | 20814492 |
| Hess Corp. | 12677 | 1797852 |
| Kinder Morgan, Inc. | 91088 | 1646871 |
| Marathon Oil Corp. | 29198 | 790390 |
| Marathon Petroleum Corp. | 21405 | 2491328 |
| Occidental Petroleum Corp. | 33334 | 2099709 |
| ONEOK, Inc. | 20574 | 1351712 |
| Phillips 66 | 21595 | 2247608 |
| Pioneer Natural Resources Co. | 10866 | 2481686 |
| Targa Resources Corp. | 10470 | 769545 |
| Valero Energy Corp. | 17648 | 2238825 |
| Williams Companies, Inc. | 55971 | 1841446 |
|  |  | **70511355** |
| **Financials 11.6%** | **Financials 11.6%** |  |
| **Banks 3.8%** | **Banks 3.8%** |  |
| Bank of America Corp. | 319894 | 10594889 |
| Citigroup, Inc. | 88743 | 4013846 |
| Citizens Financial Group, Inc. | 22801 | 897675 |
| Comerica, Inc. | 5774 | 385992 |
| Fifth Third Bancorp. | 31683 | 1039519 |
| First Republic Bank | 8263 | 1007177 |
| Huntington Bancshares, Inc. | 66712 | 940639 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **37**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| JPMorgan Chase & Co. | 134358 | 18017408 |
| KeyCorp. | 42707 | 743956 |
| M&T Bank Corp. | 7914 | 1148005 |
| PNC Financial Services Group, Inc. | 18430 | 2910834 |
| Regions Financial Corp. | 43134 | 929969 |
| Signature Bank | 2859 | 329414 |
| SVB Financial Group\* | 2746 | 631965 |
| Truist Financial Corp. | 60758 | 2614417 |
| U.S. Bancorp. | 61928 | 2700680 |
| Wells Fargo & Co. | 174651 | 7211340 |
| Zions Bancorp. NA | 6647 | 326767 |
|  |  | **56444492** |
| **Capital Markets 3.1%** | **Capital Markets 3.1%** |  |
| Ameriprise Financial, Inc. | 4861 | 1513570 |
| Bank of New York Mellon Corp. | 33948 | 1545313 |
| BlackRock, Inc. | 6876 | 4872540 |
| Cboe Global Markets, Inc. | 4864 | 610286 |
| Charles Schwab Corp. | 70004 | 5828533 |
| CME Group, Inc. | 16527 | 2779180 |
| FactSet Research Systems, Inc. | 1743 | 699309 |
| Franklin Resources, Inc. | 12755 | 336477 |
| Intercontinental Exchange, Inc. | 25682 | 2634716 |
| Invesco Ltd. | 21138 | 380273 |
| MarketAxess Holdings, Inc. | 1729 | 482201 |
| Moody's Corp. | 7175 | 1999098 |
| Morgan Stanley | 60390 | 5134358 |
| MSCI, Inc. | 3660 | 1702522 |
| Nasdaq, Inc. | 15623 | 958471 |
| Northern Trust Corp. | 9629 | 852070 |
| Raymond James Financial, Inc. | 8824 | 942844 |
| S&P Global, Inc. | 15258 | 5110515 |
| State Street Corp. | 16729 | 1297669 |
| T. Rowe Price Group, Inc. | 10198 | 1112194 |
| The Goldman Sachs Group, Inc. | 15504 | 5323763 |
|  |  | **46115902** |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |  |
| American Express Co. | 27370 | 4043917 |
| Capital One Financial Corp. | 17410 | 1618434 |
| Discover Financial Services | 12635 | 1236082 |
| Synchrony Financial | 20552 | 675339 |
|  |  | **7573772** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **38**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Diversified Financial Services 1.7%** | **Diversified Financial Services 1.7%** |  |
| Berkshire Hathaway, Inc. "B" \* | 82588 | **25511433** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Aflac, Inc. | 25869 | 1861016 |
| Allstate Corp. | 12132 | 1645099 |
| American International Group, Inc. | 33812 | 2138271 |
| Aon PLC "A"  | 9473 | 2843226 |
| Arch Capital Group Ltd.\* | 17056 | 1070776 |
| Arthur J. Gallagher & Co. | 9705 | 1829781 |
| Assurant, Inc. | 2427 | 303521 |
| Brown & Brown, Inc. | 10716 | 610490 |
| Chubb Ltd. | 19068 | 4206401 |
| Cincinnati Financial Corp. | 7115 | 728505 |
| Everest Re Group Ltd. | 1783 | 590654 |
| Globe Life, Inc. | 4143 | 499439 |
| Hartford Financial Services Group, Inc. | 14580 | 1105601 |
| Lincoln National Corp. | 7151 | 219679 |
| Loews Corp. | 9300 | 542469 |
| Marsh & McLennan Companies, Inc. | 22647 | 3747625 |
| MetLife, Inc. | 30160 | 2182679 |
| Principal Financial Group, Inc. | 10536 | 884181 |
| Progressive Corp. | 26917 | 3491404 |
| Prudential Financial, Inc. | 16776 | 1668541 |
| Travelers Companies, Inc. | 10817 | 2028079 |
| W.R. Berkley Corp. | 9394 | 681723 |
| Willis Towers Watson PLC | 4903 | 1199176 |
|  |  | **36078336** |
| **Health Care 15.7%** | **Health Care 15.7%** |  |
| **Biotechnology 2.5%** | **Biotechnology 2.5%** |  |
| AbbVie, Inc. | 81047 | 13098006 |
| Amgen, Inc. | 24428 | 6415770 |
| Biogen, Inc.\* | 6620 | 1833210 |
| Gilead Sciences, Inc. | 57485 | 4935087 |
| Incyte Corp.\* | 8353 | 670913 |
| Moderna, Inc.\* | 15135 | 2718549 |
| Regeneron Pharmaceuticals, Inc.\* | 4891 | 3528808 |
| Vertex Pharmaceuticals, Inc.\* | 11793 | 3405582 |
|  |  | **36605925** |
| **Health Care Equipment & Supplies 2.8%** | **Health Care Equipment & Supplies 2.8%** |  |
| Abbott Laboratories | 79869 | 8768818 |
| Align Technology, Inc.\* | 3375 | 711788 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **39**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Baxter International, Inc. | 22858 | 1165072 |
| Becton, Dickinson & Co. | 13100 | 3331330 |
| Boston Scientific Corp.\* | 65762 | 3042808 |
| DENTSPLY SIRONA, Inc. | 9929 | 316139 |
| DexCom, Inc.\* | 17684 | 2002536 |
| Edwards Lifesciences Corp.\* | 28210 | 2104748 |
| Hologic, Inc.\* | 11547 | 863831 |
| IDEXX Laboratories, Inc.\* | 3782 | 1542905 |
| Intuitive Surgical, Inc.\* | 16184 | 4294424 |
| Medtronic PLC | 60876 | 4731283 |
| ResMed, Inc. | 6734 | 1401547 |
| STERIS PLC | 4499 | 830920 |
| Stryker Corp. | 15448 | 3776882 |
| Teleflex, Inc. | 2143 | 534957 |
| The Cooper Companies, Inc. | 2267 | 749629 |
| Zimmer Biomet Holdings, Inc. | 9667 | 1232542 |
|  |  | **41402159** |
| **Health Care Providers & Services 3.7%** | **Health Care Providers & Services 3.7%** |  |
| AmerisourceBergen Corp. | 7399 | 1226088 |
| Cardinal Health, Inc. | 12025 | 924362 |
| Centene Corp.\* | 26015 | 2133490 |
| Cigna Corp. | 13983 | 4633127 |
| CVS Health Corp. | 60199 | 5609945 |
| DaVita, Inc.\* | 2597 | 193918 |
| Elevance Health, Inc. | 10943 | 5613431 |
| HCA Healthcare, Inc. | 9699 | 2327372 |
| Henry Schein, Inc.\* | 6238 | 498229 |
| Humana, Inc. | 5811 | 2976336 |
| Laboratory Corp. of America Holdings | 4091 | 963349 |
| McKesson Corp. | 6495 | 2436404 |
| Molina Healthcare, Inc.\* | 2689 | 887962 |
| Quest Diagnostics, Inc. | 5133 | 803006 |
| UnitedHealth Group, Inc. | 42832 | 22708670 |
| Universal Health Services, Inc. "B"  | 2927 | 412385 |
|  |  | **54348074** |
| **Life Sciences Tools & Services 1.9%** | **Life Sciences Tools & Services 1.9%** |  |
| Agilent Technologies, Inc. | 13622 | 2038532 |
| Bio-Rad Laboratories, Inc. "A" \* | 984 | 413762 |
| Bio-Techne Corp. | 7204 | 597068 |
| Charles River Laboratories International, Inc.\* | 2291 | 499209 |
| Danaher Corp. | 30019 | 7967643 |
| Illumina, Inc.\* | 7149 | 1445528 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **40**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| IQVIA Holdings, Inc.\* | 8492 | 1739926 |
| Mettler-Toledo International, Inc.\* | 1025 | 1481586 |
| PerkinElmer, Inc. | 5776 | 809911 |
| Thermo Fisher Scientific, Inc. | 17965 | 9893146 |
| Waters Corp.\* | 2718 | 931132 |
| West Pharmaceutical Services, Inc. | 3429 | 807015 |
|  |  | **28624458** |
| **Pharmaceuticals 4.8%** | **Pharmaceuticals 4.8%** |  |
