# EDGAR Filing Document

**Accession Number:** 0000888568
**File Stem:** 0000088053-26-000343
**Filing Date:** 2026-4
**Character Count:** 376472
**Document Hash:** 9000d42c674d3795db07d63287189e8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000088053-26-000343.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000088053-26-000343

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO
- **CENTRAL INDEX KEY:** 0000888568

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

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06698
- **FILM NUMBER:** 26923350

**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 |  |

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

**1940 Act File No. 811-06698**

UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM N-1A

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

☒ <br>

Amendment No. 41 <br>

☒ <br>

**DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO**

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices)

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

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John Millette <br>Vice President and Secretary <br>DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO <br> 100 Summer Street <br><u>Boston, MA 02110-2146</u>

(Name and Address of Agent for Service)

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

**EXPLANATORY NOTE**

This Amendment to the Registration Statement of Deutsche DWS Equity 500 Index Portfolio (the "Portfolio") on Form N-1A (the "Registration Statement") has been filed by the Portfolio pursuant to Section 8(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). However, beneficial interests in the Portfolio are not being registered under the Securities Act of 1933, as amended (the "1933 Act"), because such interests will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Portfolio may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. The Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any beneficial interests in the Portfolio.

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

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![](graphic1.jpg)

Private Offering Memorandum - Part A

April 30, 2026

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

Deutsche DWS Equity 500 Index Portfolio <br>

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

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

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

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**Table of Contents** <br>

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; [Item 5. Management](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 6. Purchase and Sale of Portfolio Shares](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 7. Tax Information](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 8. Financial Intermediary Compensation](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_2) | 2  |
| &nbsp;&nbsp;&nbsp; [Item 9. Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_2)<br> [Holdings](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_2)<br>| 2  |
| &nbsp;&nbsp;&nbsp; [Additional Index Information](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_8) | 8  |
| &nbsp;&nbsp;&nbsp; [Item 10. Management, Organization and Capital Structure](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_9) | 9  |
| &nbsp;&nbsp;&nbsp; [Item 11. Shareholder Information](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_11) | 11  |
| &nbsp;&nbsp;&nbsp; [Item 12. Distribution Arrangements](#xx_ee006183-c2c4-41d0-b3d8-bef39cfc7b7d_15) | 15  |

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**Deutsche DWS Equity 500 Portfolio (the "Portfolio")**

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

**Item 5. Management** 

**Investment Advisor**

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

**Subadvisor**

Northern Trust Investments, Inc.

**Portfolio Manager(s)**

**Chris J. Jaeger.** Senior Vice President of Northern Trust Investments, Inc. Portfolio Manager of the Portfolio. Began managing the Portfolio in 2024.

**Michael Gleeman, CFA.** Vice President of Northern Trust Investments, Inc. Portfolio Manager of the Portfolio. Began managing the Portfolio in 2024.

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

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

Beneficial interests in the Portfolio are redeemable on any day the Portfolio is open. The Portfolio is generally open on days when the New York Stock Exchange ("NYSE") is open for regular trading.

**Item 7. Tax Information** 

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

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**Item 8. Financial Intermediary Compensation**

Not Applicable.

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

**Investment Objective**

The investment objective of the Portfolio is to seek to replicate, as closely as possible, before expenses, the performance of the S&P 500<sup>®</sup> Index, an index that emphasizes stocks of US companies with large market capitalizations. The Portfolio invests for capital appreciation, not income; any dividend and interest income is incidental to the pursuit of its objective. The investment objective of the Portfolio may be changed without shareholder approval.

**Principal Investment Strategies**

**Main investments.** Under normal circumstances, the Portfolio intends to invest at least 80% of assets, determined at the time of purchase, in stocks of companies included in the S&P 500<sup>®</sup> Index and in derivative instruments, such as futures contracts and options, that provide exposure to the stocks of companies in the index (see "Derivatives" subsection). The Portfolio's securities are weighted to attempt to make the Portfolio's total investment characteristics similar to those of the index as a whole. The Portfolio may also hold short-term debt securities and money market instruments.

Due to regulatory changes, effective June 11, 2026, the Portfolio will replace the 80% investment policy and related disclosures set forth in this prospectus. Specifically, effective June 11, 2026, under normal circumstances, the Portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in stocks of companies included in the S&P 500<sup>®</sup> Index and in derivative instruments, such as futures contracts and options, that provide exposure to the stocks of companies in the index (see "Derivatives" subsection). Derivatives instruments that provide exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Portfolio's 80% investment policy, consistent with the Portfolio's investment policies and limitations with respect to investments in derivatives.

The **S&P 500**<sup>®</sup> **Index** is a well-known stock market index that includes common stocks of 500 companies representing a significant portion of the market value of all stocks publicly traded in the US. Stocks in the S&P 500<sup>®</sup> Index are weighted according to their total market value. The Portfolio is not sponsored, endorsed, sold or promoted by the S&P Dow Jones Indices, Dow Jones, S&P Global (S&P), or any of their respective affiliates. While the market capitalization range of the S&P 500<sup>®</sup> Index changes throughout the year, as of February 28, 2026, the market capitalization range of the S&P 500<sup>®</sup> Index was between $6.69 billion and $4.3 trillion. Under normal circumstances, the S&P 500<sup>®</sup> Index is rebalanced quarterly on the third Friday of March, June, September and December. The Portfolio rebalances its portfolio in accordance with the S&P 500<sup>®</sup> Index, and, therefore, any changes to the S&P 500<sup>®</sup> Index's rebalance schedule will result in corresponding changes to the Portfolio's rebalance schedule.

**Management process.** Portfolio management uses quantitative analysis techniques to structure the Portfolio to seek to obtain a high correlation to the index while seeking to keep the Portfolio as fully invested as possible in all market environments. Portfolio management seeks a long-term correlation between Portfolio performance, before expenses, and the index of 98% or better (perfect correlation being 100%). Portfolio management uses an optimization strategy, buying the largest stocks in the index in approximately the same proportion they represent in the index, then investing in a statistically selected sample of the smaller securities found in the index.

Portfolio management's optimization process is intended to produce a portfolio whose industry weightings, market capitalizations and fundamental characteristics (price-to-book ratios, price-to-earnings ratios, debt-to-asset ratios and dividend yields) closely replicate those of the index. This approach attempts to maximize the Portfolio's liquidity and returns while minimizing its costs.

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Portfolio management may limit or avoid exposure to any stock in the index if it believes the stock is illiquid or that extraordinary conditions have cast doubt on its merits. Conversely, portfolio management may gain exposure to a stock not included in the index when it believes such exposure is consistent with the Portfolio's goal (for example, in anticipation of a stock being added to the index).

**Index investing versus active management.** Active management involves portfolio management buying and selling securities based on research and analysis. Unlike for a fund that is actively managed, portfolio management of an index fund tries to replicate the performance of a target index by holding either all, or a representative sample, of the securities in the index.

The Portfolio may become "non-diversified," as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index that the Portfolio is designed to track. Shareholder approval will not be sought when the Portfolio crosses from diversified to non-diversified status under such circumstances.

**Derivatives.** The Portfolio may invest in derivatives, which are financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security or index. In particular, portfolio management may use futures contracts to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market.

The Portfolio may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; or (iii) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

**Securities lending.** The Portfolio may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, pooled investment vehicles, banks and other financial institutions. In connection with such loans, the Portfolio receives liquid collateral in an amount that is based on the type and value of the securities being lent, with riskier securities generally requiring higher levels of collateral.

**Main Risks**

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

The Portfolio may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

**Stock market risk.** When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock's issuer, shrinking product demand and other business risks, such as rapid technological developments or widespread adoption of emerging technologies (such as artificial intelligence) impacting the issuer's competitive position, cybersecurity incidents, financial leverage and labor and supply shortages. These may affect single companies as well as groups of companies. The market as a whole may not favor the types of investments the Portfolio makes, which could adversely affect a stock's price, regardless of how well the company performs, or the Portfolio's ability to sell a stock at an attractive price. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility which could negatively affect performance. High market volatility may also result from significant shifts in momentum of one or more specific stocks due to unusual increases or decreases in trading activity. Momentum can change quickly, and securities subject to shifts in momentum may be more volatile than the market as a whole and returns on such securities may drop precipitously. To the extent that the Portfolio invests in a particular geographic region, capitalization or sector, the Portfolio's performance may be affected by the general performance of that region, capitalization or sector.

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

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

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

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

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

**Passive investing risk.** Unlike a fund that is actively managed, in which portfolio management buys and sells securities based on research and analysis, the Portfolio invests in securities included in, or representative of, the index, regardless of their investment merits. Because the Portfolio is designed to maintain a high level of exposure to the index at all times, portfolio management generally will not buy or sell a security unless the security is added or removed, respectively, from the index, and will not take any steps to invest defensively or otherwise reduce the risk of loss during market downturns.

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**Index-related risk.** The Portfolio seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the index as published by the index provider. There is no assurance that the index provider will compile the index accurately, or that the index will be determined, composed or calculated accurately. Market disruptions could cause delays in the index's rebalancing schedule. During any such delay, it is possible that the index and, in turn, the Portfolio will deviate from the index's stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing schedule. Generally, the index provider does not provide any warranty, or accept any liability, with respect to the quality, accuracy or completeness of the index or its related data, and does not guarantee that the index will be in line with its stated methodology. Errors in the index data, the index computations and/or the construction of the index in accordance with its stated methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Portfolio and its shareholders. The Advisor and its affiliates do not provide any warranty or guarantee against such errors. Therefore, the gains, losses or costs associated with the index provider's errors will generally be borne by the Portfolio and its shareholders.

**Tracking error risk.** The Portfolio may be subject to tracking error, which is the divergence of the Portfolio's performance from that of the index. The performance of the Portfolio may diverge from that of the index for a number of reasons, including operating expenses, transaction costs, cash flows and operational inefficiencies. The Portfolio's return also may diverge from the return of the index because the Portfolio bears the costs and risks associated with buying and selling securities (especially when rebalancing the Portfolio's securities holdings to reflect changes in the index) while such costs and risks are not factored into the return of the index. Market disruptions and regulatory restrictions could have an adverse effect on the Portfolio's ability to adjust its exposure in order to track the index. To the extent that portfolio management uses a representative sampling approach (investing in a representative selection of securities included in the index rather than all securities in the index), such approach may cause the Portfolio's return to not be as well correlated with the return of the index as would be the case if the Portfolio purchased all of the securities in the index in the proportions represented in the index. In addition, the Portfolio may not be able to invest in certain securities included in the index, or invest in them in the exact proportions in which they are represented in the index, due to legal restrictions or limitations imposed by the governments of certain countries, a lack of liquidity in the markets in which such securities trade, potential adverse tax consequences or other reasons. To the extent the Portfolio calculates its net asset value based on fair value prices and the value of the index is based on market prices (i.e., the value of the index is not based on fair value prices), the Portfolio's ability to track the index may be adversely affected. Tracking error risk may also be heightened during times of increased market volatility or other unusual market conditions. For tax purposes, the Portfolio may sell certain securities, and such sale may cause the Portfolio to recognize a taxable gain or a loss and deviate from the performance of the index. In light of the factors discussed above, the Portfolio's return may deviate significantly from the return of the index.

The need to comply with the tax diversification and other requirements of Subchapter M of the Code, relating to regulated investment companies, may also impact the Portfolio's ability to replicate the performance of the index. In addition, if the Portfolio utilizes derivative instruments or holds other instruments that are not included in the index, the Portfolio's return may not correlate as well with the return of the index as would be the case if the Portfolio purchased all the securities in the index directly. Actions taken in response to proposed corporate actions could result in increased tracking error.

**Large-sized companies risk.** Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets.

**Derivatives risk.** Derivatives involve risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Risks associated with derivatives may include the risk that the derivative is not well correlated with the underlying asset, security or index to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the Portfolio will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation, which

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risk may be heightened in derivative transactions entered into "over-the-counter" (i.e., not on an exchange or contract market); and the risk that the derivative transaction could expose the Portfolio to the effects of leverage, which could increase the Portfolio's exposure to the market and magnify potential losses.

There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Portfolio. The use of derivatives by the Portfolio to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements.

**Securities lending risk.** Securities lending involves the risk that the Portfolio may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A delay in the recovery of loaned securities could interfere with the Portfolio's ability to vote proxies or settle transactions. Delayed settlement may limit the ability of the Portfolio to reinvest the proceeds of a sale of securities or prevent the Portfolio from selling securities at times that may be appropriate to track the index. The Portfolio could also lose money in the event of a decline in the value of the collateral provided for the loaned securities, or a decline in the value of any investments made with cash collateral or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the securities.

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

**Liquidity risk.** In certain situations, it may be difficult or impossible to sell an investment and/or the Portfolio may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the Portfolio.

This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). This may affect only certain securities or an overall securities market.

**Pricing risk.** If market conditions make it difficult to value some investments, the Portfolio may value these investments using more subjective methods and the value determined for an investment may be materially different from the value realized upon such investment's sale. As a result, you could pay more than the market value when buying Portfolio interests or receive less than the market value when selling Portfolio interests.

Secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may prevent the Portfolio from being able to realize full value and thus sell a security for its full valuation. This could cause a material decline in the Portfolio's net value.

