# Annual report
and annual financial statements

## DWS Concept Dividend Equity Risk Control (in liquidation)

#### Investment objective and performance in the reporting period
The objective of the invest- ment policy was to generate above-average returns for the sub-fund. To this end, the sub- fund invested in (i) a portfolio of equities (“Portfolio”) of large companies from industrial
DWS CONCEPT DIVIDEND EQUITY RISK CONTROL (IN LIQUIDATION)
Performance since inception
115
110
105
100
95
90
85
80
countries worldwide selected
12/4/18*
6/19
12/19
6/20
12/9/20
in accordance with the CROCI Global Dividends Strategy
DWS Concept Dividend Equity Risk Control (in liquidation) (ID1 share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* Launched on December 4, 2018 = 100
Data on euro basis
(“Strategy”) and, where appli-
cable, (ii) financial contracts in which a party undertook to buy or sell equities at a specified future date at a specified price (“Equity Forward Contracts”) with a view to hedging the market risks associated with the investments in the portfolio. The Equity Forward Contracts used for hedging generated a return for the sub-fund if cer- tain equity indices (such as the Euro Stoxx 50 and the S&P 500) fell in value. Veritas Institutional
Past performance is no guide to future results.	As of: December 9, 2020 (liquidation date)
DWS CONCEPT DIVIDEND EQUITY RISK CONTROL (IN LIQUIDATION)
Performance of share classes (in EUR)
Share class	ISIN	Since the beginning
|  | of the shortened fiscal year |
| --- | --- |
| Class ID1 | LU1865033333 | -20.5% |
| Class ID10 | LU1865033416 | -20.4% |
| Class ID15 | LU1865033689 | -20.0% |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 9, 2020 (liquidation date)
GmbH (“Sub-Fund Manager”) determined the allocation of the sub-fund’s assets between the portfolio and the Equity For- ward Contracts using its own rule-based algorithm. As part of the Strategy, the equities were selected on the basis of an economic valuation using the CROCI (Cash Return On Capi- tal Invested) method (“CROCI method”). The investment uni- verse comprised at least 450 of the largest companies by mar- ket capitalization from industrial countries covered by the CROCI Group, excluding companies
in the financial and real estate sectors. The Strategy could also exclude equities with low liquidity and companies that did not pass a series of sus-
tainability reviews in terms of dividends based on cash yield, debt ratio and volatility, as well as equities that did not pay div- idends and equities with a divi- dend yield below the median. In accordance with the Strategy, approximately 50 companies with the lowest positive price/ earnings ratio (“CROCI-ÖKGV”) determined according to the CROCI method were then selected from the remaining investment spectrum.
In the reporting period from the beginning of January through December 9, 2020 (liquidation date), the sub-fund recorded
a decline of 20.5% per share (ID1 share class; BVI method; in euro).

#### Investment policy in the
reporting period
In the reporting period, devel- opments in the international capital markets were character- ized by considerable volatility overall. The equity markets initially posted price gains, amid fluctuations, through
mid-February 2020. The very relaxed monetary policy of the central banks was among the contributing factors to this trend. Later, however, a price crash occurred in the interna- tional equity markets, more
than eroding the previous price gains. This was due to coro- navirus disease (COVID-19)*, which spread into a pandemic and led to noticeable social and economic restrictions (lock-
downs), the consequences of which were still unforeseeable until most recently. In view of the efforts undertaken by the international community of nations and the packages of measures introduced with the objective of tackling the eco- nomic consequences of the COVID-19 crisis, a strong price recovery started to emerge
in the equity markets in the second half of March 2020. This continued into the fourth quarter of 2020 – although to varying degrees – and most
Liquidation of the sub-fund 
The sub-fund DWS Concept Dividend Equity Risk Control (in liquidation) was liquidated effective December 9, 2020, following a resolution to that effect adopted by the Board of Directors of the SICAV and the approval of the Luxembourg
supervisory authority CSSF. The issue of new shares of the sub- fund was discontinued effective November 18, 2020. Investors could redeem sub-fund shares until November 18, 2020.
recently also received a boost	
due to the approval applica- tions for three COVID-19 vac- cines. The extremely relaxed monetary policies of the central banks of the industrial coun- tries – adopted in light of the weakening global economy – supported price performance
in the financial markets. The European Central Bank and the Bank of Japan thus maintained their zero-interest policies. The
U.S. Federal Reserve (Fed) low- ered the key interest rate in two steps by 1.5 percentage points to a target range of 0.00% – 0.25% p.a. The performance of the different sectors was very varied throughout the reporting period. While the energy sector lost value in parallel with the price of crude oil, many tech- nology stocks recorded strong price increases. The latter prof- ited from the long-term trend toward increasing digitalization, which was given a major boost as a result of the COVID-19 pandemic. The weakness of many currencies against the euro adversely affected foreign investments overall.
* The coronavirus (COVID-19) crisis was/is amajor challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.
Uncertainties regarding the effects of COVID-19 are important for understand- ing the annual financial statements.
Additional details are provided in the explanations in the “General information” section.
DWS CONCEPT DIVIDEND EQUITY RISK CONTROL (IN LIQUIDATION)
Liquidation proceeds for the share classes (in EUR)
| Share class | ISIN | Liquidation proceeds per share |
| --- | --- | --- |
| ID1 | LU1865033333 | 94.21 |
| ID10 | LU1865033416 | 91.96 |
| ID15 | LU1865033689 | 87.60 |

The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Concept Dividend Equity Risk Control 
(in liquidation)
| Statement of net assets as of December 9, 2020 (liquidation date) |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets 1. Cash at bank | 3 482 700.11 | 99.95 |
| 2. Other assets | 36 686.78 | 1.05 |
| II. Liabilities 1. Other liabilities | -34 694.59 | - 1.00 |
| 2. Liabilities from share certificate transactions | -3 484 692.30 | - 100.00 |
| III. Net assets | 0.00 | 0.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
Investment portfolio – December 9, 2020 (liquidation date)
| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Cash at bank |  |  |  | 3 482 700.11 | 99.95 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 3 482 015.18 | 99.93 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 829 |  | 684.93 | 0.02 |
| Other assets |  |  |  | 36 686.78 | 1.05 |
| Dividends/Distributions receivable .....................  |  |  |  | 21 190.07 | 0.61 |
| Receivables from exceeding the expense cap ............  |  |  |  | 15 496.71 | 0.44 |
| Total assets |  |  |  | 3 519 386.89 | 101.00 |
| Other liabilities |  |  |  | -34 694.59 | -1.00 |
| Liabilities from cost items ............................  |  |  |  | -34 694.59 | -1.00 |
| Liabilities from share certificate transactions |  |  |  | -3 484 692.30 | -100.00 |
| Total liabilities |  |  |  | -3 519 386.89 | -101.00 |
| Net assets |  |  |  | 0.00 | 0.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class ID1 .........................................  | EUR | 0.00 |
| Class ID10 ........................................  | EUR | 0.00 |
| Class ID15 ........................................  | EUR | 0.00 |
| Number of shares outstanding Class ID1 .........................................  | Count | 0.000 |
| Class ID10 ........................................  | Count | 0.000 |
| Class ID15 ........................................  | Count | 0.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World High Dividend Yield
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.028 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 114.857 |
| Average market risk exposure ........................  | % | 62.756 |

The values-at-risk were calculated for the period from January 1, 2020, through December 9, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of December 9, 2020 (liquidation date)
U.S. dollar ..................... .  USD	1.210050	= EUR	1
 Notes on valuation	
Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 9, 2020, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values. Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.
 Statement of income and expenses	  Statement of changes in net assets	2020 
|  | at the beginning of the shortened fiscal year ......  | EUR | 47 442 908.94 |
| --- | --- | --- | --- |
| I. Income |  |  |  | 1. | Distribution for the previous year ..................  | EUR | -713 492.04 |
| 1. Dividends (before withholding tax) .................  | EUR | 579 410.44 |  | 2. | Net outflows ..................................  | EUR | -38 329 243.73 |
| 2. Deduction for foreign withholding tax...............  | EUR | -103 318.92 |  | 3. | Income adjustment .............................  | EUR | -4 790 661.60 |
| 3. Income adjustment ............................  | EUR | -476 091.52 |  | 4. | Net investment income..........................  | EUR | 0.00 |
|  |  |  |  | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 |
| Total income ....................................  | EUR | 0.00 |  | 6. | Net change in unrealized appreciation/depreciation ....  | EUR | -3 609 511.57 |
| - Expenses
	- Interest on borrowings and

 |  |  |  | II. | Value of the fund’s net assets at the end of the shortened fiscal year ............  | EUR | 0.00 |
| negative interest on deposits .....................  | EUR | -13 863.24 |  |  |  |  |  |
| 2. Management fee ...............................  | EUR | -126 964.95 |  |  |  |  |  |

for the period from January 1, 2020, through December 9, 2020 (liquidation date)
- Value of the fund’s net assetsthereof:Basic management fee ....... EUR	-138 229.66 Income from expense cap..... EUR	15 496.71Administration fee ........... EUR	-4 232.00

| 3. Depositary fee  1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 7.72 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -11 501.15 |
| 5. Taxe d‘abonnement.............................  | EUR | -1 147.92 |
| 6. Other expenses ................................  | EUR | -16 888.48 |
| 7. Reimbursed expenses...........................  | EUR | 170 358.02 |
| Total expenses...................................  | EUR | 0.00 |
| III. Net investment income ........................  | EUR | 0.00 |
| IV. Sale transactions 1. Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -5 096 395.10 |
| 2. Income adjustment .............................  | EUR | 5 096 395.10 |
| Capital gains/losses ..............................  | EUR | 0.00 |
| V. Net gain/loss for the shortened fiscal year ........  | EUR | 0.00 |

1 
The amount reported contains income from the release of excess accruals.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class ID1 1.03%
2
,	Class ID10 0.96%
2
,
Class ID15 0.55%
2
The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.
2 
Annualization has not been performed for share classes liquidated during the year.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 41 706.19.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.
Summary of gains/losses	2020
Realized gains/losses .............................  EUR	0.00
from:
Securities transactions..........................  EUR	-4 888 848.94
(Forward) currency transactions ..................  EUR	44 515.61
Derivatives and other financial futures transactions 
3 
.. EUR		-252 061.77 Income adjustment ............................ EUR	5 096 395.10
3 
This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.
Changes in net assets and in the net asset value per share over the last three years
Net assets at the end of the (shortened) fiscal year
December 9, 2020 (liquidation date) .................. .  EUR	0.00
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	47 442 908.94
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	60 193 041.66
Net asset value per share at the end of the (shortened) fiscal year December 9, 2020 (liquidation date)
|  | Class ID1 .............................. . | EUR | 0.00 |
| --- | --- | --- | --- |
| Class ID10 ............................. . | EUR | 0.00 |
| Class ID15 ............................. . | EUR | 0.00 |
| 2019 | Class ID1 .............................. . | EUR | 120.79 |
|  | Class ID10 ............................. . | EUR | 117.88 |
|  | Class ID15 ............................. . | EUR | 111.80 |
| 2018 | Class ID1 .............................. . | EUR | 108.30 |
|  | Class ID10 ............................. . | EUR | 105.59 |
|  | Class ID15 ............................. . | EUR | 99.80 |

 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)	
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.01% of all transactions. The total volume was EUR 3 084.88.
 Note on the closure of the sub-fund	
The activities initiated for the closure of the sub-fund DWS Concept Dividend Equity Risk Control (in liquidation) in the context of the liquidation process were not yet fully completed as of December 9, 2020; as of this liquidation date, individual receivables, liabilities and provisions from various cost items were still outstanding. The Management Company of the fund intends, once the relevant receivables have been collected and all outstanding obligations have been settled, to distribute any remaining difference to those shareholders who held shares of the sub-fund at the time the sub-fund was liquidated.

#### Investment objective and performance in the reporting period
The sub-fund seeks to achieve annual income payments (div- idends) until the maturity date (which is to be defined by the Board of Directors and the shareholders of the sub-fund), as well as a final payment at
DWS CONCEPT INSTITUTIONAL FIXED INCOME
Performance since inception
118
115
112
109
106
103
100
97
maturity. It uses one or more
12/11/19*
3/20
6/20
9/20
12/20
financial contracts (derivatives) to (i) swap a large portion of
DWS Concept Institutional Fixed Income (I4D share class)
* Launched on December 10, 2019 = 100 First share price calculation on December 11, 2019
Data on euro basis
the subscription proceeds against the return from nego- tiable bonds that were issued by financial institutions, com- panies, certain special-purpose vehicles and governments of selected industrial countries, against cash deposits and other portfolios comprising assets defined by the Board of Direc- tors, as well as to (ii) swap
the expected income and the expected performance of this portfolio against the dividend payments and to hedge against certain market risks such as the exchange rate risks associ- ated with the bonds. Until the
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
DWS CONCEPT INSTITUTIONAL FIXED INCOME
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | Since inception 1 |
| --- | --- | --- | --- |
| Class I4D | LU0441707956 | 15.5% | 13.8% |
| Class I5D 2 | LU0441708095 | 3.6% | 1.6% |
| Class I6D | LU1181617348 | 18.9% | 16.7% |
| Class I7D | LU1181618742 | 18.8% | 16.8% |
| Class I8D | LU1369628331 | 15.8% | 14.2% |

1 
Classes I4D, I5D, I6D, I7D and I8D launched on December 10, 2019 / First share price calculation on December 11, 2019
2 
Last share price calculation on March 27, 2020
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
first maturity of a bond in the portfolio, the dividends cor- respond to the sum of (a) the variable payments from a series of agreements that entitle the sub-fund to receive fixed rate payments in exchange for pre- defined variable future interest payments (swaptions) and (b)
a fixed interest rate of at least 0%. The dividends are then adjusted to the current money market rates. A final payment in return for the redemption of the shares shall be paid on a date to be defined by the Board of Directors. It is intended that the final payment shall match the original investment amount
that flowed into the bonds that the portfolio was composed of at that time. If the issuers of the bond did not meet their pay- ment obligations, the final pay- ment may also be reduced.
The investment climate in the reporting period was still char- acterized by very low, and in some cases negative, interest rates in the industrial countries and volatility in the capital markets. Market participants’ focus lay not only on the high levels of debt worldwide and on uncertainty regarding the monetary policies of the cen- tral banks, but also shifted
to the noticeably weakened global economy, which was exacerbated due to the uncer- tainties caused by the COVID- 19 pandemic*. However, politi- cal issues such as “Brexit” and the U.S. presidential election in early November 2020 also influenced market develop- ments at times. For example, the U.S. dollar traded notice- ably weaker against the euro amid fluctuations. Against this backdrop, the sub-fund DWS Concept Institutional Fixed Income appreciated by 15.5% per share (I4D share class; in euro; BVI method) in the 2020 fiscal year.