| Bristol-Myers Squibb Co. | 97430 | 7010089 |
| Catalent, Inc.\* | 8310 | 374033 |
| Eli Lilly & Co. | 36173 | 13233530 |
| Johnson & Johnson | 119866 | 21174329 |
| Merck & Co., Inc. | 116201 | 12892501 |
| Organon & Co. | 11277 | 314967 |
| Pfizer, Inc. | 257171 | 13177442 |
| Viatris, Inc. | 55400 | 616602 |
| Zoetis, Inc. | 21300 | 3121515 |
|  |  | **71915008** |
| **Industrials 8.6%** | **Industrials 8.6%** |  |
| **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** |  |
| Boeing Co.\* | 25654 | 4886830 |
| General Dynamics Corp. | 10356 | 2569427 |
| Howmet Aerospace, Inc. | 16732 | 659408 |
| Huntington Ingalls Industries, Inc. | 1814 | 418454 |
| L3Harris Technologies, Inc. | 8712 | 1813926 |
| Lockheed Martin Corp. | 10676 | 5193767 |
| Northrop Grumman Corp. | 6640 | 3622850 |
| Raytheon Technologies Corp. | 67389 | 6800898 |
| Textron, Inc. | 9717 | 687964 |
| TransDigm Group, Inc. | 2379 | 1497937 |
|  |  | **28151461** |
| **Air Freight & Logistics 0.6%** | **Air Freight & Logistics 0.6%** |  |
| C.H. Robinson Worldwide, Inc. | 5368 | 491494 |
| Expeditors International of Washington, Inc. | 7277 | 756226 |
| FedEx Corp. | 11029 | 1910223 |
| United Parcel Service, Inc. "B"  | 33390 | 5804517 |
|  |  | **8962460** |
| **Airlines 0.2%** | **Airlines 0.2%** |  |
| Alaska Air Group, Inc.\* | 5698 | 244672 |
| American Airlines Group, Inc.\* | 29356 | 373408 |
| Delta Air Lines, Inc.\* | 29244 | 960958 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **41**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Southwest Airlines Co.\* | 27055 | 910942 |
| United Airlines Holdings, Inc.\* | 14853 | 559958 |
|  |  | **3049938** |
| **Building Products 0.4%** | **Building Products 0.4%** |  |
| A.O. Smith Corp. | 5909 | 338231 |
| Allegion PLC | 4085 | 429987 |
| Carrier Global Corp. | 38269 | 1578596 |
| Johnson Controls International PLC | 31369 | 2007616 |
| Masco Corp. | 10441 | 487282 |
| Trane Technologies PLC | 10543 | 1772173 |
|  |  | **6613885** |
| **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** |  |
| Cintas Corp. | 3961 | 1788867 |
| Copart, Inc.\* | 19771 | 1203856 |
| Republic Services, Inc. | 9477 | 1222438 |
| Rollins, Inc. | 10874 | 397336 |
| Waste Management, Inc. | 17162 | 2692375 |
|  |  | **7304872** |
| **Construction & Engineering 0.1%** | **Construction & Engineering 0.1%** |  |
| Quanta Services, Inc. | 6592 | **939360** |
| **Electrical Equipment 0.6%** | **Electrical Equipment 0.6%** |  |
| AMETEK, Inc. | 10581 | 1478377 |
| Eaton Corp. PLC | 18129 | 2845347 |
| Emerson Electric Co. | 27182 | 2611103 |
| Generac Holdings, Inc.\* | 2990 | 300973 |
| Rockwell Automation, Inc. | 5219 | 1344258 |
|  |  | **8580058** |
| **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** |  |
| 3M Co. | 25380 | 3043569 |
| General Electric Co. | 49992 | 4188830 |
| Honeywell International, Inc. | 30753 | 6590368 |
|  |  | **13822767** |
| **Machinery 1.9%** | **Machinery 1.9%** |  |
| Caterpillar, Inc. | 23853 | 5714225 |
| Cummins, Inc. | 6409 | 1552837 |
| Deere & Co. | 12583 | 5395087 |
| Dover Corp. | 6346 | 859312 |
| Fortive Corp. | 16033 | 1030120 |
| IDEX Corp. | 3484 | 795502 |
| Illinois Tool Works, Inc. | 12822 | 2824687 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **42**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Ingersoll Rand, Inc. | 18449 | 963960 |
| Nordson Corp. | 2484 | 590496 |
| Otis Worldwide Corp. | 19124 | 1497600 |
| PACCAR, Inc. | 15845 | 1568180 |
| Parker-Hannifin Corp. | 5890 | 1713990 |
| Pentair PLC | 7446 | 334921 |
| Snap-on, Inc. | 2374 | 542435 |
| Stanley Black & Decker, Inc. | 6770 | 508562 |
| Westinghouse Air Brake Technologies Corp. | 8307 | 829122 |
| Xylem, Inc. | 8298 | 917510 |
|  |  | **27638546** |
| **Professional Services 0.4%** | **Professional Services 0.4%** |  |
| CoStar Group, Inc.\* | 18605 | 1437795 |
| Equifax, Inc. | 5562 | 1081030 |
| Jacobs Solutions, Inc. | 5947 | 714056 |
| Leidos Holdings, Inc. | 6218 | 654072 |
| Robert Half International, Inc. | 4852 | 358223 |
| Verisk Analytics, Inc. | 7109 | 1254170 |
|  |  | **5499346** |
| **Road & Rail 0.9%** | **Road & Rail 0.9%** |  |
| CSX Corp. | 96265 | 2982290 |
| J.B. Hunt Transport Services, Inc. | 3844 | 670240 |
| Norfolk Southern Corp. | 10571 | 2604906 |
| Old Dominion Freight Line, Inc. | 4129 | 1171727 |
| Union Pacific Corp. | 28187 | 5836682 |
|  |  | **13265845** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |  |
| Fastenal Co. | 25979 | 1229326 |
| United Rentals, Inc.\* | 3171 | 1127037 |
| W.W. Grainger, Inc. | 2060 | 1145875 |
|  |  | **3502238** |
| **Information Technology 25.6%** | **Information Technology 25.6%** |  |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |  |
| Arista Networks, Inc.\* | 11412 | 1384846 |
| Cisco Systems, Inc. | 188198 | 8965753 |
| F5, Inc.\* | 2761 | 396231 |
| Juniper Networks, Inc. | 14716 | 470323 |
| Motorola Solutions, Inc. | 7609 | 1960916 |
|  |  | **13178069** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **43**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |  |
| Amphenol Corp. "A"  | 27384 | 2085018 |
| CDW Corp. | 6161 | 1100231 |
| Corning, Inc. | 34772 | 1110618 |
| Keysight Technologies, Inc.\* | 8180 | 1399353 |
| TE Connectivity Ltd. | 14509 | 1665633 |
| Teledyne Technologies, Inc.\* | 2158 | 863006 |
| Trimble, Inc.\* | 11078 | 560104 |
| Zebra Technologies Corp. "A" \* | 2377 | 609486 |
|  |  | **9393449** |
| **IT Services 4.4%** | **IT Services 4.4%** |  |
| Accenture PLC "A"  | 28874 | 7704738 |
| Akamai Technologies, Inc.\* | 7183 | 605527 |
| Automatic Data Processing, Inc. | 18977 | 4532846 |
| Broadridge Financial Solutions, Inc. | 5319 | 713438 |
| Cognizant Technology Solutions Corp. "A"  | 23533 | 1345852 |
| DXC Technology Co.\* | 10390 | 275335 |
| EPAM Systems, Inc.\* | 2618 | 858023 |
| Fidelity National Information Services, Inc. | 27121 | 1840160 |
| Fiserv, Inc.\* | 29170 | 2948212 |
| FleetCor Technologies, Inc.\* | 3359 | 616981 |
| Gartner, Inc.\* | 3606 | 1212121 |
| Global Payments, Inc. | 12340 | 1225609 |
| International Business Machines Corp. | 41435 | 5837777 |
| Jack Henry & Associates, Inc. | 3317 | 582333 |
| Mastercard, Inc. "A"  | 38875 | 13518004 |
| Paychex, Inc. | 14806 | 1710981 |
| PayPal Holdings, Inc.\* | 52246 | 3720960 |
| VeriSign, Inc.\* | 4276 | 878461 |
| Visa, Inc. "A"  | 74938 | 15569119 |
|  |  | **65696477** |
| **Semiconductors & Semiconductor Equipment 5.1%** | **Semiconductors & Semiconductor Equipment 5.1%** |  |
| Advanced Micro Devices, Inc.\* | 73958 | 4790260 |
| Analog Devices, Inc. | 23578 | 3867499 |
| Applied Materials, Inc. | 39436 | 3840278 |
| Broadcom, Inc. | 18557 | 10375775 |
| Enphase Energy, Inc.\* | 6253 | 1656795 |
| First Solar, Inc.\* | 4551 | 681694 |
| Intel Corp. | 189009 | 4995508 |
| KLA Corp. | 6470 | 2439384 |
| Lam Research Corp. | 6243 | 2623933 |
| Microchip Technology, Inc. | 25160 | 1767490 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **44**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Micron Technology, Inc. | 49824 | 2490203 |
| Monolithic Power Systems, Inc. | 2058 | 727729 |