**Non-diversification risk.** At any given time the Portfolio may be classified as "non-diversified" and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Portfolio may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. This may increase the Portfolio's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Portfolio's performance.

**Operational and technology risk.** The Portfolio and the entities with which it interacts directly or indirectly, including the Portfolio's service providers and counterparties, issuers of securities held by the Portfolio and other market participants, are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, system failures, cybersecurity incidents, and the use of artificial intelligence, among others, which may impair the Portfolio's operations and/or result in losses for the Portfolio. For example, the Portfolio's or its service providers' assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may

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be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential Portfolio information, interfere with the processing of shareholder transactions, impact the ability to calculate the Portfolio's net value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the Portfolio's operations.

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

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

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

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

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

**Other Policies**

While the previous pages describe the main points of the Portfolio's strategy and risks, the following matter is important to know about:

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

**For More Information**

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

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

A complete list of the Portfolio's holdings as of the month-end is posted on dws.com on or after the last day of the following month. Please note that the list of portfolio holdings for the Portfolio is reflected, to the extent applicable, in the list of portfolio holdings for the Portfolio's "feeder" funds, DWS Equity 500 Index Fund and DWS S&P 500 Index Fund, and is not posted as a separate list. More frequent posting of portfolio holdings information may be made from time to time on dws.com. The posted portfolio holdings information is available by fund (in the case of a "master portfolio" like the Portfolio, such information is available only by feeder fund) and generally remains accessible at least until the date on which the fund files its Form N-CSR or publicly available Form N-PORT with the Securities and Exchange Commission (the "SEC") for the period that includes the date as of which the posted information is current. In addition, the Portfolio's top ten equity holdings and other Portfolio information are posted on dws.com (on the feeder fund pages) as of the calendar quarter-end on or after the 10th calendar day following quarter-end. Part B of this Registration Statement includes a description of the Portfolio's policies and procedures with respect to the disclosure of the Portfolio's holdings.

**Additional Index Information**

**S&P 500**<sup>®</sup> **Index** is a 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.

**Information regarding the S&P 500**<sup>®</sup> **Index.** 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 DIMA. 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. It is not possible to invest directly in an index. The Portfolio is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Portfolio or any member of the public regarding the advisability of investing in securities generally or in the Portfolio particularly or the ability of the S&P 500 index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to DIMA with respect to the S&P 500 index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 index is determined, composed and calculated by S&P Dow Jones Indices without regard to DIMA of the Portfolio. S&P Dow Jones Indices has no obligation to take the needs of DIMA or the owners of the Portfolio into consideration in determining, composing or calculating the S&P 500 index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Portfolio or the timing of the issuance or sale of the Portfolio or in the determination or calculation of the equation by which the Portfolio is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Portfolio. There is no assurance that investment products based on the S&P 500 index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

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S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY DIMA, OWNERS OF THE PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND DIMA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

The Advisor does not guarantee the accuracy or the completeness of an index or any data included therein and the Advisor shall have no liability for any errors, omissions or interruptions therein.

The Advisor makes no warranty, express or implied, to the owners of shares of the Portfolio or to any other person or entity, as to results to be obtained by the Portfolio from the use of the index or any data included therein. The Advisor makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall the Advisor have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

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

**Who Manages and Oversees the Portfolio** 

**The Investment Advisor**

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

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

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

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**Management Fee**

The Advisor receives a management fee from the Portfolio. For the most recent fiscal year, the Portfolio paid a management fee at an annual rate of 0.05% of the Portfolio's average daily net assets.

A discussion regarding the basis for the Board's approval of the investment management agreement and subadvisory agreement of the Portfolio is contained in the most recent financial statements and other information report for DWS Equity 500 Index Fund for the annual period ended December 31 and the semi-annual period ended June 30.

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

**Subadvisor for the Portfolio**

Northern Trust Investments, Inc. ("NTI"), the subadvisor for the Portfolio, is located at 50 South LaSalle Street, Chicago, IL 60603. NTI, a subsidiary of Northern Trust Corporation, is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies and bank common and collective funds.

Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended.

As of December 31, 2025, Northern Trust Corporation, through its subsidiaries, had assets under custody of $18.7 trillion, and assets under investment management of $1.8 trillion.

Pursuant to a sub-advisory agreement between the Advisor and NTI with respect to the Portfolio, DIMA, not the Portfolio, compensates NTI for the services it provides to the Portfolio.

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

**Management** 

The following Portfolio Managers are jointly and primarily responsible for the day-to-day management of the Portfolio.

**Chris J. Jaeger.** Senior Vice President of Northern Trust Investments, Inc. Portfolio Manager of the Portfolio. Began managing the Portfolio in 2024.

• Joined Northern Trust Investments, Inc. in 2000 and is responsible for the management of equity index portfolios.

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• BBA in Finance from the University of Iowa; MBA from the Northwestern University Kellogg School of Management.

**Michael Gleeman, CFA.** Vice President of Northern Trust Investments, Inc. Portfolio Manager of the Portfolio. Began managing the Portfolio in 2024.

• Joined Northern Trust Investments, Inc. in 2003 and is responsible for the management of equity index portfolios.

• BA in Economics from Binghamton University.

Part B of this Registration Statement provides additional information about a portfolio manager's investments in the Portfolio, a description of the portfolio management compensation structure and information regarding other accounts managed.

**Portfolio Interests** 

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

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

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

**Item 11. Shareholder Information** 

**Pricing Portfolio Interests**

An investment in the Portfolio may be made without a sales load. All investments are made at the net value next determined after an order is received by the Portfolio. The net value of the Portfolio is normally computed as of the close of regular trading on the NYSE (typically 4:00 p.m. Eastern time, but sometimes earlier, as in the case of scheduled half-day trading, shortened trading hours due to emergency circumstances or unscheduled suspensions of trading) on each day the NYSE is open for trading ("Value Time"). As of the Value Time, the Portfolio determines its net value (i.e., the value of the Portfolio's portfolio instruments and any other assets less all liabilities) using the valuation procedures for securities and other assets described below. Investors can place an order to buy or sell beneficial interests at any time that the Portfolio is open for business. An investor in the Portfolio may withdraw all or any portion of its investment at the net value next determined after a withdrawal request in proper form is furnished by the investor to the Portfolio.

The proceeds of a withdrawal normally will be paid by the Portfolio in Federal funds on the Portfolio Business Day the withdrawal is effected, but in any event within seven days, though the Portfolio reserves the right to pay redemptions in kind. The Portfolio typically expects to satisfy withdrawal requests by using available cash or by selling portfolio

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securities if available cash is not sufficient to meet withdrawals. The Portfolio may utilize an existing line of credit for temporary coverage in the event of a cash shortfall. The Portfolio may also utilize inter-fund lending, though such use is expected to be rare. The Portfolio may use any of these methods of satisfying withdrawal requests under normal or stressed market conditions. During periods of distressed market conditions, when a significant portion of the Portfolio's portfolio may be comprised of less-liquid investments, the Portfolio may be more likely to pay withdrawal proceeds by giving you securities. Beneficial interests in the Portfolio may not be transferred.

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

The Board has designated the Advisor as the valuation designee for the Portfolio pursuant to Rule 2a-5. The Advisor's 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 valuing securities when pricing service prices or market quotations are not readily available, including when a security's value or a meaningful portion of the value of the Portfolio is believed to have been materially affected by a significant event, such as a natural disaster, an economic event like a bankruptcy filing, or a substantial fluctuation in domestic or foreign markets that has occurred between the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market) and the close of the NYSE. In such a case, the Portfolio's value for a security is likely to be different from the last quoted market price or pricing service prices. In addition, due to the subjective and variable nature of fair value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset's sale.

To the extent that the Portfolio invests in securities that are traded primarily in foreign markets, the value of its holdings could change at a time when you aren't able to buy or sell interests in the Portfolio. This is because some foreign markets are open on days or at times when the Portfolio doesn't price its interests. Note that prices for securities that trade on foreign exchanges can change significantly on days when the NYSE is closed and you cannot buy or sell interests in the Portfolio. Price changes in the securities the Portfolio owns may ultimately affect the price of Portfolio interests the next time the net value is calculated.

An equity security is valued at its official closing price on the security's primary exchange or over-the-counter (OTC) market as of the Value Time. Lacking any sales, the security is valued at the calculated mean between the most recent bid quotation and the most recent asked quotation (Calculated Mean) on such exchange or OTC market as of the Value Time. If it is not possible to determine the Calculated Mean, the security is valued at the most recent bid quotation on such exchange or OTC market as of the Value Time.

An exchange-traded option contract on securities, currencies and other financial instruments is valued at its official closing price on the relevant exchange. Lacking any sales, the option contract is valued at the Calculated Mean. If it is not possible to determine the Calculated Mean, the option contract is valued at the most recent bid quotation in the case of a purchased option contract or the most recent asked quotation in the case of a written option contract, in each case as of the Value Time. An option contract on securities, currencies and other financial instruments traded in the OTC market is valued as of the Value Time at a price supplied by an approved pricing agent, if available, and otherwise at the evaluated price provided by the broker-dealer with which it was traded. Futures contracts (and options thereon) are valued at the most recent settlement price or official close, if available, on the exchange on which they

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are traded most extensively. With the exception of stock index futures contracts which trade on the Chicago Mercantile Exchange, closing settlement times are prior to the close of trading on the Exchange. For stock index futures contracts which trade on the Chicago Mercantile Exchange, closing settlement prices are normally available at approximately 4:20 p.m. Eastern time.

**Buying and Selling Portfolio Interests**

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

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

The Portfolio may, at its own option, accept securities in payment for interests. The securities delivered in payment for interests are valued by the method described above under "Pricing Portfolio Interests." This may be a taxable transaction to the investor. Securities may be accepted in payment for interests only if they are, in the judgment of the Advisor, appropriate investments for the Portfolio. In addition, securities accepted in payment for interests must: (i) meet the investment objective and policies of the Portfolio; (ii) be acquired by the Portfolio for investment and not for resale; (iii) be liquid securities which are not restricted as to transfer either by law or liquidity of market; and (iv) if stock, have a value which is readily ascertainable as evidenced by a listing on a stock exchange, over the counter market or by readily available market quotations from a dealer in such securities. The Portfolio reserves the right to accept or reject at its own option any and all securities offered in payment for its interests.

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

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

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

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

**Distributions and Taxes** 

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

Under the anticipated method of operation of the Portfolio, the Portfolio, as a partnership for US federal income tax purposes, will generally not be subject to any US federal income tax. Instead, in computing its federal income tax liability, each investor will be required to take into account its distributive share of items of Portfolio income, gain,

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loss, deduction, credit, and tax preference for each taxable year substantially as though such items had been realized directly by the investor and without regard to whether the Portfolio has distributed or will distribute any amount to its investors. An investor could recognize taxable income from the Portfolio in a taxable year in excess of actual non-liquidating cash distributions (if any) made by the Portfolio for that year. The determination of each investor's distributive share of the Portfolio's ordinary income and capital gain will be made in accordance with the governing instruments of the Portfolio, as well as with the Code, the Treasury regulations promulgated thereunder, and other applicable authority. The Portfolio may modify its partner allocations to comply with applicable tax laws and US Treasury regulations, including, without limitation, the US Treasury regulations under Sections 704, 706, 708, 734, 743, 754, and 755 of the Code. It also may make special allocations of specific tax items, including gross income, gain, deduction, or loss. These modified or special allocations could result in an investor, as a partner, receiving a larger or smaller share of items of income, gain, deduction, or loss (and/or income, gain, deduction, or loss of a different character) than it would in the absence of such modified or special allocations.

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

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

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

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

**Market Timing Policies and Procedures** 

Short-term and excessive trading of Portfolio interests may present risks to long-term shareholders, including potential dilution in the value of Portfolio interests, interference with the efficient management of the Portfolio's portfolio (including losses on the sale of investments), taxable gains to remaining shareholders and increased brokerage and administrative costs. These risks may be more pronounced if the Portfolio invests in certain securities, such as those that trade in foreign markets, are illiquid or do not otherwise have "readily available market quotations." Certain investors may seek

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to employ short-term trading strategies aimed at exploiting variations in portfolio valuation that arise from the nature of the securities held by the Portfolio (e.g., "time zone arbitrage"). The Portfolio discourages short-term and excessive trading and has adopted policies and procedures that are intended to detect and deter short-term and excessive trading.

The Portfolio also reserves the right to reject or cancel a purchase order for any reason without prior notice. For example, the Portfolio may in its discretion reject or cancel a purchase order even if the transaction is not subject to the transaction limitation described below if the Advisor believes that there appears to be a pattern of short-term or excessive trading activity by a shareholder or deems any other trading activity harmful or disruptive to the Portfolio. The Portfolio, through its Advisor and transfer agent, will monitor changes in investment direction (CID) transactions that exceed a certain dollar amount by a shareholder within the Portfolio within a specified time period. A CID transaction is a transaction opposite to the prior transaction, which can be a purchase or redemption of the Portfolio. The Portfolio may take other trading activity into account if the Portfolio believes such activity is of an amount or frequency that may be harmful to long-term shareholders or disruptive to portfolio management. The Advisor's practices for identifying excessive short-term trading activity (e.g., the number of CID transactions, the dollar threshold and the time period) may change from time to time. If the Advisor determines that an investor has engaged in excessive short-term trading, the Advisor may issue the shareholder and/or the shareholder's financial intermediary, if any, a written warning and/or may block the shareholder from further purchases of or exchanges into the Portfolio's shares.

