DWS Alternatives Global Limited (“DWS Global”) is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) that provides discretionary and non-discretionary investment advisory services to clients, offering products and services across a range of asset classes and investing styles. DWS Global is part of the global investment management business of DWS Group GmbH & Co. KGaA (“DWS Group“) a publicly listed German partnership limited by shares, and an indirect majority-owned subsidiary of Deutsche Bank AG (“DB AG”), a multi-national financial services company (together with its affiliates, directors, officers, and employees). DWS Global is an indirect subsidiary of DWS Group. This Brochure, including any supplement(s), is intended for DWS Global’s direct advisory clients. Investors in any DWS Global-advised pooled investment fund should rely on the fund’s prospectus or offering materials and may also refer to this Brochure, and/or any Brochure supplement(s), for informational purposes only. Although DWS Global has U.S. and non-U.S. clients, DWS Global complies with the U.S. Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Company Act of 1940 (the “Investment Company Act”) only with respect to its U.S. clients. Non-U.S. clients will not be subject to the protection of the Advisers Act and the Investment Company Act. Client-imposed investment restrictions DWS Global manages portfolios on behalf of individually managed separate accounts in relation to direct real estate, real estate securities, infrastructure securities, and other real asset securities. DWS Global works closely with these separately managed account clients to understand their individual investment goals and objectives and can recommend targeted investment strategies or vehicles. Subject to DWS Global’s agreement, these clients may impose investment restrictions on DWS Global’s investment strategies for their accounts. DWS Global’s portfolio managers are responsible for following the investment guidelines for each client as defined in its respective investment management agreement. With respect to private commingled funds and registered investment companies managed by DWS Global, individual investors generally do not have an ability to impose restrictions on the management of such vehicles, and any such restrictions would need to be consistent with the investment strategy of the fund as stated in the offering documents. Further, such fund offerings are not tailored to address the specific investment objectives or circumstances of any individual investor. Assets under management As of December 31, 2023, DWS Global had a total of $23,007,853,162 in assets under management, $17,496,650,838 of which is managed on a discretionary basis, and $5,511,202,324 of which is managed on a non-discretionary basis. NOTE: DWS Global’s assets under management noted above differ from that reported in Item 5F of DWS Global’s ADV Part 1 given the inclusion of the value of direct real estate equity investments, infrastructure equity and debt investments, and private equity investments within the totals reported above. These investments are not considered securities as defined in the instructions to ADV Part 1 such that Item 5F does not include them within the reportable regulatory assets under management totals. Rather, these investments are considered to be “assets” for which DWS Global provides investment advisory services, hence the inclusion of their value within investment advisory fee calculations. DWS Global’s advisory services vary by strategy and/or product type and geographic location. Investment capabilities Products listed below are managed by DWS Global directly or through sub-advisory relationships with affiliated and non-affiliated entities. See Item 10 for information regarding DWS Global arrangements related to its advisory business. DWS Global’s applicable policies and practices can vary by strategy and/or product type. Principal investment strategies and products currently offered by DWS Global include: Liquid real assets – real estate Equity investments in publicly and privately traded real estate securities, including Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”). Direct real estate – core/core plus Predominantly high-quality equity investments in stabilized, income-producing properties, employing low to moderate leverage. Direct real estate – value added Equity investments in value-add properties requiring redevelopment, repositioning for alternative use, or upgrade, employing moderate leverage. Real estate – opportunistic Investments in equity and equity-like investments in real estate and real estate-related assets, including joint ventures, distressed properties, loans, mezzanine facilities, corporate and government dispositions, and private growth companies. Seeks to capitalize on economic, financial, and property market dislocation and may employ significant leverage. Direct real estate – debt Debt and hybrid investments in real estate assets, real estate companies, and commercial mortgage-backed securities. Mezzanine and structured real estate debt investment, transitional senior mortgages, B-notes, mezzanine loans, preferred equity, and other real-estate backed structured investments. Transitional finance for lease-up, redevelopment, or new construction. Infrastructure debt and equity investments Investments in private infrastructure debt and equity in the primary and secondary markets; Focus on loans and bonds in both the sub-investment grade and investment grade markets, subject to meeting required returns on a portfolio basis. Private equity – secondary opportunities Equity investments in closed-end private pooled investment vehicles holding equity positions in third-party private equity funds and co-investment vehicles through a private equity funds of funds structure. Multi-asset fund selection service Fund selection service whereby DWS Global provides recommendations to an advisory affiliate in the form of various model portfolios consisting of DWS proprietary and non- proprietary U.S. open-end registered investment companies (“Mutual Funds”) and U.S. exchange traded funds (“ETFs”). Products and services DWS Global offers the following products and services: Separately managed accounts DWS Global manages investment advisory accounts on a discretionary and non-discretionary basis and pursues strategies falling into one or more of the