#### Investment policy in the reporting period
The sub-fund was invested mainly at the long end of the euro interest-rate market by means of total return swaps.
In 2020, developments in the international bond markets were characterized by volatil- ity. The trade conflicts of the United States with China and Europe weighed noticeably on developments at times, as did fears of a disorderly
On the whole, the bond mar- kets saw bond prices rise on balance – although to varying degrees – for the year up to the end of December 2020, with yields falling further for the year as a whole from an already very low level sometimes in negative territory. For example, ten-year German government bonds yielded -0.57% p.a. at the end of 2020 (previous year:
-0.19% p.a.)
“no-deal” Brexit. In contrast,	
the extremely relaxed monetary policies of the central banks
of the industrial countries – adopted in light of the weak- ening global economy – sup- ported price performance in the bond markets. The European Central Bank (ECB) thus main- tained its very relaxed monetary policy. In addition, government bonds from Germany profited at times from the temporar-
ily increased risk aversion of market participants in light of uncertainties in the financial markets. This took the form of increased prices and a fall in bond yields. For example, yields on ten-year German govern- ment bonds had already been hovering significantly below the zero-percent mark since May 2019, amid fluctuations, and temporarily hit a record low of
-0.844% p.a. on March 9, 2020. The global spread of the novel coronavirus infection that broke out in China at the end of 2019 and its social and economic consequences on the world’s population caused additional uncertainty and price pres- sures in the financial markets during the reporting period.
* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.
Uncertainties regarding the effects of COVID-19 are important for understand- ing the annual financial statements.
Additional details are provided in the explanations in the “General information” section.
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
| Statement of net assets as of December 31, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets 1. Derivatives | 1 058 192 890.08 | 99.99 |
| 2. Cash at bank | 478 783.25 | 0.05 |
| II. Liabilities 1. Loan liabilities | - 4 782.28 | 0.00 |
| 2. Other liabilities | - 403 122.02 | - 0.04 |
|  |  |  |
| III. Net assets | 1 058 263 769.03 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – December 31, 2020
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | USD |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Swaps Receivables/payables |  |  |  | 1 058 192 890.08 | 99.99 |
| Total Return Swaps * ** |  |  |  |  |  |
| Total return swaps associated with the I4D share class ....  | USD |  |  | 181 925 281.89 | 17.19 |
| Total return swaps associated with the I6D share class ....  | USD |  |  | 412 917 945.50 | 39.02 |
| Total return swaps associated with the I7D share class ....  | USD |  |  | 286 084 152.57 | 27.03 |
| Total return swaps associated with the I8D share class ....  | USD |  |  | 177 265 510.12 | 16.75 |
| Cash at bank |  |  |  | 478 783.25 | 0.05 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 389 331 |  | 478 783.25 | 0.05 |
| Total assets |  |  |  | 1 058 671 673.33 | 100.04 |
| Short-term liabilities Loans in non-EU/EEA currencies U.S. dollar ........................................  | USD |  |  | -4 782.28 -4 782.28 | 0.00 0.00 |
| Other liabilities |  |  |  | -403 122.02 | - 0.04 |
| Liabilities from cost items ............................  |  |  |  | -403 122.02 | - 0.04 |
| Total liabilities |  |  |  | -407 904.30 | - 0.04 |
| Net assets |  |  |  | 1 058 263 769.03 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class I4D .........................................  | EUR | 147 961.41 |
| Class I6D .........................................  | EUR | 167 910.72 |
| Class I7D .........................................  | EUR | 155 111.76 |
| Class I8D .........................................  | EUR | 144 171.94 |
| Number of shares outstanding Class I4D .........................................  | Count | 1 000.000 |
| Class I6D .........................................  | Count | 2 000.000 |
| Class I7D .........................................  | Count | 1 500.000 |
| Class I8D .........................................  | Count | 1 000.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Synth Zero Coupon USD M:35Y
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 69.765 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 110.461 |
| Average market risk exposure ........................  | % | 95.895 |

The values-at-risk were calculated for the period from January 1, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 3.2, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 3 222 888 031.00 as of the reporting date.
 Market abbreviations	 Contracting parties for derivatives (with the exception of forward currency transactions)
DB = Deutsche Bank AG
 Collateral	
| Total amount of collateral granted by third parties for total return swaps | USD | 1 048 760 207.33 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | USD | 1 048 760 207.33 |

 Exchange rates (indirect quotes)	
As of December 30, 2020 Euro .......................... EUR	0.81324	= USD	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are predominantly valued at derived market values.
 Footnotes	
* For structural reasons, there is no information on the investment portfolio for the sub-fund as of December 31, 2020. The sub-fund invests all of its net proceeds in total return swaps of one type in order to achieve a return that is linked to the performance of the relevant reference portfolio, whereby the nominal value amounted to the values listed individually by share class under “Additional information on the investment portfolio – December 31, 2020”. As of December 31, 2020 the unrealized net appreciation of these transactions was USD 1 058 192 890.08 (99.99% of the fund’s net assets). This type of total return swap agreement leads to receivables from swap transactions, whereby the amount of the receivables reflects the theoretical value.
Against the backdrop of the aforementioned explanations and due to technical reasons, the information within the statement of income and expenses and the statement of changes in net assets disclosed as part of this financial report is likewise not presented in a way which takes into account the link between the total return swaps and the respective share classes, but is instead presented at sub-fund level.
** Swaps as defined in Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012.
 Statement of income and expenses 
(incl. income adjustment)	
for the period from January 1, 2020, through December 31, 2020
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  USD	-2 613.13

- Management fee ...............................  USD	-274 114.27thereof:Basic management fee ....... USD	-274 114.27
- Other expenses 
- 1 
- ..............................  USD	-548 788.06Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  USD	-825 515.46
- Net investment income . . . . . . . . . . . . . . . . . . . . . . . .  USD	-825 515.46
- Sale transactionsRealized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  USD	866 773 032.55 Statement of changes in net assets	2020 
- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . .  USD	975 764 025.14
- Net outflows 
- 3 
- .................................  USD	-159 379 471.35
- Income adjustment ............................. USD	159 422 258.14
- Net investment income..........................  USD	-825 515.46
- Realized gains/losses 
- 4 
- ..........................  USD	866 773 032.55
- Net change in unrealized appreciation/depreciation 
- 4 
- ...  USD	-783 490 559.99
- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . .  USD	1 058 263 769.033 Includes the net outflows from the closure of the I5D share class.

4 
An adjustment was made with the value date April 30, 2020, to the underlyings for the total return swaps whereby all total return swaps assigned to existing share classes were closed and replaced by new total return swaps with identical nominal amounts, maturities and market values. No payment flows were involved in the transaction.
Summary of gains/losses	2020
Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  USD	866 773 032.55
- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . .  USD	865 947 517.091 Other expenses are primarily attributable to an all-in fee covering transaction and	management fees (including the administration fee, depositary fee, registrar and transfer agent‘s fee and other administration fees (including for legal advice and audit)). The all-in fee for each share class is made up of a fixed percentage that may not exceed an upper limit of 0.15% p.a. and that is calculated on each valuation day on the basis of the initial issue price of each share class and expressed in the reference currency of the sub-fund. The taxe d‘abonnement is included in the all-in fee. Further details (such as the fees, expenses and costs not included in the all-in fee) can be fund in the current version of the sales prospectus.

BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class I4D 0.09% p.a.,	Class I5D 0.02%
2
,
Class I6D 0.08% p.a.,	Class I7D 0.09% p.a., Class I8D 0.10% p.a.
The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.
2 
Annualization has not been performed for share classes closed or intended to be closed during the year.
Transaction costs
The transaction costs paid in the reporting period amounted to USD 758.70.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.
Realized gains/losses (incl. income adjustment). . . . . . .  USD	866 773 032.55
| from: |  |
| --- | --- |
| (Forward) currency transactions ..................  | USD | 13 513.51 |
| Derivatives and other financial futures transactions  5  ..  | USD | 866 759 519.04 |

5 
This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.
 Details on the distribution policy	
For each share class of the sub-fund, the intention is to distribute dividends in accordance with a specified dividend rate on previously specified dividend dates. By resolution of February 26, 2021, a final distribution in the sum of EUR 0.00 per share was determined for each of the share classes of the sub-fund active as at December 31, 2020.
Changes in net assets and in the net asset value per share over the last three years
| Net assets at the end of the fiscal year 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 1 058 263 769.03 |
| --- | --- | --- |
| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 975 764 025.14 |
| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | - |
| Net asset value per share at the end of the fiscal year |  |  |
| 2020 | Class I4D ...............................  | EUR | 147 961.41 |
|  | Class I5D ...............................  | EUR | - |
|  | Class I6D ...............................  | EUR | 167 910.72 |
|  | Class I7D ...............................  | EUR | 155 111.76 |
|  | Class I8D ...............................  | EUR | 144 171.94 |
| 2019 | Class I4D ...............................  | EUR | 128 108.10 |
|  | Class I5D ...............................  | EUR | 139 770.73 |
|  | Class I6D ...............................  | EUR | 141 274.82 |
|  | Class I7D ...............................  | EUR | 130 518.89 |
|  | Class I8D ...............................  | EUR | 124 544.52 |
| 2018 | Class I4D ...............................  | EUR | - |
|  | Class I5D ...............................  | EUR | - |
|  | Class I6D ...............................  | EUR | - |
|  | Class I7D ...............................  | EUR | - |
|  | Class I8D ...............................  | EUR | - |

 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)	
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 100.00% of all transactions. The total volume was USD 4 515 020 011.93.
 Additional information on the investment portfolio – December 31, 2020	
The total amounts of the total return swaps listed in the investment portfolio and associated with the individual share classes correspond in each case to the total of the nominal amounts listed below, whose underlyings are the specified reference bonds:
| Share class | Underlying reference bond	Nominal amount Issuer name/coupon/maturity date	ISIN	in EUR | Total return swaps Maturity date Nominal amount in EUR Total market value in USD |
| --- | --- | --- |

| I4D | French Republic Government Bond OAT / 0% 25/05/2048 (OTC) (DB) | FR0013257524 | 20 081 000 | May 25, 2048 | 21 400 000 | 37 629 474.32 |
| --- | --- | --- | --- | --- | --- | --- |
| I4D | European Financial Stability Facility / 0% 10/07/2048 (OTC) (DB) | EU000A1G0DW4 | 19 096 000 | July 10, 2048 | 20 400 000 | 37 617 149.48 |
| I4D | European Stability Mechanism / 0% 01/12/2055 (OTC) (DB) | EU000A1U9936 | 18 617 000 | December 1, 2055 | 20 400 000 | 36 171 751.88 |
| I4D | Kingdom of Belgium Government Bond / 0% 22/06/2047 (OTC) (DB) | BE0000338476 | 20 854 000 | June 22, 2047 | 20 400 000 | 35 722 496.84 |
| I4D | Republic of Austria Government Bond / 0% 20/02/2047 (OTC) (DB) | AT0000A1K9F1 | 10 165 000 | April 30, 2047 | 10 200 000 | 18 923 668.02 |
| I4D | French Republic Government Bond OAT / 0% 25/04/2055 (OTC) (DB) | FR0010171975 | 5 076 000 | April 25, 2055 | 8 200 000 | 14 022 538.13 |
| I4D | European Investment Bank / 0% 15/11/2047 (OTC) (DB) | XS1641457277 | 1 005 000 | November 15, 2047 | 1 000 000 | 1 838 203.22 |
| Subtotal |  |  |  |  | 102 000 000 | 181 925 281.89 |
| I6D | French Republic Government Bond OAT / 0% 25/04/2060 (OTC) (DB) | FR0010870956 | 29 280 000 | April 25, 2060 | 50 340 000 | 97 997 643.84 |
| I6D | Kingdom of Belgium Government Bond / 0% 22/06/2045 (OTC) (DB) | BE0000331406 | 28 450 000 | June 22, 2045 | 44 500 000 | 91 087 719.44 |
| I6D | Netherlands Government Bond / 0% 15/01/2047 (OTC) (DB) | NL0010721999 | 22 370 000 | January 15, 2047 | 31 800 000 | 69 086 762.63 |
| I6D | Bundesrepublik Deutschland Bundesanleihe / 0% 15/08/2046 (OTC) (DB) | DE0001102341 | 19 200 000 | August 15, 2046 | 26 960 000 | 58 886 724.26 |
| I6D | French Republic Government Bond OAT / 0% 25/05/2045 (OTC) (DB) | FR0011461037 | 19 760 000 | May 25, 2045 | 27 640 000 | 56 738 071.52 |
| I6D | European Financial Stability Facility / 0% 17/02/2045 (OTC) (DB) | EU000A1G0DD4 | 19 390 000 | April 30, 2045 | 18 760 000 | 39 121 023.81 |
| Subtotal |  |  |  |  | 200 000 000 | 412 917 945.50 |
| I7D | Kingdom of Belgium Government Bond / 0% 22/06/2045 (OTC) (DB) | BE0000331406 | 24 439 000 | June 22, 2045 | 37 500 000 | 70 503 142.53 |
| I7D | European Financial Stability Facility / 0% 17/02/2045 (OTC) (DB) | EU000A1G0DD4 | 26 339 000 | April 20, 2045 | 25 500 000 | 48 951 032.49 |
| I7D | European Investment Bank / 0% 15/09/2045 (OTC) (DB) | XS1107247725 | 19 895 000 | September 15, 2045 | 22 500 000 | 43 367 019.98 |
| I7D | French Republic Government Bond OAT / 0% 25/05/2045 (OTC) (DB) | FR0011461037 | 15 957 000 | May 25, 2045 | 22 500 000 | 42 473 575.43 |
| I7D | French Republic Government Bond OAT / 0% 25/04/2055 (OTC) (DB) | FR0010171975 | 8 914 000 | April 25, 2055 | 15 000 000 | 27 560 389.92 |
| I7D | Netherlands Government Bond / 0% 15/01/2047 (OTC) (DB) | NL0010721999 | 10 464 000 | January 15, 2047 | 15 000 000 | 30 118 287.78 |
| I7D | European Stability Mechanism / 0% 20/10/2045 (OTC) (DB) | EU000A1U9902 | 10 826 000 | October 20, 2045 | 12 000 000 | 23 110 704.44 |
| Subtotal |  |  |  |  | 150 000 000 | 286 084 152.57 |
| I8D | European Financial Stability Facility / 0% 31/05/2047 (OTC) (DB) | EU000A1G0DJ1 | 25 190 000 | May 31, 2047 | 25 000 000 | 45 401 715.67 |
| I8D | French Republic Government Bond OAT / 0% 25/05/2045 (OTC) (DB) | FR0011461037 | 14 080 000 | May 25, 2045 | 20 000 000 | 35 228 895.53 |
| I8D | Kingdom of Belgium Government Bond / 0% 22/06/2047 (OTC) (DB) | BE0000338476 | 19 780 000 | June 22, 2047 | 20 000 000 | 34 403 580.25 |
| I8D | Republic of Austria Government Bond / 0% 20/02/2047 (OTC) (DB) | AT0000A1K9F1 | 14 360 000 | February 20, 2047 | 15 000 000 | 27 220 544.86 |
| I8D | European Stability Mechanism / 0% 20/10/2045 (OTC) (DB) | EU000A1U9902 | 8 960 000 | October 20, 2045 | 10 000 000 | 17 992 385.27 |
| I8D | French Republic Government Bond OAT / 0% 25/04/2055 (OTC) (DB) | FR0010171975 | 5 950 000 | April 25, 2055 | 10 000 000 | 17 018 388.54 |
| Subtotal |  |  |  |  | 100 000 000 | 177 265 510.12 |
| Total |  |  |  |  | 552 000 000 1 | 058 192 890.08 |

With reference to the ESMA Opinion on Share Classes of UCITS of January 30, 2017 (ESMA34-43-296) and the specified transitional regulations which stipulate that share classes that do not fulfill the principles specified in the ESMA Opinion
- were to be closed to new investors after July 30, 2017;
- and that increases by existing investors in such share classes were not permissible after July 30, 2018,the Management Company of the fund agreed, among other things, with the Luxembourg supervisory authority (Financial Sector Supervisory Commission (CSSF)) on the occasion of the merger of the former sub-fund Institutional Fixed Income of DB Platinum IV SICAV with the sub-fund DWS Concept Institutional Fixed Income, which was newly launched inDecember 2019, that the sub-fund DWS Concept Institutional Fixed Income would be closed to further new subscriptions and would continue according to the identical structure and investment policy of the merged sub-fund Institutional Fixed Income of DB Platinum IV SICAV for the purposes of the former shareholders.


#
DWS Concept Kaldemorgen

#### Investment objective and performance in the reporting period
DWS Concept Kaldemorgen is a total return fund with a focus on equities and inte- grated risk management. The objective of the investment policy is to achieve sustained capital appreciation with risk
DWS CONCEPT KALDEMORGEN
Five-year performance
120
116
112
108
104
100
96
92
(volatility) in the single-digit
12/15*
12/16
12/17	12/18	12/19
12/20
percentage range, which based on experience corresponds to
DWS Concept Kaldemorgen (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
around one-half of the average volatility of the equity market. The sub-fund thus pursues its goal of offering investors what
Past performance is no guide to future results.	As of: December 31, 2020
is termed an asymmetrical per- formance target. At the same time, the management seeks to limit losses in a calendar year to under 10% (no guarantee).
The investment climate in the reporting period was still char- acterized by very low, and in some cases negative, interest rates in the industrial countries and volatility in the capital mar- kets. Market participants’ focus lay not only on the high levels of debt worldwide and on uncer- tainty regarding the monetary policies of the central banks, but also shifted to the notice- ably weakened global economy, which was exacerbated due to the uncertainties caused by the COVID-19 pandemic*. However, political issues such as “Brexit” and the U.S. presidential elec- tion in early November 2020 also influenced market devel- opments at times. Against this backdrop, DWS Concept Kalde- morgen recorded a decline
of 1.9% per share (LC share class; BVI method; in euro) in the fiscal year through end of December 2020.