The Portfolio reserves the right to maintain a block indefinitely if it deems that the shareholder's activity was harmful to the Portfolio, or that the pattern of activity suggests a pattern of abuse. The rights of a shareholder to withdraw all or any portion of its investment from the Portfolio are not affected by a block on purchases and exchanges.

The Portfolio may make exceptions to the transaction policy for certain types of transactions if, in the opinion of the Advisor, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Portfolio, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Portfolio or administrator and transactions by certain qualified funds-of-funds.

The Portfolio's market timing policies and procedures may be modified or terminated at any time.

**Item 12. Distribution Arrangements**

**Organizational Structure** 

The Portfolio is a master portfolio; a master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master portfolio") with the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio has 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.

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![](graphic1.jpg)

Private Offering Memorandum - Part B

April 30, 2026

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

Deutsche DWS Equity 500 Index Portfolio <br>

Part A of the Registration Statement of the Portfolio dated April 30, 2026, which may be amended from time to time, provides the basic information investors should know before investing. This Part B of the Registration Statement, which is not a prospectus, is intended to provide additional information regarding the activities and operations of the Portfolio and should be read in conjunction with Part A of the Registration Statement. You may request a copy of Part A of the Registration Statement or a paper copy of this Part B, if you have received it electronically, free of charge by calling the Portfolio at (800) 728-3337.

Portions of the Statement of Additional Information and the Annual Financial Statements and Other Information Report of DWS Equity 500 Index Fund (Class R6, Institutional Class and Class S) are incorporated herein by reference, and are hereby deemed to be part of this Part B. Such reports may also be obtained without charge by calling the number provided in the preceding paragraph.

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**Table of Contents** <br>

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; [Item 15. Portfolio History](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 16. Description of the Portfolio and Its Investments and Risks](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_1) | 1  |
| &nbsp;&nbsp;&nbsp; [Item 17. Management of the Portfolio](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_5) | 5  |
| &nbsp;&nbsp;&nbsp; [Item 18. Control Persons and Principal Holders of Securities](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_14) | 14  |
| &nbsp;&nbsp;&nbsp; [Item 19. Investment Advisory and Other Services](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_14) | 14  |
| &nbsp;&nbsp;&nbsp; [Item 20. Portfolio Managers](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_18) | 18  |
| &nbsp;&nbsp;&nbsp; [Item 21. Brokerage Allocation and Other Practices](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_19) | 19  |
| &nbsp;&nbsp;&nbsp; [Item 22. Capital Stock and Other Securities](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_23) | 23  |
| &nbsp;&nbsp;&nbsp; [Item 23. Purchase, Redemption and Pricing of Shares](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_24) | 24  |
| &nbsp;&nbsp;&nbsp; [Item 24. Taxation of the Portfolio](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_24) | 24  |
| &nbsp;&nbsp;&nbsp; [Item 25. Underwriters](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_31) | 31  |
| &nbsp;&nbsp;&nbsp; [Item 26. Calculation of Performance Data](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_31) | 31  |
| &nbsp;&nbsp;&nbsp; [Item 27. Financial Statements](#xx_c3f6ca06-12e5-4cac-a37b-0d65977d9752_32) | 32  |

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**Deutsche DWS Equity 500 Portfolio (the "Portfolio")**

**Item 15. Portfolio History**

The Portfolio was organized as a trust under the laws of the State of New York on December 11, 1991. Effective February 6, 2006, the name of the Portfolio was changed from Scudder Equity 500 Index Portfolio to DWS Equity 500 Index Portfolio. Effective August 11, 2014, DWS Equity 500 Index Portfolio was renamed Deutsche Equity 500 Index Portfolio. Effective July 2, 2018, Deutsche Equity 500 Index Portfolio was renamed Deutsche DWS Equity 500 Index Portfolio.

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

**Investment Restrictions** 

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

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

The Portfolio is a no-load, open-end management investment company and has elected to be classified as diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer (other than cash and cash items, US government securities or securities of other investment companies) or invest in more than 10% of the outstanding voting securities of such issuer. A fund's election to be classified as diversified under the 1940 Act may not be changed without the vote of a majority of the outstanding voting securities (as defined herein) of the fund. In reliance on no-action relief furnished by the SEC, the Portfolio may be diversified or non-diversified at any given time, based on the composition of the index that the Portfolio seeks to track. Shareholder approval will not be sought when the Portfolio crosses from diversified to non-diversified status under such circumstances.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As a matter of non-fundamental policy:

(1) the Portfolio may not purchase illiquid securities if, as a result, more than 15% of the Portfolio's net assets would be invested in such securities.

(2) the Portfolio may not acquire securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

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

(4) the Portfolio may not buy and sell puts and calls on securities, stock index futures or options on stock index futures, or financial futures or options on financial futures unless such futures or options are written by other persons and: (a) the options or futures are offered through the facilities of a national securities association or are listed on a national securities or commodities exchange, except for put and call options issued by non-US

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entities or listed on non-US securities or commodities exchanges; (b) the aggregate premiums paid on all such options which are held at any time do not exceed 20% of the Portfolio's total net assets; and (c) the aggregate margin deposits required on all such futures or options thereon held at any time do not exceed 5% of the Portfolio's total assets.

(5) at the time of the Portfolio's investment in commercial paper, the issuer (or the issuer's parent) must have outstanding debt rated within the top two rating categories by an NRSRO or, if not rated, must be believed by the Advisor to be of comparable quality. Commercial paper when purchased by the Portfolio must be rated in the highest short-term rating category by any two NRSROs (or one NRSRO if that NRSRO is the only such NRSRO which rates such security) or, if not so rated, must be believed by the Advisor to be of comparable quality.

(6) the Board of Trustees has adopted the requirement that futures contracts and options on futures contracts be used as a hedge and that stock index futures may be used on a continual basis to equitize cash so that the Portfolio may maintain 100% equity exposure.

(7) the Board of Trustees has adopted the requirement that index futures contracts and options on index futures contracts be used only for cash management purposes.

(8) the Portfolio may not purchase warrants if, as a result, such securities, taken at the lower of cost or market value, would represent more than 5% of the value of the Portfolio's total assets (for this purpose, warrants acquired in units or attached to securities will be deemed to have no value).

For purposes of non-fundamental policy (1), an illiquid security is any investment that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days without the sale or disposition significantly changing the market value of the investment.

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

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

Borrowing

Brady Bonds

Cash Management Vehicles

Commercial Paper

Commodity Pool Operator Exclusion

Common Stock

Convertible Securities

Depositary Receipts

Derivatives

Fixed Income Securities

Foreign Currencies

Foreign Investment

Illiquid Securities

Impact of Large Redemptions and Purchases of Fund Shares

Inflation

Interfund Borrowing and Lending Program

Investment Companies and Other Pooled Investment Vehicles

Lending of Portfolio Securities

Mortgage-Backed Securities

Obligations of Banks and Other Financial Institutions

Preferred Stock

Repurchase Agreements

Reverse Repurchase Agreements

Short-Term Securities

Sovereign Debt

Special Information Concerning Master-Feeder Fund Structure

Structured Notes (including Equity-Linked Notes (ELNs))

US Government Securities

Variable and Floating Rate Instruments

Warrants

When-Issued and Delayed-Delivery Securities

Yields and Ratings

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

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Appendix II-G—Investments, Practices and Techniques, and Risks" in the [Statement of Additional Information for](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm)[Deutsche DWS Institutional Funds—DWS Equity 500 Index Fund (Class R6, Institutional Class and Class S), filed with](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm)[the SEC in Post-Effective Amendment No. 129 on April 28, 2026 (File Nos. 033-34079 and 811-06071).](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm)

**Portfolio Holdings Information** 

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

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

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

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

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

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

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

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

**Item 17. Management of the Portfolio** 

**Board Members and Officers** 

**Identification and Background**

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

**Independent Board Members** 

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **Position** <br> **with the Portfolio**<br> **and Length of Time** <br> **Served**<sup>(1)</sup> <br>| **Business Experience and**<br> **Directorships During the Past 5 Years**<br>| **Number of**<br> **Funds in** <br> **DWS**<br> **Fund Complex**<br> **Overseen**<br>| **Other Directorships**<br> **Held by Board Member**<br>|
| Keith R. Fox, CFA (1954)<br> Chairperson since 2017, <br> and Board Member since <br> 1996<br>| Former Managing General Partner, Exeter <br> Capital Partners (a series of private <br> investment funds) (1986-2023); Former <br> Chairman, National Association of Small <br> Business Investment Companies; Former <br> Directorships: ICI Mutual Insurance <br> Company; BoxTop Media Inc. (advertising); <br> Sun Capital Advisers Trust (mutual funds); <br> Progressive International Corporation <br> (kitchen goods designer and distributor) <br>| 65 | - |
| Jennifer S. Conrad (1959)<br> Board Member since 2024<br>| Emerita Professor of Finance, Kenan-Flagler <br> Business School, University of North <br> Carolina at Chapel Hill (Since 2025); <br> Formerly, Dalton McMichael, Sr., <br> Distinguished Professor of Finance (2003-<br> 2025) and Interim Dean (2022-2023), Kenan-<br> Flagler Business School, University of North <br> Carolina at Chapel Hill; and Director of the <br> Four Corners Center for Research on Index <br> Investments (2021-2023) <br>| 65 | - |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **Position** <br> **with the Portfolio**<br> **and Length of Time** <br> **Served**<sup>(1)</sup><br>| **Business Experience and**<br> **Directorships During the Past 5 Years**<br>| **Number of**<br> **Funds in** <br> **DWS**<br> **Fund Complex**<br> **Overseen**<br>| **Other Directorships**<br> **Held by Board Member**<br>|
| Mary Schmid Daugherty, <br> NACD.DC, PHD, CFA (1958) <br> Board Member since 2023<br>| Senior Fellow in Applied Finance, <br> Department of Finance, Opus College of <br> Business at the University of St. Thomas <br> (1987-present); Directorships: The Meritex <br> Company (real estate investment and <br> management company) (2017-present); The <br> Hardenbergh Foundation (2021-present) and <br> Warners' Stellian (appliance company) (2024-<br> present); Former Directorships: Driessen <br> Water, Inc. (2016-2023); Mairs & Power <br> Funds Trust (mutual funds) (2010-2022); and <br> Crescent Electric Supply Company (2010-<br> 2019)<br>| 65 | - |
| Chad D. Perry (1972)<br> Board Member since 2021<br>| Private Investor; Formerly: Executive Vice <br> President, General Counsel and Secretary, <br> RLJ Lodging Trust<sup>(2)</sup> (2023-2025); Executive <br> Vice President, General Counsel and <br> Secretary, Tanger Factory Outlet Centers, <br> Inc.<sup>(2)</sup> (2011-2023); Executive Vice President <br> and Deputy General Counsel, LPL Financial <br> Holdings Inc.<sup>(2)</sup> (2006-2011); Senior <br> Corporate Counsel, EMC Corporation (2005-<br> 2006); Associate, Ropes & Gray LLP (1997-<br> 2005)<br>| 65 | Director, Great Elm Capital <br> Corp. (business development <br> company) (since 2022)<br>|
| Rebecca W. Rimel (1951)<br> Board Member since 1995<br>| Directorships: Washington College (since <br> July 2023); Formerly: President, Chief <br> Executive Officer and Director (1994-2020) <br> and Senior Advisor (2020-2021), The Pew <br> Charitable Trusts (charitable organization); <br> Executive Vice President, The Glenmede <br> Trust Company (investment trust and wealth <br> management) (1983-2004); Board Member, <br> Investor Education (charitable organization) <br> (2004-2005); Former Directorships: Trustee, <br> Executive Committee, Philadelphia Chamber <br> of Commerce (2001-2007); Director, Viasys <br> Health Care<sup>(2)</sup> (January 2007-June 2007); <br> Trustee, Thomas Jefferson Foundation <br> (charitable organization) (1994-2012); <br> Director, BioTelemetry Inc.<sup>(2)</sup> (acquired by <br> Royal Philips in 2021) (healthcare) (2009-<br> 2021); Director, Becton Dickinson and <br> Company<sup>(2)</sup> (medical technology company) <br> (2012-2022) <br>| 65 | Director, The Bridgespan <br> Group (nonprofit organization) <br> (since October 2020)<br>|
| Catherine Schrand (1964) <br> Board Member since 2021<br>| Celia Z. Moh Professor of Accounting (2016-<br> present) and Professor of Accounting (1994-<br> present), The Wharton School, University of <br> Pennsylvania; and Member of the Financial <br> Economists Roundtable (2014-present), <br> Member of its Steering Committee (2022-<br> present) and Member of Executive <br> Committee (2024-present). Directorships: <br> Advisory Board Member, the Jacobs Levy <br> Center, The Wharton School, University of <br> Pennsylvania (since 2023); Former positions: <br> Vice Dean, Wharton Doctoral Programs, The <br> Wharton School, University of Pennsylvania <br> (2016-2019)<br>| 65 | - |

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

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

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

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<sup>(1)</sup>

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

<sup>(2)</sup>

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

<sup>(3)</sup>

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

<sup>(4)</sup>

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

<sup>(5)</sup>

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

<sup>(6)</sup>

Address: 100 Summer Street, Boston, MA 02110.