following general categories: _ Liquid Real Assets – Real Estate _ Direct Real Estate – Core/Core Plus _ Direct Real Estate – Value-Added _ Direct Real Estate – Debt _ Direct Infrastructure – Debt Sub-Advisory services DWS Global serves as sub-adviser to certain registered investment advisers who act as the primary investment manager to registered investment companies and to certain foreign fund managers. Pursuant to written sub-advisory agreements, DWS Global has responsibility for managing a portion of the fund’s portfolio. DWS Global’s sub-advisory services generally involve strategies falling into one or more of the following categories: _ Liquid Real Assets – Real Estate _ Direct Real Estate – Debt _ Infrastructure – Debt _ Infrastructure – Equity Pooled vehicles Non-registered funds DWS Global serves as investment manager or sub-adviser to certain privately offered private investment funds not registered with the Investment Company Act and sold to only to certain investors meeting specific eligibility requirements. These funds pursue strategies falling into one or more of the following general categories: _ Liquid Real Assets – Real Estate _ Direct Real Estate – Core/Core Plus _ Direct Real Estate – Value-Added _ Direct Real Estate – Debt _ Infrastructure – Debt and Equity _ Private Equity – Secondary Opportunities Registered funds DWS Global serves as investment manager or sub-adviser to certain investment funds registered with the Investment Company Act and sold to only to certain investors meeting specific eligibility requirements. These funds pursue strategies falling into one or more of the following general categories: _ Liquid Real Assets – Real Estate Other arrangements DWS Global also provides various investment advisory, consulting, administrative, and research support services to its affiliates, pursuant to intercompany agreements, including the Multi-asset fund selection service. DWS Global may offer, and may negotiate fees with respect to its advisory, consulting, administrative, and research support services to certain third-party banks, trust companies, insurance companies, and other fiduciaries, and may also render investment advice to specific accounts of these banks, trust companies, and other fiduciaries that contract with DWS Global. DWS Global may also provide certain other services such as investment company administrative services and executing broker evaluations and selections. Following a federal court order issued on June 17, 2020 and relating to certain regulatory settlements entered into by an affiliate outside of the DWS Group, DWS Global relies on an order issued by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended on October 20, 2020, permitting it to continue to provide investment advisory services to investment companies registered under the Investment Company Act. Environmental, social and governance considerations DWS Global seeks to incorporate in its investment process environmental, social and governance (“ESG”) risks and opportunities that could have a material impact on the financial performance of the issuer, in accordance with the goals of a particular

investment strategy and client investment guidelines, and further subject to its fiduciary obligations and applicable law, rule and regulation. For most asset classes and market segments, DWS Global portfolio managers have access to ESG research and grades, including research provided by internal DWS analysts which consider ESG risks and opportunities, as well as access to ESG quality assessment scores and additional information from DWS’s proprietary ESG tool (also referred to as the “ESG Engine”). For those strategies that do not seek to implement a specific ESG strategy, the level of consideration of ESG factors in a strategy’s process will differ from strategy to strategy, from sector to sector, and from portfolio manager to portfolio manager. Because investors can differ in their views of what constitutes positive or negative ESG characteristics, DWS Global may invest in issuers that do not reflect the ESG beliefs and values of other investors. DWS Global’s considerations of ESG risks and opportunities may affect a fund’s exposure to certain companies or industries, and an ESG-dedicated strategy may forego certain investment opportunities. While DWS Global views considerations of ESG risks and considerations as having the potential to contribute to a client’s account long-term performance, there is no guarantee that such results will be achieved. Because of the inherent differences between Liquid Real Assets and DWS Global illiquid strategies encompassing Infrastructure and Equity Debt, and Direct Real Estate (the “Illiquid Strategies”), the approach to incorporating ESG is tailored specifically to the strategy and in accordance with a client’s investment objectives and requires different tools to be utilized to consider ESG in the investment process. 1. Liquid Real Assets - Available ESG Tools DWS Global portfolio managers in the U.S. Liquid Real Assets (“LRA”) business may use the DWS proprietary ESG tool and/or the LRA proprietary ESG models, each as outlined below, to analyze the ESG attributes of a potential investment. DWS Proprietary ESG Tool DWS Global’s portfolio managers may use output from a proprietary DWS ESG tool that evaluates an issuer’s performance across a variety of ESG indicators, primarily on the basis of data obtained from multiple third-party ESG data vendors and public sources and assigns a DWS ESG Quality Grade to each issuer covered by the ESG tool. An additional DWS internal review process allows for changes to the DWS ESG Quality Grade. An internal review may occur, for example, if it is deemed that information is not reflected in the existing ESG grade because new information or insights have emerged that the ESG data vendors have not yet processed. Examples of information that may be considered in this review process include, but are not limited to, the announcement of new (or withdrawal from previously announced) climate-related commitments, or the resolution of legacy (or involvement in new) controversies. DWS Global’s portfolio management may consider application of internal reviews on a given DWS ESG Quality Grade and use their discretion whether and how to apply. The DWS ESG Quality Grade seeks to identify ESG leaders and laggards within an industry- and region-specific peer