| NVIDIA Corp. | 114096 | 16673989 |
| NXP Semiconductors NV | 11800 | 1864754 |
| ON Semiconductor Corp.\* | 19899 | 1241101 |
| Qorvo, Inc.\* | 4667 | 423017 |
| QUALCOMM, Inc. | 51440 | 5655314 |
| Skyworks Solutions, Inc. | 7323 | 667345 |
| SolarEdge Technologies, Inc.\* | 2536 | 718373 |
| Teradyne, Inc. | 7193 | 628309 |
| Texas Instruments, Inc. | 41570 | 6868195 |
|  |  | **74996945** |
| **Software 8.3%** | **Software 8.3%** |  |
| Adobe, Inc.\* | 21346 | 7183569 |
| ANSYS, Inc.\* | 3938 | 951381 |
| Autodesk, Inc.\* | 9895 | 1849079 |
| Cadence Design Systems, Inc.\* | 12635 | 2029686 |
| Ceridian HCM Holding, Inc.\* | 7057 | 452707 |
| Fortinet, Inc.\* | 29819 | 1457851 |
| Gen Digital, Inc. | 26927 | 577046 |
| Intuit, Inc. | 12914 | 5026387 |
| Microsoft Corp. | 341572 | 81915797 |
| Oracle Corp. | 70406 | 5754986 |
| Paycom Software, Inc.\* | 2191 | 679889 |
| PTC, Inc.\* | 4802 | 576432 |
| Roper Technologies, Inc. | 4833 | 2088291 |
| Salesforce, Inc.\* | 45834 | 6077130 |
| ServiceNow, Inc.\* | 9265 | 3597322 |
| Synopsys, Inc.\* | 6978 | 2228006 |
| Tyler Technologies, Inc.\* | 1905 | 614191 |
|  |  | **123059750** |
| **Technology Hardware, Storage & Peripherals 6.3%** | **Technology Hardware, Storage & Peripherals 6.3%** |  |
| Apple, Inc. | 685296 | 89040509 |
| Hewlett Packard Enterprise Co. | 59455 | 948902 |
| HP, Inc. | 40405 | 1085682 |
| NetApp, Inc. | 9793 | 588168 |
| Seagate Technology Holdings PLC | 8843 | 465230 |
| Western Digital Corp.\* | 14818 | 467508 |
|  |  | **92595999** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **45**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Materials 2.7%** | **Materials 2.7%** |  |
| **Chemicals 1.9%** | **Chemicals 1.9%** |  |
| Air Products & Chemicals, Inc. | 10192 | 3141786 |
| Albemarle Corp. | 5333 | 1156514 |
| Celanese Corp. | 4614 | 471735 |
| CF Industries Holdings, Inc. | 8945 | 762114 |
| Corteva, Inc. | 32738 | 1924340 |
| Dow, Inc. | 32539 | 1639640 |
| DuPont de Nemours, Inc. | 22790 | 1564078 |
| Eastman Chemical Co. | 5321 | 433342 |
| Ecolab, Inc. | 11263 | 1639442 |
| FMC Corp. | 5735 | 715728 |
| International Flavors & Fragrances, Inc. | 11774 | 1234386 |
| Linde PLC | 22645 | 7386346 |
| LyondellBasell Industries NV "A"  | 11788 | 978758 |
| PPG Industries, Inc. | 10805 | 1358621 |
| Sherwin-Williams Co. | 10851 | 2575268 |
| The Mosaic Co. | 15411 | 676081 |
|  |  | **27658179** |
| **Construction Materials 0.1%** | **Construction Materials 0.1%** |  |
| Martin Marietta Materials, Inc. | 2822 | 953751 |
| Vulcan Materials Co. | 6164 | 1079378 |
|  |  | **2033129** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |  |
| Amcor PLC | 68772 | 819074 |
| Avery Dennison Corp. | 3678 | 665718 |
| Ball Corp. | 14541 | 743627 |
| International Paper Co. | 16592 | 574581 |
| Packaging Corp. of America | 4283 | 547839 |
| Sealed Air Corp. | 6589 | 328659 |
| Westrock Co. | 11787 | 414431 |
|  |  | **4093929** |
| **Metals & Mining 0.4%** | **Metals & Mining 0.4%** |  |
| Freeport-McMoRan, Inc. | 65679 | 2495802 |
| Newmont Corp. | 36492 | 1722422 |
| Nucor Corp. | 11703 | 1542573 |
| Steel Dynamics, Inc. | 7639 | 746330 |
|  |  | **6507127** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **46**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Real Estate 2.7%** | **Real Estate 2.7%** |  |
| **Equity Real Estate Investment Trusts (REITs) 2.6%** | **Equity Real Estate Investment Trusts (REITs) 2.6%** |  |
| Alexandria Real Estate Equities, Inc. | 6865 | 1000024 |
| American Tower Corp. | 21347 | 4522575 |
| AvalonBay Communities, Inc. | 6434 | 1039220 |
| Boston Properties, Inc. | 6520 | 440622 |
| Camden Property Trust | 4900 | 548212 |
| Crown Castle, Inc. | 19915 | 2701271 |
| Digital Realty Trust, Inc. | 13194 | 1322962 |
| Equinix, Inc. | 4223 | 2766192 |
| Equity Residential | 15611 | 921049 |
| Essex Property Trust, Inc. | 3007 | 637243 |
| Extra Space Storage, Inc. | 6115 | 900006 |
| Federal Realty Investment Trust | 3378 | 341313 |
| Healthpeak Properties, Inc. | 24769 | 620959 |
| Host Hotels & Resorts, Inc. | 32660 | 524193 |
| Invitation Homes, Inc. | 26217 | 777072 |
| Iron Mountain, Inc. | 13268 | 661410 |
| Kimco Realty Corp. | 28393 | 601364 |
| Mid-America Apartment Communities, Inc. | 5302 | 832361 |
| Prologis, Inc. | 42304 | 4768930 |
| Public Storage | 7286 | 2041464 |
| Realty Income Corp. | 28501 | 1807818 |
| Regency Centers Corp. | 7016 | 438500 |
| SBA Communications Corp. | 4908 | 1375761 |
| Simon Property Group, Inc. | 15064 | 1769719 |
| UDR, Inc. | 14175 | 548998 |
| Ventas, Inc. | 18645 | 839957 |
| VICI Properties, Inc. | 44367 | 1437491 |
| Vornado Realty Trust | 7444 | 154910 |
| Welltower, Inc. | 21531 | 1411357 |
| Weyerhaeuser Co. | 33562 | 1040422 |
|  |  | **38793375** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |  |
| CBRE Group, Inc. "A" \* | 14583 | **1122308** |
| **Utilities 3.2%** | **Utilities 3.2%** |  |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |  |
| Alliant Energy Corp. | 11479 | 633756 |
| American Electric Power Co., Inc. | 23451 | 2226672 |
| Constellation Energy Corp. | 14912 | 1285563 |
| Duke Energy Corp. | 35167 | 3621849 |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **47**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| Edison International | 17347 | 1103616 |
| Entergy Corp. | 9394 | 1056825 |
| Evergy, Inc. | 10638 | 669449 |
| Eversource Energy | 16013 | 1342530 |
| Exelon Corp. | 45875 | 1983176 |
| FirstEnergy Corp. | 24954 | 1046571 |
| NextEra Energy, Inc. | 91091 | 7615208 |
| NRG Energy, Inc. | 10375 | 330132 |
| PG&E Corp.\* | 74389 | 1209565 |
| Pinnacle West Capital Corp. | 5068 | 385371 |
| PPL Corp. | 34018 | 994006 |
| Southern Co. | 49748 | 3552505 |
| Xcel Energy, Inc. | 24896 | 1745459 |
|  |  | **30802253** |
| **Gas Utilities 0.0%** | **Gas Utilities 0.0%** |  |
| Atmos Energy Corp. | 6441 | **721843** |
| **Independent Power & Renewable Electricity Producers 0.1%** | **Independent Power & Renewable Electricity Producers 0.1%** |  |
| AES Corp. | 30402 | **874361** |
| **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** |  |
| Ameren Corp. | 11896 | 1057792 |
| CenterPoint Energy, Inc. | 29048 | 871150 |
| CMS Energy Corp. | 13388 | 847862 |
| Consolidated Edison, Inc. | 16177 | 1541830 |
| Dominion Energy, Inc. | 38328 | 2350273 |
| DTE Energy Co. | 8934 | 1050013 |
| NiSource, Inc. | 18567 | 509107 |
| Public Service Enterprise Group, Inc. | 23002 | 1409333 |
| Sempra Energy | 14336 | 2215485 |
| WEC Energy Group, Inc. | 14300 | 1340768 |
|  |  | **13193613** |
| **Water Utilities 0.1%** | **Water Utilities 0.1%** |  |
| American Water Works Co., Inc. | 8342 | **1271488** |
| **Total Common Stocks** (Cost $425,197,213) | **Total Common Stocks** (Cost $425,197,213) | **1472397583** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** | **Value ($)** |
| **Short-Term U.S. Treasury Obligation 0.2%** | **Short-Term U.S. Treasury Obligation 0.2%** | **Short-Term U.S. Treasury Obligation 0.2%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.46% (b), 5/11/2023 (c) <br> (Cost $2,617,159)<br>| 2660000 | **2617055** |