<sup>(7)</sup>

Address: 5201 Gate Parkway, Jacksonville, FL 32256.

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

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

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

**Board Member Qualifications**

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

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

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

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

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

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

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

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

**Board Committees and Meetings** 

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

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

**Board Leadership Structure**

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

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

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

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

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

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

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

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

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

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**Board Member Ownership and Control Persons** 

**Board Member Ownership in the Portfolio**

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

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

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

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

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

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

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

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**Board Member Compensation** 

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

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

**Aggregate Compensation from the Portfolio** 

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| | |
|:---|:---|
| **Board Member**  | **Deutsche DWS Equity 500 Index Portfolio** |
| **Independent Board Member:** | **Independent Board Member:** |
| Jennifer S. Conrad | $7644 |
| Mary Schmid Daugherty | $7644 |
| Keith R. Fox | $10645 |
| Chad D. Perry | $8244 |
| Rebecca W. Rimel | $8244 |
| Catherine Schrand | $8484 |

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**Total Compensation from DWS Fund Complex** 

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

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

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

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

**Codes of Ethics** 

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

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**Proxy Voting Policy and Guidelines** 

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

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

in the [Statement of Additional Information for Deutsche DWS Institutional Funds—DWS Equity 500 Index Fund (Class](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm)[R6, Institutional Class and Class S), filed with the SEC in Post-Effective Amendment No. 129 on April 28, 2026 (File](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm)[Nos. 033-34079 and 811-06071)](https://www.sec.gov/Archives/edgar/data/862157/000008805326000323/0000088053-26-000323-index.htm).

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

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

As of April 2, 2026, DWS Equity 500 Index Fund and DWS S&P 500 Index Fund, each a series of Deutsche DWS Institutional Funds (each a "Feeder Fund" and together, the "Feeder Funds"), owned approximately 22% and 78%, respectively, of the value of the outstanding interests in the Portfolio. Because each Feeder Fund owns more than 25% of the outstanding interests in the Portfolio, it could be deemed to control the Portfolio, which means it may take actions without the approval of other investors in the Portfolio. Deutsche DWS Institutional Funds is a Massachusetts business trust with principal executive offices at 875 Third Avenue, New York, NY 10022.

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

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

**Management of the Portfolio** 

**The Investment Advisor**

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

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

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

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

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

**Subadvisor for the Portfolio**

Northern Trust Investments, Inc. ("NTI"), the subadvisor for the Portfolio, is located at 50 South LaSalle Street, Chicago, IL 60603. NTI, a subsidiary of Northern Trust Corporation, is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies and bank common and collective funds.

Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended.

As of December 31, 2025, Northern Trust Corporation, through its subsidiaries, had assets under custody of $18.7 trillion, and assets under investment management of $1.8 trillion.

Pursuant to a sub-advisory agreement between the Advisor and NTI with respect to the Portfolio, DIMA, not the Portfolio, compensates NTI for the services it provides to the Portfolio.

For its services under the Subadvisory Agreement, NTI receives a fee at the rate set forth below in the section entitled "Fee payable to NTI by DIMA for subadvisory services."

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

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

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

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

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

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

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

**Fee Rates of Service Providers** 

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

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

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| | |
|:---|:---|
| **Portfolio Name** | **Management Fee Rate** |
| Deutsche DWS Equity 500 Index Portfolio | 0.05% |

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**Fee payable to DIMA for administrative services**

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

**Fee payable to NTI by DIMA for subadvisory services**

The following sets forth information relating to subadvisory fees paid by DIMA to NTI. The subadvisory fee paid by DIMA for the Portfolio is computed daily and payable monthly, at the annual percentage rate of the daily net assets overseen by NTI.

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| | | |
|:---|:---|:---|
| **Portfolio Name** | **Subadvisor** | **Subadvisor Fee Rate** |
| Deutsche DWS Equity 500 Index Portfolio | NTI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First $2.0 billion 0.015%<br> Next $2.0 billion 0.010%<br> Thereafter 0.005%<br>|

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**Service Provider Compensation** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year**<br> **Ended**<br>| &nbsp;&nbsp;&nbsp; **Gross Amount**<br> **Paid to DIMA**<br> **for Advisory**<br> **Services**<br>| &nbsp;&nbsp;&nbsp; **Amount Waived**<br> **by DIMA for**<br> **Advisory**<br> **Services**<br>| &nbsp;&nbsp;&nbsp; **Gross Amount**<br> **Paid to**<br> **DIMA for**<br> **General**<br> **Administrative**<br> **Services**<br>| &nbsp;&nbsp;&nbsp; **Amount Waived**<br> **by**<br> **DIMA for**<br> **General**<br> **Administrative**<br> **Services**<br>| &nbsp;&nbsp;&nbsp; **Amount Paid**<br> **by DIMA**<br> **to Non-Affiliated**<br> **Subadvisor(s)**<br> **for Subadvisory**<br> **Services** <br>|
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $909296 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $545578 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $176806 |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $856057 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $513634 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $166127 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp; $757975 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $454785 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $149342 |

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**Securities Lending**

During the most recent fiscal year, Fidelity Agency Lending ("FAL"), a business unit within National Financial Services LLC, served as the securities lending agent to the Portfolio.

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As a securities lending agent, FAL is responsible for the implementation and administration of the Portfolio's securities lending program. Pursuant to its Securities Lending Agency Agreement ("Securities Lending Agreement") with the Portfolio, FAL, as a general matter, performs various services, including the following:

• lend available securities to institutions that are approved borrowers

• determine whether a loan shall be made and negotiate and establish the terms and conditions of the loan with the borrower

• ensure that all dividends and other distributions paid with respect to loaned securities are credited to the Portfolio's relevant account

• receive and hold, on the Portfolio's behalf, or transfer to a Portfolio account, upon instruction by the Portfolio, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities

• mark-to-market the market value of loaned securities relative to the market value of the collateral each business day

• obtain additional collateral, as needed, in order to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement

• at the termination of a loan, return the collateral to the borrower upon the return of the loaned securities

• in accordance with the terms of the Securities Lending Agreement, invest cash collateral in permitted investments, including investments managed by the Portfolio's investment adviser

• maintain records relating to the Portfolio's securities lending activity and provide to the Portfolio a monthly statement describing, among other things, the loans made during the period, the income derived from the loans (or losses incurred) and the amounts of any fees or payments paid with respect to each loan

FAL was compensated for the above-described services from its securities lending revenue split. The table below shows the income the Portfolio earned and the fees and compensation it paid to service providers in connection with its securities lending activities during its most recent fiscal year.

**Securities Lending Activities – Income and Fees for Fiscal Year 2025** 

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Deutsche DWS Equity 500** <br> **Index Portfolio**<br>|
| &nbsp;&nbsp; **Gross income from securities lending activities** (including income from cash collateral <br> reinvestment)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45758 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp;&nbsp;&nbsp; $233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled <br> cash collateral reinvestment vehicle) that are not included in the revenue split<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification fee not included in revenue split | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | &nbsp;&nbsp;&nbsp;&nbsp; $41114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees not included in revenue split | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| **Aggregate fees/compensation for securities lending activities and related services** | &nbsp;&nbsp;&nbsp;&nbsp; $43605 |
| **Net income from securities lending activities** | &nbsp;&nbsp;&nbsp;&nbsp; $2153 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Item 20. Portfolio Managers** 

**Portfolio Management** 

**Portfolio Ownership of Portfolio Managers**

The following table shows the dollar range of interests or shares, as applicable, owned beneficially and of record by the portfolio management team for the Portfolio as well as in all US registered DWS funds advised by the Advisor as a group, including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of the Portfolio's most recent fiscal year end.

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| | | |
|:---|:---|:---|
| **Name of**<br> **Portfolio Manager**<br>| **Dollar Range of Portfolio Interests Owned** | **Dollar Range of All DWS Fund Shares Owned** |
| Chris J. Jaeger | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Michael Gleeman | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

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**Conflicts of Interest**

NTI's portfolio managers are often responsible for managing one or more funds, as well as other client accounts, including ETFs, separate accounts and other pooled investment vehicles. A portfolio manager may manage various client accounts that may have materially higher or lower fee arrangements than the Portfolio. The side-by-side management of these accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. In addition, while portfolio managers generally only manage accounts with similar investment strategies, it is possible that due to varying investment restrictions among accounts certain investments are made for some accounts and not others or conflicting investment positions could be taken among accounts. Some portfolio managers may be dual officers of one or more NTI affiliates and undertake investment advisory duties for the affiliates. The portfolio managers have a responsibility to manage all client accounts in a fair and equitable manner. NTI seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, NTI has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management. NTI may have a financial incentive to favor accounts with performance-based fees because there may be an opportunity to earn greater fees on such accounts compared to accounts without performance-based fees. As a result, NTI may have an incentive to allocate investment opportunities and aggregate or allocate trades in favor of the account that pays a performance fee. NTI may also have an incentive to recommend investments that may be riskier or more speculative than those that it would recommend under a different fee arrangement. NTI may invest client accounts in affiliated investment pools. If appropriate and consistent with the client's investment objectives and applicable law, NTI may recommend to clients investment pools in which it or an affiliate provides services for a fee. NTI has an incentive to allocate investments to these types of affiliated investment pools in order to generate additional fees for NTI or its affiliates. In addition, NTI could direct its best investment ideas to these investment products or investment pools to the potential disadvantage of the Portfolio. As NTI becomes aware of additional potential or actual conflicts of interest, they will be reviewed on a case-by-case basis.

NTI manages its client accounts consistent with applicable law and follows its own policies and procedures that are reasonably designed to treat clients fairly and to prevent any client or group of clients from being systematically favored or disadvantaged.

The table below shows the number and asset size of: (1) SEC registered investment companies (or series thereof) other than the Portfolio, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by Chris J. Jaeger and Michael Gleeman,the portfolio managers. Total assets attributed to a portfolio manager in the table below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. For a fund subadvised by subadvisors unaffiliated with the Advisor, total assets of funds managed may only include assets allocated to the

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portfolio manager and not the total assets of a fund managed. The table also shows the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of the Portfolio's most recent fiscal year end.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number** | **Total Assets** | **Number of Investment**<br> **Company Accounts**<br> **with Performance-**<br> **Based Fee**<br>| **Total Assets of**<br> **Performance-Based**<br> **Fee Accounts**<br>|
| Other SEC Registered Investment Companies |  |  |  |  |
| Chris J. Jaeger | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $24777636673 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Michael Gleeman | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3309609607 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Other Pooled Investment Vehicles |  |  |  |  |
| Chris J. Jaeger | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $97310494811 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Michael Gleeman | &nbsp;&nbsp; 9 | &nbsp;&nbsp; $22053357631 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Other Accounts |  |  |  |  |
| Chris J. Jaeger | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $14464668833 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Michael Gleeman | &nbsp;&nbsp; 9 | &nbsp;&nbsp; $8947580842 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |

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**Compensation by NTI**

The compensation for NTI's portfolio managers is informed by the competitive marketplace and consists of base salary and the opportunity to earn an incentive award. In addition, non-cash incentives, such as stock options or restricted stock of Northern Trust Corporation, may be awarded from time to time. The incentive award is discretionary and is based on a quantitative and qualitative evaluation of each team member's investment performance and contribution to his or her respective team plus the financial performance of the investment business unit and Northern Trust Corporation as a whole. In addition, the annual cash incentive award for portfolio managers is not based on the investment performance of the Portfolio or the amount of assets held in the Portfolio. Moreover, no material differences exist between the compensation structure for mutual fund accounts and other types of accounts.

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

**Portfolio Transactions** 

The Advisor is generally responsible for placing orders for the purchase and sale of portfolio securities, including the allocation of brokerage. The Advisor may delegate trade execution, trade matching and settlement services to DWS's branch offices or affiliates located in the US or outside the US. With respect to the Portfolio, references in this section to the "Advisor" should be read to mean NTI, except as noted below.

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

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

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

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

The Advisor is permitted by Section 28(e) of the 1934 Act, when placing portfolio transactions for a fund, to cause a fund to pay brokerage commissions in excess of that which another broker-dealer might charge for executing the same transaction in order to obtain research and brokerage services if the Advisor determines that such commissions are reasonable in relation to the overall services provided. The Advisor may from time to time, in reliance on Section 28(e) of the 1934 Act, execute portfolio transactions with broker-dealers that provide research and brokerage services to the Advisor. Consistent with the Advisor's policy regarding best execution, where more than one broker is believed to be capable of providing best execution for a particular trade, the Advisor may take into consideration the receipt of research and brokerage services in selecting the broker-dealer to execute the trade. Although certain research and brokerage services from broker-dealers may be useful to a fund and to the Advisor, it is the opinion of the Advisor that such information only supplements its own research effort since the information must still be analyzed, weighed and reviewed by the Advisor's staff. To the extent that research and brokerage services of value are received by the Advisor, the Advisor avoids expenses that it might otherwise incur. Research and brokerage services received from a broker-dealer may be useful to the Advisor and its affiliates in providing investment management services to all or some of its clients, which includes a fund. Services received from broker-dealers that executed securities transactions for a fund will not necessarily be used by the Advisor specifically to service that fund.