#### Investment policy in the
reporting period
Overall, the performance of the international capital markets was characterized by volatility in the past fiscal year. It was adversely affected at times
by the global spread of the COVID-19 pandemic and its social and economic conse- quences for the world’s popu- lation. In contrast, the further relaxed monetary policies of the central banks of the indus- trial countries – adopted in light of the weakening global econ- omy – supported price perfor- mance in the financial markets.
The European Central Bank and the Bank of Japan thus maintained their zero-interest policies. The U.S. Federal Reserve (Fed) lowered the key interest rate in two steps by
1.5 percentage points to a tar- get range of 0.00% – 0.25% p.a in the reporting period. Fears of a no-deal Brexit caused additional uncertainty and price pressures in the financial markets during the report-
ing period. In 2020, the bond markets recorded price rises
overall with a decline in bond yields at an already very low, and in some cases negative, yield level. The corporate bond markets as well as the stock exchanges initially posted price gains, amid fluctuations, through mid-February 2020.
The very relaxed monetary pol- icy of the central banks was among the contributing factors to this trend. However, a price crash occurred in the interna- tional credit and equity markets in the second half of February 2020, more than eroding the previous price gains by far.
This was due to coronavirus disease (COVID-19)*, which spread into a pandemic and led to noticeable social and eco- nomic restrictions (lockdowns), the consequences of which were still unforeseeable until most recently. In view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, a strong price recovery started to emerge in the corpo-
rate bond and equity markets in
the second half of March 2020. This continued through the end of 2020 – although to varying degrees – and most recently also received a boost due to the approval applications for three COVID-19 vaccines. While the equity markets in, for exam- ple, the United States and the emerging markets (especially China) posted noticeable price increases on balance during
the reporting period, European stock exchanges closed out the year through the end of Decem- ber 2020 in negative territory, although the German equity market finished with a moder- ate gain viewed over the year as a whole. On balance, issues with investment-grade status posted price gains and outper- formed high-yield bonds, which largely offset the previous price slump in February/March 2020.
In this market environment, the sub-fund management managed the equity allocation dynamically. While equities
in information technology, communication services and residential real estate delivered a particularly positive perfor- mance over the 2020 reporting year, the COVID-19 crisis and the resulting lockdowns had an especially negative impact on the European equities held
DWS CONCEPT KALDEMORGEN
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0599946893 | -1.9% | 6.9% | 15.4% |
| Class FC | LU0599947271 | -1.1% | 9.1% | 19.3% |
| Class FD | LU0599947354 | -1.2% | 9.1% | 10.2% 1 |
| Class IC | LU0599947438 | -1.0% | 9.7% | 20.3% |
| Class IC100 | LU2061969395 | -0.7% | 1.8% 1 | – |
| Class LD | LU0599946976 | -1.9% | 6.8% | 15.3% |
| Class NC | LU0599947198 | -2.6% | 4.9% | 11.8% |
| Class PFC | LU2001316731 | -2.9% | 1.5% 1 | – |
| Class RVC | LU1663838461 | -1.1% | 10.5% | 10.1% 1 |
| Class SC | LU1028182704 | -0.9% | 10.0% | 20.8% |
| Class SCR | LU1254423079 | -1.9% | 8.1% | 18.8% |
| Class SFC | LU1303389503 | -2.2% | 7.1% | 16.7% |
| Class SLD | LU1606606942 | -1.9% | 7.2% | 5.4% 1 |
| Class TFC | LU1663838545 | -1.1% | 8.8% | 8.4% 1 |
| Class TFD | LU1663838891 | -1.1% | 9.1% | 8.7% 1 |
| Class VC | LU1268496996 | -1.9% | 8.1% | 18.0% |
| Class AUD SFDMH 2 | LU2081041449 | -1.9% 1 | – | – |
| Class CHF FCH 3 | LU1254422691 | -1.5% | 8.2% | 17.0% |
| Class CHF SFCH 3 | LU1303387986 | -2.3% | 6.0% | 14.0% |
| Class GBP CH RD 4 | LU1422958493 | -0.8% | 13.2% | 26.4% 1 |
| Class USD FCH 5 | LU0599947784 | 0.3% | 16.5% | 31.1% |
| Class USD LCH 5 | LU0599947602 | -0.4% | 14.1% | 26.8% |
| Class USD SCH 5 | LU2096798330 | -0.1% 1 | – | – |
| Class USD SFDMH 5 | LU2081041795 | -0.7% 1 | – | – |
| Class USD TFCH 5 | LU1663838974 | 0.2% | 16.7% | 16.5% 1 |

1 
Class GBP CH RD launched on June 15, 2016 / Class FD launched on January 30, 2017 / Class SLD launched on May 15, 2017 / Classes RVC, TFC, TFD and USD TFCH launched on December 5, 2017 / Class PFC launched on July 15, 2019 / Class IC100 launched on October 31, 2019 / Classes USD SCH, USD SFDMH and AUD SFDMH launched on January 31, 2020
2 
in AUD
3 
in CHF
4 
in GBP
5 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
in the portfolio. The gross equity allocation was greatly expanded over the course of the year and was around 56.4% of the sub-fund’s net assets through the fiscal year-end.
This was due to the improved strategic prospects for this asset class as a result of strong monetary and fiscal stimulus in
areas such as the United States and Europe. For the purposes of risk management, parts of the equity portfolio were hedged using index futures, which meant that the sub-fund could only participate to a limited extent in the recovery in the equity markets through the end of August 2020. These hedging
activities adversely affected the sub-fund’s performance. While defensive stocks from sectors such as pharmaceuticals were initially relatively stable, they lagged behind slightly from the third quarter of 2020 onward. The renewed upward trend in the equity markets in November 2020 following the U.S. election
and positive news around vac- cines led to a particular boost for cyclical equities and issues from the health care sector.
DWS Concept Kaldemorgen’s balanced equity portfolio thus proved to be beneficial.
On the bond side, the sub-fund invested primarily in govern- ment and corporate bonds. It
and via currency futures. Due to the depreciation of some of the currencies held in the portfolio (especially the U.S. dollar), this therefore led to a
negative currency effect for the year as a whole. However, the currency hedges carried out
in the reporting period made a positive contribution.
had a particular focus on U.S.	
Treasuries, which stabilized the bond portfolio in the first quarter of 2020. Investments in emerging-market bonds were also included in the portfolio. The corporate and emerg-
ing-market bonds recovered relatively quickly from the losses suffered in the first quar- ter of 2020 as a result of the COVID-19 crisis. Following the strong recovery in the second quarter of 2020, risk premiums narrowed once again in the third quarter, albeit more slowly than before. In November 2020, the corporate bonds held in
the portfolio posted further price increases and thus made a positive contribution overall to the sub-fund’s investment performance.
The investment in gold (via ETCs (exchange-traded com- modities)) rounded out the
sub-fund’s overall portfolio and made a positive contribution to performance on account of the noticeably higher price of gold throughout the year.
On the foreign currency side, the sub-fund had exposure to, among other things, the U.S. dollar, the Japanese yen and the Russian rouble as part of its investments in securities
* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.
Uncertainties regarding the effects of COVID-19 are important for understand- ing the annual financial statements.
Additional details are provided in the explanations in the “General information” section.
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.

## Annual financial statements DWS Concept Kaldemorgen
| Statement of net assets as of December 31, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 898 101 254.50 | 8.35 |
| Telecommunication Services | 1 070 189 080.30 | 9.97 |
| Consumer Discretionaries | 1 234 800 724.98 | 11.48 |
| Energy | 20 651 103.53 | 0.19 |
| Consumer Staples | 379 802 983.32 | 3.53 |
| Financials | 646 344 008.07 | 6.01 |
| Basic Materials | 358 863 295.60 | 3.35 |
| Industrials | 272 926 850.74 | 2.53 |
| Utilities | 365 130 733.30 | 3.40 |
| Total equities | 5 246 810 034.34 | 48.81 |
| 2. Bonds (issuers) Companies | 897 871 998.12 | 8.36 |
| Institutions | 45 751 357.58 | 0.43 |
| Central governments | 520 806 573.47 | 4.84 |
| Total bonds | 1 464 429 929.17 | 13.63 |
| 3. Investment fund units Bond funds | 178 471 250.00 | 1.66 |
| Equity funds | 819 496 600.00 | 7.62 |
| Other funds | 215 763 900.00 | 2.01 |
| Total investment fund units | 1 213 731 750.00 | 11.29 |
| 4. Derivatives | 38 551 521.53 | 0.37 |
| 5. Cash at bank | 2 774 426 671.99 | 25.81 |
| 6. Other assets | 37 514 315.42 | 0.35 |
| 7. Receivables from share certificate transactions | 8 052 593.74 | 0.07 |
| II. Liabilities |  |  |
| 1. Other liabilities | -15 663 128.89 | - 0.15 |
| 2. Liabilities from share certificate transactions | -19 007 268.92 | - 0.18 |
| III. Net assets | 10 748 846 418.38 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – December 31, 2020
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 6 440 510 115.72 | 59.92 |
| Equities Alcon, Inc. ........................................  | Count | 600 000 | 1 100 000 | 500 000 | CHF | 58.94 | 32 586 730.91 | 0.30 |
| Nestle SA ........................................  | Count | 1 150 000 | 350 000 |  | CHF | 104.44 | 110 673 620.20 | 1.03 |
| Novartis AG .......................................  | Count | 900 000 | 700 000 | 545 000 | CHF | 83.16 | 68 966 216.73 | 0.64 |
| Roche Holding AG ..................................  | Count | 350 000 | 100 000 | 230 000 | CHF | 308.8 | 99 592 067.56 | 0.93 |
| AXA SA *.........................................  | Count | 5 500 000 | 1 235 000 | 1 500 000 | EUR | 19.718 | 108 449 000.00 | 1.01 |
| BASF SE .........................................  | Count | 3 000 000 | 2 390 000 | 350 000 | EUR | 64.72 | 194 160 000.00 | 1.81 |
| Bayer AG .........................................  | Count | 2 999 020 | 1 816 818 | 467 798 | EUR | 48.155 | 144 417 808.10 | 1.34 |
| Bureau Veritas SA ..................................  | Count | 800 000 |  |  | EUR | 22.23 | 17 784 000.00 | 0.17 |
| Capgemini SA .....................................  | Count | 375 000 | 300 000 | 175 000 | EUR | 126.9 | 47 587 500.00 | 0.44 |
| Cie de St-Gobain ...................................  | Count | 1 250 000 |  | 340 000 | EUR | 38.13 | 47 662 500.00 | 0.44 |
| Deutsche Telekom AG ..............................  | Count | 14 381 939 | 9 581 939 |  | EUR | 14.955 | 215 081 897.80 | 2.00 |
| E.ON SE .........................................  | Count | 23 476 802 | 9 476 802 |  | EUR | 9.064 | 212 793 733.30 | 1.98 |
| Essilorluxottica.....................................  | Count | 400 000 | 300 000 | 100 000 | EUR | 128.9 | 51 560 000.00 | 0.48 |
| Evonik Industries AG ................................  | Count | 4 180 346 | 1 730 346 | 1 150 000 | EUR | 26.68 | 111 531 631.30 | 1.04 |
| HeidelbergCement AG ..............................  | Count | 1 550 000 | 1 550 000 |  | EUR | 61.22 | 94 891 000.00 | 0.88 |
| Infineon Technologies AG ............................  | Count | 4 250 000 | 5 250 000 | 6 500 000 | EUR | 31.39 | 133 407 500.00 | 1.24 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 3 000 000 | 600 000 |  | EUR | 23.36 | 70 080 000.00 | 0.65 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 80 000 | 115 000 | 170 000 | EUR | 515.3 | 41 224 000.00 | 0.38 |
| Merck KGaA ......................................  | Count | 225 000 | 455 893 | 230 893 | EUR | 140.35 | 31 578 750.00 | 0.29 |
| Red Electrica Corp., SA ..............................  | Count | 3 500 000 | 3 500 000 |  | EUR | 16.95 | 59 325 000.00 | 0.55 |
| Royal Dutch Shell PLC * .............................  | Count | 1 394 591 | 4 505 242 | 10 420 651 | EUR | 14.808 | 20 651 103.53 | 0.19 |
| Sanofi * ..........................................  | Count | 1 000 000 | 700 000 | 670 000 | EUR | 78.82 | 78 820 000.00 | 0.73 |
| Veolia Environnement SA ............................  | Count | 4 600 000 | 2 600 000 |  | EUR | 20.22 | 93 012 000.00 | 0.87 |
| Volkswagen AG -Pref- ...............................  | Count | 1 200 000 | 1 200 000 |  | EUR | 152.42 | 182 904 000.00 | 1.70 |
| Vonovia SE .......................................  | Count | 4 300 000 | 250 000 | 1 950 000 | EUR | 59.76 | 256 968 000.00 | 2.39 |
| Compass Group PLC ................................  | Count | 4 000 000 | 1 500 000 |  | GBP | 13.95 | 61 719 699.71 | 0.58 |
| Smith & Nephew PLC ...............................  | Count | 2 477 918 | 500 000 | 522 082 | GBP | 15.535 | 42 578 248.62 | 0.40 |
| Vodafone Group PLC................................  | Count | 75 000 000 | 37 000 000 | 65 000 000 | GBP | 1.227 | 101 752 888.80 | 0.95 |
| Alibaba Group Holding Ltd ...........................  | Count | 4 400 000 | 4 400 000 |  | HKD | 236.2 | 109 015 215.90 | 1.02 |
| Tencent Holdings Ltd ...............................  | Count | 1 100 000 |  | 465 000 | HKD | 559.5 | 64 557 592.39 | 0.60 |
| Panasonic Corp.....................................  | Count | 10 000 000 |  |  | JPY | 1 190.5 | 93 955 283.61 | 0.87 |
| Secom Co., Ltd ....................................  | Count | 525 000 | 200 000 |  | JPY | 9 517 | 39 432 215.70 | 0.37 |
| Takeda Pharmaceutical Co., Ltd .......................  | Count | 2 000 000 | 2 500 000 | 500 000 | JPY | 3 755 | 59 269 565.72 | 0.55 |
| Samsung Electronics Co., Ltd .........................  | Count | 2 000 000 | 1 485 000 |  | KRW | 81 000 | 121 278 541.80 | 1.13 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 21 500 000 | 6 200 000 |  | TWD | 525 | 326 699 759.80 | 3.04 |
| AbbVie, Inc. .......................................  | Count | 625 000 | 1 189 700 | 2 564 700 | USD | 106.01 | 53 882 232.75 | 0.50 |
| Alphabet, Inc. .....................................  | Count | 150 000 | 81 500 | 90 000 | USD | 1 749.81 | 213 452 322.70 | 1.99 |
| Amazon.com, Inc. ..................................  | Count | 40 000 | 40 000 |  | USD | 3 325.92 | 108 190 847.20 | 1.01 |
| American Express Co. ...............................  | Count | 800 000 | 975 000 | 600 000 | USD | 119.04 | 77 446 471.68 | 0.72 |
| Amgen, Inc. .......................................  | Count | 212 426 | 476 896 | 414 470 | USD | 227.83 | 39 358 388.95 | 0.37 |
| AT&T, Inc. ........................................  | Count | 5 500 000 | 3 500 000 | 2 750 000 | USD | 28.54 | 127 654 282.80 | 1.19 |
| Broadcom, Inc. ....................................  | Count | 300 000 | 300 000 |  | USD | 433.6 | 105 786 259.20 | 0.98 |
| Cisco Systems, Inc..................................  | Count | 2 080 000 |  |  | USD | 44.745 | 75 687 921.51 | 0.70 |
| CVS Health Corp....................................  | Count | 650 000 | 500 000 | 1 250 000 | USD | 67.69 | 35 781 340.14 | 0.33 |
| Johnson & Johnson.................................  | Count | 1 750 000 | 250 000 | 750 000 | USD | 155.13 | 220 776 362.10 | 2.05 |
| Johnson Controls International PLC ....................  | Count | 1 250 000 | 1 250 000 |  | USD | 46.61 | 47 381 395.50 | 0.44 |
| JPMorgan Chase & Co...............................  | Count | 1 050 000 | 1 050 000 |  | USD | 125.12 | 106 840 218.20 | 0.99 |
| Linde PLC ........................................  | Count | 250 000 | 250 000 |  | USD | 261.53 | 53 171 664.30 | 0.50 |
| MasterCard, Inc. ...................................  | Count | 120 000 | 13 000 | 100 000 | USD | 353.31 | 34 479 098.93 | 0.32 |
| Microsoft Corp. ....................................  | Count | 900 000 | 600 000 | 700 000 | USD | 223.17 | 163 341 693.70 | 1.52 |
| Pfizer, Inc. ........................................  | Count | 1 250 000 | 3 000 000 | 5 000 000 | USD | 37.05 | 37 663 177.50 | 0.35 |
| Pinterest, Inc. .....................................  | Count | 1 000 000 | 4 300 000 | 3 300 000 | USD | 67.38 | 54 796 111.20 | 0.51 |
| TE Connectivity Ltd .................................  | Count | 850 000 | 850 000 |  | USD | 120.06 | 82 991 955.24 | 0.77 |
| Visa, Inc. * ........................................  | Count | 350 000 | 350 000 |  | USD | 218.39 | 62 161 219.26 | 0.58 |
| Interest-bearing securities 10.125 % Assicurazioni Generali SpA 2012/2042 * ** ......  | EUR | 6 200 000 |  |  | % | 115.81 | 7 180 220.00 | 0.07 |
| 6.50  % CMA CGM SA -Reg- (MTN) 2017/2022 * ........  | EUR | 65 000 000 |  |  | % | 101.816 | 66 180 400.00 | 0.62 |
| 5.25 % CMA CGM SA -Reg- (MTN) 2017/2025 .........  | EUR | 75 000 000 |  |  | % | 99.965 | 74 973 750.00 | 0.70 |
| 4.00  % Coty, Inc. -Reg- (MTN) 2018/2023 .............  | EUR | 55 000 000 |  |  | % | 96.112 | 52 861 600.00 | 0.49 |
| 4.75 % Coty, Inc. -Reg- (MTN) 2018/2026 * ............  | EUR | 25 000 000 |  |  | % | 93.961 | 23 490 250.00 | 0.22 |
| 3.25  % Eurofins Scientific Se (MTN) 2017/2027 * ** .....  | EUR | 10 000 000 |  |  | % | 104.707 | 10 470 700.00 | 0.10 |
| 5.125 % Hapag-Lloyd AG -Reg- (MTN) 2017/2024 *.......  1.125 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR EUR | 20 433 333 12 000 000 |  | 9 566 667 | % % | 103.654 93.103 | 21 179 967.35 11 172 360.00 | 0.20 0.10 |
| 4.50  % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2018/2025 ..........................  | EUR | 56 000 000 |  |  | % | 103.757 | 58 103 920.00 | 0.54 |
| 4.35  % Turkey Government International Bond (MTN) 2013/2021 ..........................  | EUR | 50 000 000 |  | 15 245 000 | % | 103.015 | 51 507 500.00 | 0.48 |
| 3.25  % Turkey Government International Bond (MTN) 2017/2025 ..........................  | EUR | 30 000 000 |  |  | % | 101.391 | 30 417 300.00 | 0.28 |
| 1.00  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 1 500 000 000 | 1 500 000 000 |  | % | 100.507 | 143 186 028.80 | 1.33 |
| 2.00  % Norway Government Bond 2012/2023 ..........  | NOK | 1 000 000 000 | 1 750 000 000 | 750 000 000 | % | 103.975 | 98 751 114.14 | 0.92 |
| 7.60  % Russian Federal Bond - OFZ (MTN) 2011/2021 ...  | RUB | 5 700 000 000 |  |  | % | 101.068 | 62 578 972.79 | 0.58 |
| 7.00  % Russian Federal Bond - OFZ (MTN) 2013/2023 ...  | RUB | 6 000 000 000 |  |  | % | 105.374 | 68 679 103.80 | 0.64 |
| 2.95  % AbbVie, Inc. (MTN) 2020/2026 ................  | USD | 21 910 000 | 21 910 000 |  | % | 110.831 | 19 747 965.55 | 0.18 |
| 3.20  % AbbVie, Inc. (MTN) 2020/2029 ................  | USD | 56 920 000 | 56 920 000 |  | % | 112.491 | 52 071 657.33 | 0.49 |

| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| 5.125 % Arconic, Inc. (MTN) 2014/2024 ................  4.95  % Gazprom OAO Via Gaz Capital SA -Reg- (MTN) 2012/2022 ..........................  | USD USD | 72 098 000 45 000 000 | 2 098 000 | % % | 109.966 105.653 | 64 476 340.06 38 664 560.57 | 0.60 0.36 |
| 5.875 % Iceland Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 12 600 000 | % | 105.866 | 10 847 902.70 | 0.10 |
| 4.75  % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 13 000 000 | 13 000 000 | % | 100.124 | 10 585 229.43 | 0.10 |
| 5.625 % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 73 000 000 | 33 000 000 | % | 102.135 | 60 633 995.20 | 0.56 |
| 6.125 % Sberbank of Russia Via SB Capital SA -Reg- (MTN) 2012/2022 ..........................  | USD | 9 000 000 |  |  | % | 105.388 | 7 713 516.34 | 0.07 |
| 7.25  % Sprint Corp. (MTN) 2014/2021 ................  | USD | 50 000 000 |  |  | % | 104.087 | 42 323 855.94 | 0.39 |
| 7.25  % Stora Enso Oyj -Reg- 2006/2036 * .............  6.25  % Turkey Government International Bond (MTN) 2012/2022 ..........................  | USD USD | 5 836 000 40 000 000 |  |  | % % | 134.279 104.889 | 6 372 973.51 34 119 972.14 | 0.06 0.32 |
| 5.625 % Turkey Government International Bond 2010/2021 | USD | 40 000 000 |  |  | % | 100.927 | 32 831 149.39 | 0.31 |
| 5.125 % Turkey Government International Bond 2045/2022 | USD | 39 000 000 |  |  | % | 102.716 | 32 577 776.34 | 0.30 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 270 729 847.79 | 2.52 |
| Interest-bearing securities 8.125 % Commerzbank AG -Reg- (MTN) 2013/2023 ......  | USD | 5 600 000 |  |  | % | 116.976 | 5 327 255.49 | 0.05 |
| 6.50  % Coty, Inc. -144A- (MTN) 2018/2026 ............  | USD | 55 000 000 |  |  | % | 97.785 | 43 737 470.30 | 0.41 |
| 4.375 % Netflix, Inc. (MTN) 2016/2026 .................  6.00 % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2018/2024 * .........................  | USD USD | 10 000 000 41 240 000 |  | 8 000 000 | % % | 111.208 106.495 | 9 043 879.39 35 716 311.84 | 0.08 0.33 |
| 6.00  % T-Mobile USA, Inc. (MTN) 2014/2023 ...........  | USD | 50 000 000 |  |  | % | 100.365 | 40 810 416.30 | 0.38 |
| 7.375 % Turkey Government International Bond 2005/2025 | USD | 30 000 000 |  | 10 000 000 | % | 111.802 | 27 276 557.54 | 0.25 |
| 1.00  % Twitter, Inc. (MTN) 2014/2021 ................  | USD | 55 000 000 |  |  | % | 102.288 | 45 751 357.58 | 0.43 |
| 5.25  % VeriSign, Inc. (MTN) 2015/2025 ...............  | USD | 20 000 000 |  |  | % | 113.904 | 18 526 257.79 | 0.17 |
| 2.625 % Verizon Communications, Inc. (MTN) 2016/2026 ..  | USD | 50 000 000 |  |  | % | 109.538 | 44 540 341.56 | 0.42 |
| Investment fund units |  |  |  |  |  |  | 1 213 731 750.00 | 11.29 |
| In-group fund units db Physical Gold ETC EUR - (0.250%) ..................  | Units | 5 020 000 | 340 000 |  | EUR | 148.63 | 746 122 600.00 | 6.94 |
| DWS Biotech Typ O -LC- EUR - (1.500%) ...............  DWS Invest SICAV - DWS Invest Emerging Markets Opportunities -IC100- EUR - (0.200%) ..................  | Units Units | 280 000 875 000 | 280 000 |  | EUR EUR | 262.05 108.6 | 73 374 000.00 95 025 000.00 | 0.68 0.89 |
| DWS Invest SICAV - DWS Invest Euro High Yield Corporates -RC- EUR - (0.350%) ................................  | Units | 500 000 |  | 623 000 | EUR | 118.9 | 59 450 000.00 | 0.55 |
| DWS Invest SICAV - DWS Invest Credit Opportunities -FC- EUR - (0.670%) ....................................  | Units | 225 000 |  |  | EUR | 106.65 | 23 996 250.00 | 0.22 |
| Non-group fund units Gold Bullion Securities Ltd (0.400%) ...................  | Units | 1 510 000 | 350 000 |  | EUR | 142.89 | 215 763 900.00 | 2.01 |
| Total securities portfolio |  |  |  |  |  |  | 7 924 971 713.51 | 73.73 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -27 025 849.16 | -0.24 |
| Equity index futures CAC40 01/2021 (MS)................................  | Count | -2 500 |  | 2 500 |  |  | -1 331 250.00 | -0.01 |
| Dax Index 03/2021 (MS) .............................  | Count | -1 300 |  | 1 300 |  |  | -11 925 295.44 | -0.11 |
| MSCI World Index 03/2021 (DB).......................  | Count | -4 700 |  | 4 700 |  |  | -1 595 650.00 | -0.01 |
| S & P MINI 500 Futures 03/2021 (MS) ..................  | Count | -3 750 |  | 3 750 |  |  | -12 173 653.72 | -0.11 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 3 502 192.45 | 0.03 |
| Interest rate futures US Treasury Notes 10 year Futures 03/2021 (MS) .........  | Count | -2 500 |  | 2 500 |  |  | 31 767.19 | 0.00 |
| US Treasury Notes 30 year Futures 03/2021 (MS) .........  | Count | -4 500 |  | 4 500 |  |  | 3 470 425.26 | 0.03 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 62 075 178.24 | 0.58 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions AUD/EUR 0.1 million ................................  |  |  |  |  |  |  | 55.56 | 0.00 |
| CHF/EUR 32.4 million ...............................  |  |  |  |  |  |  | -23 535.41 | 0.00 |
| Closed positions AUD/EUR 0.1 million ................................  |  |  |  |  |  |  | 65.04 | 0.00 |
| CHF/EUR 32.4 million ...............................  |  |  |  |  |  |  | 28 040.85 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/GBP 96.6 million ...............................  |  |  |  | -522 464.51 | 0.00 |
| EUR/USD 2414.1 million .............................  |  |  |  | 43 010 328.21 | 0.40 |
| Closed positions EUR/GBP 106.9 million ..............................  |  |  |  | 1 897 760.46 | 0.02 |
| EUR/USD 1292.5 million .............................  |  |  |  | 17 684 928.04 | 0.16 |
| Cash at bank |  |  |  | 2 774 426 671.99 | 25.81 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 945 197 851.94 | 8.79 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 155 419 032 |  | 171 907 096.56 | 1.60 |
| Danish krone ......................................  | DKK | 95 619 779 |  | 12 853 726.09 | 0.12 |
| Norwegian krone ...................................  | NOK | 602 376 269 |  | 57 211 183.17 | 0.53 |
| Swedish krona.....................................  | SEK | 210 830 413 |  | 20 978 566.35 | 0.20 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 325 583 |  | 203 256.46 | 0.00 |
| Brazilian real ......................................  | BRL | 984 597 |  | 153 684.88 | 0.00 |
| Chinese yuan renminbi ..............................  | CNY | 1 270 585 |  | 158 213.17 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 312 279 025 |  | 32 756 490.43 | 0.30 |
| Japanese yen .....................................  | JPY | 2 407 079 007 |  | 18 996 874.49 | 0.18 |
| Canadian dollar ....................................  | CAD | 604 371 |  | 384 780.03 | 0.00 |
| Mexican peso .....................................  | MXN | 3 015 435 |  | 122 448.33 | 0.00 |
| New Taiwan dollar..................................  | TWD | 244 442 103 |  | 7 075 010.08 | 0.07 |
| Russian rouble.....................................  | RUB | 900 000 |  | 9 776.48 | 0.00 |
| Swiss franc .......................................  | CHF | 92 591 102 |  | 85 319 571.41 | 0.79 |
| Singapore dollar ...................................  | SGD | 47 101 560 |  | 28 938 822.91 | 0.27 |
| South Korean won..................................  | KRW | 690 890 171 |  | 517 223.16 | 0.00 |
| Turkish lira ........................................          | TRY | 329 832 |  | 36 416.20 | 0.00 |
| U.S. dollar ........................................  | USD | 596 362 304 |  | 484 985 679.84 | 4.51 |
| Time deposits EUR - Guthaben (Banco Santander Central, Madrid) .......  | EUR |  |  | 250 000 000.00 | 2.33 |
| EUR - Guthaben (Banco Santander Central, Madrid) .......  | EUR |  |  | 250 000 000.00 | 2.33 |
| USD - Guthaben (Société Générale, Paris) ...............  | USD | 2 350 000 |  | 406 620 000.01 | 3.79 |
| Other assets |  |  |  | 37 514 315.42 | 0.35 |
| Dividends/Distributions receivable .....................  |  |  |  | 6 547 798.19 | 0.06 |
| Prepaid placement fee *** ...........................  |  |  |  | 2 710 046.23 | 0.03 |
| Interest receivable .................................  |  |  |  | 19 648 075.90 | 0.18 |
| Other receivables ..................................  |  |  |  | 8 608 395.10 | 0.08 |
| Receivables from share certificate transactions |  |  |  | 8 052 593.74 | 0.07 |
| Total assets **** |  |  |  | 10 811 088 665.27 | 100.57 |
| Other liabilities |  |  |  | -15 663 128.89 | -0.15 |
| Liabilities from cost items ............................  |  |  |  | -13 818 244.23 | -0.13 |
| Additional other liabilities.............................  |  |  |  | -1 844 884.66 | -0.02 |
| Liabilities from share certificate transactions |  |  |  | -19 007 268.92 | -0.18 |
| Total liabilities |  |  |  | -62 242 246.89 | -0.57 |
| Net assets |  |  |  | 10 748 846 418.38 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class AUD SFDMH .................................  | AUD | 98.14 |
| Class CHF FCH ....................................  | CHF | 116.88 |
| Class CHF SFCH ...................................  | CHF | 112.39 |
| Class FC .........................................  | EUR | 159.77 |
| Class FD .........................................  | EUR | 107.69 |
| Class IC ..........................................  | EUR | 147.59 |
| Class IC100 .......................................  | EUR | 101.83 |
| Class LC .........................................  | EUR | 149.81 |
| Class LD .........................................  | EUR | 145.95 |
| Class NC .........................................  | EUR | 140.45 |
| Class PFC ........................................  | EUR | 101.54 |
| Class RVC ........................................  | EUR | 110.05 |
| Class SC .........................................  | EUR | 134.60 |
| Class SCR ........................................  | EUR | 119.21 |
| Class SFC ........................................  | EUR | 115.22 |
| Class SLD ........................................  | EUR | 104.04 |
| Class TFC ........................................  | EUR | 108.40 |
| Class TFD ........................................  | EUR | 106.30 |
| Class VC .........................................  | EUR | 118.08 |
| Class GBP CH RD ..................................  | GBP | 126.38 |
| Class USD FCH ....................................  | USD | 143.19 |
| Class USD LCH ....................................  | USD | 137.89 |
| Class USD SCH ....................................  | USD | 99.90 |
| Class USD SFDMH .................................  | USD | 99.30 |
| Class USD TFCH ...................................  | USD | 116.51 |
| Number of shares outstanding Class AUD SFDMH .................................  | Count | 162.000 |
| Class CHF FCH ....................................  | Count | 264 084.313 |
| Class CHF SFCH ...................................  | Count | 12 196.197 |
| Class FC .........................................  | Count | 4 119 757.117 |
| Class FD .........................................  | Count | 126 519.000 |
| Class IC ..........................................  | Count | 1 991 531.000 |
| Class IC100 .......................................  | Count | 3 983 668.000 |
| Class LC .........................................  | Count | 19 520 540.617 |
| Class LD .........................................  | Count | 14 769 304.463 |
| Class NC .........................................  | Count | 2 160 954.835 |
| Class PFC ........................................  | Count | 1 505 358.000 |
| Class RVC ........................................  | Count | 287 059.686 |
| Class SC .........................................  | Count | 2 936 129.312 |
| Class SCR ........................................  | Count | 13 067 128.889 |
| Class SFC ........................................  | Count | 386 756.000 |
| Class SLD ........................................  | Count | 10 120 193.182 |
| Class TFC ........................................  | Count | 1 302 819.882 |
| Class TFD ........................................  | Count | 256 788.151 |
| Class VC .........................................  | Count | 3 440 287.783 |
| Class GBP CH RD ..................................  | Count | 27 327.389 |
| Class USD FCH ....................................  | Count | 126 401.355 |
| Class USD LCH ....................................  | Count | 1 035 075.155 |
| Class USD SCH ....................................  | Count | 213 293.000 |
| Class USD SFDMH .................................  | Count | 111.000 |
| Class USD TFCH ...................................  | Count | 29 883.238 |

