4Q.2018 DCIO Focus Funds The following pages highlight a full range of investment options to serve all asset allocation needs including core and alternative options. Each fund is listed with its current fi360 Fiduciary Score and Morningstar rating. FOCUS FUNDS (Class S shares, unless otherwise noted) Share class Qtrly score fi360 Fiduciary Score and number of peers 1-year 3-year Morningstar rating and number of funds in category Expenses 5-year 10-year Category Overall 3-year 5-year 10-year Gross/net U.S. equity Capital Growth SCGSX 36 35 27 25 29 Large 1,371 1,313 1,010 666 growth 1,247 1,247 1,107 799 0.71%/0.71% Core Equity SCDGX 27 5 13 26 29 Large 1,316 1,239 1,108 969 671 blend 0.58%/0.58% CROCI Equity Dividend KDHSX 0 6 25 49 67 1,196 1,119 1,001 834 560 Large value 1,100 1,100 937 686 0.80%/0.80% Small Cap Core SSLCX 22 8 13 26 51 Small 735 670 549 458 274 blend 644 644 541 393 1.12%/0.89% Index-related EAFE Equity Index BTAEX 27 35 37 34 33 Foreign 713 631 556 453 265 large blend 639 639 508 «««380 1.10%/0.26% Equity 500 Index BTIEX 0 0 1 1 5 Large 1,316 1,239 1,108 969 671 blend 0.37%/0.29% S&P 500 Index SCPIX 0 0 1 1 9 1,316 1,239 1,108 969 671 Large blend 0.34%/0.34% International/global equity Emerging Markets Equity Fund SEMGX 0 0 22 38 62 788 711 511 338 143 Diversified Emerging 708 708 533 238 1.46%/1.00% Some of the funds mentioned have had negative performance over one or more of the time periods. Not all funds receive four- or five-star ratings for all time periods. Source: Morningstar, Inc. Ratings are historical and are no guarantee of future results. Morningstar Ratings are derived from risk-adjusted and, unless load-waived, load-adjusted performance. Ratings of other classes may vary. Overall rating for a fund is a weighted average of the ratings for the time periods indicated. Not all share classes are available to all investors. 1
DCIO Focus Funds 4Q.2018 / FOCUS FUNDS (Class S shares, unless otherwise noted) Share class Qtrly score fi360 Fiduciary Score and number of peers 1-year 3-year Morningstar rating and number of funds in category Expenses 5-year 10-year Category Overall 3-year 5-year 10-year Gross/net Taxable fixed-income Global High SGHSX 28 13 7 9 24 670 616 521 420 266 High yield bond 507 329 0.78%/0.65% High KHYSX 28 13 7 7 High yield 670 616 521 420 bond 507 0.80%/0.80% Short Duration DBPIX 43 16 28 27 33 Short-term 515 482 410 344 209 bond 472 472 405 263 0.70%/0.54% Real assets Enhanced Commodity Strategy SKSRX 42 33 16 15 21 Commodities broad 104 128 110 98 67 16 basket 104 81 25 1.19%/1.13% RREEF Global Real Estate Securities RRGTX 0 7 9 8 214 195 164 132 Global real estate 192 192 152 106 1.05%/1.05% RREEF Real Estate Securities RRREX 0 0 2 13 10 246 230 204 176 118 Real estate 223 223 193 139 0.72%/0.72% Asset allocation Global Builder KTRSX 22 2 10 14 31 437 400 343 250 128 World allocation 389 389 322 160 0.74%/0.74% fi360 Fiduciary Score key 0 to 25 first quartile 26 to 50 second quartile 51 to 75 third quartile 76 to 100 fourth quartile Source: Morningstar as of 12/31/2018. Ratings are historical and do not guarantee future results. See page 4 for additional details on the fi360 Fiduciary Score and Morningstar rating methodologies. 2
DCIO Focus Funds 4Q.2018 / Creating optimal client portfolios in today s environment demands a unique set of strengths. Partnering with a strong, reliable asset manager that has the tools and support you need, can go a long way toward achieving success for your clients as well as your business. defined contribution investment only (DCIO) resources can help you Gain access to unique market insights Hundreds of investment professionals around the world provide insight into market opportunities and emerging trends. Grow your prospecting potential Tools to assist in prospecting, investment decisions and identifying service gaps can help expand your practice. Improve asset growth and retention Education seminars, participant tools and thought leadership whitepapers can deepen client relationships. Class S shares of Emerging Markets Equity Fund, Global High Fund and Short Duration Fund have a contractual waiver that runs through 1/31/19. Class INST shares of EAFE Equity Index Fund and Class S shares of Equity 500 Index Fund, RREEF Global Real Estate Securities Fund have a contractual waiver through 4/30/19. Class S shares of Enhanced Commodity Strategy Fund have a contractual waiver that runs through 9/30/19. Class S shares of Small Cap Core Fund have a contractual waiver that runs through 2/11/20. 3
DCIO Focus Funds 4Q.2018 / 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. For each investment with at least a three-year history, fi360 calculates the fi360 Fiduciary Score based on the following due diligence criteria: regulatory oversight, minimum track record, stability of the organization, assets in the investment, composition consistency with asset class, style consistency, expense ratio/fees relative to peers, risk-adjusted performance relative to peers, and performance relative to peers. Investments are evaluated at the conclusion of each calendar quarter. If an investment does not meet an individual due diligence criterion, points are awarded. Investments that satisfy all of the due diligence criteria receive a fi360 Fiduciary Score (Quarter) of 0. Every other investment is given a Score of 1 100 based on their point total, and representing their percentile ranking within their peer group. The fi360 Fiduciary Score (Average) is a one-, three-, five- or 10-year rolling average of an investment s Quarter Score. The Average Score is also calculated on a quarterly basis. fi360 Fiduciary Score is a registered trademark of fi360, Inc. The fi360 Fiduciary Score and data are copyright 2019 fi360, Inc. All rights reserved. The information contained herein is reprinted with permission of fi360. The information (1) is proprietary to fi360, Inc., and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither fi360, Inc. nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fi360 Fiduciary Score should not be used, as the sole source of information in an investment decision. Visit fi360.com/fi360-fiduciary-score for the complete methodology document. 4
DCIO Focus Funds 4Q.2018 / Important risk information Investments in mutual funds involve risk. Stocks may decline in value. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. There are additional risks associated with investing in commodities, high-yield bonds, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses. Please read the prospectus for more information. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from www.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Investment products: No bank guarantee Not FDIC insured May lose value The brand represents Group GmbH & Co. KGaA and any of its subsidiaries such as Distributors, Inc., which offers investment products, or Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services. Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.dws.com service@dws.com Tel (800) 621-1148 2019 Group GmbH & Co. KGaA. All rights reserved. PM1910351 (1/19) R-25778-20 IO-FUNDS