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

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

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

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

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

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

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

The Advisor may provide model portfolio recommendations for a variety of investment styles to clients of the Advisor and affiliates. Model portfolios may relate to the same investment strategies that are also offered to or utilized by the Advisor's other client accounts, including the DWS funds. The Advisor may provide model portfolio recommendations on a non-discretionary or discretionary basis to sponsors of model portfolio programs (Sponsors) who may utilize such recommendations in connection with the management of their client accounts; i.e., the Advisor may provide model

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portfolio recommendations to Sponsors who then execute securities transactions on behalf of their program clients in accordance with the model portfolios. Model portfolio related trading activity by Sponsors on behalf of their clients could potentially result in the Advisor's non-model portfolio clients, including the DWS funds, receiving prices that are less favorable than prices that might otherwise have been obtained absent the Sponsors' trading activity, particularly for orders that are large in relation to a security's average daily trading volume. The Advisor intends to take reasonable steps to minimize the market impact on non-model portfolio client accounts of orders associated with model portfolio recommendations provided to Sponsors.

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

**Brokerage Commissions** 

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fiscal** <br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brokerage Commissions** <br> **Paid by Portfolio**<br>|
| Deutsche DWS Equity 500 Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18208 |

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**Brokerage Commissions Paid to Affiliated Brokers** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal** <br> **Year**<br>| **Name of** <br> **Affiliated** <br> **Broker** <br>| **Affiliation**  | **Aggregate** <br> **Brokerage** <br> **Commissions** <br> **Paid by Fund** <br> **to Affiliated** <br> **Brokers**<br>| **% of the Total** <br> **Brokerage** <br> **Commissions**<br>| **% of the** <br> **Aggregate** <br> **Dollar** <br> **Value of all** <br> **Portfolio** <br> **Transactions**<br>|
| Deutsche DWS Equity 500 Index Portfolio | &nbsp;&nbsp; 2025 |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2024 |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2023 |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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Listed below are the regular brokers or dealers (as such term is defined in the 1940 Act) of the Portfolio whose securities the Portfolio held as of the end of its most recent fiscal year and the dollar value of such securities.

**Deutsche DWS Equity 500 Index Portfolio** 

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| | |
|:---|:---|
| **Name of Regular Broker or Dealer or Parent** <br> **(Issuer)**<br>| **Securities of Regular Broker Dealers** |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28709802 |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12092630 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9573597 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8629143 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7020424 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6828932 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2650335 |

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| | |
|:---|:---|
| **Name of Regular Broker or Dealer or Parent** <br> **(Issuer)**<br>| **Securities of Regular Broker Dealers** |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1171798 |

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**Transactions for Research Services**

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

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Transactions**<br> **with Research Firms**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commissions Paid**<br> **on Transactions**<br> **with Research Firms**<br>|
| Deutsche DWS Equity 500 Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

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

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

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

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

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

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

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

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

**Item 24. Taxation of the Portfolio** 

**Taxes** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In general, an investor that receives cash in connection with the investor's complete withdrawal from the Portfolio will recognize capital gain or loss to the extent of the difference between the proceeds received by such investor and such investor's adjusted tax basis in its Portfolio interest immediately before the distribution. Gain or loss recognized as a result of a complete withdrawal from the Portfolio generally will be short-term or long-term capital gain or loss depending on the investor's holding period in their interests in the Portfolio, except that an investor generally will recognize ordinary income (regardless of whether there would be net gain on the transaction and possibly in excess of net gain otherwise recognized) to the extent that the investor receives a cash distribution for the investor's allocable share of (i) previously untaxed "unrealized receivables" (including any accrued but untaxed market discount) and (ii) substantially appreciated inventory, if any. The basis attributable to any unrealized receivables or substantially appreciated inventory might also affect the calculation of gain or loss from the other assets held by the Portfolio. An investor's receipt of a non-liquidating cash distribution from the Portfolio generally will result in recognized gain (but not loss) only to the extent that the amount of the distribution exceeds such investor's adjusted basis in their Portfolio interest before the distribution. If an investor acquired portions of their interest at different times or acquired their entire interest in a single transaction subject to different holding periods, the investor's interest generally will have a divided holding period, which could cause the investor to recognize more or less short-term and long-term capital gain or loss than it would have with a single holding period.

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

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

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

**Federal Income Taxation of Portfolio Income.** The Portfolio's income and gains, if any, may consist of ordinary income, short-term capital gains, and/or long-term capital gains. Additionally, certain gains may be treated as ordinary income under one or more special tax rules. Accordingly, it is not clear what portion of the Portfolio's income will consist of long-term capital gains, which are taxable to individual and other non-corporate US investors at reduced rates, or qualified dividend income, which is taxable to individual and other non-corporate US investors at long-term capital gains rates instead of ordinary income rates. Further, some or all of the taxable losses (if any) recognized by the Portfolio in a taxable year may consist of long-term or short-term capital losses, the deductibility of which is subject to certain limitations.

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Dividends received by the Portfolio from domestic corporations and certain foreign corporations will be "qualified dividend income," taxed in the hands of US investors that are individuals and other non-corporate US investors at the rates applicable to long-term capital gain, provided holding period and other requirements are met by such US investors with respect to the underlying securities generating such dividend income and the Portfolio also meets the same holding period and other requirements. A dividend will not be treated as qualified dividend income by the Portfolio or its investors (1) if the dividend is received with respect to any share of stock held by the Portfolio for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States) or (b) treated as a passive foreign investment company or surrogate foreign corporation that is not treated as a domestic corporation under Section 7874 of the Code. For purposes of determining the holding period for stock on which a dividend is received, such holding period is reduced for any period the recipient has an option to sell, is under a contractual obligation to sell or has made (and not closed) a short sale of substantially identical stock or securities, and in certain other circumstances. In addition, qualified dividend income does not include any dividends received from tax-exempt corporations or interest from fixed income securities. Also, dividend distributions received by the Portfolio from a real estate investment trust under Subchapter M of the Code ("REIT") or a regulated investment company under Subchapter M of the Code ("regulated investment company") are generally qualified dividend income only to the extent the dividend distributions are made out of qualified dividend income received by such REIT or regulated investment company.

Net investment income will qualify for the 50% dividends-received deduction generally available to US corporations to the extent of qualifying dividends received by the Portfolio from domestic corporations for the taxable year. A dividend received by the Portfolio will not be treated as a dividend eligible for the dividends-received deduction (i) if it has been received with respect to any share of stock that the Portfolio has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (ii) to the extent that the recipient is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may otherwise be disallowed or reduced by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed stock (generally, stock acquired with borrowed funds)). Distributions from REITs do not qualify for the deduction for dividends received. Dividend distributions from regulated investment companies are generally eligible for the deduction for dividends received only to the extent the dividend distributions are made out of qualifying dividend income received by the regulated investment companies.

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

*Securities lending.* Securities lending activities may result in adverse tax consequences for the investors in the Portfolio. While securities are loaned by the Portfolio, the borrower will pay the Portfolio amounts equal to any dividends or interest paid on the borrowed securities in lieu of the dividends or interest. For federal income tax purposes, payments made in lieu of dividends are not considered dividend income and, in turn, do not qualify for the preferential tax rates on qualified dividends for individuals or the dividends-received deduction for corporations. Additionally, if the Portfolio loans tax-exempt securities, any payments made in lieu of tax-exempt interest will be considered taxable income to the Portfolio, and thus, to its investors, even though such interest may be tax-exempt when paid to the borrower of the securities. The Portfolio will not be able to pass-through to its investors foreign taxes withheld on payments made in lieu of dividends or interest. Current and prospective investors should consult their own financial intermediaries or tax advisors to discuss how securities lending affects their particular circumstances.

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

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

*Derivatives.* A Portfolio's transactions in foreign currencies, derivative instruments (e.g., forward contracts, swap agreements, options and futures contracts (including options and futures contracts on foreign currencies)), as well as any of its other hedging, short sale or similar transactions, may be subject to special provisions of the Code (including provisions relating to "hedging transactions" and "straddles") that, among other things, may affect the character of gains or losses (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income and defer losses. These rules could therefore affect the amount, timing and/or character of income, gains, losses and other tax items that are allocable to investors and could cause US investors to be taxed on amounts in excess of cash received by the Portfolio.

Because federal income tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may cause changes in an investor's allocation of any tax item, possibly for prior years.

*REITs.* The Portfolio's investments in equity securities of REITs may result in the Portfolio's receipt of cash in excess of the REIT's earnings, with this excess constituting a return of capital to investors. In addition, such investments in REIT equity securities also may require investors to accrue income not yet distributed by the REIT. Dividends received by the Portfolio from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income. For taxable years beginning after December 31, 2017, qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income tax deduction in the case of US investors that are individuals, trusts and estates. A US investor that is a regulated investment company for federal income tax purposes that is allocated qualified REIT dividends may be able to elect to pass the special character of this income through to its shareholders.

Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Portfolio's income from a REIT (or other pass-through entity) that is attributable to a residual interest in a real estate mortgage investment conduit (REMIC) (including a residual interest in a collateralized mortgage obligation (CMO) for which an election to be treated as a REMIC is in effect) or an equity interest in a taxable mortgage pool (TMP) (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a partnership will be allocated to investors in the partnership consistent with their allocation of other items of income, with the same consequences as if the investors held the related REMIC or TMP interest directly.

In general, excess inclusion income allocated to US investors (i) may constitute "unrelated business taxable income" (UBTI) for those entities who would otherwise be exempt from federal income tax, such as individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities, that invest in a regulated investment company to which the Portfolio allocates excess inclusion income, thereby potentially requiring an entity that otherwise might not be required to file a federal income tax return, to file a tax return and pay tax on such income, (ii) cannot

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be offset by net operating losses (subject to a limited exception for certain thrift institutions), and (iii) will not be eligible for reduced US withholding tax rates for Non-US investors (including Non-US investors eligible for the benefits of a US income tax treaty) that invest in a regulated investment company to which the Portfolio allocates excess inclusion income.

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

The Portfolio's transactions in foreign currencies, foreign-currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Portfolio accrues income or receivables or expenses or other liabilities denominated in a currency other than the Portfolio's "functional currency" and the time the Portfolio actually collects such receivables or income or pays such expenses or liabilities are generally treated as and allocated to investors as ordinary income or ordinary loss. In general, gains (and losses) on debt instruments will be treated as Section 988 gain (or loss) to the extent attributable to changes in exchange rates between the US dollar and the currencies in which the instruments are denominated. Similarly, gains or losses on foreign currency, foreign currency forward contracts and certain foreign currency options or futures contracts, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as and allocated to investors as ordinary income or loss.

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

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

**Backup Withholding**

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The Portfolio may be required to withhold US federal income tax on distributions, sales proceeds, redemption proceeds, and any other payments payable to investors who fail to provide the Portfolio with their correct taxpayer identification number or to make required certifications, who have underreported dividend or interest income, or who have been notified (or when the Portfolio is notified) by the IRS that they are subject to backup withholding. The backup withholding tax rate is currently a flat rate of 24%. Corporate US investors and certain other US investors specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the US investor's US federal income tax liability on such US investor's federal income tax return.

**Audits and Adjustments to Tax Liability**

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

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

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

**US Tax Shelter Rules**

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

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

------

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

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

**FATCA**

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

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

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

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

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

**Item 25. Underwriters** 

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

**Item 26. Calculation of Performance Data** 

Not Applicable.

------

**Item 27. Financial Statements** 

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

Firm, financial highlights and notes to financial statements in the [Annual Financial Statements and Other Information](https://www.sec.gov/Archives/edgar/data/862157/000008805326000209/0000088053-26-000209-index.htm)[Report of Deutsche DWS Institutional Funds—DWS Equity 500 Index Fund (Class R6, Institutional Class and Class](https://www.sec.gov/Archives/edgar/data/862157/000008805326000209/0000088053-26-000209-index.htm)[S), dated December 31, 2025,](https://www.sec.gov/Archives/edgar/data/862157/000008805326000209/0000088053-26-000209-index.htm) are incorporated herein by reference and are hereby deemed to be a part of this Part B. A copy of an Annual Financial Statements and Other Information Report may be obtained without charge by calling the Portfolio at (800) 728-3337.