Composition of the reference portfolio (according to CSSF circular 11/512)
MSCI AC WORLD INDEX Constituents in EUR (70%) and JP Morgan GBI Global Bond Index in EUR Constituents (30%)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 39.116 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 74.502 |
| Average market risk exposure ........................  | % | 56.719 |

The values-at-risk were calculated for the period from January 1, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.5, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 6 042 002 467.78 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG
MS = Morgan Stanley Bank AG
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Citigroup Global Markets Europe AG, Deutsche Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK) and Société Générale
 Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security | name | Currency/quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- | --- |
|  | AXA SA ..................................  | Count | 4 750 000 | 93 660 500.00 |  |
|  | Royal Dutch Shell PLC.......................  | Count | 1 829 000 | 27 083 832.00 |  |
|  | Sanofi ....................................  | Count | 800 000 | 63 056 000.00 |  |
|  | Visa, Inc. .................................  | Count | 330 000 | 58 609 149.72 |  |
| 10.125 | % Assicurazioni Generali SpA 2012/2042 ** .....  | EUR | 100 000 | 115 810.00 |  |
| 6.500 | % CMA CGM SA -Reg- (MTN) 2017/2022 .......  | EUR | 16 500 000 | 16 799 640.00 |  |
| 4.750 | % Coty, Inc. -Reg- (MTN) 2018/2026 ...........  | EUR | 25 000 000 | 23 490 250.00 |  |
| 3.250 | % Eurofins Scientific Se 2017/2027 **..........  | EUR | 2 300 000 | 2 408 261.00 |  |
| 5.125 | % Hapag-Lloyd AG -Reg- (MTN) 2017/2024 ......  | EUR | 1 300 000 | 1 347 502.00 |  |
| 7.250 | % Stora Enso Oyj -Reg- 2006/2036.............  | USD | 500 000 | 546 005.27 |  |
| 6.000 | % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2018/2024 ........................  | USD | 4 000 000 | 3 464 239.76 |  |
| Total receivables from securities loans | 290 581 189.75 | 290 581 189.75 |

Contracting parties for securities loans
BNP Paribas S.A., Barclays Bank Ireland PLC EQ, Barclays Bank Ireland PLC FI, Barclays Capital Securities Limited, Crédit Agricole CIB S.A., J.P. Morgan Sec Ltd., J.P. Morgan Securities plc (Fix Income), Société Générale, UBS AG London Branch
| Total collateral pledged by third parties for securities loans | EUR | 307 618 157.56 |
| --- | --- | --- |
| thereof: |  |  |
| Bonds | EUR | 47 378 531.00 |
| Equities | EUR | 260 239 626.56 |

 Exchange rates (indirect quotes)	
As of December 30, 2020
| Australian dollar ..................     | AUD | 1.601836 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brazilian real ....................  | BRL | 6.406596 | = | EUR | 1 |
| Canadian dollar ..................  | CAD | 1.570693 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 1.085227 | = | EUR | 1 |
| Chinese yuan renminbi ............  | CNY | 8.030840 | = | EUR | 1 |
| Danish krone ....................  | DKK | 7.439071 | = | EUR | 1 |
| British pound ...................  | GBP | 0.904087 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 9.533348 | = | EUR | 1 |
| Japanese yen ...................  | JPY | 126.709213 | = | EUR | 1 |
| South Korean won................  | KRW | 1 335.768039 | = | EUR | 1 |
| Mexican peso ...................  | MXN | 24.626187 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.528995 | = | EUR | 1 |
| Russian rouble...................  | RUB | 92.057695 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.049801 | = | EUR | 1 |
| Singapore dollar .................  | SGD | 1.627625 | = | EUR | 1 |
| Turkish lira ......................      | TRY | 9.057289 | = | EUR | 1 |
| New Taiwan dollar................  | TWD | 34.550071 | = | EUR | 1 |
| U.S. dollar ......................  | USD | 1.229649 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnotes	
* Some or all of these securities are lent.
** Floating interest rate.
*** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
**** Does not include positions with a negative balance, if such exist.
 Statement of income and expenses 
(incl. income adjustment)		Transaction costs
The transaction costs paid in the reporting period amounted to EUR 3 806 044.96.
| I. Income |  |
| --- | --- |
| 1. Dividends (before withholding tax) .................  | EUR | 148 340 496.34 |
| 2. Interest from securities (before withholding tax) ......  | EUR | 84 875 554.67 |
| 3. Interest from investments of liquid assets |  |  |
| (before withholding tax)..........................  | EUR | 625 852.79 |
| 4. Income from securities lending....................  | EUR | 2 621 764.63 |
| 5. Deduction for foreign withholding tax...............  | EUR | -23 239 794.29 |
| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | 213 223 874.14 |

for the period from January 1, 2020, through December 31, 2020
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-8 974 894.87

- Management fee ...............................  EUR	-139 077 379.84thereof:Basic management fee	EUR-138 818 485.47Administration fee ........... EUR	-258 894.37The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.

 Statement of changes in net assets	2020 
- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . .  EUR 10 946 531 494.65
- Distribution for the previous year ..................  EUR	-1 680 866.16
- Net inflows 
- 3 
- ..................................  EUR 64 386	596.39
- Income adjustment .............................  EUR 4 046	166.67
- Net investment income..........................  EUR 55 827	101.65
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-350 685 201.97
- Net change in unrealized appreciation/depreciation ....  EUR 30 421	127.15
- Depositary fee .................................  EUR	-105 640.70	
- Auditing, legal and publication costs ................  EUR	-190 109.79
- Taxe d‘abonnement............................. EUR	-4 803 221.44
- Other expenses ................................  EUR	-4 245 525.85thereof:Performance-based fee fromsecurities lending income ..... EUR	-873 921.54 Expenses from prepaidplacement fee 1 ............. EUR -1 965 051.09
- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . .  EUR  10 748 846 418.383 Reduced by dilution fee in the amount of EUR 313 049.44 for the benefit of the fund`s assets.

| Other ..................... EUR -1 406 553.22 |  |  | Summary of gains/losses	2020 |
| --- | --- | --- | --- |
| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | -157 396 772.49 |  |
| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | 55 827 101.65 | Realized gains/losses (incl. income adjustment). . . . . . .  EUR	-350 685 201.97 |
| IV. Sale transactions |  |  | from: |
| Realized gains/losses ..............................  | EUR | -350 685 201.97 | Securities transactions..........................  | EUR | 137 238 812.36 |
|  |  |  | (Forward) currency transactions ..................  | EUR | 131 738 987.78 |
| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | -350 685 201.97 | Derivatives and other financial futures transactions  4  ..  | EUR | -619 663 002.11 |

V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . .  EUR	- 294 858 100.32
1 
For further information, please refer to the notes to the financial statements.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class AUD SFDMH 1.54%
2
,	Class CHF FCH 0.81% p.a.,
Class CHF SFCH 1.71% p.a.,	Class FC 0.78% p.a.,
Class FD 0.78% p.a.,	Class IC 0.60% p.a.,
Class IC100 0.35% p.a.,	Class LC 1.53% p.a.,
Class LD 1.53% p.a.,	Class NC 2.23% p.a.,
Class PFC 2.52% p.a.,	Class RVC 0.79% p.a.,
Class SC 0.54% p.a.,	Class SCR 1.53% p.a.,
Class SFC 1.83% p.a.,	Class SLD 1.53% p.a.,
Class TFC 0.79% p.a.,	Class TFD 0.79% p.a.,
Class VC 1.53% p.a.,	Class GBP CH RD 0.82% p.a.,
Class USD FCH 0.82% p.a.,	Class USD LCH 1.57% p.a.,
Class USD SCH 0.70%
2
,	Class USD SFDMH 1.54%
2
, Class USD TFCH 0.82% p.a.
The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.
As well, the interest income from securities lending resulted in a performance-based fee of:
Class AUD SFDMH 0.009%
2
,	Class CHF FCH 0.012% p.a.,
Class CHF SFCH 0.012% p.a.,	Class FC 0.012% p.a.,
Class FD 0.012% p.a.,	Class IC 0.011% p.a.,
Class IC100 0.008% p.a.,	Class LC 0.011% p.a.,
Class LD 0.011% p.a.,	Class NC 0.011% p.a.,
Class PFC 0.010% p.a.,	Class RVC 0.010% p.a.,
Class SC 0.011% p.a.,	Class SCR 0.011% p.a.,
Class SFC 0.012% p.a.,	Class SLD 0.011% p.a.,
Class TFC 0.011% p.a.,	Class TFD 0.011% p.a.,
Class VC 0.011% p.a.,	Class GBP CH RD 0.009% p.a.,
Class USD FCH 0.012% p.a.,	Class USD LCH 0.011% p.a.,
Class USD SCH 0.006%
2
,	Class USD SFDMH 0.009%
2
, Class USD TFCH 0.010% p.a.
of the fund’s average net assets in relation to the respective share class.
2 
Annualization has not been performed for share classes launched during the year.
4 
This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.
31
 Details on the distribution policy*	
Class AUD SFDMH
Type	As of	Currency	Per share
Final distribution	March 5, 2021	AUD	0.00
Class CHF FCH
The income for the fiscal year is reinvested.
Class CHF SFCH
The income for the fiscal year is reinvested.
Class FC
The income for the fiscal year is reinvested.
| Class FD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 1.15 |
| Class IC |  |  |  |

The income for the fiscal year is reinvested.
Class IC100
The income for the fiscal year is reinvested.
Class LC
The income for the fiscal year is reinvested.
| Class LD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 0.56 |
| Class NC |  |  |  |

The income for the fiscal year is reinvested.
Class PFC
The income for the fiscal year is reinvested.
Class RVC
The income for the fiscal year is reinvested.
Class SC
The income for the fiscal year is reinvested.
Class SCR
The income for the fiscal year is reinvested.
Class SFC
The income for the fiscal year is reinvested.
| Class SLD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 0.37 |
| Class TFC |  |  |  |

The income for the fiscal year is reinvested.
Class TFD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	1.17
Class VC
The income for the fiscal year is reinvested.
Class GBP CH RD
The income for the fiscal year is reinvested.
Class USD FCH
The income for the fiscal year is reinvested.
Class USD LCH
The income for the fiscal year is reinvested.
Class USD SCH
The income for the reporting period is reinvested.
Class USD SFDMH
Type	As of	Currency	Per share
Final distribution	March 5, 2021	USD	0.00
Class USD TFCH
The income for the fiscal year is reinvested.
* Additional information is provided in the sales prospectus.
In the case of a final distribution, any remaining net income for the fiscal year is reinvested.
Changes in net assets and in the net asset value per share over the last three years
| Net assets at the end of the fiscal year |  |  | 2018 | Class AUD SFDMH .......................  | AUD | - |
| --- | --- | --- | --- | --- | --- | --- |
| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 10 748 846 418.38 |  | Class CHF FCH...........................  | CHF | 105.02 |
| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 10 946 531 494.65 |  | Class CHF SFCH..........................  | CHF | 102.06 |
| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 6 343 183 205.83 |  | Class FC ................................  | EUR | 143.17 |
|  |  |  |  | Class FD ................................  | EUR | 98.09 |
| Net asset value per share at the end of the fiscal year |  |  |  | Class IC ................................  | EUR | 131.86 |
| 2020 | Class AUD SFDMH .......................  | AUD | 98.14 | Class IC100 .............................  | EUR | - |
|  | Class CHF FCH...........................  | CHF | 116.88 | Class LC ................................  | EUR | 135.96 |
|  | Class CHF SFCH..........................  | CHF | 112.39 | Class LD ................................  | EUR | 133.50 |
|  | Class FC ................................  | EUR | 159.77 | Class NC................................  | EUR | 129.03 |
|  | Class FD ................................  | EUR | 107.69 | Class PFC ...............................  | EUR | - |
|  | Class IC ................................  | EUR | 147.59 | Class RVC...............................  | EUR | 97.35 |
|  | Class IC100 .............................  | EUR | 101.83 | Class SC ................................  | EUR | 119.95 |
|  | Class LC ................................  | EUR | 149.81 | Class SCR...............................  | EUR | 107.03 |
|  | Class LD ................................  | EUR | 145.95 | Class SFC ...............................  | EUR | 104.06 |
|  | Class NC................................  | EUR | 140.45 | Class SLD ...............................  | EUR | 94.87 |
|  | Class PFC ...............................  | EUR | 101.54 | Class TFC ...............................  | EUR | 97.34 |
|  | Class RVC...............................  | EUR | 110.05 | Class TFD ...............................  | EUR | 96.78 |
|  | Class SC ................................  | EUR | 134.60 | Class VC ................................  | EUR | 106.01 |
|  | Class SCR...............................  | EUR | 119.21 | Class GBP CH RD ........................  | GBP | 110.17 |
|  | Class SFC ...............................  | EUR | 115.22 | Class USD FCH ..........................  | USD | 123.12 |
|  | Class SLD ...............................  | EUR | 104.04 | Class USD LCH ..........................  | USD | 120.11 |
|  | Class TFC ...............................  | EUR | 108.40 | Class USD SCH ..........................  | USD | - |
|  | Class TFD ...............................  | EUR | 106.30 | Class USD SFDMH........................  | USD | - |
|  | Class VC ................................  | EUR | 118.08 | Class USD TFCH .........................  | USD | 99.94 |
|  | Class GBP CH RD ........................  | GBP | 126.38 |  |
|  | Class USD FCH ..........................  | USD | 143.19 |
|  | Class USD LCH ..........................  | USD | 137.89 |
|  | Class USD SCH ..........................  | USD | 99.90 |
|  | Class USD SFDMH........................  | USD | 99.30 |
|  | Class USD TFCH .........................  | USD | 116.51 |
| 2019 | Class AUD SFDMH .......................  | AUD | - |
|  | Class CHF FCH...........................  | CHF | 118.71 |
|  | Class CHF SFCH..........................  | CHF | 115.08 |
|  | Class FC ................................  | EUR | 161.55 |
|  | Class FD ................................  | EUR | 109.25 |
|  | Class IC ................................  | EUR | 149.01 |
|  | Class IC100 .............................  | EUR | 102.55 |
|  | Class LC ................................  | EUR | 152.67 |
|  | Class LD ................................  | EUR | 148.80 |
|  | Class NC................................  | EUR | 144.14 |
|  | Class PFC ...............................  | EUR | 104.56 |
|  | Class RVC...............................  | EUR | 111.32 |
|  | Class SC ................................  | EUR | 135.84 |
|  | Class SCR...............................  | EUR | 121.48 |
|  | Class SFC ...............................  | EUR | 117.76 |
|  | Class SLD ...............................  | EUR | 106.09 |
|  | Class TFC ...............................  | EUR | 109.65 |
|  | Class TFD ...............................  | EUR | 107.80 |
|  | Class VC ................................  | EUR | 120.33 |
|  | Class GBP CH RD ........................  | GBP | 127.39 |
|  | Class USD FCH ..........................  | USD | 142.76 |
|  | Class USD LCH ..........................  | USD | 138.46 |
|  | Class USD SCH ..........................  | USD | - |
|  | Class USD SFDMH........................  | USD | - |
|  | Class USD TFCH .........................  | USD | 116.25 |

Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.44% of all transactions. The total volume was EUR 14 337 295 093.19.
Placement fee / dilution adjustment
In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This was calculated on the sub- scription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the subscription date. The remaining position for prepaid expenses per share on any valuation is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.
In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the share- holder).
Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.

