DWS Vorsorge-Fonds Top Reporting Edition
Legal Disclaimer Please note that the information from Morningstar, FERI and Lipper Leaders relates to the previous month. Morningstar Overall Rating [2018] Morningstar Inc. All rights reserved. The information contained herein (1) is copyright protected for Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers are responsible for any damages or losses that may arise from use of this information. Past performance does not guarantee future performance. Lipper Leaders 2018 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Neither Lipper, other members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content or for any actions taken in reliance thereon. Lipper performance rankings are calculated using data available at the time of calculation and may not represent all the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment recommendation for a specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and the Lipper logo are registered trademarks of Thomson Reuters. Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest) First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense Important Notice When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement of the Fund's performance relative to the benchmark at the end of the month (this is referred to as the pricing effect ). DWS is the brand name under which the DWS Group GmbH & Co. KGaA and its subsidiaries conduct their business. The respective responsible legal entities that offer DWS products or services to customers are named in the relevant contracts, sales documents, or other product information. The information contained in this document does not constitute investment advice. Full details of the Fund including the risks involved can be found in the relevant sales prospectus, as amended. Both this and the relevant Key Investor Information Document are the only binding sales documents for the Fund. Investors may obtain these documents as well as the respective publications of the annual and semi-annual reports in German from your advisor at DWS Investment GmbH, Mainzer Landstraße 11-17, 60329 Frankfurt am Main, Germany, and, if it is regarding Luxembourg Funds, at Deutsche Asset Management S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg. Investors may also download them electronically atwww.dws.de <http://www.dws.de>. All expressed views reflect the current assessment of DWS Investment GmbH and these are subject to change without prior notice. The gross performance (BVI method) includes all costs incurred at the fund level (e.g. management fee), the net performance also includes the sales charge; additional costs may be incurred at the investor level (e.g. custody costs), which are not included in the presentation. Past performance is not a reliable indicator of future performance. Further information on taxation can be found in the Prospectus. As explained in the relevant sales prospectus, the distribution of the above-mentioned Fund is subject to restrictions in certain jurisdictions. This document and the information contained herein may only be distributed and published in countries where permitted to do so in accordance with the relevant applicable legal provisions. The Fund referred to herein may not be offered for sale or sold in the US nor for account of US citizens nor to persons resident in the US. This document and the information contained therein may not be distributed in the US. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions. DWS Investment GmbH, 2018 Page 2
Table of Contents DWS Life Cycle Balance I DWS Life Cycle Balance II DWS Vorsorge Premium DWS Vorsorge Premium Balance DWS Vorsorge Premium Balance Plus DWS Vorsorge Premium Plus DWS Vorsorge Rentenfonds 10Y DWS Vorsorge Rentenfonds 15Y DWS Vorsorge Rentenfonds 1Y DWS Vorsorge Rentenfonds 3Y DWS Vorsorge Rentenfonds 5Y DWS Vorsorge Rentenfonds 7Y DWS Vorsorge Rentenfonds XL Duration 5 8 11 14 17 20 23 27 31 35 39 43 47 Page 3