------

**Deutsche DWS Equity 500 Index Portfolio**

**PART C. OTHER INFORMATION**

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

---

| | | |
|:---|:---|:---|
| **Item 28.** | **Exhibits** |  |
| (a) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>Declaration of Trust dated December 11, 1991.</u>](http://www.sec.gov/Archives/edgar/data/888568/000093549096000022/0000935490-96-000022.txt) (Incorporated by reference to Amendment No. 4 to the Reg-<br> istration Statement, as filed on April 26, 1996.)<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment No. 1 to Declaration of Trust dated June 23, 1992.</u>](http://www.sec.gov/Archives/edgar/data/888568/000093549096000022/0000935490-96-000022.txt) (Incorporated by reference to Amendment <br> No. 4 to the Registration Statement, as filed on April 26, 1996.)<br>|
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated May 16, 2003.</u>](http://www.sec.gov/Archives/edgar/data/888568/000119312504074025/dex99aii.htm) (Incorporated by reference to <br> Amendment No. 14 to the Registration Statement, as filed on May 1, 2004.)<br>|
|  | &nbsp;&nbsp; (4) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated February 6, 2006.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805306000469/exaiii-e500.txt) (Incorporated by reference to <br> Amendment No. 17 to the Registration Statement, as filed on April 28, 2006.)<br>|
|  | &nbsp;&nbsp; (5) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated August 11, 2014.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805315000514/exa5-e500.htm) (Incorporated by reference to <br> Amendment No. 28 to the Registration Statement, as filed on May 1, 2015.)<br>|
|  | &nbsp;&nbsp; (6) | &nbsp;&nbsp; [<u>Certificate of Amendment to the Declaration of Trust, dated May 16, 2018.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000771/exa6-e500.htm) (Incorporated by reference to <br> Amendment No. 32 to the Registration Statement, as filed on July 2, 2018.)<br>|
| (b) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>By-Laws dated December 11, 1991.</u>](http://www.sec.gov/Archives/edgar/data/888568/000093549096000022/0000935490-96-000022.txt) (Incorporated by reference to Amendment No. 4 to the Registration <br> Statement, as filed on April 26, 1996.)<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment to By-Laws dated September 30, 2005.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805315000514/exb2-e500.htm) (Incorporated by reference to Amendment No. 28 to <br> the Registration Statement, as filed on May 1, 2015.)<br>|
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; [<u>Amendment to By-Laws, dated April 1, 2011.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805311000576/exbii-e500.htm) (Incorporated by reference to Amendment No. 22 to the Reg-<br> istration Statement, as filed on April 29, 2011.)<br>|
| (c) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; Instruments defining the rights of shareholders, including the relevant portions of the Declaration of Trust, <br> dated December 11, 1991, as amended through May 16, 2018 (see Section 9). Referenced in exhibits (a)(1) <br> through (a)(6) to this Item, above.<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; Instruments defining the rights of shareholders, including the relevant portions of the By- Laws, dated <br> December 11, 1991, as amended through April 1, 2011 (see Article #1). Referenced in exhibits (b)(1) <br> through (b)(3) to this Item, above.<br>|
| (d) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement between the Registrant and Deutsche Invest-</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805307000551/exdiii-e500.htm)<br> [<u>ment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) dated</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805307000551/exdiii-e500.htm)<br> [<u>June 1, 2006 and revised as of January 1, 2007.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805307000551/exdiii-e500.htm) (Incorporated by reference to Amendment No. 18 to the <br> Registration Statement, as filed on May 1, 2007.)<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement (as revised) between Deutsche Investment Management Americas Inc.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805309000459/exdi-e500.htm)<br> [<u>(now known as DWS Investment Management Americas, Inc.) and Northern Trust Investments, N.A. (now</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805309000459/exdi-e500.htm)<br> [<u>known as Northern Trust Investments, Inc.) dated April 25, 2003 and revised as of January 1, 2007.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805309000459/exdi-e500.htm) (Incor-<br> porated by reference to Amendment No. 20 to the Registration Statement, as filed on April 30, 2009.)<br>|
| (f) |  | Not applicable. |
| (g) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; [<u>Master Custodian Agreement between the Registrant and State Street Bank and Trust Company dated</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805309000459/exg-e500.htm)<br> [<u>November 17, 2008.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805309000459/exg-e500.htm) (Incorporated by reference to Amendment No. 19 to the Registration Statement, as <br> filed on April 30, 2009.)<br>|
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [<u>Amendment, effective as of January 20, 2017, to the Master Custodian Agreement dated November 17,</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805317000546/exg2-e500.htm)<br> [<u>2008.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805317000546/exg2-e500.htm) (Incorporated by reference to Amendment No. 30 to the Registration Statement, as filed on <br> March 31, 2017.)<br>|

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Appendix A, effective as of July 2, 2018, to the Master Custodian Agreement dated November 17, 2008.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000771/exg3-e500.htm) (Incorporated by reference to Amendment No. 32 to the Registration Statement, as filed
 on July 2, 2018.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Amendment, effective as of January 1, 2020, to the Master Custodian Agreement between the Registrant</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805321000375/exg4-e500.htm) [<u>and State Street Bank and Trust Company, dated November 17, 2008.</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805321000375/exg4-e500.htm) (Incorporated by reference to Amendment No. 36 to the Registration Statement, as filed on April 30, 2021.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Amendment, effective as of March 20, 2024, to the Master Custodian Agreement between the Registrant</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exg5-e500.htm) [<u>and State Street Bank and Trust Company, dated November 17, 2008.</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exg5-e500.htm) (Incorporated by reference to Amendment No. 40 to the Registration Statement, as filed on April 30, 2025.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [<u>Amended and Restated Administrative Services Agreement between the Registrant and DWS Investment</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805323000234/exh1-e500port.htm) [<u>Management Americas, Inc. dated August 19, 2022. (Portions omitted.)</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805323000234/exh1-e500port.htm) (Incorporated by reference to Amendment No. 38 to the Registration Statement, as filed on April 28, 2023.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Sub-Administration and Sub-Accounting Agreement among State Street Bank and Trust Company and</u>](http://www.sec.gov/Archives/edgar/data/888568/000119312504074025/dex99h6.htm) [<u>Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas,</u>](http://www.sec.gov/Archives/edgar/data/888568/000119312504074025/dex99h6.htm) [<u>Inc.), Scudder Fund Accounting Corporation, and Investment Company Capital Corp. dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/888568/000119312504074025/dex99h6.htm) <u>(Portions omitted.)</u> (Incorporated by reference to Amendment No. 14 to the Registration Statement, as
 filed on April 29, 2004.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Amendment, effective as of January 20, 2017, to the Sub-Administration and Sub-Accounting Agreement</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000391/exh3-e500.htm) [<u>dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000391/exh3-e500.htm) (Incorporated by reference to Amendment No. 31 to the Registration Statement, as filed on April 30, 2018.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Amendment, effective as of June 29, 2018, to the Sub-Administration and Sub-Accounting Agreement</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805319000029/exh4-e500.htm) [<u>dated April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805319000029/exh4-e500.htm) (Incorporated by reference to Amendment No. 33 to the Registration Statement, as filed on January 23, 2019.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Amendment, effective as of January 1, 2020, to the Sub-Administration and Sub-Accounting Agreement,</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805320000568/exh5-e500.htm) [<u>dated April 1, 2003 (Portions omitted.)</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805320000568/exh5-e500.htm) (Incorporated by reference to Amendment No. 35 to the Registration Statement, as filed on April 29, 2020.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Amendment, effective as of March 20, 2024, to the Sub-Administration and Sub-Accounting Agreement,</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exh6-e500.htm) [<u>dated April 1, 2003.</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exh6-e500.htm) (Incorporated by reference to Amendment No. 40 to the Registration Statement, as filed on April 30, 2025.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Amendment, effective as of June 1, 2024, to the Sub-Administration and Sub-Accounting Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exh7-e500.htm) [<u>April 1, 2003.</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805325000327/exh7-e500.htm) (Incorporated by reference to Amendment No. 40 to the Registration Statement, as
 filed on April 30, 2025.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Schedule A, dated as of July 2, 2018, to the Sub-Administration and Sub-Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000771/exh4-e500.htm) [<u>April 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805318000771/exh4-e500.htm) (Incorporated by reference to Amendment No. 32 to the Registration Statement, as
 filed on July 2, 2018.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Exclusive Placement Agent Agreement between Registrant and Scudder Distributors, Inc. (now known as</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805315000514/exh4-e500.txt) [<u>DWS Distributors, Inc.) dated August 19, 2002.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805315000514/exh4-e500.txt) (Incorporated by reference to Amendment No. 28 to the Registration Statement, as filed on May 1, 2015.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Transfer Agency and Service Agreement between the Registrant and DWS Scudder Investment Service</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805307000551/exhx.htm) [<u>Company (now known as DWS Service Company) dated June 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805307000551/exhx.htm) (Incorporated by reference to Amendment No. 18 to the Registration Statement, as filed on April 30, 2007.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Amendment No. 1, made as of July 13, 2016, to the Transfer Agency and Service Agreement dated June 1,</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805317000546/exh6-e500.htm) [<u>2006.</u>](http://www.sec.gov/Archives/edgar/data/888568/000008805317000546/exh6-e500.htm) (Incorporated by reference to Amendment No. 30 to the Registration Statement, as
 filed on March 31, 2017.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Form of Expense Limitation Agreement, dated October 1, 2007, between the Registrant and Deutsche](exh12-e500.htm) [Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.)](exh12-e500.htm) . (Filed herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Consent of Independent Registered Public Accounting Firm](exj-e500.htm) . (Filed herein.)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investment representation letters of initial investors. (Incorporated by reference to Registrant's Registration Statement on Form N-1A, as filed on June 9, 1992.)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Northern Trust Asset Management Code of Ethics, as amended April 1, 2016; July 1, 2017; October 3,](exp1-e500.htm) [2018; July 1, 2019; April 1, 2020; April 1, 2021; December 13, 2022; March 14, 2023; January 11, 2024;](exp1-e500.htm) [November 1, 2024; and January 2, 2025](exp1-e500.htm) . (Filed herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics - DWS Group (U.S. Registered Entities), dated August 22, 2025.](exp2-e500.htm) (Filed
 herein.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>DWS Funds and Germany Funds Code of Ethics, dated May 19, 2023.</u>](https://www.sec.gov/Archives/edgar/data/888568/000008805324000341/exp3-e500.htm) (Incorporated by reference to Amendment No. 39 to the Registration Statement, as filed on April 29, 2024.)

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

None

**Item 30. Indemnification**

Article V, Section 5.4 of the of the Registrant's Declaration of Trust (which is referenced in Exhibit (a)(1) to Item 28, above) (the "Declaration of Trust"), provides in effect that the Registrant will indemnify its officers and trustees under certain circumstances. However, in accordance with Sections 17(h) and 17(i) of the Investment Company Act of 1940, as amended (the "1940 Act"), and its own terms, said Article of the Declaration of Trust does not protect the Registrant's officers and trustees against any liability to the Registrant or its shareholders to which such officer or trustee with respect to any matter as to which such person shall have been adjudicated to have acted in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

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

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

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

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

------

**Item 32. Principal Underwriters**

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

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

---

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

---

------

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

(c) Not applicable.

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

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

---

| | |
|:---|:---|
| Advisor and Administrator (Accounting Agent, as <br> applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 875 Third Avenue<br> New York, NY 10022-6225<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 100 Summer Street<br> Boston, MA 02110-2146<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Investment Management Americas, Inc. <br> 5201 Gate Parkway<br> Jacksonville, FL 32256-7284<br>|
| Sub-Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Investments, Inc.<br> 50 South LaSalle Street<br> Chicago, IL, USA 60603-1008<br>|
| Custodian and Sub-Administrator (Sub-Accounting <br> Agent, as applicable)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank and Trust Company<br> State Street Financial Center<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>|
| Sub-Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C GIDS, Inc.<br> 333 West 11th Street<br> Kansas City, MO 64105-1628<br>|
| Placement Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWS Distributors, Inc.<br> 222 South Riverside Plaza<br> Chicago, IL 60606-5808<br>|
| Storage Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Incorporated<br> 12646 NW 115<sup>th</sup> Avenue<br> Medley, FL 33178-3179<br>|

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant, DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO, has duly caused this Amendment No. 41 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized in the City of New York and the State of New York, on the 22<sup>nd</sup> day of April 2026.

DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO

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

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

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

\*By:

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

Caroline Pearson\*\*

Chief Legal Officer

\*\* Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to [Post-Effective Amendment No. 32, as filed on July 2, 2018 to the Registration Statement.](https://www.sec.gov/Archives/edgar/data/888568/000008805318000771/0000088053-18-000771-index.html)

**DEUTSCHE DWS EQUITY 500 INDEX PORTFOLIO**

**EXHIBIT INDEX** 

---

| |
|:---|
| [(h)(12)](exh12-e500.htm) |
| [(j)](exj-e500.htm) |
| [(p)(1)](exp1-e500.htm) |
| [(p)(2)](exp2-e500.htm) |

---

------

## Ex-99.H12

Exhibit (h)(12)

**EXPENSE LIMITATION AGREEMENT**

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

---

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

---

[PLEASE SEE ATTACHED EXHIBIT MATRIX]

## Ex-99.J

Exhibit (j)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in the Private Offering Memorandum Part B, dated April 30, 2026, and included in this Amendment No. 41 to the Registration Statement (Form N-1A, File No. 811-06698) of Deutsche DWS Equity 500 Index Portfolio (the "Registration Statement").