---

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

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **48**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS <br> Government Cash Institutional Shares" , 4.07% (d) (e) <br>(Cost $350,418)<br>| 350418 | **350418** |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| &nbsp;&nbsp;&nbsp; DWS Central Cash Management Government Fund, 4.2% <br> (d) (Cost $6,023,842)<br>| 6023842 | **6023842** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $434,188,632) | &nbsp;&nbsp; 99.9 | **1481388898** |
| **Other Assets and Liabilities, Net** | &nbsp;&nbsp;&nbsp;&nbsp; 0.1 | **1081156** |
| **Net Assets** | 100.0 | **1482470054** |

---

A summary of the Fund's transactions with affiliated investments during the year ended December 31, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($)** <br>**at** <br>**12/31/2021**<br>| **Pur-** <br>**chases** <br>**Cost** <br>**($)**<br>| **Sales** <br>**Proceeds** <br>**($)**<br>| **Net** <br>**Real-** <br>**ized** <br>**Gain/** <br>**(Loss)** <br>**($)**<br>| **Net** <br>**Change** <br>**in** <br>**Unreal-** <br>**ized** <br>**Appreci-** <br>**ation** <br>**(Depreci-** <br>**ation)** <br>**($)**<br>| **Income** <br>**($)**<br>| **Capital** <br>**Gain** <br>**Distri-** <br>**butions** <br>**($)**<br>| **Number of** <br>**Shares at** <br>**12/31/2022**<br>| **Value ($)** <br>**at** <br>**12/31/2022**<br>|
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares" , <br> 4.07% (d) (e) |
| 12413546 |  | 12,063,128 (f) |  |  | 14116 |  | 350418 | 350418 |
| **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** | **Cash Equivalents 0.4%** |
| DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) | DWS Central Cash Management Government Fund, 4.2% (d) |
| 25082012 | 165548862 | 184607032 |  |  | 183096 |  | 6023842 | 6023842 |
| **37495558** | **165548862** | **196670160** |  |  | **197212** |  | **6374260** | **6374260** |

---

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

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at December 31, 2022 amounted to $345,668, which is 0.0% of net assets. 

(b) Annualized yield at time of purchase; not a coupon rate.

(c) At December 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. 

(d) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. 

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **49**  |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended December 31, 2022.

At December 31, 2022, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | **Expiration** <br>**Date**<br>| **Contracts** | **Notional** <br>**Amount ($)**<br>| **Notional** <br>**Value ($)**<br>| **Unrealized** <br>**Depreciation ($)**<br>|
| S&P 500 E-Mini <br> Index<br>| USD | 3/17/2023 | 49 | 9792644 | 9459450 | **(333194)** |

---

**Currency Abbreviation(s)**

------

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

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.

**Fair Value Measurements**

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2022 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks (a) | $1472397583 | $— | $— | $1472397583 |
| Short-Term U.S. Treasury <br> Obligation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2617055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2617055 |
| Short-Term Investments (a) | &nbsp;&nbsp; 6374260 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6374260 |
| **Total** | **$1478771843** | **$2617055** | **$**—  | **$1481388898** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(333194) | $— | $— | $(333194) |
| **Total** | **$(333194)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$**— | **$**—  | **$(333194)** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Investment Portfolio for additional detailed categorizations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **50**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

**Statement of Assets and Liabilities**

as of December 31, 2022

------

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in non-affiliated securities, at value (cost $427,814,372) — <br> including $345,668 of securities loaned<br>| $1475014638 |
| Investment in DWS Government & Agency Securities Portfolio <br> (cost $350,418)\* <br>| &nbsp;&nbsp;&nbsp;&nbsp; 350418 |
| Investment in DWS Central Cash Management Government Fund <br> (cost $6,023,842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6023842 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 350447 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp; 1268886 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 21528 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp; 24951 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp; 1483054710 |
| **Liabilities** |  |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 350418 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 35541 |
| Accrued management fee | &nbsp;&nbsp;&nbsp;&nbsp; 64724 |
| Accrued Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 17362 |
| Other accrued expenses and payables | &nbsp;&nbsp;&nbsp;&nbsp; 116611 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584656 |
| **Net assets, at value** | **$1482470054** |

---

\*

Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **51**  |

---

------

**Statement of Operations**

for the year ended December 31, 2022

------

---

| | |
|:---|:---|
| **Investment Income** |  |
| Income: |  |
| Dividends (net of foreign taxes withheld of $129,196) | $26754897 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35373 |
| Income distributions — DWS Central Cash Management <br> Government Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183096 |
| Securities lending income, net of borrower rebates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14116 |
| Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26987482 |
| Expenses: |  |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828162 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496897 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23029 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94716 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23869 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78420 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79439 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624532 |
| **Net investment income** | **25362950** |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 101801274 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3452932) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98348342 |
| Change in net unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (478783334) |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1073301) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (479856635) |
| **Net gain (loss)** | **(381508293)** |
| **Net increase (decrease) in net assets resulting from operations** | **$(356145343)** |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **52**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
| **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** |
|  | **Years Ended December 31,** | **Years Ended December 31,** |
| **Increase (Decrease) in Net Assets** | **2022** | **2021** |
| Operations: |  |  |
| Net investment income | $25362950 | $24489328 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98348342 | &nbsp;&nbsp;&nbsp;&nbsp; 139972064 |
| Change in net unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (479856635) | &nbsp;&nbsp;&nbsp;&nbsp; 303074792 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; (356145343) | &nbsp;&nbsp;&nbsp;&nbsp; 467536184 |
| Capital transactions in shares of beneficial interest: |  |  |
| Proceeds from capital invested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32754340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34499150 |
| Value of capital withdrawn | &nbsp;&nbsp;&nbsp;&nbsp; (201732311) | &nbsp;&nbsp;&nbsp;&nbsp; (224576589) |
| Net increase (decrease) in net assets from capital <br> transactions in shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp; (168977971) | &nbsp;&nbsp;&nbsp;&nbsp; (190077439) |
| **Increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (525123314) | &nbsp;&nbsp;&nbsp;&nbsp; 277458745 |
| Net assets at beginning of period | &nbsp;&nbsp; 2007593368 | &nbsp;&nbsp; 1730134623 |
| **Net assets at end of period** | **$1482470054** | **$2007593368**  |

---

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **53**  |

---

------

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** | **Deutsche DWS Equity 500 Index Portfolio** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |
| Net assets, end of period ($ millions) | &nbsp;&nbsp; 1482 | 2008 | 1730 | 1693 | 1457 |
| Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 | &nbsp;&nbsp;&nbsp;&nbsp; .10 |
| Ratio of net investment income (%) | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; 1.76 | &nbsp;&nbsp; 1.93 | &nbsp;&nbsp; 1.90 |
| Portfolio turnover rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Total investment return (%)<sup>a</sup> <br>| (18.17) | 28.53 | 18.15 | 31.34 | (4.09)<sup>b</sup> <br>|

---

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

<sup>a</sup> Total investment return for the Portfolio was derived from the performance of the Institutional Class of DWS Equity 500 Index Fund. 

<sup>b</sup> Includes a reimbursement from the sub-advisor to reimburse the effect of a loss incurred as a result of an operational error. Excluding this reimbursement, total return would have been .30% lower. 

The accompanying notes are an integral part of the financial statements.

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

---

| | | |
|:---|:---|:---|
| **54**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

**Notes to Financial Statements** 

**A.** **Organization and Significant Accounting Policies**

Deutsche DWS Equity 500 Index Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end management investment company organized as a New York trust.

The Portfolio is a master fund; 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 fund") with substantially 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 two affiliated DWS feeder funds, 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. As of December 31, 2022, DWS S&P 500 Index Fund and DWS Equity 500 Index Fund owned approximately 69% and 31%, respectively, of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

**Security Valuation.** Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund's Board has designated DWS Investment Management Americas, Inc. (the "Advisor") as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor's Pricing Committee (the "Pricing Committee") typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk).

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

---

| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **55**  |

---

------

Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Portfolio's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the

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

---

| | | |
|:---|:---|:---|
| **56**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

---

------

security is normally traded. The value determined under these procedures may differ from published values for the same securities.

**Securities Lending.** Brown Brothers Harriman & Co., as lending agent, lends securities of the Portfolio to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Portfolio continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Portfolio requires the borrowers of the securities to maintain collateral with the Portfolio consisting of either cash and/or U.S. Treasury Securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended December 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of December 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Portfolio receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Portfolio or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Portfolio is not able to recover securities lent, the Portfolio may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Portfolio is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of December 31, 2022, the Portfolio had securities on loan, which were classified as common stocks in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous.