#### Investment objective and performance in the reporting period
The objective of the investment policy is to generate long-
term capital appreciation for the sub-fund. To this end, the sub-fund invests in equities of companies domiciled or oper- ating mainly in Germany and
DWS CONCEPT PLATOW
Performance since inception
150
140
130
120
110
100
90
80
in financial contracts based on
12/4/18*
6/19
12/19
6/20
12/20
them (derivatives). The selec- tion of investments is proposed
DWS Concept Platow (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* Launched on December 4, 2018= 100
Data on euro basis
by the allocation consultant
(pfp Advisory GmbH) and is based, among other things, on recognized financial ratios and market position. The alloca- tion of assets is mainly based on these recommendations.
The sub-fund may invest in large, medium-sized and small companies based on the value of the equities of a company compared to other companies. The basis for selecting equities may be that they are consid-
Past performance is no guide to future results.	As of: December 31, 2020
DWS CONCEPT PLATOW
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | Since inception 1 |
| --- | --- | --- | --- |
| Class LC | LU1865032954 | 14.5% | 44.2% |
| Class IC5 | LU1865032871 | 15.1% | 45.8% |
| Class SIC | LU1865033176 | 14.5% | 44.3% |

1 
Classes IC5, LC and SIC launched on December 4, 2018
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
ered undervalued. Alternatively, equities can be selected on
the basis that their value rises in parallel with rising equity market prices. The sub-fund may also invest in companies outside Germany and in other investment funds. The sub-fund intends to invest no more than 10% of its assets (or temporar- ily more) in cash and short-term negotiable bonds.
In the reporting period from the beginning of January through the end of December 2020, the sub-fund recorded an appre- ciation of 14.5% per share
(LC share class; BVI method; in euro).

#### Investment policy in the
reporting period
The German equity market, which is decisive for the sub- fund DWS Concept Platow, recorded price increases on the whole in the reporting period.
Overall, the performance of the international capital markets was characterized by volatil- ity in the past fiscal year. The extremely relaxed monetary policies of the central banks
of the industrial countries – adopted in light of the weak- ening global economy – sup- ported price performance in the financial markets. The European Central Bank and the Bank of Japan thus maintained their zero-interest policies. The U.S. Federal Reserve (Fed) lowered
the key interest rate in two steps by 1.5 percentage points to a target range of 0.00% – 0.25% p.a. in the reporting period. The global spread of the novel coronavirus infection* that broke out in China at the end of 2019 and its social and economic consequences on the world’s population caused additional uncertainty and price
pressures in the capital markets during the reporting period. The stock exchanges initially posted price gains, amid fluctuations, through mid-February 2020.
The very relaxed monetary pol- icy of the central banks was among the contributing factors to this trend. However, a price crash occurred in the interna- tional equity markets in the second half of February 2020,
more than eroding the previous price gains by far. This was
due to coronavirus disease (COVID-19)*, which spread into a pandemic and led to
noticeable social and economic restrictions (lockdowns), the consequences of which were still unforeseeable until most recently. In view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis, a strong price recovery started to emerge in the equity markets in the second half of March 2020. This continued through the end of 2020 – although to varying degrees – and most recently also received a boost due to the approval applications for three COVID-19 vaccines.
While the equity markets in, for example, the United States and the emerging markets (espe- cially China) posted noticeable price increases on balance during the reporting period, the German equity market, which is decisive for the sub-fund DWS Concept Platow, finished with a moderate gain.
* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.
Uncertainties regarding the effects of COVID-19 are important for understand- ing the annual financial statements.
Additional details are provided in the explanations in the “General information” section.
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
| Statement of net assets as of December 31, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors) Information Technology | 72 881 959.06 | 30.34 |
| Telecommunication Services | 17 684 917.91 | 7.36 |
| Consumer Discretionaries | 12 936 362.60 | 5.38 |
| Energy | 30 431 221.00 | 12.69 |
| Consumer Staples | 25 478 565.10 | 10.62 |
| Financials | 30 476 315.50 | 12.70 |
| Basic Materials | 4 387 500.00 | 1.83 |
| Industrials | 32 773 397.80 | 13.63 |
| Total equities | 227 050 238.97 | 94.55 |
| 2. Cash at bank | 12 877 528.05 | 5.36 |
| 3. Other assets | 141 324.74 | 0.06 |
| 4. Receivables from share certificate transactions | 590 373.78 | 0.25 |
| II. Liabilities |  |  |
| 1. Other liabilities | -406 213.38 | - 0.17 |
| 2. Liabilities from share certificate transactions | -122 335.60 | - 0.05 |
| III. Net assets | 240 130 916.56 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – December 31, 2020
| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  |  | 216 770 078.97 | 90.27 |
| Equities 2G Energy AG .....................................  | Count | 77 168 | 38 957 | 18 821 | EUR | 89.8 | 6 929 686.40 | 2.89 |
| 7C Solarparken AG .................................  | Count | 494 642 | 317 500 |  | EUR | 4.6 | 2 275 353.20 | 0.95 |
| ABO Wind AG .....................................  | Count | 13 950 | 13 950 |  | EUR | 45.6 | 636 120.00 | 0.27 |
| Adesso AG .......................................  | Count | 67 270 | 41 004 |  | EUR | 97 | 6 525 190.00 | 2.72 |
| Allgeier SE ........................................  | Count | 164 148 | 164 148 |  | EUR | 18.65 | 3 061 360.20 | 1.27 |
| Allianz SE.........................................  | Count | 32 900 | 5 000 | 15 600 | EUR | 200.7 | 6 603 030.00 | 2.75 |
| Bechtle AG .......................................  | Count | 79 809 |  | 54 505 | EUR | 178.4 | 14 237 925.60 | 5.93 |
| CANCOM SE ......................................  | Count | 143 126 |  | 147 974 | EUR | 45.36 | 6 492 195.36 | 2.70 |
| Cewe Stiftung & Co., KgaA...........................  | Count | 83 010 |  | 6 864 | EUR | 92.5 | 7 678 425.00 | 3.20 |
| CPU Softwarehouse AG .............................  | Count | 70 000 | 70 000 |  | EUR | 2.38 | 166 600.00 | 0.07 |
| CropEnergies AG...................................  | Count | 407 250 | 407 250 |  | EUR | 11.9 | 4 846 275.00 | 2.02 |
| Datagroup SE .....................................  | Count | 74 417 |  | 110 536 | EUR | 50.1 | 3 728 291.70 | 1.55 |
| DEFAMA AG ......................................  | Count | 25 342 | 25 342 |  | EUR | 19.6 | 496 703.20 | 0.21 |
| Deutsche Industrie REIT AG ..........................  | Count | 19 996 |  | 64 965 | EUR | 15 | 299 940.00 | 0.13 |
| Deutsche Telekom AG ..............................  | Count | 210 000 | 210 000 |  | EUR | 14.955 | 3 140 550.00 | 1.31 |
| DocCheck AG .....................................  | Count | 72 821 | 72 821 |  | EUR | 23.2 | 1 689 447.20 | 0.70 |
| Draegerwerk AG & Co. KGaA -Pref- ....................  | Count | 60 861 | 60 861 |  | EUR | 62.8 | 3 822 070.80 | 1.59 |
| Einhell Germany AG -Pref- ...........................  | Count | 53 561 |  | 6 911 | EUR | 101.5 | 5 436 441.50 | 2.26 |
| Envitec Biogas AG..................................  | Count | 41 103 | 41 103 |  | EUR | 22 | 904 266.00 | 0.38 |
| Fresenius Medical Care AG & Co., KgaA ................  | Count | 20 000 | 20 000 |  | EUR | 68.2 | 1 364 000.00 | 0.57 |
| Funkwerk AG......................................  | Count | 56 081 |  |  | EUR | 21.1 | 1 183 309.10 | 0.49 |
| Gerresheimer AG ..................................  | Count | 72 293 | 69 793 | 36 500 | EUR | 87.75 | 6 343 710.75 | 2.64 |
| Hannover Rueck SE.................................  | Count | 29 016 | 4 000 | 33 784 | EUR | 130.3 | 3 780 784.80 | 1.57 |
| Hawesko Holding AG ...............................  | Count | 9 995 | 9 995 |  | EUR | 44.2 | 441 779.00 | 0.18 |
| HELMA Eigenheimbau AG ...........................  | Count | 60 821 | 47 127 | 44 885 | EUR | 41.4 | 2 517 989.40 | 1.05 |
| Hornbach Baumarkt AG..............................  | Count | 150 531 | 150 531 |  | EUR | 35.8 | 5 389 009.80 | 2.24 |
| Hornbach Holding AG & Co., KGaA ....................  | Count | 55 996 | 55 996 |  | EUR | 78.7 | 4 406 885.20 | 1.84 |
| KWS Saat SE ......................................  | Count | 67 500 | 67 500 |  | EUR | 65 | 4 387 500.00 | 1.83 |
| Lang & Schwarz AG ................................  | Count | 30 656 | 30 656 |  | EUR | 60.8 | 1 863 884.80 | 0.78 |
| Leifheit AG .......................................  | Count | 18 199 | 18 199 |  | EUR | 43.5 | 791 656.50 | 0.33 |
| LPKF Laser & Electronics AG .........................  | Count | 172 365 | 77 203 |  | EUR | 29.45 | 5 076 149.25 | 2.11 |
| Medios AG .......................................  | Count | 186 372 | 186 372 |  | EUR | 37.4 | 6 970 312.80 | 2.90 |
| MLP SE ..........................................  | Count | 641 948 | 426 238 |  | EUR | 5.4 | 3 466 519.20 | 1.44 |
| Muehlhan AG .....................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ......................................  | Count Count | 76 850 27 150 | 4 000 | 226 632 13 650 | EUR EUR | 2.64 242.8 | 202 884.00 6 592 020.00 | 0.08 2.75 |
| Nagarro SE .......................................  | Count | 164 148 | 164 148 |  | EUR | 91 | 14 937 468.00 | 6.22 |
| Noratis AG ........................................  | Count | 29 574 | 9 383 | 17 341 | EUR | 18 | 532 332.00 | 0.22 |
| Nordwest Handel AG ...............................  | Count | 35 288 |  |  | EUR | 20.8 | 733 990.40 | 0.31 |
| Paul Hartmann AG..................................  | Count | 950 | 950 |  | EUR | 356 | 338 200.00 | 0.14 |
| PSI Software AG ...................................  | Count | 213 642 | 26 693 | 53 005 | EUR | 24.4 | 5 212 864.80 | 2.17 |
| Puma SE .........................................  | Count | 38 650 | 12 500 | 195 000 | EUR | 92.28 | 3 566 622.00 | 1.49 |
| S&T AG ..........................................  | Count | 426 938 | 86 742 | 117 742 | EUR | 19.3 | 8 239 903.40 | 3.43 |
| Steico SE .........................................  | Count | 244 628 |  | 22 584 | EUR | 59.4 | 14 530 903.20 | 6.05 |
| Surteco Group SE ..................................  | Count | 16 348 | 16 348 |  | EUR | 24.1 | 393 986.80 | 0.16 |
| TAG Immobilien AG.................................  | Count | 91 221 | 14 000 | 155 000 | EUR | 25.9 | 2 362 623.90 | 0.98 |
| Talanx AG ........................................  | Count | 141 010 | 12 000 | 107 215 | EUR | 31.76 | 4 478 477.60 | 1.87 |
| Traffic Systems SE .................................  | Count | 160 939 | 160 939 |  | EUR | 33.3 | 5 359 268.70 | 2.23 |
| United Internet AG .................................  | Count | 217 707 | 217 707 |  | EUR | 34.43 | 7 495 652.01 | 3.12 |
| VERBIO Vereinigte BioEnergie AG .....................  | Count | 483 372 | 483 372 |  | EUR | 30.7 | 14 839 520.40 | 6.18 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 10 280 160.00 | 4.28 |
| Equities Mensch und Maschine Software ......................  | Count | 171 336 |  | 65 355 | EUR | 60 | 10 280 160.00 | 4.28 |
| Total securities portfolio |  |  |  |  |  |  | 227 050 238.97 | 94.55 |
| Cash at bank |  |  |  |  |  |  | 12 877 528.05 | 5.36 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 12 877 528.05 | 5.36 |
| Other assets |  |  |  |  |  |  | 141 324.74 | 0.06 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 141 324.74 | 0.06 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 590 373.78 | 0.25 |
| Total assets |  |  |  |  |  |  | 240 659 465.54 | 100.22 |

| DWS Concept Platow |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  |  | Total market | % of |
| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |
| currency	amount	in the reporting period	EUR |
| Other liabilities | -406 213.38 | -0.17 |
| Liabilities from cost items ............................  | -339 799.75 | -0.14 |
| Additional other liabilities.............................  | -66 413.63 | -0.03 |
| Liabilities from share certificate transactions | -122 335.60 | -0.05 |
| Total liabilities | -528 548.98 | -0.22 |
| Net assets | 240 130 916.56 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class IC5 .........................................  | EUR | 123.85 |
| Class LC .........................................  | EUR | 371.67 |
| Class SIC .........................................  | EUR | 4 921.32 |
| Number of shares outstanding Class IC5 .........................................  | Count | 391 767.320 |
| Class LC .........................................  | Count | 420 227.424 |
| Class SIC .........................................  | Count | 7 198.327 |

Composition of the reference portfolio (according to CSSF circular 11/512) CDAX Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 83.959 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 121.414 |
| Average market risk exposure ........................  | % | 90.384 |

The values-at-risk were calculated for the period from January 1, 2020, through December 31, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Statement of income and expenses 
(incl. income adjustment)	
for the period from January 1, 2020, through December 31, 2020
- Income
	- Dividends (before withholding tax) .................  EUR 3 512	326.27
	- Deduction for foreign withholding tax...............  EUR	-448 054.65Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	3 064 271.62

- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-79 663.08

- Management fee ...............................  EUR	-2 866 129.25thereof:

| Basic management fee ....... EUR  -2 860 564.98 Administration fee ........... EUR	-5 564.27 3. Depositary fee .................................  | EUR | -1 858.42 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -10 359.63 |
| 5. Taxe d‘abonnement.............................  | EUR | -74 421.45 |
| 6. Other expenses ................................  | EUR | -42 258.46 |
| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | -3 074 690.29 |
| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | -10 418.67 |
| IV. Sale transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Realized gains/losses ..............................  | EUR | 17 642 155.29 |
| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | EUR | 17 642 155.29 |
| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 17 631 736.62 |

BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class IC5 1.04% p.a.,	Class LC 1.58% p.a., Class SIC 1.55% p.a.
The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 67 684.34.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.
 Statement of changes in net assets	2020 
- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . .  EUR	225 764 792.99
- Net outflows ..................................  EUR	-15 838 200.32
- Income adjustment ............................. EUR	-328 934.19
- Net investment income..........................  EUR	-10 418.67
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR 17 642	155.29
- Net change in unrealized appreciation/depreciation ....  EUR 12 901	521.46
- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . .  EUR	240 130 916.56Summary of gains/losses	2020

| Realized gains/losses (incl. income adjustment)	EUR | 17 642 155.29 |
| --- | --- |
| from: Securities transactions	EUR | 17 642 160.23 |
| (Forward) currency transactions	EUR | -4.94 |

 Details on the distribution policy*	
Class IC5
The income for the fiscal year is reinvested.
Class LC
The income for the fiscal year is reinvested.
Class SIC
The income for the fiscal year is reinvested.
* Additional information is provided in the sales prospectus.
Changes in net assets and in the net asset value per share over the last three years
Net assets at the end of the fiscal year
| 2020. . . . | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 240 130 916.56 |
| --- | --- | --- | --- |
| 2019. . . . | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 225 764 792.99 |
| 2018. . . . | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 142 432 583.46 |
| Net asset 2020 | value per share at the end of the fiscal year Class IC5 ...............................  | EUR | 123.85 |
|  | Class LC ................................  | EUR | 371.67 |
|  | Class SIC ...............................  | EUR | 4 921.32 |
| 2019 | Class IC5 ...............................  | EUR | 107.61 |
|  | Class LC ................................  | EUR | 324.66 |
|  | Class SIC ...............................  | EUR | 4 297.12 |
| 2018 | Class IC5 ...............................  | EUR | 75.79 |
|  | Class LC ................................  | EUR | 229.92 |
|  | Class SIC ...............................  | EUR | 3 041.87 |

 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)	
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.