Factsheet: DWS Life Cycle Balance I Fund Data Investment Policy Investment in selected equity, bond and money market funds of DWS/the Deutsche Bank Group, and selected third-party companies with broad diversification across a large number of regions, sectors, currencies and different investment styles and forms. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year and closed with a loss of close to 10%. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Fed s interest rate hike on December 19 and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 70%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -1.7-4.7 0.8 11.3 16.3-4.7 0.3 2.2 1.6 3.3 2.4-4.7 Further Characteristics (3 years) / VAR (1 year) Volatility 4.16% Maximum Drawdown -5.03% VAR (99%/10 days) 1.87% Sharpe Ratio 0.19 Portfolio Analysis Portfolio Breakdown Bond funds 65.3 Equity funds 18.6 Balanced funds 4.3 Money market funds 4.3 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- DWS Invest Euro-Gov Bonds FC (Bond funds) 9.5 DWS Invest Euro Corporate Bonds FC (Bond fund 7.1 Xtrackers II Global Gov.Bond UCITS ETF 1C-EUR 6.2 Deutsche Institutional Yield (Bond funds) 4.3 DWS Rendite Optima (Bond funds) 4.3 DWS Rendite Optima Four Seasons (Money mark 4.3 Deutsche Institutional Money plus IC (Bond funds) 4.1 Xtrackers USD Corporate Bond UCITS ETF 1D (B 4.1 Xtrackers USD EM Bd.Qual.Weighted UCITS ETF 4.1 DWS Invest Asian Bonds FCH (Bond funds) 3.5 Total 51.5 Gross weighting, not adjusted for any positions in derivatives. Investment Ratio Investment funds Money market funds Cash and other assets 88.3 4.3 7.3 Morningstar Category EUR Moderate Allocation - Global Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 5
Factsheet: DWS Life Cycle Balance I Fund Data Portfolio Manager Jens Lueckhof Front-end Load 0.80% Portfolio Manager since 02/12/2013 All-in-Fee 1.150% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.340% Portfolio Management Location Germany Fee from securities lending -- Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 7.42 EUR Custodian State Street Bank, Lux. Redemption Price 116.34 EUR Assets 8.5 Mio. EUR Issue Price 117.28 EUR Fund Currency Launch Date 02/05/2013 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0418623863 German Sec. Code DWS 0W9 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 6
Factsheet: DWS Life Cycle Balance I Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 7
Factsheet: DWS Life Cycle Balance II Fund Data Investment Policy Investment in selected equity, bond and money market funds of DWS/the Deutsche Bank Group, and selected third-party companies with broad diversification across a large number of regions, sectors, currencies and different investment styles and forms. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year and closed with a loss of close to 10%. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Fed s interest rate hike on December 19 and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 68%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -1.7-4.7 0.3 10.7 15.7-4.7 0.1 2.0 1.5 3.4 1.8-4.7 Further Characteristics (3 years) / VAR (1 year) Volatility 4.21% Maximum Drawdown -5.50% VAR (99%/10 days) 1.82% Sharpe Ratio 0.14 Portfolio Analysis Portfolio Breakdown Bond funds 63.1 Equity funds 18.3 Balanced funds 4.6 Money market funds 4.0 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- DWS Invest Euro-Gov Bonds FC (Bond funds) 9.4 DWS Invest Euro Corporate Bonds FC (Bond fund 6.8 Xtrackers II Global Gov.Bond UCITS ETF 1C-EUR 6.1 DWS Rendite Optima (Bond funds) 4.0 DWS Rendite Optima Four Seasons (Money mark 4.0 Deutsche Institutional Vario Yield (Bond funds) 4.0 Deutsche Institutional Money plus IC (Bond funds) 4.0 Xtrackers USD EM Bd.Qual.Weighted UCITS ETF 3.9 Xtrackers USD Corporate Bond UCITS ETF 1D (B 3.9 DWS Invest Asian Bonds FCH (Bond funds) 3.4 Total 49.5 Gross weighting, not adjusted for any positions in derivatives. Investment Ratio Investment funds Money market funds Cash and other assets 86.0 4.0 10.0 Morningstar Category EUR Moderate Allocation - Global Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 8
Factsheet: DWS Life Cycle Balance II Fund Data Portfolio Manager Jens Lueckhof Front-end Load 0.80% Portfolio Manager since 02/12/2013 All-in-Fee 1.150% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.320% Portfolio Management Location Germany Fee from securities lending -- Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 7.70 EUR Custodian State Street Bank, Lux. Redemption Price 115.71 EUR Assets 1.1 Mio. EUR Issue Price 116.64 EUR Fund Currency Launch Date 02/05/2013 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0418624085 German Sec. Code DWS 0XA (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 9
Factsheet: DWS Life Cycle Balance II Opportunities In accordance with the investment policy. Risks The fund concludes derivative transactions with various contractual partners to a significant extent. A derivative is a financial instrument whose value depends on the development of one or more underlyings. Due to its structure (e.g. due to leverage), it may have a stronger impact on the fund than is the case if an underlying instrument is acquired directly. The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 10