**Federal Income Taxes.** The Portfolio is considered a partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **57**  |

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satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

At December 31, 2022, the aggregate cost of investments for federal income tax purposes was $460,735,526. The net unrealized appreciation for all investments based on tax cost was $1,020,653,372. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,086,659,779 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $66,006,407.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

**Contingencies.** In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

**Other.** Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments.

The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities, futures and foreign currency transactions to its investors in proportion to their investment in the Portfolio.

**B.** **Derivative Instruments**

A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended December 31, 2022, the Portfolio invested in futures contracts to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.

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

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| | | |
|:---|:---|:---|
| **58**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Portfolio dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Portfolio's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency to which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.

A summary of the open futures contracts as of December 31, 2022, is included in a table following the Portfolio's Investment Portfolio. For the year ended December 31, 2022, the investment in futures contracts purchased had a total notional value generally indicative of a range from approximately $9,459,000 to $33,301,000.

The following table summarizes the value of the Portfolio's derivative instruments held as of December 31, 2022, presented by primary underlying risk exposure:

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| | |
|:---|:---|
| **Liability Derivative** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(333194) |
| The above derivative is located in the following Statement of Assets and Liabilities account: | The above derivative is located in the following Statement of Assets and Liabilities account: |

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative depreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Portfolio earnings during the year ended December 31, 2022 and the related location in the accompanying

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **59**  |

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Statement of Operations is summarized in the following tables by primary underlying risk exposure:

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| | |
|:---|:---|
| **Realized Gain (Loss)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(3452932) |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain (loss) from futures contracts

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

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| | |
|:---|:---|
| **Change in Net Unrealized Appreciation (Depreciation)** | **Futures** <br>**Contracts**<br>|
| Equity Contracts (a) | $(1073301) |
| The above derivative is located in the following Statement of Operations account: | The above derivative is located in the following Statement of Operations account: |

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Change in net unrealized appreciation (depreciation) on futures contracts

**C.** **Purchases and Sales of Securities**

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) aggregated $24,804,698 and $154,186,697, respectively.

**D.** **Related Parties**

DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), serves as the investment manager to the Portfolio.

**Management Agreement.** Under its Investment Management Agreement with the Portfolio, the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio or delegates such responsibility to the Portfolio's sub-advisor. Northern Trust Investments, Inc. ("NTI") serves as sub-advisor to the Portfolio and is paid by the Advisor for its services. NTI is responsible for the day-to-day management of the Portfolio.

The management fee payable under the Investment Management Agreement is equal to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.05% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly.

**Administration Fee.** Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2022, the Administration Fee was $496,897, of which $38,835 is unpaid.

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

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| | | |
|:---|:---|:---|
| **60**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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**Other Service Fee.** Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the year ended December 31, 2022, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,950, of which $400 is unpaid.

**Trustees' Fees and Expenses.** The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**Affiliated Cash Management Vehicles.** The Portfolio may invest uninvested cash balances in DWS Central Cash Management Government Fund and DWS ESG Liquidity Fund, affiliated money market funds which are managed by the Advisor. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Central Cash Management Government Fund seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Portfolio indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee.To the extent that DWS ESG Liquidity Fund pays an investment management fee to the Advisor, the Advisor will waive an amount of the investment management fee payable to the Advisor by the Portfolio equal to the amount of the investment management fee payable on the Portfolio's assets invested in DWS ESG Liquidity Fund.

**E.** **Line of Credit**

The Portfolio and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at December 31, 2022.

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

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **61**  |

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**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees and Holders of Beneficial Interest in Deutsche DWS Equity 500 Index Portfolio:**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of Deutsche DWS Equity 500 Index Portfolio (the "Portfolio"), including the investment portfolio, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 21, 2019, expressed an unqualified opinion on those financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of the Portfolio's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the

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| | | |
|:---|:---|:---|
| **62**  | \|  | Deutsche DWS Equity 500 Index Portfolio  |

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effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. <br> ![](g464418imgca3ec6396.jpg)

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

February 23, 2023

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| | | |
|:---|:---|:---|
| Deutsche DWS Equity 500 Index Portfolio  | \|  | **63**  |

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**Advisory Agreement Board Considerations and Fee Evaluation**

DWS S&P 500 Index Fund (the "Fund"), a series of Deutsche DWS Institutional Funds, invests substantially all of its assets in Deutsche DWS Equity 500 Index Portfolio (the "Portfolio") in order to achieve its investment objective. The Portfolio's Board of Trustees approved the renewal of the Portfolio's investment management agreement (the "Portfolio Agreement") with DWS Investment Management Americas, Inc. ("DIMA") and the sub-advisory agreement (the "Sub-Advisory Agreement") between DIMA and Northern Trust Investments, Inc. ("NTI"), and the Fund's Board of Trustees (which consists of the same members as the Board of Trustees of the Portfolio) approved the renewal of the Fund's investment management agreement with DIMA (the "Fund Agreement" and together with the Portfolio Agreement and the Sub-Advisory Agreement, the "Agreements") in September 2022. The Portfolio's Board of Trustees and the Fund's Board of Trustees are collectively referred to as the "Board" or "Trustees."

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

—

During the entire process, all of the Portfolio's and the Fund's Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of performance, fees and expenses, and profitability from a fee consultant retained by the Independent Trustees (the "Fee Consultant").

—

The Board also received extensive information throughout the year regarding performance of the Portfolio and the Fund.

—

The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Portfolio's and the Fund's contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

—

In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement,

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

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| | | |
|:---|:---|:---|
| **64**  | \|  | DWS S&P 500 Index Fund  |

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administrative services agreement, transfer agency agreement and other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Portfolio and the Fund since their inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Portfolio and the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Portfolio and the Fund. DIMA is part of DWS Group GmbH & Co. KGaA ("DWS Group"). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group's shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund's performance. In many cases, this led to the negotiation and implementation of expense caps.

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA's and NTI's personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

**Nature, Quality and Extent of Services.** The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DIMA and NTI provide portfolio management services to the Portfolio and the Fund and that, pursuant to separate administrative services agreements, DIMA provides administrative services to the Portfolio and the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Portfolio and the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA's approach to addressing such risks. Throughout the course of the year, the Board also received information regarding DIMA's oversight of fund sub-advisors, including NTI. The Board reviewed the Portfolio's and the Fund's performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Funds in Review" (e.g., funds performing

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| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **65**  |

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poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA's plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2021, the Fund's performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers).

**Fees and Expenses.** The Board considered the Portfolio's and the Fund's investment management fee schedules, the Portfolio's sub-advisory fee schedule, the Fund's operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Portfolio and the Fund, which include 0.03% and 0.097% fees paid to DIMA under the respective administrative services agreements, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2021). The Board noted that, although shareholders of the Fund indirectly bear the Portfolio's management fee, the Fund does not charge an additional investment management fee. With respect to the sub-advisory fee paid to NTI, the Board noted that the fee is paid by DIMA out of its fee and not directly by the Portfolio. The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees), which include Portfolio expenses allocated to the Fund, were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2021, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each other operational share class's total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund's total (net) operating expenses remain competitive. The Board considered the management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds ("DWS Funds") and considered differences between the Portfolio and the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("DWS Europe Funds") managed by DWS Group. The Board noted that DIMA

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|:---|:---|:---|
| **66**  | \|  | DWS S&P 500 Index Fund  |

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indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Portfolio and the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA and NTI.

**Profitability.** The Board reviewed detailed information regarding revenues received by DIMA under the Agreements. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates' overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available. The Board did not consider the profitability of NTI with respect to the Portfolio. The Board noted that DIMA pays NTI's fee out of its management fee, and its understanding that the Portfolio's sub-advisory fee schedule was the product of an arm's length negotiation with DIMA.

**Economies of Scale.** The Board considered whether there are economies of scale with respect to the management of the Portfolio and the Fund and whether the Portfolio and the Fund benefit from any economies of scale. In this regard, the Board observed that while the Portfolio's and the Fund's current investment management fee schedule does not include breakpoints, the Portfolio's and the Fund's fee schedule represents an appropriate sharing between the Portfolio and the Fund and DIMA of such economies of scale as may exist in the management of the Portfolio and the Fund at current asset levels.

**Other Benefits to DIMA and NTI and Their Affiliates.** The Board also considered the character and amount of other incidental or "fall-out" benefits received by DIMA and NTI and their affiliates, including any fees received by DIMA for administrative services provided to the Portfolio and to the Fund, any fees received by an affiliate of DIMA for transfer agency

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

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| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **67**  |

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services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Portfolio's and the Fund's management fees were reasonable.

**Compliance.** The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA's and the Fund's chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel. The Board also considered the attention and resources dedicated by DIMA to the oversight of the investment sub-advisor's compliance program and compliance with the applicable fund policies and procedures.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreements is in the best interests of the Portfolio and the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

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

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| | | |
|:---|:---|:---|
| **68**  | \|  | DWS S&P 500 Index Fund  |

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**Board Members and Officers**

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. 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 Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston

Street, Boston, MA 02199-3600. Except as otherwise noted below, 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 Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. 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.