We also consent to the incorporation by reference of our report dated February 23, 2026, with respect to the financial statements and financial highlights of Deutsche DWS Equity 500 Index Portfolio included in the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ ERNST & YOUNG LLP

Boston, Massachusetts

April 24, 2026

## Ex-99.P1

Exhibit (p)(1)

![](ntiimage.gif)

**Northern Trust Asset Management Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Policy Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Authority** 

Rule 17j-1(c)(1) of the Investment Company Act of 1940 (the "1940 Act")

Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act")

Market Abuse Regulation

FCA Handbook COBS 11.7 ("FCA Rules")

Australia Corporations Act 2001

Australian Securities and Investments Commission Regulatory Guide 121

Australian Securities and Investments Commission Regulatory Guide 181

Hong Kong Securities and Futures Commission Fund Manager Code of Conduct

Financial Instruments and Exchange Act Article 38.(9) and Article 40.(2)

Cabinet Order Ordinance on Financial Instrument Business: Article 1.4.(14), Article 117.1.(12) through (16), and Article 123.1.(5)

The Investment Trusts Association Japan:

Rules on Operations by Officers and Employees, etc. to Trade Shares, etc. on Their Own Accounts

By-laws Concerning Rules on Operations by Officers and Employees, etc. to Trade Shares, etc. on Their Own Accounts

The Singapore Securities and Futures Act

Ontario Securities Commission ("OSC")

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement of Purpose** 

The policy was created to address Rule 17j-1(c)(1) under the 1940 Act and Rule 204A-1 of the Advisers Act. In the UK, the policy is intended to address relevant provisions of the Market Abuse Regulation and relevant FCA rules. In Hong Kong, the policy is intended to address relevant provisions of the Fund Manager Code of Conduct. In Australia, the policy is intended to address relevant provisions of the Australian Securities and Investment Commission and Australia Corporations Act 2001. In Japan, the policy is intended to address relevant

![](ntiimage.gif)

provisions of the Financial Instruments and Exchange Act, Cabinet Order Ordinance on Financial Instrument Business, Japan Investment Trust Association Rules, and Japan Investment Advisers Association Rules. In Singapore, the policy is intended to address relevant provisions of the Securities and Futures Act. In Canada, the policy is intended to address relevant provisions of Ontario's Securities Act. The policy establishes general principles governing the conduct of all persons covered by the policy.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Scope and Applicability** 

The policy covers the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons Reporting Requirements (Initial, Quarterly
and Annual)

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Governing Body with Oversight** 

Asset Management Conduct and Ethics Committee

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Related Policies** 

The Northern Trust Corporation Securities Transaction Policy and Procedures

The Northern Trust Corporation Disclosure Policy

The Northern Trust Corporation Standards of Conduct

Northern Trust Asset Management Pay-to-Play Policy and Procedures

U.S. Northern Trust Asset Management Gifts and Entertainment Policy

U.S. Northern Trust Asset Management Insider Trading, Material Nonpublic Information, and Information Barrier Policy

NTI Self-Indexing Information Barrier Policy

NT EMEA Gifts and Entertainment toolkit

NT EMEA Conflicts of Interest and Inducements Policy

Northern Trust APAC – Gifts and Entertainment Policy

Northern Trust APAC Conflict of Interest Policy Northern Trust

Northern Trust APAC – Market Abuse and Inside Information Policy

NT Global Advisors, Inc. Insider Trading, Material Non-Public Information and Information Barriers Policy

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Effective Date** 

January 2, 2025

**Northern Trust Asset Management**

Code of Ethics

Northern Trust Investments, Inc.

Northern Trust Global Investments Limited

Northern Trust Fund Manager (Ireland) Limited

50 South Capital Advisors, LLC

Northern Trust Asset Management Australia Pty Ltd

The Northern Trust Company of Hong Kong Limited

Northern Trust Global Investments Japan, K.K.

The Northern Trust Company, Singapore Branch

NT Global Advisors, Inc.

![](ntiimage.gif)

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** **7** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principles 7

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Scope of the Code** **8** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Who is Subject to the Code? 8

B. What Securities are Subject to the Code? 9

C. What Accounts are Subject to the Code? 10

D. What are Managed Accounts? 11

E. Where can Covered Accounts be Held 11

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Securities Transactions – Requirements and Restrictions** **11** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Public Offerings 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Limited Offerings 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Client Accounts and Affiliated Funds 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Blackout Periods 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Holding Period 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Pre-Clearance 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Prohibited Trading 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Trading in Northern Trust Corporation Securities 13

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Compliance Procedures** **13** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-Clearance 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Initial and Annual Holdings Reporting 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Covered Account Reporting 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Quarterly Transaction Reporting 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Certification of Compliance 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Reporting Violations 15

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Standards of Business Conduct** **15** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Compliance with Laws and Regulations 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Insider Trading and Market Abuse 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Gifts and Entertainment 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Political Contributions and Pay-to-Play 17

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Outside Employment and Activities 17

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Governance** **17** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Oversight 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sanctions 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Exceptions to the Code 18

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Recordkeeping and Administration** **18** 

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The Code of Ethics (the "Code") has been adopted by Northern Trust Investments, Inc., Northern Trust Global Investments Limited, and 50 South Capital Advisors, LLC (collectively "the Advisors") in compliance with Rule 17j-1(c)(1) of the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act").

In addition to the Advisors, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Asset Management Australia Pty Ltd, the Northern Trust Company of Hong Kong Limited, Northern Trust Global Investments Japan, K.K., The Northern Trust Company, Singapore Branch, and NT Global Advisors, Inc. (collectively, the "Identified Entities") have adopted the Code in compliance with local laws and regulations related to personal account dealing. In the UK, the policy is intended to address relevant provisions of the Market Abuse Regulation and relevant FCA rules. In Hong Kong, the policy is intended to address relevant provisions of the Fund Manager Code of Conduct. In Australia, the policy is intended to address relevant provisions of the Australian Securities and Investment Commission and Corporations Act 2001. In Japan, the policy is intended to address relevant provisions of the Financial Instruments and Exchange Act, Cabinet Order Ordinance on Financial Instrument Business, Japan Investment Trust Association Rules, and Japan Investment Advisers Association Rules. In Singapore, the policy is intended to address relevant provisions of the Securities and Futures Act. In Canada, the policy is intended to address relevant provisions of Ontario's Securities Act.

All persons covered by the Code (defined as "Access Persons") agree to read, understand, and comply with the Code. You have an obligation to seek guidance or take any other appropriate steps to make sure you understand your obligations under the Code. Any questions relating to this document should be brought to the attention of Asset_Management_Compliance@ntrs.com. On a quarterly basis you will be required to certify in writing your understanding of, and adherence to, the Code (as amended) and your agreement to comply with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Principles** 

The Code establishes general principles governing the conduct of all persons covered by the Code in connection with the investment advisory services of the Identified Entities, as well as procedures to ensure compliance with these general principles. These principles emphasize the Identified Entities' fiduciary duties to clients and the obligation of persons covered under the Code to uphold these fundamental duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty at all times to place the interests of clients
first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that all personal securities transactions
be conducted in such a manner as to be consistent with the Code and to seek to avoid, manage or mitigate any actual or potential conflict
of interest or any abuse of a person's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The principle that no person should take inappropriate
advantage of their positions;

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The fiduciary principle that information concerning the
identity of security holdings and financial circumstances of clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The principle that independence in the investment decision-making
process is paramount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The duty to preserve the Identified Entities' reputation
for honesty, integrity and professionalism; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In personal securities investing, individuals should
follow a philosophy of investment rather than trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Scope of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Subject to the Code?** 

All of the following persons are deemed "Access Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors
 , officers and employees of the Identified Entities <sup>1</sup> (or other persons occupying a similar status
 or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Has access to nonpublic information regarding any clients'
purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any client account the Identified Entities
or their affiliates manage, or any fund which is advised or sub-advised by the Identified Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Makes recommendations or investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Has the power to exercise a controlling influence over
the management and policies over investment decisions of the Identified Entities, or who obtains information concerning recommendations
made to a client account with regard to a purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any other person who provides investment advice and is
subject to the Identified Entities' supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any other persons deemed to be an Access Person by the
Identified Entities' Chief Compliance Officers (e.g., consultants, contractors, interns).

<sup>1</sup> Within The Northern Trust Company of Hong Kong Limited and The Northern Trust Company, Singapore Branch, only the partners of NTAM are in scope.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Securities are Subject to the Code?** 

---

| |
|:---|
| **Covered Securities**<sup>2</sup> **Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any stock, bond, future, investment contract or any other instrument that may be considered a security |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Options on securities and indexes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limited Offerings (e.g., private placements, private equity funds, hedge funds, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end mutual funds and unit investment trusts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds registered under the 1940 Act advised or sub-advised by the Identified Entities (e.g. Northern Funds, etc.), except money market funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities issued by Northern Trust Corporation (including NTRS incentive awards e.g., option grants, restricted stock units) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded funds (ETFs) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unit investment trusts and investment funds advised or sub-advised by the Identified Entities (e.g. Northern Trust proprietary UCITS or Australian Unit Trusts) |

---

---

| |
|:---|
| **Covered Securities Do Not Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the sovereign governments, including but not limited to those of the United States and United Kingdom (e.g., treasury securities) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers acceptances, bank certificates of deposit, commercial paper and high quality short- term debt obligations, including repurchase agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Registered money market funds including those registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds registered under the 1940 Act <u>NOT</u> advised or sub-advised by the Identified Entities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unit investment trusts and investment funds <u>NOT</u> advised or sub-advised by the Identified Entities |

---

<sup>2</sup> As defined by Section 202(a)(18) of the Investment Advisers Act of 1940, "'Security' means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing

![](ntiimage.gif)

**What Accounts are Subject to the Code?**

Covered Accounts include accounts in which Covered Securities can be bought, sold or held. All of the following, if held, are subject to the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts in the name of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accounts of the Access Person's spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts of all immediate children or other relatives
(by marriage or otherwise) living in the Access Person's home; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts in which any of the foregoing Access Persons
have any beneficial ownership interest or over which he or she can exercise control or investment influence.

---

| |
|:---|
| &nbsp;&nbsp; **Covered Accounts**<br> Accounts that **<u>can</u>** buy, sell, or hold Covered Securities, including, but not limited to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage Accounts, Investment Club Accounts, Tax Efficient Wrapper Accounts (e.g. self-select Individual Savings Accounts (ISAs) or Child Trust Funds) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IRA and IRA Rollover Accounts or any Pension Plan that has a self-select option with the ability to exercise discretion in Covered Securities (e.g. Self- Invested Personal Pension Accounts (SIPPs)) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee Stock Ownership and Purchase Plan Accounts (ESOPs/ESPPs) held at third party record keepers (e.g. Capita, Link Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trust and Investment Management Accounts managed by Northern Trust or third parties exercising discretionary investment authority (e.g. Managed Accounts) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Northern Fund Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UTMA and UGMA accounts (Uniform Transfers to Minors Act/Uniform Gifts to Minors Act) |

---

---

| |
|:---|
| &nbsp;&nbsp; **Non-Covered Accounts**<br> Accounts that **<u>cannot</u>** buy, sell, or hold Covered Securities, including, but not limited to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Northern Trust Employee Stock Ownership Plan (ESOP), UK All Employee Share Ownership Plan (AESOP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal Savings and Checking Accounts, Defined Contribution Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend Reinvestment Plan (DRIP) Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529 College Savings Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mutual fund only accounts that can only hold shares of open-end mutual funds registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that can only hold shares of non-proprietary unit investment trusts or investment funds that are not advised or sub-advised by the Identified Entities |

---

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What are Managed Accounts?** 

Any accounts over which the Access Person has no direct or indirect influence or control, such as an account managed by a third-party investment advisor or trustee on a discretionary basis.

Evidence that this arrangement is in place must be provided to the local NTAM compliance team. Once such evidence is provided and approved by NTAM Compliance, disclosure of holdings within the account and pre-trade approval is not required. The Access Person must immediately disclose to Compliance if at any future point the Access Person has direct or indirect influence or control over the Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Where can Covered Accounts be Held?** 

All U.S. based Access Persons must maintain their Covered Accounts at a designated broker as set forth in a list on the Corporate Anchor Point intranet page.

Non-U.S. based Access Persons do not have a designated broker requirement for Covered Accounts.

**APAC:** For Access Persons based in Hong Kong, , it is a requirement to notify and request approval from the local compliance team before new accounts are opened. Please submit a request by email to NTAM_APAC_Compliance@ntrs.com.

Access Persons based in Japan must notify Japan Compliance by email within 10 working days from the date a new account is opened.

Additionally, non-US Access Persons are required to submit brokerage statements of each Covered Account not held at a designated broker on a quarterly basis as part of their quarterly transaction reporting. These statements must include transaction information for the reportable period and holdings information as at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Securities Transactions – Requirements and Restrictions** 

Access Persons must comply with the following restrictions regarding personal securities transactions in Covered Accounts. Transactions include purchases, sales, and donations of securities.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Access Persons are prohibited from acquiring any securities in an initial public offering without pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Limited Offerings** 

Access Persons must separately pre-clear through MyCompliance any buy or sell of a "limited offering" (e.g., private placements, private equity funds, hedge funds, etc.) as defined in Rule 204A-1of the Advisers Act of 1940, as amended.