Factsheet: DWS Vorsorge Premium Fund Data Investment Policy The fund invests in selected equity-, bondand money market funds of DWS and other investment managers. The fund management pays close attention to a broad diversification of the fund regarding regions, sectors, currencies as well as investment styles and investment formats. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in December. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Federal Reserve s interest rate hike and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 33%. Morningstar Style-Box Market Capitalization Large Mid Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -4.4-7.6 2.6 14.2 27.8-7.6 0.9 2.7-0.5 4.1 6.7-7.6 Further Characteristics (3 years) / VAR (1 year) Volatility 8.47% Maximum Drawdown -9.83% VAR (99%/10 days) 2.37% Sharpe Ratio 0.16 Portfolio Analysis Portfolio Breakdown Equity funds 59.2 Bond funds 24.1 Money market funds 5.6 Balanced funds 5.4 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Xtrackers MSCI USA Swap UCITS ETF 1C (Equit 9.7 Deutsche Institutional Money plus IC (Bond funds) 5.6 DWS Rendite Optima Four Seasons (Money mark 5.6 Deutsche Institutional Yield (Bond funds) 5.4 Deutsche Institutional Vario Yield (Bond funds) 5.4 Deutsche Institutional Cash Plus IC (Balanced fun 5.4 DWS Euro Reserve LC (Bond funds) 4.4 DWS Rendite Optima (Bond funds) 3.2 AXA Rosenb. EA Tr. - US Enh. Eq. Alpha Fd. Cl.A 3.0 Threadneedle (Lux) - Global Focus ZU USD (Equit 3.0 Total 50.7 Gross weighting, not adjusted for any positions in derivatives. Value Blend Investment Style Growth Small Morningstar Category EUR Flexible Allocation - Global Investment Ratio Investment funds Money market funds Cash and other assets Future Short Total exposure 88.7 5.6 5.7-27.6 59.2 Ratings (As at: 30/11/2018) Morningstar Overall Rating : ««««FERI Fund Rating: (C) Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 11
Factsheet: DWS Vorsorge Premium Fund Data Portfolio Manager Bjoern Born Front-end Load 0.80% Portfolio Manager since 07/12/2011 All-in-Fee 1.500% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.820% Portfolio Management Location Germany Fee from securities lending 0.001% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 7.28 EUR Custodian State Street Bank, Lux. Redemption Price 127.81 EUR Assets 563.4 Mio. EUR Issue Price 128.84 EUR Fund Currency Launch Date 02/01/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0272367581 German Sec. Code DWS 001 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 12
Factsheet: DWS Vorsorge Premium Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 13
Factsheet: DWS Vorsorge Premium Balance Fund Data Investment Policy The fund invests in selected equity-, bondand money market funds of Deutsche Bank group and other investment managers. The fund management pays close attention to a broad diversification of the fund regarding regions, sectors, currencies as well as investment styles and investment formats. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in December. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Federal Reserve s interest rate hike and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 65%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -1.5-4.5 1.9 12.4 27.4-4.5 0.6 2.4 1.7 4.1 2.4-4.5 Further Characteristics (3 years) / VAR (1 year) Volatility 4.03% Maximum Drawdown -4.67% VAR (99%/10 days) 1.59% Sharpe Ratio 0.28 Portfolio Analysis Portfolio Breakdown Bond funds 68.0 Equity funds 15.2 Balanced funds 6.7 Money market funds 4.3 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- DWS Invest Euro-Gov Bonds FC (Bond funds) 9.5 DWS Invest Euro Corporate Bonds FC (Bond fund 7.0 Xtrackers II Global Gov.Bond UCITS ETF 1C-EUR 6.1 Deutsche Institutional Money plus IC (Bond funds) 4.3 Deutsche Institutional Yield (Bond funds) 4.3 Deutsche Institutional Cash Plus IC (Balanced fun 4.3 Deutsche Institutional Vario Yield (Bond funds) 4.3 DWS Rendite Optima Four Seasons (Money mark 4.3 DWS Euro Reserve LC (Bond funds) 4.3 Xtrackers USD EM Bd.Qual.Weighted UCITS ETF 4.0 Total 52.4 Gross weighting, not adjusted for any positions in derivatives. Investment Ratio Investment funds Money market funds Cash and other assets Total exposure 89.9 4.3 5.8 31.3 Morningstar Category EUR Moderate Allocation - Global Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 14