groups in terms of overall ESG performance (best-in-class approach). Issuers within the same industry and region-specific peer group are graded on a scale of A (true leader) to F (true laggard). Issuers with a grade of C or above are deemed to meet DWS Global’s sustainability criteria. In calculating the DWS ESG Quality Grade, the DWS proprietary ESG tool utilizes a proprietary methodology to evaluate ESG scores from multiple third-party data vendors across a broad range of ESG indicators to arrive at a consensus overall quality grade intended to reflect which companies may be positioned better to address, and which companies may be more exposed to future ESG risks, relative to their peers. The broad range of ESG indicators measured include, among others, assessments of an issuer’s carbon emissions including its own emissions and those of its products and services, land use and biodiversity, climate change strategy and vulnerability, product safety and quality, employee management issues including equal opportunities and non-discrimination, freedom of association and right to collective bargaining and occupational health and safety, community relations, human rights issues related to supply chain, business ethics and anti-corruption, and corporate governance matters including executive pay, board diversity and board independence. The proprietary DWS ESG tool covers most listed asset classes but there is limited information on high yield, municipal bonds, emerging markets, IPOs and certain other types of securities due to incomplete vendor coverage. Through the DWS ESG tool, DWS Global’s portfolio management may also access issuer-specific contextual analysis that provides additional information about an issuer’s ESG risks and opportunities, risk mitigation actions or plans and other characteristics. LRA Proprietary ESG Models The LRA team has a separate and proprietary process (the “LRA ESG Models”) for using selected ESG data sources relevant to their strategies. Currently, LRA has two dedicated ESG strategies, which utilize the ratings and screens of the LRA ESG Models, as documented in the investment guidelines for those strategies. 2. DWS Global Illiquid Strategies - Strategy-Specific ESG Considerations For Illiquid Strategies, the incorporation of ESG into the investment process takes place during investment due diligence and portfolio management. Infrastructure Equity DWS Global seeks to incorporate ESG considerations into the Infrastructure Equity investment framework at all stages of the investment lifecycle, from initial screening and due diligence to asset management to exit. DWS Global monitors the ESG attributes of portfolio companies by regular reporting of key performance indicators (“KPIs”) through Global Real Estate Sustainability Benchmark (“GRESB”) at least annually, and more frequently where necessary. The KPIs cover ESG issues such as carbon footprint, water usage, health and safety indicators and diversity and inclusion metrics at both employee and board levels. The due diligence process also considers governance topics such as fraud, bribery, sanctions, compliance, and findings are presented to the investment committee for consideration. The Infrastructure Equity business operates in line with their environmental and social management system (“ESMS”), which is an ESG framework outlining how to address and manage ESG considerations in the investment cycle for the underlying portfolio. The ESMS applies to all potential and existing portfolio investments and the framework seeks to ensure regular reporting and compliance with applicable ESG regulations, while driving improvements in ESG metrics, performance and sustainability of the portfolio companies. The Infrastructure Equity business also produces an annual Sustainable and Responsible Investment (SRI) report for investors, addressing issues such as health, safety and security; community service; labour and diversity issues; transparency, communication and governance; and environmental issues relating to portfolio companies. Infrastructure Debt The Infrastructure Debt business developed an ESG scoring methodology applicable to private infrastructure debt investments, which the business began to utilize in 2021 to support the overall investment process and ongoing monitoring of the ESG attributes of such investments. These ESG scores are reviewed quarterly. Direct Real Estate Integration of ESG factors into investment management decision-making is delivered through each stage of the asset life-cycle – sustainable due diligence (SDD), asset management and disposal, as appropriate for the investment and ESG strategy of the portfolio. The findings are included in presentation to the investment committee for disposition consideration, reviewed DWS Real Estate takes a fiduciary-first approach to ESG Factors and sustainability performance in private real estate investment management, defining a range of operation between ESG and financial risk boundaries. DWS Real Estate focuses on ESG Factors which are material for real estate: transitional, physical, social norms, and governance. The ESG risk boundary relates to risks where appropriate actions to assess and manage ESG Factors, if not undertaken in good time, could result in negative impacts on sustainability and, often, financial performance of the asset or portfolio. Vice versa, the financial risk boundary relates to negative effects of inappropriate actions (e.g., ill-timed, or too extensive) on compliance with the investment objectives. and discussed as appropriate. The SDD process is completed prior to acquisition for all new assets and delivered through two screening phases: initial and advanced screening, and addressing three types of ESG factors (transitional, physical, and social norms) for equity and in addition governance for debt investments. For equity investments, following acquisition, asset and portfolio managers monitor ESG factors not only to ensure proper risk mitigation but also to actively seek opportunities to add value as part of ongoing business planning. For loan investments, following acquisition, the debt team continues to collect data, monitor and evaluate performance of assets focusing on relevant ESG factors and as required by the portfolio’s ESG strategy. An asset’s ESG performance, certification status and risk status are all also considered during disposition process.