**Independent Board Members/Independent Advisory Board Members**

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of** <br>**Birth, Position** <br>**with the Trust/** <br>**Corporation** <br>**and Length of** <br>**Time Served**<sup>1</sup> <br>| **Business Experience and Directorships** <br>**During the Past Five Years**<br>| **Number of** <br>**Funds in** <br>**DWS Fund** <br>**Complex** <br>**Overseen**<br>| **Other** <br>**Directorships** <br>**Held by Board** <br>**Member**<br>|
| Keith R. Fox, <br> CFA (1954)<br> Chairperson <br> since 2017, and <br> Board Member <br> since 1996<br>| Managing General Partner, Exeter Capital <br> Partners (a series of private investment <br> funds) (since 1986). Directorships: <br> Progressive International Corporation (kitchen <br> goods designer and distributor); 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>| 69 |  |

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| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **69**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| John W. <br> Ballantine <br> (1946)<br> Board Member <br> since 1999<br>| Retired; formerly, Executive Vice President <br> and Chief Risk Management Officer, First <br> Chicago NBD Corporation/The First National <br> Bank of Chicago (1996–1998); Executive Vice <br> President and Head of International Banking <br> (1995–1996); Not-for-Profit Directorships: <br> Window to the World Communications <br> (public media); Life Director of Harris Theater <br> for Music and Dance (Chicago); Life Director <br> of Hubbard Street Dance Chicago; Former <br> Directorships: Director and Chairman of the <br> Board, Healthways, Inc.<sup>2</sup> (population <br> wellbeing and wellness services) <br> (2003–2014); Stockwell Capital Investments <br> PLC (private equity); Enron Corporation; FNB <br> Corporation; Tokheim Corporation; First Oak <br> Brook Bancshares, Inc.; Oak Brook Bank; <br> Portland General Electric<sup>2</sup> (utility company <br> (2003–2021); and Prisma Energy <br> International; Former Not-for-Profit <br> Directorships: Public Radio International; <br> Palm Beach Civic Assn.<br>| 69 |  |
| Dawn-Marie <br> Driscoll (1946)<br> Board Member <br> since 1987<br>| Advisory Board and former Executive Fellow, <br> Hoffman Center for Business Ethics, Bentley <br> University; formerly: Partner, Palmer & Dodge <br> (law firm) (1988–1990); Vice President of <br> Corporate Affairs and General Counsel, <br> Filene's (retail) (1978–1988); Directorships: <br> Trustee and former Chairman of the Board, <br> Southwest Florida Community Foundation <br> (charitable organization); Former <br> Directorships: ICI Mutual Insurance Company <br> (2007–2015); Sun Capital Advisers Trust <br> (mutual funds) (2007–2012), Investment <br> Company Institute (audit, executive, <br> nominating committees) and Independent <br> Directors Council (governance, <br> executive committees)<br>| 69 |  |

---

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

---

| | | |
|:---|:---|:---|
| **70**  | \|  | DWS S&P 500 Index Fund  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Richard J. <br> Herring (1946)<br> Board Member <br> since 1990<br>| Jacob Safra Professor of International <br> Banking and Professor of Finance, The <br> Wharton School, University of Pennsylvania <br> (since July 1972); formerly: Director, The <br> Wharton Financial Institutions Center <br> (1994–2020); Vice Dean and Director, <br> Wharton Undergraduate Division (1995–2000) <br> and Director, The Lauder Institute of <br> International Management Studies <br> (2000–2006); Member FDIC Systemic Risk <br> Advisory Committee since 2011, member <br> Systemic Risk Council since 2012 and <br> member of the Advisory Board at the Yale <br> Program on Financial Stability since 2013; <br> Former Directorships: Co-Chair of the <br> Shadow Financial Regulatory Committee <br> (2003–2015), Executive Director of The <br> Financial Economists Roundtable <br> (2008–2015), Director of The Thai Capital Fund <br> (2007–2013), Director of The Aberdeen <br> Singapore Fund (2007–2018), Director, The <br> Aberdeen Japan Fund (2007-2021) and <br> Nonexecutive Director of Barclays Bank <br> DE (2010–2018)<br>| 69 |  |
| Chad D. Perry <br> (1972)<br> Board Member <br> or Advisory <br> Board Member <br> since 2021<sup>3</sup> <br>| Executive Vice President, General Counsel <br> and Secretary, Tanger Factory Outlet Centers, <br> Inc.<sup>2</sup> (since 2011); formerly Executive Vice <br> President and Deputy General Counsel, LPL <br> Financial Holdings Inc.<sup>2</sup> (2006–2011); Senior <br> Corporate Counsel, EMC Corporation <br> (2005–2006); Associate, Ropes & Gray <br> LLP (1997–2005)<br>| 21<sup>4</sup> <br>| Director - Great <br> Elm Capital <br> Corp. (business <br> development <br> company) <br> (since 2022)<br>|
| Rebecca W. <br> Rimel (1951)<br> Board Member <br> since 1995<br>| Director, The Bridgespan Group (nonprofit <br> organization) (since October 2020); formerly: <br> Executive Vice President, The Glenmede Trust <br> 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> President, Chief Executive Officer and <br> Director (1994–2020) and Senior Advisor <br> (2020-2021), The Pew Charitable Trusts <br> (charitable organization); Director, <br> BioTelemetry Inc.<sup>2</sup> (acquired by Royal Philips <br> in 2021) (healthcare) (2009–2021); Director, <br> Becton Dickinson and Company<sup>2</sup> (medical <br> technology company) (2012-2022)<br>| 69 |  |

---

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **71**  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Year of**<br> **Birth, Position**<br> **with the Trust/**<br> **Corporation**<br> **and Length of**<br> **Time Served**<sup>1</sup><br>| **Business Experience and Directorships**<br> **During the Past Five Years**<br>| **Number of**<br> **Funds in**<br> **DWS Fund**<br> **Complex**<br> **Overseen**<br>| **Other**<br> **Directorships**<br> **Held by Board**<br> **Member**<br>|
| Catherine <br> Schrand (1964)<br> Board Member <br> since 2021\*<br>| Celia Z. Moh Professor of Accounting (since <br> 2016) and Professor of Accounting (since <br> 1994), The Wharton School, University of <br> Pennsylvania; formerly Vice Dean, Wharton <br> Doctoral Programs (2016–2019)<br>| 69 |  |
| William N. <br> Searcy, Jr. <br> (1946)<br> Board Member <br> since 1993<br>| Private investor since October 2003; formerly: <br> Pension & Savings Trust Officer, Sprint <br> Corporation<sup>2</sup> (telecommunications) <br> (November 1989–September 2003); Former <br> Directorships: Trustee, Sun Capital Advisers <br> Trust (mutual funds) (1998–2012)<br>| 69 |  |

---

**Officers**<sup>5</sup>

------

---

| | |
|:---|:---|
| **Name, Year of Birth, Position** <br>**with the Trust/Corporation** <br>**and Length of Time Served**<sup>6</sup> <br>| **Business Experience and Directorships During the** <br>**Past Five Years**<br>|
| Hepsen Uzcan<sup>7</sup> (1974)<br> President and Chief Executive <br> Officer, 2017–present<br>| Fund Administration (Head since 2017), DWS; Secretary, <br> DWS USA Corporation (2018–present); Assistant Secretary, <br> DWS Distributors, Inc. (2018–present); Director and Vice <br> President, DWS Service Company (2018–present); Assistant <br> Secretary, DWS Investment Management Americas, Inc. <br> (2018–present); Director and President, DB Investment <br> Managers, Inc. (2018–present); President and Chief <br> Executive Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe <br> Fund, Inc. (2017–present); formerly: Vice President for the <br> Deutsche funds (2016–2017); Assistant Secretary for the <br> DWS funds (2013–2019); Assistant Secretary, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The <br> Central and Eastern Europe Fund, Inc. (2013–2020); <br> Directorships: Interested Director, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual <br> Insurance Company (since October 16, 2020); and <br> Episcopalian Charities of New York (2018–present)<br>|
| John Millette<sup>8</sup> (1962)<br> Vice President and <br> Secretary, 1999–present<br>| Legal (Associate General Counsel), DWS; Chief Legal <br> Officer, DWS Investment Management Americas, Inc. <br> (2015–present); Director and Vice President, DWS Trust <br> Company (2016–present); Secretary, DBX ETF Trust <br> (2020–present); Vice President, DBX Advisors LLC <br> (2021–present); Secretary, The European Equity Fund, Inc., <br> The New Germany Fund, Inc. and The Central and Eastern <br> Europe Fund, Inc. 2011–present); formerly: Secretary, <br> Deutsche Investment Management Americas Inc. <br> (2015–2017); and Assistant Secretary, DBX ETF <br> Trust (2019–2020)<br>|
| Ciara Crawford<sup>9</sup> (1984)<br> Assistant <br> Secretary, 2019–present<br>| Fund Administration (Specialist), DWS (2015–present); <br> formerly, Legal Assistant at Accelerated Tax Solutions<br>|