Factsheet: DWS Vorsorge Premium Balance Fund Data Portfolio Manager Bjoern Born Front-end Load 0.80% Portfolio Manager since 02/05/2012 All-in-Fee 1.150% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.320% Portfolio Management Location Germany Fee from securities lending 0.003% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 10.13 EUR Custodian State Street Bank, Lux. Redemption Price 127.38 EUR Assets 17.6 Mio. EUR Issue Price 128.40 EUR Fund Currency Launch Date 02/05/2012 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0504964221 German Sec. Code DWS 0ZB (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 15
Factsheet: DWS Vorsorge Premium Balance Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 16
Factsheet: DWS Vorsorge Premium Balance Plus Fund Data Investment Policy The fund invests in selected equity-, bondand money market funds of Deutsche Bank group and other investment managers. The fund management pays close attention to a broad diversification of the fund regarding regions, sectors, currencies as well as investment styles and investment formats. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in December. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Federal Reserve s interest rate hike and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 65%. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -1.5-5.7-0.8 9.1 24.7-5.7-0.3 1.8 1.4 3.8 1.3-5.7 Further Characteristics (3 years) / VAR (1 year) Volatility 4.20% Maximum Drawdown -6.86% VAR (99%/10 days) 1.56% Sharpe Ratio 0.05 Portfolio Analysis Portfolio Breakdown Bond funds 64.7 Equity funds 15.0 Balanced funds 5.5 Money market funds 4.5 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- DWS Invest Euro-Gov Bonds FC (Bond funds) 9.6 DWS Invest Euro Corporate Bonds FC (Bond fund 7.1 Xtrackers II Global Gov.Bond UCITS ETF 1C-EUR 6.1 DWS Rendite Optima Four Seasons (Money mark 4.5 Deutsche Institutional Vario Yield (Bond funds) 4.5 Xtrackers USD EM Bd.Qual.Weighted UCITS ETF 4.0 Xtrackers USD Corporate Bond UCITS ETF 1D (B 4.0 Deutsche Institutional Money plus IC (Bond funds) 3.6 DWS Invest Emerging Markets Corporates FCH ( 3.6 DWS Invest Asian Bonds FCH (Bond funds) 3.5 Total 50.5 Gross weighting, not adjusted for any positions in derivatives. Investment Ratio Investment funds Money market funds Cash and other assets Total exposure 85.3 4.5 10.3 31.1 Morningstar Category EUR Moderate Allocation - Global Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 17
Factsheet: DWS Vorsorge Premium Balance Plus Fund Data Portfolio Manager Bjoern Born Front-end Load 0.80% Portfolio Manager since 02/05/2012 All-in-Fee 1.150% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.330% Portfolio Management Location Germany Fee from securities lending -- Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 10.23 EUR Custodian State Street Bank, Lux. Redemption Price 124.66 EUR Assets 0.4 Mio. EUR Issue Price 125.67 EUR Fund Currency Launch Date 02/05/2012 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0504964494 German Sec. Code DWS 0ZC (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 18
Factsheet: DWS Vorsorge Premium Balance Plus Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 19
Factsheet: DWS Vorsorge Premium Plus Fund Data Investment Policy The fund invests in selected equity-, bondand money market funds of Deutsche Bank group and other investment managers. The fund management pays close attention to a broad diversification of the fund regarding regions, sectors, currencies as well as investment styles and investment formats. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Equity markets worldwide suffered significant losses in December. The US indices were down by as much as 15% at times, but recovered somewhat towards the end of the year. In addition to the ongoing trade dispute between the US and China, the reasons for the uncertainties and high volatility were the Federal Reserve s interest rate hike and the government shutdown in the US. Both the Asian and the European markets followed this downward trend and closed December in negative territory. As a result of these uncertainties, demand for German government bonds rose, resulting in a decline in the current yield. Below is an overview of selected indices: MSCI World Index (USD): -7.7%, MSCI World Index (EUR): -8.8%, EuroStoxx 50 Index: -5.3%, S&P 500 Index (USD): -9.2%, Nikkei 225 Index (JPY): -10.5%, Bloomberg Commodity TR Index (EUR): -8%. The current yield on 9-10 year German government bonds fell from 0.3% to 0.2%. During the month, the portion of risky investments was reduced to around 33%. Morningstar Style-Box Market Capitalization Large Mid Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -3.7-6.5 1.6 12.4 32.2-6.5 0.5 2.4-0.5 2.3 6.3-6.5 Further Characteristics (3 years) / VAR (1 year) Volatility 8.00% Maximum Drawdown -8.82% VAR (99%/10 days) 2.41% Sharpe Ratio 0.13 Portfolio