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Client Accounts and Affiliated Funds** 

No Access Person shall engage in a securities transaction when the Access Person knows at the time of the transaction that such security is being considered for purchase or sale by the Identified Entities.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blackout Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from knowingly buying or
selling a Covered Security during the period beginning seven calendar days before and ending seven calendar days after the day on which
a client account has bought or sold that same Covered Security. This does not apply when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A client account buys or sells Covered Securities with
a market capitalization above $10 billion or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A client account buys or sells Covered Securities with
a market capitalization below $10 billion and the trading volume of securities traded on behalf of clients is below 0.25% of the thirty
day average daily trading volume of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Access Person shall purchase or sell any Covered Security
for a period of five business days after the Covered Security has been added to the list of securities that the Northern Trust Research
Department provides guidance on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Access Persons may also be prohibited from transacting
in Northern Trust Securities during quarterly earnings blackout periods as defined in the Northern Trust Corporation Securities Transactions
Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from transacting in US-domiciled
FlexShares ETFs with low trading volume during the during the monthly blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from executing a transaction
in constituents of NTI Indices during a reconstitution or indicative optimization of an index as defined in the NTI Self-Indexing Information
Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access
 Persons that are Portfolio Managers or Traders based in Hong Kong are prohibited from trading
 one day ahead of a Hong Kong client <sup>3</sup> trade if they are aware of a forthcoming
 trade.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Holding Period** 

Access Persons are subject to a minimum 60-day holding period for any Covered Security<sup>4</sup>. This period starts on the date a security was purchased (whether or not the individual was an Access Person at the time) or, where no transaction occurred, from the date on which beneficial ownership or entitlement transferred to the Access Person.

<sup>3</sup> A trade made on behalf of a client of The Northern Trust Company of Hong Kong Limited

<sup>4</sup> For Access Persons based in Japan, additionally you are subject to minimum 6 months holding period for any equities.

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Pre-Clearance** 

Access Persons are required to obtain pre-clearance approval for a transaction in a Covered Security by submitting a request through MyCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Prohibited Trading** 

Access Persons are prohibited from trading options, futures and derivative securities (e.g., swaps, warrants, etc.) and short-selling Covered Securities. Access Persons should not engage in speculative or excessive trading or execute any transactions intended to raise, lower, or maintain the price of any Covered Security or to create a false appearance of trading. On a case by case basis, the NTAM Compliance Department may prohibit other transactions in securities where deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Northern Trust Corporation Securities** 

Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance** 

Access Persons are required to obtain pre-clearance for a transaction in a Covered Security by submitting a request through MyCompliance. For market and limit orders, each approval for a transaction shall only be valid on the day approval is received. If an order has not been executed in the market by the end of the day, the approval expires and a new request must be submitted.

If the transaction is approved and the account is not held at a designated broker, the Access Person must complete a post trade confirmation assignment in MyCompliance the day after the approval to confirm the final details of the trade. Access Persons also have the ability to upload trade confirmations or contract notes.

![](ntiimage.gif)

---

| | |
|:---|:---|
| **Exceptions to Pre-Clearance** | **Exceptions to Pre-Clearance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· | Purchases or sales of Covered Securities in trust and investment management accounts managed by Northern Trust or third parties exercising discretionary investment authority (i.e. managed accounts) approved by the NTAM Compliance Department |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· | Purchases or sales pursuant to an automatic investment plan, a program in which regular periodic purchases or withdrawals are made automatically in (or from) accounts in accordance with a predetermined schedule and allocation (including a dividend reinvestment plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· | Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· | Acquisitions of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial and Annual Holdings Reporting** 

Access Persons must submit through MyCompliance a report of all holdings of Covered Securities within 10 calendar days of becoming an Access Person and thereafter on an annual basis. The information in the initial holdings report must be current as of a date no more than 45 days prior to the individual becoming an Access Person or the date the annual holdings report is submitted and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Title and exchange ticker symbol or CUSIP/ISIN number,
type of security, number of shares and principal amount (if applicable) of each Covered Security in which the Access Person has any direct
or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Name of any broker, dealer or bank with which the Access
Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date the report is submitted.

The annual holdings report is completed in MyCompliance with the quarterly compliance certifications assigned to Access Persons in January each year.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Covered Account Reporting** 

Access Persons must disclose the following information about any Covered Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of the broker, dealer or bank with which the Access
Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date the report is submitted.

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Transaction Reporting** 

Access Persons must submit a quarterly transaction report through MyCompliance no later than 30 days after the end of each calendar quarter attesting to transactions in Covered Securities during the quarter where the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Date of the transaction, the title and exchange ticker
symbol or CUSIP/ISIN number, the interest rate and maturity date (if applicable), the number of shares and the principal amount (if applicable)
of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Name of the broker, dealer or bank with or through which
the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Date the quarterly transaction report is submitted.

**Non-US Access Persons:** For Access Persons not based in the US, you are required to submit brokerage statements covering the reportable period for each of your Covered Account(s) not held with a designated broker with the quarterly transaction report. These statements must include transaction information for the reportable period and holdings information as at the end of the reportable period and must be provided even if there were no transactions during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Certifications of Compliance** 

A copy of the Code will be distributed to Access Persons on an initial and quarterly basis no later than 30 days after the end of each quarter. Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, understood and complied with the
terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have submitted all required reports and have not
engaged in prohibited conduct.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting Violations** 

Access Persons must report violations of the Code promptly to the NTAM Compliance Department. Retaliation against any Access Person who reports a violation involving another Access Person is prohibited. Access Persons must also comply with the policy requiring reporting violations contained in the Northern Trust Corporation Standards of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Standards of Business Conduct** 

Behavior that does not meet the proper standards of market conduct and/or which may disadvantage investors or otherwise may manipulate a market for a security may be deemed market abuse/manipulation.

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

Access Persons must comply with all applicable laws and regulations.

Access Persons are not permitted in connection with a security held by or to be acquired for a client to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. mislead such client, including by making a statement
that is untrue or omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of conduct that
operates or would operate as a fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to such
client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. engage in any manipulative practice with respect to securities.

In the case of an investment company registered under the Investment Company Act advised or sub-advised by the Advisers, a security "held by or to be acquired for" is defined as within the most recent 15 days it (1) is or has been held by a client, (2) is being or has been considered by a client or its investment advisers for purchase by the client and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Insider Trading and Market Abuse** 

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information as well as communicating material, nonpublic information to others in violation of the law. Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy. Additionally, the US NTAM Insider Trading, Material Nonpublic Information, and Information Barrier Policy has been adopted by Northern Trust Investments, Inc. and 50 South Capital Advisors, LLC, in compliance with applicable rules and regulations.. Access Persons in APAC are subject to the Northern Trust APAC – Market Abuse and Inside Information Policy. Access Persons in Canada are subject to the Insiders Trading, Material Non-public Information and Information Barriers Policy in the NT Global Advisors, Inc. Compliance Manual. Access Persons must comply with all relevant legislation, regulatory requirements and policies relating to Market Conduct and the prohibition of Market Abuse.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Gifts and Entertainment** 

Access Persons are subject to and must comply with the policy on Gifts, Meals and Hospitality from clients or vendors contained in the Northern Trust Corporation Standards of Conduct, as well as local applicable policies related to gifts and entertainment.. Access Persons acting for Northern Trust Investments, Inc or 50 South Capital Advisors, LLC must comply with the requirements of the U.S. NTAM Gift and Entertainment Policy. Access Persons located in or acting for, Northern Trust Global Investments Limited or Northern Trust Fund Managers (Ireland) Limited must comply with the requirements of the EMEA Gifts and Entertainment<br>

![](ntiimage.gif)

Policy. Access Persons acting for The Northern Trust Company Hong Kong Limited or Northern Trust Asset Management Australia Pty Ltd or Northern Trust Global Investments Japan, K.K. and The Northern Trust Company, Singapore Branch must comply with the requirements of the Northern Trust APAC Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Political Contributions and Pay-to-Play** 

Certain Access Persons are subject to and must comply with the policies on Political Contributions contained in the Northern Trust Corporation Standards of Conduct and Northern Trust Asset Management Pay-to-Play Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Confidentiality** 

Client information is confidential. Access Persons must keep all information concerning clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the financial circumstances, the security holdings and advice furnished to the client by the Identified Entities.

Access Persons are prohibited from sharing information with persons employed by affiliated entities, except for legitimate business purposes and in accordance with applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Outside Employment and Activities** 

In accordance with the Northern Trust Standards of Conduct an Access Person must obtain approval through MyCompliance to accept outside employment; serve as a director, officer, partner, sole proprietor, consultant, or controlling stockholder of any-for-profit company or entity that is not affiliated with Northern Trust; or serve as an elected or appointed official for any governmental entity, including a school board, village board, zoning board, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Governance** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Oversight** 

The Code is governed by the Asset Management Conduct and Ethics Committee which meets quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Sanctions** 

Failure to comply with the Code may result in disciplinary action by Northern Trust up to and including termination. Additional sanctions may be imposed by the Asset Management Conduct and Ethics Committee, including but not limited to unwinding of a transaction, disgorgement of profit, and suspension of trading privileges. Code violations may also result in referral to civil or criminal authorities where appropriate.

![](ntiimage.gif)

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to the Code** 

Exceptions to the requirements of the Code may be granted from time-to-time, in the discretion of the Asset Management Conduct and Ethics Committee, or the NTAM Compliance Department, based upon individual facts and circumstances. Such exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Recordkeeping and Administration** 

The Identified Entities' compliance departments shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A record of any violation of the Code and any action
taken as a result of such violation, for a period of five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each report (or broker confirmations and statements
provided in lieu thereof) made by an Access Person for a period of five years from the end of the fiscal year in which the report was
made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A list of all Access Persons who are, or within the prior
five years have been, required to make reports and a list of all Access Persons responsible for reviewing such reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of each report furnished to the board of any registered
investment company pursuant to the 1940 Act, describing issues arising under the Code and certifying that the Advisors have adopted procedures
reasonably designed to prevent violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision, and the reasons supporting
the decision, to approve the acquisition by Access Persons of securities in initial public offerings and limited offerings, for at least
five years after the end of the fiscal year in which the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of all written acknowledgements for each Access
Person who is currently, or within the past five years was, required to acknowledge their receipt of the Code and any amendments thereto.
All acknowledgements for an Access Person must be kept for the period such person is an Access Person and until five years after the person
ceases to be an Access Person of the Identified Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Code also adheres to The Northern Trust Company's
Records Information Management Program, which governs the retention and destruction of all business records created or received on behalf
of firm employees.

As amended: April 1, 2016; July 1, 2017; October 3, 2018; July 1, 2019; April 1, 2020; April 1, 2021; December 13, 2022; March 14, 2023; January 11, 2024; November 1, 2024

As amended: January 2, 2025 (updated the pre-clearance approval window to only be valid the date the trade was approved, added additional NTAM entities to the scope of the policy, clarified that personal account statements must be provided quarterly for all accounts not held with a designated broker.)

## Ex-99.P2

Exhibit (p)(2)

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

DWS Global

![](coe_logo.jpg)

Table of contents

---

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

---

\1

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

1 / Key data

**Summary**

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

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

**Document category**

☒ Policy

☐ Rule

**Applicability**

---

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

---

---

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

---

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

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

\2

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

2 / Purpose

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

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

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

\3

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

3 / Scope and applicability

**Overview**

DWS's Values

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

Risk Culture

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

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

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

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

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

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

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

The Code and Access Persons

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

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

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

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

 ****

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

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

\4

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

4 / General Rule

The General Scope

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

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

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

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

\5

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

5 / Reporting Requirements

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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6 / Pre-Clearance Requirements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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7 / Restrictions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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8 / Written Acknowledgement

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

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

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

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

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

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

Annual Attestation:

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

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

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9 / Compliance Oversight

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

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

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

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10 / Interpretations and Exceptions

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

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

11 / Associated Policies

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

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

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

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

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

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

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

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

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

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

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

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

12 / Authoritative Guidance

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

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

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

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

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

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

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

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

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

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

13 / Key components

**Staff responsibilities**

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

**Transactions and financial instruments in scope**

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

**Exclusions**

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

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

14 / Key regional differences

There are no regional differences.

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

15 / Governance

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

---

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

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

16 / Terms and definitions

---

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

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

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---

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

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

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

---

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

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

17 / Document Retention

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

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

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

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

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

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

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

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

18 / Appendices

Appendix A – Code of Ethics Acknowledgement

**Code of Ethics Acknowledgement**

I hereby certify that:

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

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

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

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

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

Print Name:

___________________________________________________

Signature:

___________________________________________________

Date:

________________________

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

Appendix B – Initial Personal Securities Holdings Disclosure

**INITIAL PERSONAL SECURITIES HOLDINGS DISCLOSURE**

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

**________________________ ______________________**

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

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

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

**DWS Employee Compliance Email:** 

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

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

**Initial Holdings Report**

---

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

---

---

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

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

Appendix C – Quarterly Transaction Report

**Quarterly Transaction Report**

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

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

**<u> </u>**

**<u>Yes □</u>**

**<u> </u>**

**<u>No □</u>**

**<u> </u>**

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

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

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

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

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

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

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

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

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

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

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

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

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

**__________________________ ____________________**

**Signature Date**

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

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

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

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

<br> **Quarterly Transaction Report**

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

---

---

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

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

Appendix D – Annual Personal Securities Holdings Disclosure

**ANNUAL PERSONAL SECURITIES HOLDINGS**

**DISCLOSURE**

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

---

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

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

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

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

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

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

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

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

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

**Report on Holdings in Reportable Securities**

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

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

________________________ _____________________________

**Signature Date**

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

\38

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

**DWS Employee Compliance Email:** 

DWS-Americas.EC-CCR@db.com

DWS-APAC.EC-CCR@db.com

DWS-EMEA.EC-CCR@db.com

DWS-UKI.EC-CCR@db.com

\39

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

**Annual Holdings Report**

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

---

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

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DWS Group GmbH & Co. KGaA