---

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

---

| | | |
|:---|:---|:---|
| **72**  | \|  | DWS S&P 500 Index Fund  |

---

------

---

| | |
|:---|:---|
| **Name, Year of Birth, Position**<br> **with the Trust/Corporation**<br> **and Length of Time Served**<sup>6</sup><br>| **Business Experience and Directorships During the**<br> **Past Five Years**<br>|
| Diane Kenneally<sup>8</sup> (1966)<br> Chief Financial Officer and <br> Treasurer, 2018–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), <br> DWS; Treasurer, Chief Financial Officer and Controller, DBX <br> ETF Trust (2019–present); Treasurer and Chief Financial <br> Officer, The European Equity Fund, Inc., The New Germany <br> Fund, Inc. and The Central and Eastern Europe Fund, Inc. <br> (2018–present); formerly: Assistant Treasurer for the DWS <br> funds (2007–2018)<br>|
| Paul Antosca<sup>8</sup> (1957)<br> Assistant <br> Treasurer, 2007–present<br>| Fund Administration Tax (Head), DWS; and Assistant <br> Treasurer, DBX ETF Trust (2019–present)<br>|
| Sheila Cadogan<sup>8</sup> (1966)<br> Assistant <br> Treasurer, 2017–present<br>| Fund Administration Treasurer's Office (Co-Head since 2018), <br> DWS; Director and Vice President, DWS Trust Company <br> (2018–present); Assistant Treasurer, DBX ETF Trust <br> (2019–present); Assistant Treasurer, The European Equity <br> Fund, Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (2018–present)<br>|
| Scott D. Hogan<sup>8</sup> (1970)<br> Chief Compliance <br> Officer, 2016–present<br>| Anti-Financial Crime & Compliance US (Senior Team Lead), <br> DWS; Chief Compliance Officer, The European Equity Fund, <br> Inc., The New Germany Fund, Inc. and The Central and <br> Eastern Europe Fund, Inc. (2016–present)<br>|
| Caroline Pearson<sup>8</sup> (1962)<br> Chief Legal <br> Officer, 2010–present<br>| Legal (Senior Team Lead), DWS; Assistant Secretary, DBX <br> ETF Trust (2020–present); Chief Legal Officer, DBX Advisors <br> LLC (2020–present); Chief Legal Officer, The European <br> Equity Fund, Inc., The New Germany Fund, Inc. and The <br> Central and Eastern Europe Fund, Inc. (2012–present); <br> formerly: Secretary, Deutsche AM Distributors, Inc. <br> (2002–2017); Secretary, Deutsche AM Service Company <br> (2010–2017); and Chief Legal Officer, DBX Strategic Advisors <br> LLC (2020–2021)<br>|
| Christian Rijs<sup>7</sup> (1980)<br> Anti-Money Laundering <br>Compliance Officer, <br>since October 6, 2021<br>| Senior Team Lead Anti-Financial Crime and Compliance, <br> DWS; AML Officer, DWS Trust Company (since November 2, <br> 2021); AML Officer, DBX ETF Trust (since October 21, 2021); <br> AML Officer, The European Equity Fund, Inc., The New <br> Germany Fund, Inc. and The Central and Eastern Europe <br> Fund, Inc. (since November 12, 2021); formerly: DWS UK & <br> Ireland Head of Anti-Financial Crime and MLRO<br>|

---

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

<sup>\*</sup> Ms. Schrand was an Advisory Board Member for certain funds in the DWS Fund Complex for the period from November 18, 2021 to December 31, 2022 and was elected as a Full Board Member as of January 1, 2023 for all funds in the DWS Fund Complex. 

<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> Mr. Perry is an Advisory Board Member of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry is a Board Member of each other Trust. 

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **73**  |

---

------

<sup>4</sup> Mr. Perry oversees 21 funds in the DWS Fund Complex as a Board Member of various Trusts. Mr. Perry is an Advisory Board Member of various Trusts/Corporations comprised of 48 funds in the DWS Fund Complex. 

<sup>5</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 Fund. 

<sup>6</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>7</sup> Address: 875 Third Avenue, New York, NY 10022.

<sup>8</sup> Address: 100 Summer Street, Boston, MA 02110.

<sup>9</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.

The Fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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

---

| | | |
|:---|:---|:---|
| **74**  | \|  | DWS S&P 500 Index Fund  |

---

------

**Account Management Resources**

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

---

| | |
|:---|:---|
| **For More** <br> **Information** | &nbsp;&nbsp; The automated telephone system allows you to access personalized <br> account information and obtain information on other DWS funds <br> using either your voice or your telephone keypad. Certain account <br> types within Class A,C and S also have the ability to purchase, <br> exchange or redeem shares using this system.<br>|
| **For More** <br> **Information** | &nbsp;&nbsp; For more information, contact your financial representative. You may <br> also access our automated telephone system or speak with a <br> Shareholder Service representative by calling:<br> **(800) 728-3337**<br>|
| **Web Site** | &nbsp;&nbsp; **dws.com**<br> View your account transactions and balances, trade shares, monitor <br> your asset allocation, subscribe to fund and account updates by <br> e-mail, and change your address, 24 hours a day.<br>|
| **Web Site** | &nbsp;&nbsp; **Obtain prospectuses and applications,** news about DWS funds, <br> insight from DWS economists and investment specialists and access <br> to DWS fund account information.<br>|
| **Written** <br> **Correspondence**<br>| &nbsp;&nbsp; **DWS**<br> PO Box 219151<br> Kansas City, MO 64121-9151<br>|
| **Proxy Voting** | &nbsp;&nbsp; The Fund's policies and procedures for voting proxies for portfolio <br> securities and information about how the Fund voted proxies related <br> to its portfolio securities during the most recent 12-month period <br> ended June 30 are available on our Web site — <br> dws.com/en-us/resources/proxy-voting — or on the SEC's Web site <br> — sec.gov. To obtain a written copy of the Fund's policies and <br> procedures without charge, upon request, call us toll free at <br> (800) 728-3337.<br>|
| **Portfolio Holdings** | &nbsp;&nbsp; Following the Fund's fiscal first and third quarter-end, a complete <br> portfolio holdings listing is posted on dws.com, and is available free <br> of charge by contacting your financial intermediary, or if you are a <br> direct investor, by calling (800) 728-3337. In addition, the portfolio <br> holdings listing is filed with SEC on the Fund's Form N-PORT and will <br> be available on the SEC's Web site at sec.gov. Additional portfolio <br> holdings for the Fund are also posted on dws.com from time to time. <br> Please see the Fund's current prospectus for more information.<br>|
| **Principal** <br> **Underwriter**<br>| &nbsp;&nbsp; If you have questions, comments or complaints, contact:<br> **DWS Distributors, Inc.**<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br> (800) 621-1148<br>|

---

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

---

| | | |
|:---|:---|:---|
| DWS S&P 500 Index Fund  | \|  | **75**  |

---

------

---

| | |
|:---|:---|
| **Investment** <br> **Management**<br>| &nbsp;&nbsp; DWS Investment Management Americas, Inc. ("DIMA" or the <br> "Advisor"), which is part of the DWS Group GmbH & Co. KGaA <br> ("DWS Group"), is the investment advisor for the Fund. DIMA and its <br> predecessors have more than 90 years of experience managing <br> mutual funds and DIMA provides a full range of investment advisory <br> services to both institutional and retail clients. DIMA is an indirect, <br> wholly owned subsidiary of DWS Group.<br>|
|  | &nbsp;&nbsp; DWS Group is a global organization that offers a wide range of <br> investing expertise and resources, including hundreds of portfolio <br> managers and analysts and an office network that reaches the <br> world's major investment centers. This well-resourced global <br> investment platform brings together a wide variety of experience and <br> investment insight across industries, regions, asset classes and <br> investing styles.<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class S** |
| **Nasdaq Symbol** | SXPAX | SXPCX | SCPIX |
| **CUSIP Number** | 25159R 700 | 25159R 882 | 25159R 874 |
| **Fund Number** | 1001 | 1301 | 2301 |

---

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

---

| | |
|:---|:---|
| **For shareholders of Class R6** | **For shareholders of Class R6** |
| **Automated** <br> **Information Line** | **DWS/Ascensus Plan Access (800) 728-3337** |
| **Automated** <br> **Information Line** | 24-hour access to your retirement plan account. |
| **Web Site** | **dws.com** |
| **Web Site** | &nbsp;&nbsp; **Obtain prospectuses and applications,** news about DWS funds, <br>insight from DWS economists and investment specialists and access <br>to DWS fund account information.<br>|
| **Web Site** | &nbsp;&nbsp; Log in/register to manage retirement account assets at <br> **https://www.mykplan.com/participantsecure_net/login.aspx.**<br>|
| **For More** <br> **Information** | **(800) 728-3337** |
| **For More** <br> **Information** | To speak with a service representative. |
| **Written** <br> **Correspondence**<br>| &nbsp;&nbsp; **DWS Service Company**<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5806<br>|

---

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

---

| | |
|:---|:---|
|  | **Class R6** |
| **Nasdaq Symbol** | SXPRX |
| **CUSIP Number** | 25159R 841 |
| **Fund Number** | 1621 |

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

---

| | | |
|:---|:---|:---|
| **76**  | \|  | DWS S&P 500 Index Fund  |

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------

**Notes**

------

**Notes**

------

**Notes**

------

**DSPF500IF-2** <br>(R-025784-12 2/23)

![](g464418img081440897.jpg)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**ITEM 2.** | &nbsp;&nbsp;**CODE OF ETHICS** |
|  | &nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.<br>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.<br>A copy of the code of ethics is filed as an exhibit to this Form N-CSR. |
| &nbsp;&nbsp;**ITEM 3.** | &nbsp;&nbsp;**AUDIT COMMITTEE FINANCIAL EXPERT** |
|  | &nbsp;&nbsp;The fund's audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund's Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund's audit committee including Ms. Catherine Schrand, the chair of the fund's audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an "audit committee financial expert" does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
| &nbsp;&nbsp;**ITEM 4.** | &nbsp;&nbsp;**PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

---

**Deutsche DWS equity 500 Index Portfolio**

**form n-csr disclosure re: AUDIT FEES**

The following table shows the amount of fees that Ernst & Young LLP ("EY"), the Fund's Independent Registered Public Accounting Firm, billed to the Fund during the Fund's last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit Fees Billed to Fund | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Fund | &nbsp;&nbsp;Tax Fees Billed to Fund | &nbsp;&nbsp;All<br> Other Fees Billed to Fund |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$39361 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8700 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$41433 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8700 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed for professional services rendered for tax preparation.