Analysis Portfolio Breakdown Equity funds 59.5 Bond funds 25.6 Balanced funds 5.9 Money market funds 5.8 Information Ratio -- Principal Holdings (Funds) Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Xtrackers MSCI USA Swap UCITS ETF 1C (Equit 7.3 Xtrackers S&P 500 Swap UCITS ETF 1C (Equity f 6.5 Deutsche Institutional Cash Plus IC (Balanced fun 5.9 Deutsche Institutional Yield (Bond funds) 5.8 DWS Rendite Optima Four Seasons (Money mark 5.8 Deutsche Institutional Vario Yield (Bond funds) 5.8 DWS Euro Reserve LC (Bond funds) 5.8 Deutsche Institutional Money plus IC (Bond funds) 4.2 DWS Akkumula LC (Equity funds) 4.1 DWS Rendite Optima (Bond funds) 4.0 Total 55.2 Gross weighting, not adjusted for any positions in derivatives. Value Blend Investment Style Growth Small Morningstar Category EUR Flexible Allocation - Global Investment Ratio Investment funds Money market funds Cash and other assets Future Short Total exposure 91.0 5.8 3.2-27.6 59.5 Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««Lipper Leaders: Note: The key terms are explained in the glossary. Page 1 / 3 20
Factsheet: DWS Vorsorge Premium Plus Fund Data Portfolio Manager Bjoern Born Front-end Load 0.80% Portfolio Manager since 02/05/2012 All-in-Fee 1.500% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.690% Portfolio Management Location Germany Fee from securities lending 0.002% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 4.76 EUR Custodian State Street Bank, Lux. Redemption Price 132.16 EUR Assets 13.6 Mio. EUR Issue Price 133.22 EUR Fund Currency Launch Date 02/05/2012 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0504964148 German Sec. Code DWS 0ZA (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 2 / 3 21
Factsheet: DWS Vorsorge Premium Plus Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 3 / 3 22
Factsheet: DWS Vorsorge Rentenfonds 10Y Fund Data Investment Policy At least 2/3 of the assets of the sub-fund DWS Vorsorge Rentenfonds 10Y are invested in Euro denominated bonds or comparable interest-bearing investments. The fund duration corresponds to approximately 10 years. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. The duration of the portfolio was kept constant between 9.5 and 10.5. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR 0.8 2.4 7.2 27.9 103.5 2.4 2.4 5.0 0.3 5.7-0.9 2.4 Further Characteristics (3 years) / VAR (1 year) Volatility 4.73% Maximum Drawdown -7.00% VAR (99%/10 days) 2.05% Sharpe Ratio 0.60 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 43.0 Agencies 42.5 Asset back - / Mortgage back securities 3.3 Covered Bonds 0.7 Financial bonds 0.6 Other Securities 4.7 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 84.1 AA 12.4 BBB 3.5 Bonds Cash and other assets Future Long 94.7 5.3 13.0 Morningstar Category EUR Diversified Bond Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««««Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 23
Factsheet: DWS Vorsorge Rentenfonds 10Y Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 94.7 Currency structure of investments, excl. forward exchange transactions Germany 97/04.07.27 Coupons 5.7 Germany 98/04.01.28 5.2 Germany 98/04.07.28 PO Strip 4.8 Germany 97/04.07.26 Coupons 4.8 Germany 98/04.01.27 Coupons 4.6 European Investment Bank 09/20.02.29 MTN 4.5 KfW 15/23.04.30 MTN 4.0 Germany 00/04.01.30 3.8 Germany 00/04.01.31 Coupons 3.7 ART Six/HSHN 15/15.07.26 MTN 3.3 Total 44.4 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 70.5 Supranational 11.5 Eurozone 8.6 Netherlands 3.3 France 0.7 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.6 Current Interest Rate (in %) 0.6 Duration (in years) 10.1 Modified Duration 10.0 Maturity (in years) 9.1 Number of Bonds 43 Average Rating AAA Page 2 / 4 24
Factsheet: DWS Vorsorge Rentenfonds 10Y Fund Data Portfolio Manager Sascha Kayser Front-end Load 2.00% Portfolio Manager since 02/01/2007 All-in-Fee 0.500% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.550% Portfolio Management Location Germany Fee from securities lending 0.060% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 28.14 EUR Custodian State Street Bank, Lux. Redemption Price 203.53 EUR Assets 1,540.1 Mio. EUR Issue Price 207.61 EUR Fund Currency Launch Date 02/01/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0272368639 German Sec. Code DWS 003 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 25
Factsheet: DWS Vorsorge Rentenfonds 10Y Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 4 / 4 26