## DWS Concept, SICAV – 31.12.2020
 Notes: Placement fee	
| Expenses from prepaid placement fee | DWS Concept Kaldemorgen EUR - 1 965 051.09 |
| --- | --- |
| thereof: |  |
| Dilution-related adjustments due to share certificate transactions | - 313 049.44 |
| Amortization of placement fee | - 1 390 473.74 |
| Adjustments due to fluctuations of the fund’s net assets | - 129 119.19 |
| Income adjustment | - 132 408.72 |

 Statement of net assets as of December 31, 2020	
| Assets | DWS Concept, SICAV EUR *** Consolidated		% of net assets | DWS Concept Institutional Fixed Income * USD | DWS Concept Kaldemorgen EUR |
| --- | --- | --- | --- |
| Total securities portfolio | 8 152 021 952.48 | 68.80 | 0.00 | 7 924 971 713.51 |
| Interest rate derivatives | 3 502 192.45 | 0.03 | 0.00 | 3 502 192.45 |
| Currency derivatives | 62 075 178.24 | 0.52 | 0.00 | 62 075 178.24 |
| Swaps | 860 564 998.69 | 7.26 | 860 564 998.69 | 0.00 |
| Cash at bank | 2 787 693 565.83 | 23.53 | 389 365.79 | 2 774 426 671.99 |
| Other assets | 37 655 640.16 | 0.32 | 0.00 | 37 514 315.42 |
| Receivables from share certificate transactions | 8 642 967.52 | 0.07 | 0.00 | 8 052 593.74 |
| Total assets*** | 11 912 156 495.37 | 100.53 | 860 954 364.48 | 10 810 542 665.35 |
|  |  |  |  |
| Liabilities |  |  |  |
| Equity index derivatives | -27 025 849.16 | -0.23 | 0.00 | -27 025 849.16 |
| Short-term liabilities | -3 889.14 | 0.00 | -3 889.14 | 0.00 |
| Other liabilities | -16 397 177.30 | -0.14 | -327 835.03 | -15 663 128.89 |
| Liabilities from share certificate transactions | -19 129 604.52 | -0.16 | 0.00 | -19 007 268.92 |
| Total liabilities*** | -62 556 520.12 | -0.53 | -331 724.17 | -61 696 246.97 |
|  |  |  |  |
| Net assets | 11 849 599 975.25 | 100.00 | 860 622 640.31 | 10 748 846 418.38 |

*The portfolio composition, income, expenses and statement of changes in net assets of sub-funds managed in foreign currency were converted into euro at the exchange rates stated below. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as “Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period” in the consolidated statement of changes in net assets for the fund.
Fiscal year-end 2020	USD 1.229649 = EUR 1
Fiscal year-end 2019 . . . . . . . . . . . . . . . . . . . . USD 1.120600 = EUR 1
**The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.
***In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.”
|  |
| --- |
| DWS Concept Platow EUR |
| 227 050 238.97 |
| 0.00 |
| 0.00 |
| 0.00 |
| 12 877 528.05 |
| 141 324.74 |
| 590 373.78 |
| 240 659 465.54 |
|  |
|  |
| 0.00 |
| 0.00 |
| -406 213.38 |
| -122 335.60 |
| -528 548.98 |
|  |
| 240 130 916.56 |

 Statement of income and expenses for the period from January 1, 2020, through December 31, 2020 (incl. income adjustment)	
| Income | DWS Concept, SICAV EUR *** Consolidated | DWS Concept Dividend Equity Risk Control (in liquidation)  1 EUR | DWS Concept Institutional Fixed Income * USD |
| --- | --- | --- | --- |
| Dividends (before withholding tax) | 151 852 822.61 | - | 0.00 |
| Interest from securities (before withholding tax) | 84 875 554.67 | - | 0.00 |
| Interest from investments of liquid assets (before withholding tax) | 625 852.79 | - | 0.00 |
| Income from securities lending | 2 621 764.63 | - | 0.00 |
| Deduction for foreign withholding tax | -23 687 848.94 | - | 0.00 |
| Total income | 216 288 145.76 | - | 0.00 |
|  |  |  |  |
| Expenses |  | - |  |
| Interest on borrowings and negative interest on deposits | -9 056 683.05 | - | -2 125.10 |
| Management fee | -142 166 429.83 | - | -222 920.74 |
| Depositary fee | -107 499.12 | - | 0.00 |
| Auditing, legal and publication costs | -200 469.42 | - | 0.00 |
| Taxe d'abonnement | -4 877 642.89 | - | 0.00 |
| Other expenses | -4 734 080.83 | - | -446 296.52 |
| Total expenses | -161 142 805.14 | - | -671 342.36 |
|  |  |  |  |
| Net investment income | 55 145 340.62 | - | -671 342.36 |
|  |  |  |  |
| Sale transactions |  |  |  |
| Realized gains/losses | 371 851 628.59 | - | 704 894 675.27 |
| Capital gains/losses | 371 851 628.59 | - | 704 894 675.27 |
| Net gain/loss for the fiscal year | 426 996 969.21 | - | 704 223 332.91 |

* The portfolio composition, income, expenses and statement of changes in net assets of sub-funds managed in foreign currency were converted into euro at the exchange rates stated below. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial state- ments for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base curren- cy. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as “Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period” in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2020	USD 1.229649 = EUR 1
Fiscal year-end 2019 . . . . . . . . . . . . . . . . . . . . USD 1.120600 = EUR 1
** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.
For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reim- bursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense components
1 
The sub-fund was liquidated December 9, 2020.
|  |
| --- |
| DWS Concept Kaldemorgen EUR | DWS Concept Platow EUR |
| 148 340 496.34 | 3 512 326.27 |
| 84 875 554.67 | 0.00 |
| 625 852.79 | 0.00 |
| 2 621 764.63 | 0.00 |
| -23 239 794.29 | -448 054.65 |
| 213 223 874.14 | 3 064 271.62 |
|  |  |
|  |  |
| -8 974 894.87 | -79 663.08 |
| -139 077 379.84 | -2 866 129.25 |
| -105 640.70 | -1 858.42 |
| -190 109.79 | -10 359.63 |
| -4 803 221.44 | -74 421.45 |
| -4 245 525.85 | -42 258.46 |
| -157 396 772.49 | -3 074 690.29 |
|  |  |
| 55 827 101.65 | -10 418.67 |
|  |  |
|  |  |
| -350 685 201.97 | 17 642 155.29 |
| -350 685 201.97 | 17 642 155.29 |
| -294 858 100.32 | 17 631 736.62 |

 Statement of changes in net assets for the period from January 1, 2020, through December 31, 2020	
| Value of the fund’s net assets at the beginning of the fiscal year | DWS Concept, SICAV EUR *** Consolidated 12 090 490 521.57 | DWS Concept Dividend Equity Risk Control (in liquidation)  1 EUR 47 442 908.94 | DWS Concept Institutional Fixed Income * USD 870 751 324.99 |
| --- | --- | --- | --- |
| Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | -77 220 792.99 | 0.00 | -77 220 792.99 |
| Distribution for the previous year / Interim distribution | -2 394 358.20 | -713 492.04 | 0.00 |
| Net inflows/outflows | -119 394 640.99 | -38 329 243.73 | -129 613 793.33 |
| Income adjustment | 128 575 160.15 | -4 790 661.60 | 129 648 589.27 |
| Net investment income | 55 145 340.62 | 0.00 | -671 342.36 |
| Realized gains/losses | 371 851 628.59 | 0.00 | 704 894 675.27 |
| Net change in unrealized appreciation/depreciation | -597 452 883.50 | -3 609 511.57 | -637 166 020.54 |
|  |  |  |  |
| Value of the fund’s net assets at the end of the fiscal year | 11 849 599 975.25 | 0.00 | 860 622 640.31 |

* The portfolio composition, income, expenses and statement of changes in net assets of sub-funds managed in foreign currency were converted into euro at the exchange rates stated below. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial state- ments for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base curren- cy. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as “Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period” in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2020	USD 1.229649 = EUR 1
Fiscal year-end 2019 . . . . . . . . . . . . . . . . . . . . USD 1.120600 = EUR 1
** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.
For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reim- bursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense components to the respective income adjustment and reimbursed expense items.
1  
The sub-fund was liquidated December 9, 2020.
|  |
| --- |
| DWS Concept Kaldemorgen EUR 10 946 531 494.65 | DWS Concept Platow EUR 225 764 792.99 |
| 0.00 | 0.00 |
| -1 680 866.16 | 0.00 |
| 64 386 596.39 | -15 838 200.32 |
| 4 046 166.67 | -328 934.19 |
| 55 827 101.65 | -10 418.67 |
| -350 685 201.97 | 17 642 155.29 |
| 30 421 127.15 | 12 901 521.46 |
|  |  |
| 10 748 846 418.38 | 240 130 916.56 |

Translation (ENFR, 2020-12-31):
# Rapport annuel et comptes annuels
## DWS Concept Kaldemorgen

#### Objectif d’investissement et résultat de placement pendant la période sous revue
DWS Concept Kaldemorgen est un fonds à rendement total (Total Return) qui privilégie les
actions et offre une gestion des risques intégrée. La politique de placement du compartiment
DWS CONCEPT KALDEMORGEN
Performance sur 5 ans
120
116
112
108
104
100
96
92
a pour objectif de générer une
12/15*
12/16
12/17	12/18	12/19
12/20
plus-value récurrente en cas
DWS Concept Kaldemorgen (classe d‘actions LC)
* 12/2015 = 100
Informations basées sur l’euro
de risque (volatilité) inférieure
à 10 %, ce qui, par expérience, correspond à peu près à la moi- tié de la volatilité du marché des actions. Le compartiment
Performance calculée d’après la méthode de l’Association fédérale des sociétés d’investissement allemandes (BVI), c’est-à-dire sans prise en compte du droit d’entrée. Les performances passées ne préjugent pas des performances futures.	Situation au : 31 décembre 2020
cherche à proposer à l’investis- seur un objectif de performance dit asymétrique. Dans le même temps, l’équipe de gestion vise à ce que le pourcentage de la perte boursière soit inférieur à 10 % sur une année civile (sans garantie).
Au cours de la période sous revue, l’environnement de placement a été marqué par des taux toujours très bas, en partie négatifs, dans les pays indus- trialisés et par des fluctuations sur les marchés des capitaux.
Outre le niveau élevé de la dette dans le monde et l’incertitude concernant la politique moné- taire des banques centrales, l’af- faiblissement notable de l’éco- nomie mondiale, exacerbé par les incertitudes résultant de la pandémie de coronavirus*, est entré dans la ligne de mire des acteurs du marché. Toutefois, des questions politiques telles que le « Brexit » et l’élection pré- sidentielle américaine de début novembre 2020 ont parfois éga- lement influencé l’activité du marché. Dans ce contexte, DWS Concept Kaldemorgen a enregis-
tré, au cours de l’exercice clos fin décembre 2020, une moins- value de 1,9 % par action (classe d’actions LC ; calcul d’après la méthode de la BVI, l’Association fédérale des sociétés d’investis- sement allemandes ; en euro).

#### Politique de placement pendant la période sous revue
Dans l’ensemble, l’évolution des marchés internationaux des capitaux a été dominée par des fluctuations au cours de l’exer- cice écoulé. Elle a parfois été pénalisée par la propagation mondiale de la pandémie de Covid-19 et ses conséquences sociales et économiques pour la communauté mondiale. En revanche, la poursuite d’une politique monétaire extrême- ment souple par les banques centrales des pays industria- lisés – compte tenu de l’affai- blissement de l’économie mon- diale – a soutenu l’évolution des cours sur les marchés finan- ciers. La Banque centrale euro- péenne et la Banque du Japon, par exemple, ont maintenu
leur politique de taux zéro. Au
cours de la période sous revue, la Réserve fédérale américaine (Fed) a abaissé son taux d’inté- rêt directeur en deux étapes de 1,5 point de pourcentage pour le ramener dans une fourchette de 0,00 % à 0,25 % par an.
Les craintes d’un Brexit sans accord (« No Deal Brexit ») ont entraîné une incertitude sup- plémentaire et des pressions sur les cours sur les marchés financiers. En fin de compte, les marchés des obligations ont enregistré des hausses des cours en 2020, avec des rendements obligataires en baisse par rapport à un niveau de rendement déjà très bas, en partie négatif. Les marchés des obligations d’entreprises et les marchés des actions ont d’abord réussi à enregistrer
des hausses de cours, sur fond de fluctuations, jusqu’à la mi- février 2020. Cette évolution a été favorisée notamment par la politique monétaire très souple des banques centrales. Cepen- dant, dans la seconde moitié de février 2020, les marchés internationaux du crédit et
des actions ont enregistré une
chute des cours, qui a annihilé
les plus-values précédentes. La raison en est la maladie à coronavirus (COVID-19)*, qui s’est propagée en pandémie et a entraîné des restrictions sociales et économiques notables (confinement), dont
les conséquences n’étaient pas prévisibles jusqu’à récemment. Compte tenu des efforts et des séries de mesures mis en place par la communauté internatio- nale dans le but de surmonter les effets économiques de la crise du coronavirus, une forte reprise des cours s’est installée sur les marchés des obligations d’entreprises et des actions dans la seconde moitié du mois de mars 2020, qui s’est poursui- vie – bien que de manière très contrastée – jusqu’à la fin de l’année 2020, soutenue derniè- rement aussi par les demandes d’homologation de trois vac- cins contre la COVID-19. Alors que, par exemple, les marchés des actions aux États-Unis et dans les pays émergents, sur- tout en Chine, ont enregistré des hausses de cours notables au cours de la période sous revue, le marché allemand
des actions a clôturé en légère hausse, mais les marchés euro- péens des actions étaient en baisse sur l’année à la fin du mois de décembre 2020. En
fin de compte, les émissions
DWS CONCEPT KALDEMORGEN
Performance des classes d’actions (en euro)
| Classe d’actions | ISIN | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Classe LC | LU0599946893 | -1,9 % | 6,9 % | 15,4 % |
| Classe FC | LU0599947271 | -1,1 % | 9,1 % | 19,3 % |
| Classe FD | LU0599947354 | -1,2 % | 9,1 % | 10,2 % 1) |
| Classe IC | LU0599947438 | -1,0 % | 9,7 % | 20,3 % |
| Classe IC100 | LU2061969395 | -0,7 % | 1,8 % 1) | – |
| Classe LD | LU0599946976 | -1,9 % | 6,8 % | 15,3 % |
| Classe NC | LU0599947198 | -2,6 % | 4,9 % | 11,8 % |
| Classe PFC | LU2001316731 | -2,9 % | 1,5 % 1) | – |
| Classe RVC | LU1663838461 | -1,1 % | 10,5 % | 10,1 % 1) |
| Classe SC | LU1028182704 | -0,9 % | 10,0 % | 20,8 % |
| Classe SCR | LU1254423079 | -1,9 % | 8,1 % | 18,8 % |
| Classe SFC | LU1303389503 | -2,2 % | 7,1 % | 16,7 % |
| Classe SLD | LU1606606942 | -1,9 % | 7,2 % | 5,4 % 1) |
| Classe TFC | LU1663838545 | -1,1 % | 8,8 % | 8,4 % 1) |
| Classe TFD | LU1663838891 | -1,1 % | 9,1 % | 8,7 % 1) |
| Classe VC | LU1268496996 | -1,9 % | 8,1 % | 18,0 % |
| Classe AUD SFDMH 2) | LU2081041449 | -1,9 % 1) | – | – |
| Classe CHF FCH 3) | LU1254422691 | -1,5 % | 8,2 % | 17,0 % |
| Classe CHF SFCH 3) | LU1303387986 | -2,3 % | 6,0 % | 14,0 % |
| Classe GBP CH RD 4) | LU1422958493 | -0,8 % | 13,2 % | 26,4 % 1) |
| Classe USD FCH 5) | LU0599947784 | 0,3 % | 16,5 % | 31,1 % |
| Classe USD LCH 5) | LU0599947602 | -0,4 % | 14,1 % | 26,8 % |
| Classe USD SCH 5) | LU2096798330 | -0,1 % 1) | – | – |
| Classe USD SFDMH 5) | LU2081041795 | -0,7 % 1) | – | – |
| Classe USD TFCH 5) | LU1663838974 | 0,2 % | 16,7 % | 16,5 % 1) |