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. ("DIMA" or the "Adviser"), and any entity controlling, controlled by or under common control with DIMA ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Audit-Related<br> Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;Tax Fees Billed to Adviser and Affiliated Fund Service Providers | &nbsp;&nbsp;All<br> Other Fees Billed to Adviser and Affiliated Fund Service Providers |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

**Non-Audit Services**

The following table shows the amount of fees that EY billed during the Fund's last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund's operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year<br> Ended<br> December 31, | &nbsp;&nbsp;Total <br> Non-Audit Fees Billed to Fund<br> (A) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<br> (B) | &nbsp;&nbsp;Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<br> (C) | &nbsp;&nbsp;Total of <br> (A), (B) and (C) |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$8700 | &nbsp;&nbsp;$148212 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$156912 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$8700 | &nbsp;&nbsp;$461717 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$470417 |

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All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund's Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund's Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund's Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund's Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund's Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant's principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

\*\*\*

In connection with the audit of the 2021 and 2022 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

\*\*\*

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund's Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY's independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY's independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY's ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY's audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· EY advised the Fund's Audit Committee that various covered persons
within EY and EY's affiliates held investments in, or had other financial relationships with, entities
within the DWS Funds "investment company complex" (as defined in Regulation S-X) (the "DWS
Funds Complex"). EY informed the Audit Committee that these investments and financial relationships
were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved
and that none of the breaches involved any professionals who were part of the audit engagement team for
the Fund or in the position to influence the audit engagement team for the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ITEM 5.** | &nbsp;&nbsp;**AUDIT COMMITTEE OF LISTED REGISTRANTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 6.** | &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 7.** | &nbsp;&nbsp;**DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 8.** | &nbsp;&nbsp;**PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 9.** | &nbsp;&nbsp;**PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 10.** | &nbsp;&nbsp;**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. |
| &nbsp;&nbsp;**ITEM 11.** | &nbsp;&nbsp;**CONTROLS AND PROCEDURES** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**ITEM 12.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**ITEM 13.** | &nbsp;&nbsp;**EXHIBITS** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](codeofethics.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Deutsche DWS Equity 500 Index Portfolio |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/28/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> President |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/28/2023 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;2/28/2023 |

---

## Ex-99.Code

**DWS**

**Principal Executive and Principal Financial Officer Code of Ethics**

**For the Registered Management Investment Companies Listed on Appendix A**

**Effective Date**

**January 31, 2005**

**Date Last Reviewed**

**April 25, 2022**

**Table of Contents**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;I. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations |
| &nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Code Violations |
| &nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code |
| &nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities |
| &nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping |
| &nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality |
| &nbsp;&nbsp;&nbsp;&nbsp;Appendices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: List of Officers Covered under the Code, by Board |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Acknowledgement and Certification |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix C: Definitions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics ("Officer Code") sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (each a "Fund" and together, the "Funds") they serve ("Covered Officers"). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC's rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

DWS represents the asset management activities conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<sup>[1]</sup> In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DWS Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund's Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The DWS Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DWS Compliance Officer.

The DWS Compliance Officer and his or her contact information can be found in Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file
with or submit to the SEC (and in other public communications from the Funds) and that are within the
Covered Officer's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encourage
the prompt internal reporting of violations of the Officer Code to the DWS Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· establish
accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Responsibilities of Covered Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DWS policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund's expense or to the Fund's detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund's expense or to the Fund's detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DWS or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DWS's fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DWS, or for both) be involved in establishing policies and implementing decisions which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DWS Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DWS Compliance Officer, may report the matter directly to the Fund's Board (or committee thereof), as appropriate (e.g., if the conflict involves the DWS Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DWS Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[2]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DWS Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund's Board (or committee thereof). If the DWS Compliance Officer determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter to the Fund's Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund's Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DWS Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds' and DWS's privacy policies under SEC Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund's public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DWS organization or otherwise) and to the Fund's Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DWS's Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds ("Applicable Laws"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Violation Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Overview

Each Covered Officer must promptly report to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unethical or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obvious lack of adherence
to policies surrounding review and approval of public communications and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to report violations
of the Officer Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Known or obvious deviations
from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure to acknowledge and
certify adherence to the Officer Code

The DWS Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund's Board, the independent Board members, a Board committee, the Fund's legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<sup>[3]</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund's Board (or committee thereof). Otherwise, such costs will be borne by DWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process for Violation Reporting to the Fund
Board

The DWS Compliance Officer will promptly report any violations of the Code to the Fund's Board (or committee thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DWS and the relevant Fund's Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions imposed by a Fund's Board could include termination of association with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.<sup>[4]</sup> The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund's Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DWS Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund's Board (or committee thereof) regarding such activities, as appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments to the Code

The DWS Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund's Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DWS Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer's obligation.

The DWS Compliance Officer will maintain such Acknowledgements in the Fund's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Scope of Responsibilities

A Covered Officer's responsibilities under the Officer Code are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fund
matters over which the Officer has direct responsibility or control, matters in which the Officer routinely
participates, and matters with which the Officer is otherwise involved (*i.e.*, matters within the
scope of the Covered Officer's responsibilities as a Fund officer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Fund
matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping

The DWS Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund's Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

**Appendices**

**Appendix A: List of Officers Covered under the Code, by Board**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Board** | &nbsp;&nbsp;**Principal Executive Officer** | &nbsp;&nbsp;**Principal Financial Officer** | &nbsp;&nbsp;**Treasurer** |
| &nbsp;&nbsp;DWS Funds | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |
| &nbsp;&nbsp;Germany Funds\* | &nbsp;&nbsp;Hepsen Uzcan | &nbsp;&nbsp;Diane Kenneally | &nbsp;&nbsp;Diane Kenneally |

---

\* The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and

The New Germany Fund, Inc.

 

**DWS Compliance Officer:**

Scott Hogan

Chief Compliance Officer of the DWS Funds/Germany Funds

Phone: (617) 295-3986

Email: scott-d.hogan@dws.com

**As of: April 25, 2022**

**Appendix B: Acknowledgement and Certification**

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have disclosed any conflicts
of interest of which I am aware to the DWS Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will act in the best interest
of the Funds for which I serve as an officer and have maintained the confidentiality of personal information
about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I will report any known or
suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge and certify
that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics ("Officer
Code"), and therefore subject to all of its requirements and provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have received and read
the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have adhered to the Officer
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have not knowingly been
a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts
of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code's
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have acted in the best
interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal
information about Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the duties
I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and
file public reports and documents in accordance with applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the duties
I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable
Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under
my supervision for compliance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have reported any known
or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

______________________________ ____________________

Signature Date

**Appendix C: Definitions**

**Principal Executive Officer**

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

**Principal Financial Officer**

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

**Registered Investment Management Investment Company**

Registered investment companies other than a face-amount certificate company or a unit investment trust.

**Waiver**

A waiver is an approval of an exemption from a Code requirement.

**Implicit Waiver**

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DWS Compliance Officer or the Fund's Board (or committee thereof).

------

<sup>[1]</sup> The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

<sup>[2]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[3]</sup> For example, retaining a Fund's independent accounting firm may require pre-approval by the Fund's audit committee.

<sup>[4]</sup> Of course, it is not a waiver of the Officer Code if the Fund's Board (or committee thereof) determines that a matter is not a deviation from the Officer Code's requirements or is otherwise not covered by the Code.

## Ex-99.Cert

**President**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1) I have reviewed this report, filed on behalf of Deutsche DWS Equity 500 Index Portfolio, on Form N-CSR;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/28/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Form N-CSR Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1) I have reviewed this report, filed on behalf of Deutsche DWS Equity 500 Index Portfolio, on Form N-CSR;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/28/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**President**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Equity 500 Index Portfolio, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/28/2023 | &nbsp;&nbsp;<u>/s/Hepsen Uzcan</u> |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;President |

---

**Chief Financial Officer and Treasurer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of Deutsche DWS Equity 500 Index Portfolio, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2/28/2023 | &nbsp;&nbsp;<u>/s/Diane Kenneally</u> |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Chief Financial Officer and Treasurer |

---