Factsheet: DWS Vorsorge Rentenfonds 15Y Fund Data Investment Policy At least 2/3 of the assets of the sub-fund DWS Vorsorge Rentenfonds 15Y are invested in Euro denominated bonds or comparable interest-bearing investments. The fund duration corresponds to approximately 15 years. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. The duration of the portfolio was kept constant between 14.5 and 15.5. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR 1.3 3.3 10.8 41.5 138.3 3.3 3.5 7.2-0.6 9.6-2.1 3.3 Further Characteristics (3 years) / VAR (1 year) Volatility 7.76% Maximum Drawdown -11.64% VAR (99%/10 days) 2.63% Sharpe Ratio 0.50 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 53.1 Agencies 34.3 Covered Bonds 2.0 Financial bonds 0.6 Other Securities 7.1 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 78.8 AA 21.2 Bonds Cash and other assets Future Long 97.1 2.9 6.2 Morningstar Category EUR Bond - Long Term Ratings (As at: 30/11/2018) Morningstar Overall Rating : ««««Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 27
Factsheet: DWS Vorsorge Rentenfonds 15Y Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 97.1 Currency structure of investments, excl. forward exchange transactions Germany 03/04.07.34 10.7 Germany 00/04.01.31 Coupons 9.9 Germany 05/04.01.37 6.8 Germany 03/04.07.32 Coupons 4.3 Landwirts. Rentenbank 16/31.10.36 MTN 3.6 European Stability Mechanism 15/17.11.36 MTN 3.2 Baden-Württemberg 18/25.07.36 LSA 2.8 Germany 03/04.07.33 Coupons 2.7 Investitionsbank Berlin 18/02.05.36 S.193 IHS 2.6 European Union 15/04.10.35 MTN Reg S 2.6 Total 49.2 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 81.7 Eurozone 8.7 Supranational 4.1 Denmark 0.8 Sweden 0.6 France 0.4 Norway 0.3 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.9 Current Interest Rate (in %) 0.6 Duration (in years) 15.1 Modified Duration 15.0 Maturity (in years) 14.6 Number of Bonds 68 Average Rating AAA Page 2 / 4 28
Factsheet: DWS Vorsorge Rentenfonds 15Y Fund Data Portfolio Manager Sascha Kayser Front-end Load 2.00% Portfolio Manager since 02/01/2007 All-in-Fee 0.500% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.550% Portfolio Management Location Germany Fee from securities lending 0.051% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 31.07 EUR Custodian State Street Bank, Lux. Redemption Price 238.29 EUR Assets 3,506.0 Mio. EUR Issue Price 243.06 EUR Fund Currency Launch Date 02/01/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Growth-oriented LU0272368126 German Sec. Code DWS 002 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 29
Factsheet: DWS Vorsorge Rentenfonds 15Y Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 4 / 4 30
Factsheet: DWS Vorsorge Rentenfonds 1Y Fund Data Investment Policy Invests at least 2/3 of its assets in Eurodenominated bonds and comparable interestbearing investments. The Fund s duration is approximately 1 year. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR -0.1-0.8-1.7-1.9-2.6-0.8-0.6-0.4-0.3-0.3-0.7-0.8 Further Characteristics (3 years) / VAR (1 year) Volatility 0.17% Maximum Drawdown -1.71% VAR (99%/10 days) 0.11% Sharpe Ratio -0.37 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 40.1 Covered Bonds 25.7 Financial bonds 12.3 Agencies 8.8 Other Securities 6.8 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 72.6 AA 16.2 A 11.2 Bonds Cash and other assets Future Long 93.5 6.5 0.3 Morningstar Category EUR Diversified Bond Ratings (As at: 30/11/2018) Morningstar Overall Rating : «The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 31
Factsheet: DWS Vorsorge Rentenfonds 1Y Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 93.5 Currency structure of investments, excl. forward exchange transactions Germany 09/04.07.19 PO Strip 6.3 Germany 09/04.01.20 PO Strip 5.4 Germany 13/15.08.20 IO Strip 5.1 LB Hessen-Thüringen 16/10.03.20 S.H291 IHS MTN 4.5 Germany 13/15.08.19 IO Strip 4.3 Germany 97/04.01.21 Coupons 3.8 Llyods Bank 15/20.04.20 MTN 3.8 SpareBank 1 Boligkreditt 11/07.09.21 MTN PF 3.5 Eurofima 04/21.10.19 MTN 3.4 Svenska Handelsbanken 13/27.08.20 MTN 3.3 Total 43.4 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 53.8 Sweden 12.3 Great Britain 8.1 Norway 6.4 Denmark 5.1 Belgium 3.4 France 2.5 Netherlands 0.7 Supranational 0.6 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) -0.3 Current Interest Rate (in %) 0.7 Duration (in years) 1.0 Modified Duration 1.0 Maturity (in years) 1.3 Number of Bonds 38 Average Rating AAA Page 2 / 4 32
Factsheet: DWS Vorsorge Rentenfonds 1Y Fund Data Portfolio Manager Sascha Kayser Front-end Load 0.00% Portfolio Manager since 01/12/2011 All-in-Fee 0.300% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.350% Portfolio Management Location Germany Fee from securities lending 0.006% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 5.81 EUR Custodian State Street Bank, Lux. Redemption Price 97.42 EUR Assets 158.4 Mio. EUR Issue Price 97.42 EUR Fund Currency Launch Date 01/12/2011 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Income-oriented LU0659576127 German Sec. Code DWS 04A (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 33
Factsheet: DWS Vorsorge Rentenfonds 1Y Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 4 / 4 34
Factsheet: DWS Vorsorge Rentenfonds 3Y Fund Data Investment Policy At least 2/3 of the assets of the sub-fund DWS Vorsorge Rentenfonds 3Y are invested in Euro denominated bonds or comparable interest-bearing investments. The fund duration corresponds to approximately 3 years. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. The duration of the portfolio was kept constant between 2.75 and 3.25. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR 0.1-0.1-0.1 2.4 13.8-0.1 0.0 0.5 0.0 0.8-0.8-0.1 Further Characteristics (3 years) / VAR (1 year) Volatility 0.93% Maximum Drawdown -1.62% VAR (99%/10 days) 0.50% Sharpe Ratio 0.50 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 44.1 Covered Bonds 32.8 Agencies 16.5 Asset back - / Mortgage back securities 1.3 Financial bonds 0.8 Other Securities 1.7 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 91.8 AA 8.2 Bonds Cash and other assets Future Long 97.0 3.0 6.9 Morningstar Category EUR Diversified Bond Ratings (As at: 30/11/2018) Morningstar Overall Rating : ««FERI Fund Rating: (D) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 35
Factsheet: DWS Vorsorge Rentenfonds 3Y Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 97.0 Currency structure of investments, excl. forward exchange transactions KfW 18/24.02.23 4.8 Germany 12/04.07.22 PO Strip 4.2 Germany 11/04.07.21 PO Strip 3.7 SpareBank 1 Boligkreditt 15/05.09.22 MTN PF 3.5 OP-Asuntoluottopankki 15/04.09.22 MTN PF 3.5 EUROFIMA 10/15.11.22 MTN 3.4 Bank of Scotland 07/08.06.22 MTN PF 3.2 Stadshypotek 14/10.11.21 MTN PF 3.2 Germany 10/04.01.21 PO Strip 3.1 Germany 10/04.07.20 PO Strip 3.1 Total 35.7 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 59.2 Great Britain 11.1 Sweden 7.4 Norway 6.9 Finland 3.5 Supranational 2.6 Denmark 1.9 France 1.0 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) -0.2 Current Interest Rate (in %) 0.7 Duration (in years) 3.0 Modified Duration 3.0 Maturity (in years) 2.7 Number of Bonds 45 Average Rating AAA Page 2 / 4 36
Factsheet: DWS Vorsorge Rentenfonds 3Y Fund Data Portfolio Manager Sascha Kayser Front-end Load 0.50% Portfolio Manager since 01/04/2009 All-in-Fee 0.350% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.400% Portfolio Management Location Germany Fee from securities lending 0.015% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 11.30 EUR Custodian State Street Bank, Lux. Redemption Price 113.77 EUR Assets 355.0 Mio. EUR Issue Price 114.34 EUR Fund Currency Launch Date 01/04/2009 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Income-oriented LU0359921623 German Sec. Code DWS 0R3 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 37
Factsheet: DWS Vorsorge Rentenfonds 3Y Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 4 / 4 38
Factsheet: DWS Vorsorge Rentenfonds 5Y Fund Data Investment Policy At least 2/3 of the assets of the sub-fund DWS Vorsorge Rentenfonds 5Y are invested in Euro denominated bonds or comparable interest-bearing investments. The fund duration corresponds to approximately 5 years. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. The duration of the portfolio was kept constant between 4.75 and 5.25. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR 0.2 0.6 1.9 8.9 49.0 0.6 0.6 1.7 0.4 2.1-0.8 0.6 Further Characteristics (3 years) / VAR (1 year) Volatility 1.90% Maximum Drawdown -2.58% VAR (99%/10 days) 0.88% Sharpe Ratio 0.59 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 45.7 Covered Bonds 27.4 Agencies 20.5 Asset back - / Mortgage back securities 3.7 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 86.2 AA 13.8 Bonds Cash and other assets Future Long 97.3 2.7 7.8 Morningstar Category EUR Diversified Bond Ratings (As at: 30/11/2018) Morningstar Overall Rating : «««FERI Fund Rating: (D) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 39
Factsheet: DWS Vorsorge Rentenfonds 5Y Portfolio Analysis Breakdown by Currency Principal Holdings (Bonds) Euro 97.3 Currency structure of investments, excl. forward exchange transactions Germany 94/04.01.24 7.4 SpareBank 1 Boligkreditt 18/30.01.25 MTN PF 4.6 Germany 12/04.07.22 PO Strip 4.4 Swedish Covered Bond 18/29.01.25 MTN PF 3.8 German Postal Pensions 2 06/18.01.22 Cl.C 3.7 Germany 97/04.07.24 Coupons 3.6 Germany 98/04.01.25 Coupons 3.4 Germany 97/04.07.25 Coupons 3.3 Stadshypotek 14/10.11.21 MTN PF 3.2 Germany 14/15.08.24 S.AU46 3.2 Total 40.6 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Country (Bonds) Germany 64.4 Sweden 12.1 Norway 6.8 Supranational 3.2 Finland 3.2 Great Britain 3.0 Eurozone 2.0 France 1.1 Gross weighting, not adjusted for any positions in derivatives. Key Figures regarding the Fund's Assets Yield (in %) 0.0 Current Interest Rate (in %) 0.5 Duration (in years) 5.1 Modified Duration 5.0 Maturity (in years) 4.7 Number of Bonds 38 Average Rating AAA Page 2 / 4 40
Factsheet: DWS Vorsorge Rentenfonds 5Y Fund Data Portfolio Manager Sascha Kayser Front-end Load 1.00% Portfolio Manager since 02/01/2007 All-in-Fee 0.400% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.450% Portfolio Management Location Germany Fee from securities lending 0.055% Management Company Deutsche Asset Management S.A. Earnings Accumulation Legal Structure FCP Accumulated returns 21.09 EUR Custodian State Street Bank, Lux. Redemption Price 149.04 EUR Assets 478.1 Mio. EUR Issue Price 150.53 EUR Fund Currency Launch Date 02/01/2007 Fiscal Year End 31/12/2018 Investor profile ISIN Code EUR Income-oriented LU0272369017 German Sec. Code DWS 005 (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2017. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018. Address DWS Investment GmbH Mainzer Landstraße 11-17 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910-12371 Fax: +49 (0) 69 / 910-19090 Internet: www.dws.com E-Mail: info@dws.com Note Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. Page 3 / 4 41
Factsheet: DWS Vorsorge Rentenfonds 5Y Opportunities In accordance with the investment policy. Risks The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases. The fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The deterioration of credit quality (ability and willingness to repay) may have an adverse affect on the value of the bond. The share value may fall below the purchase price at which the customer acquired the share at any time. Important note on the investor profile: Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation. The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor. Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com. Page 4 / 4 42
Factsheet: DWS Vorsorge Rentenfonds 7Y Fund Data Investment Policy At least 2/3 of the assets of the sub-fund DWS Vorsorge Rentenfonds 7Y are invested in Euro denominated bonds or comparable interest-bearing investments. The fund duration corresponds to approximately 7 years. For further details please refer to the sales prospectus. Performance Performance (in EUR) (in %) Fund Management's Comment Despite a key interest rate hike by the Federal Reserve in the US, the final withdrawal of the European Central Bank from the bond purchase program and a significant easing in the budget dispute between Italy and the EU Commission, yields on German government bonds and bonds issued from agency issuers fell again. This was probably due not least to the weakness of the equity markets at the end of the year, which led investors to increasingly turn to government bonds, which are regarded as safe, which drove their prices up. Conversely, yields at the end of the year fell to levels last seen in 2017. For example, the yield on 10-year German government bonds was only slightly above 0.2% at the close of trading in. The duration of the portfolio was kept constant between 6.75 and 7.25. Fund Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns. Cumulative Performance (in %) 1 m 1 y 3 y 5 y s. Launch Ytd. 3 y avg 5 y avg 2015 2016 2017 2018 EUR 0.4 1.3 4.0 16.6 64.9 1.3 1.3 3.1 0.5 3.5-0.8 1.3 Further Characteristics (3 years) / VAR (1 year) Volatility 2.96% Maximum Drawdown -4.40% VAR (99%/10 days) 1.34% Sharpe Ratio 0.61 Information Ratio -- Correlation Coefficient -- Alpha -- Beta -- Tracking Error -- Portfolio Analysis Portfolio Breakdown Government bonds 46.1 Agencies 35.1 Covered Bonds 9.6 Asset back - / Mortgage back securities 3.3 Financial bonds 0.4 Other Securities 2.6 Gross weighting, not adjusted for any positions in derivatives. Breakdown by Rating (in % of bond holdings) Investment Ratio AAA 82.0 AA 14.6 BBB 3.4 Bonds Cash and other assets Future Long 96.9 3.1 6.5 Morningstar Category EUR Diversified Bond Ratings (As at: 30/11/2018) Morningstar Overall Rating : ««««FERI Fund Rating: (C) Lipper Leaders: The presentation of the structure of the bond credit ratings is based on both internal and external ratings. Note: The key terms are explained in the glossary. Page 1 / 4 43