1) 
Classe GBP CH RD lancée le 15 juin 2016 / classe FD lancée le 30 janvier 2017 / classe SLD lancée le 15 mai 2017 / classes RVC, TFC, TFD et USD TFCH lancées le 5 décembre 2017 / classe PFC lancée le 15 juillet 2019 / classe IC100 lancée le 31 octobre 2019 / classes USD SCH, USD SFDMH et AUD SFDMH lancées le 31 janvier 2020
2) 
en AUD
3) 
en CHF
4) 
en GBP
5) 
en USD
Performance calculée d’après la méthode de l’Association fédérale des sociétés d’investissement allemandes (BVI), c’est- à-dire sans prise en compte du droit d’entrée. Les performances passées ne préjugent pas des performances futures.
Situation au : 31 décembre 2020
bénéficiant d’une bonne note de crédit (Investment Grade) ont enregistré des hausses de cours et se sont donc compor- tées plus favorablement que les obligations à rendement élevé, ce qui a largement compensé la précédente chute des cours en février / mars 2020.
Dans cet environnement de marché, l’équipe de gestion du compartiment a géré la quote- part d’actions de manière dyna- mique. Tandis que les actions des secteurs des technologies de l’information, des services de communication et de l’im- mobilier résidentiel, en particu-
lier, ont enregistré de bonnes performances au cours de l’an- née 2020 sous revue, la crise du coronavirus et les blocages associés ont pesé notamment sur les actions européennes du portefeuille. La quote-part d’ac- tions brute a été sensiblement augmentée au cours de l’année,
pour atteindre environ 56,4 %	dans des obligations des mar-	
des actifs du compartiment à la fin de l’exercice. Cette décision s’appuie sur l’amélioration des perspectives stratégiques pour cette classe d’actifs, compte tenu des mesures importantes prises par les politiques moné- taires et fiscales, par exemple aux États-Unis et en Europe.
Pour gérer le risque, certaines parties du portefeuille d’actions ont été couvertes par des contrats à terme sur indices, de sorte que le compartiment n’a pu participer que dans une mesure inférieure à la moyenne à la reprise des marchés des actions jusqu’à fin août 2020. Ces couvertures ont pesé sur la performance du compartiment. Si, dans un premier temps, les valeurs défensives, issues par exemple du secteur pharma- ceutique, sont restées relative- ment stables, elles ont quelque peu reculé à partir du troisième trimestre 2020. La reprise
des marchés des actions en novembre 2020, à la suite des élections américaines et des nouvelles positives concer- nant les vaccins, a stimulé les valeurs cycliques et les valeurs de santé en particulier. Le por- tefeuille équilibré d’actions du compartiment DWS Concept Kaldemorgen s’est révélé avan- tageux dans ce cas.
Sur le plan obligataire, le com- partiment était principalement investi dans des obligations d’État et d’entreprises. L’accent a été mis sur les obligations d’État américaines, qui ont permis de stabiliser le porte- feuille obligataire au premier trimestre 2020. Un engagement
chés émergents ont également été ajoutés au portefeuille.
Les obligations d’entreprises et des marchés émergents se sont remises relativement rapi- dement des pertes subies à la suite de la crise du coronavirus au premier trimestre 2020.
Après le fort redressement observé au deuxième tri- mestre 2020, les primes de risque se sont de nouveau resserrées au troisième tri- mestre 2020, mais à un rythme plus lent qu’auparavant. En novembre 2020, les obligations d’entreprises du portefeuille ont en fin de compte enregis- tré de nouvelles hausses de cours et ont ainsi contribué de manière positive au résultat de placement du compartiment.
L’engagement dans l’or (via les ETC (Exchange Traded Com- modities)) a complété le porte- feuille global du compartiment et contribué de manière posi- tive au résultat en raison de la hausse sensible du prix de l’or au cours de l’année.
Du côté des devises étrangères, le compartiment a été exposé, entre autres, au dollar améri- cain, au yen et au rouble russe par le biais de ses engagements dans des titres et des contrats de change à terme. La dépré- ciation de certaines devises
du portefeuille, en particulier le dollar américain, a entraîné un effet de change négatif sur l’année. En revanche, les cou- vertures de change conclues durant la période sous revue ont pu apporter une contribu- tion positive.
* La crise du coronavirus (COVID-19) a été et demeure également un défi majeur pour l’économie mondiale et donc un événement significatif pendant la période sous revue. La prise en compte des incertitudes liées aux effets du COVID-19 est nécessaire à la bonne compréhension des comptes annuels. Vous trouverez de plus amples informations dans la section intitulée « Informations ».

## Comptes annuels
DWS Concept Kaldemorgen
| État de l’actif au 31 décembre 2020 |  |
| --- | --- |
|  | Montant en EUR | Part en % de l´actif du fonds |
| I. Éléments d’actif |  |  |
| 1. Actions (secteurs) Technologies de l’information | 898 101 254,50 | 8,35 |
| Services de télécommunications | 1 070 189 080,30 | 9,97 |
| Biens de consommation durables | 1 234 800 724,98 | 11,48 |
| Énergie | 20 651 103,53 | 0,19 |
| Biens de consommation courante | 379 802 983,32 | 3,53 |
| Secteur financier | 646 344 008,07 | 6,01 |
| Matières premières | 358 863 295,60 | 3,35 |
| Industrie | 272 926 850,74 | 2,53 |
| Services aux collectivités | 365 130 733,30 | 3,40 |
| Total actions | 5 246 810 034,34 | 48,81 |
| 2. Obligations (émetteurs) Entreprises | 897 871 998,12 | 8,36 |
| Instituts | 45 751 357,58 | 0,43 |
| Administrations centrales | 520 806 573,47 | 4,84 |
| Total des obligations | 1 464 429 929,17 | 13,63 |
| 3. Parts de fonds Fonds obligataires | 178 471 250,00 | 1,66 |
| Fonds d’actions | 819 496 600,00 | 7,62 |
| Autres fonds | 215 763 900,00 | 2,01 |
| Total des parts de fonds | 1 213 731 750,00 | 11,29 |
| 4. Dérivés | 38 551 521,53 | 0,37 |
| 5. Avoirs bancaires | 2 774 426 671,99 | 25,81 |
| 6. Autres éléments d’actif | 37 514 315,42 | 0,35 |
| 7. À recevoir au titre d’opérations sur actions | 8 052 593,74 | 0,07 |
| II. Engagements |  |  |
| 1. Autres engagements | -15 663 128,89 | - 0,15 |
| 2. Engagements découlant d’opérations sur actions | -19 007 268,92 | - 0,18 |
| III. Actif du fonds | 10 748 846 418,38 | 100,00 |
| De faibles différences ont pu apparaître car les pourcentages sont arrondis lors du calcul. |  |  |

État du portefeuille-titres au 31 décembre 2020
| Dénomination des titres | Unité / actions / devise | Montant nominal ou quantité | Achats / entrées pendant la période | Ventes / sorties sous revue | Devise | Cours | Valeur boursière en EUR | Part en % de l´actif du fonds |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 6 440 510 115,72 | 59,92 |
| Actions Alcon, Inc. ........................................  | Unité | 600 000 | 1 100 000 | 500 000 | CHF | 58,94 | 32 586 730,91 | 0,30 |
| Nestle SA ........................................  | Unité | 1 150 000 | 350 000 |  | CHF | 104,44 | 110 673 620,20 | 1,03 |
| Novartis AG .......................................  | Unité | 900 000 | 700 000 | 545 000 | CHF | 83,16 | 68 966 216,73 | 0,64 |
| Roche Holding AG ..................................  | Unité | 350 000 | 100 000 | 230 000 | CHF | 308,8 | 99 592 067,56 | 0,93 |
| AXA SA *.........................................  | Unité | 5 500 000 | 1 235 000 | 1 500 000 | EUR | 19,718 | 108 449 000,00 | 1,01 |
| BASF SE .........................................  | Unité | 3 000 000 | 2 390 000 | 350 000 | EUR | 64,72 | 194 160 000,00 | 1,81 |
| Bayer AG .........................................  | Unité | 2 999 020 | 1 816 818 | 467 798 | EUR | 48,155 | 144 417 808,10 | 1,34 |
| Bureau Veritas SA ..................................  | Unité | 800 000 |  |  | EUR | 22,23 | 17 784 000,00 | 0,17 |
| Capgemini SA .....................................  | Unité | 375 000 | 300 000 | 175 000 | EUR | 126,9 | 47 587 500,00 | 0,44 |
| Cie de St-Gobain ...................................  | Unité | 1 250 000 |  | 340 000 | EUR | 38,13 | 47 662 500,00 | 0,44 |
| Deutsche Telekom AG ..............................  | Unité | 14 381 939 | 9 581 939 |  | EUR | 14,955 | 215 081 897,80 | 2,00 |
| E.ON SE .........................................  | Unité | 23 476 802 | 9 476 802 |  | EUR | 9,064 | 212 793 733,30 | 1,98 |
| Essilorluxottica.....................................  | Unité | 400 000 | 300 000 | 100 000 | EUR | 128,9 | 51 560 000,00 | 0,48 |
| Evonik Industries AG ................................  | Unité | 4 180 346 | 1 730 346 | 1 150 000 | EUR | 26,68 | 111 531 631,30 | 1,04 |
| HeidelbergCement AG ..............................  | Unité | 1 550 000 | 1 550 000 |  | EUR | 61,22 | 94 891 000,00 | 0,88 |
| Infineon Technologies AG ............................  | Unité | 4 250 000 | 5 250 000 | 6 500 000 | EUR | 31,39 | 133 407 500,00 | 1,24 |
| Koninklijke Ahold Delhaize NV.........................  | Unité | 3 000 000 | 600 000 |  | EUR | 23,36 | 70 080 000,00 | 0,65 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Unité | 80 000 | 115 000 | 170 000 | EUR | 515,3 | 41 224 000,00 | 0,38 |
| Merck KGaA ......................................  | Unité | 225 000 | 455 893 | 230 893 | EUR | 140,35 | 31 578 750,00 | 0,29 |
| Red Electrica Corp., SA ..............................  | Unité | 3 500 000 | 3 500 000 |  | EUR | 16,95 | 59 325 000,00 | 0,55 |
| Royal Dutch Shell PLC * .............................  | Unité | 1 394 591 | 4 505 242 | 10 420 651 | EUR | 14,808 | 20 651 103,53 | 0,19 |
| Sanofi * ..........................................  | Unité | 1 000 000 | 700 000 | 670 000 | EUR | 78,82 | 78 820 000,00 | 0,73 |
| Veolia Environnement SA ............................  | Unité | 4 600 000 | 2 600 000 |  | EUR | 20,22 | 93 012 000,00 | 0,87 |
| Volkswagen AG -Pref- ...............................  | Unité | 1 200 000 | 1 200 000 |  | EUR | 152,42 | 182 904 000,00 | 1,70 |
| Vonovia SE .......................................  | Unité | 4 300 000 | 250 000 | 1 950 000 | EUR | 59,76 | 256 968 000,00 | 2,39 |
| Compass Group PLC ................................  | Unité | 4 000 000 | 1 500 000 |  | GBP | 13,95 | 61 719 699,71 | 0,58 |
| Smith & Nephew PLC ...............................  | Unité | 2 477 918 | 500 000 | 522 082 | GBP | 15,535 | 42 578 248,62 | 0,40 |
| Vodafone Group PLC................................  | Unité | 75 000 000 | 37 000 000 | 65 000 000 | GBP | 1,227 | 101 752 888,80 | 0,95 |
| Alibaba Group Holding Ltd ...........................  | Unité | 4 400 000 | 4 400 000 |  | HKD | 236,2 | 109 015 215,90 | 1,02 |
| Tencent Holdings Ltd ...............................  | Unité | 1 100 000 |  | 465 000 | HKD | 559,5 | 64 557 592,39 | 0,60 |
| Panasonic Corp.....................................  | Unité | 10 000 000 |  |  | JPY | 1 190,5 | 93 955 283,61 | 0,87 |
| Secom Co., Ltd ...................................  | Unité | 525 000 | 200 000 |  | JPY | 9 517 | 39 432 215,70 | 0,37 |
| Takeda Pharmaceutical Co., Ltd .......................  | Unité | 2 000 000 | 2 500 000 | 500 000 | JPY | 3 755 | 59 269 565,72 | 0,55 |
| Samsung Electronics Co., Ltd .........................  | Unité | 2 000 000 | 1 485 000 |  | KRW | 81 000 | 121 278 541,80 | 1,13 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Unité | 21 500 000 | 6 200 000 |  | TWD | 525 | 326 699 759,80 | 3,04 |
| AbbVie, Inc. .......................................  | Unité | 625 000 | 1 189 700 | 2 564 700 | USD | 106,01 | 53 882 232,75 | 0,50 |
| Alphabet, Inc. .....................................  | Unité | 150 000 | 81 500 | 90 000 | USD | 1 749,81 | 213 452 322,70 | 1,99 |
| Amazon.com, Inc. ..................................  | Unité | 40 000 | 40 000 |  | USD | 3 325,92 | 108 190 847,20 | 1,01 |
| American Express Co. ...............................  | Unité | 800 000 | 975 000 | 600 000 | USD | 119,04 | 77 446 471,68 | 0,72 |
| Amgen, Inc. .......................................  | Unité | 212 426 | 476 896 | 414 470 | USD | 227,83 | 39 358 388,95 | 0,37 |
| AT&T, Inc. ........................................  | Unité | 5 500 000 | 3 500 000 | 2 750 000 | USD | 28,54 | 127 654 282,80 | 1,19 |
| Broadcom, Inc. ....................................  | Unité | 300 000 | 300 000 |  | USD | 433,6 | 105 786 259,20 | 0,98 |
| Cisco Systems, Inc..................................  | Unité | 2 080 000 |  |  | USD | 44,745 | 75 687 921,51 | 0,70 |
| CVS Health Corp....................................  | Unité | 650 000 | 500 000 | 1 250 000 | USD | 67,69 | 35 781 340,14 | 0,33 |
| Johnson & Johnson.................................  | Unité | 1 750 000 | 250 000 | 750 000 | USD | 155,13 | 220 776 362,10 | 2,05 |
| Johnson Controls International PLC ....................  | Unité | 1 250 000 | 1 250 000 |  | USD | 46,61 | 47 381 395,50 | 0,44 |
| JPMorgan Chase & Co...............................  | Unité | 1 050 000 | 1 050 000 |  | USD | 125,12 | 106 840 218,20 | 0,99 |
| Linde PLC ........................................  | Unité | 250 000 | 250 000 |  | USD | 261,53 | 53 171 664,30 | 0,50 |
| MasterCard, Inc. ...................................  | Unité | 120 000 | 13 000 | 100 000 | USD | 353,31 | 34 479 098,93 | 0,32 |
| Microsoft Corp. ....................................  | Unité | 900 000 | 600 000 | 700 000 | USD | 223,17 | 163 341 693,70 | 1,52 |
| Pfizer, Inc. ........................................  | Unité | 1 250 000 | 3 000 000 | 5 000 000 | USD | 37,05 | 37 663 177,50 | 0,35 |
| Pinterest, Inc. .....................................  | Unité | 1 000 000 | 4 300 000 | 3 300 000 | USD | 67,38 | 54 796 111,20 | 0,51 |
| TE Connectivity Ltd .................................  | Unité | 850 000 | 850 000 |  | USD | 120,06 | 82 991 955,24 | 0,77 |
| Visa, Inc. * ........................................  | Unité | 350 000 | 350 000 |  | USD | 218,39 | 62 161 219,26 | 0,58 |
| Titres portant intérêt 10,125 % Assicurazioni Generali SpA 2012/2042 * ** ......  | EUR | 6 200 000 |  |  | % | 115,81 | 7 180 220,00 | 0,07 |
| 6,50  % CMA CGM SA -Reg- (MTN) 2017/2022 * ........  | EUR | 65 000 000 |  |  | % | 101,816 | 66 180 400,00 | 0,62 |
| 5,25 % CMA CGM SA -Reg- (MTN) 2017/2025 .........  | EUR | 75 000 000 |  |  | % | 99,965 | 74 973 750,00 | 0,70 |
| 4,00  % Coty, Inc. -Reg- (MTN) 2018/2023 .............  | EUR | 55 000 000 |  |  | % | 96,112 | 52 861 600,00 | 0,49 |
| 4,75 % Coty, Inc. -Reg- (MTN) 2018/2026 * ............  | EUR | 25 000 000 |  |  | % | 93,961 | 23 490 250,00 | 0,22 |
| 3,25  % Eurofins Scientific Se (MTN) 2017/2027 * ** .....  | EUR | 10 000 000 |  |  | % | 104,707 | 10 470 700,00 | 0,10 |
| 5,125 % Hapag-Lloyd AG -Reg- (MTN) 2017/2024 *.......  1,125 % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2016/2024 ..........................  | EUR EUR | 20 433 333 12 000 000 |  | 9 566 667 | % % | 103,654 93,103 | 21 179 967,35 11 172 360,00 | 0,20 0,10 |
| 4,50 | % Teva Pharmaceutical Finance Netherlands II BV (MTN) 2018/2025 ..........................  | EUR | 56 000 000 |  | % | 103,757 | 58 103 920,00 | 0,54 |
| 4,35 | % Turkey Government International Bond (MTN) 2013/2021 ..........................  | EUR | 50 000 000 | 15 245 000 | % | 103,015 | 51 507 500,00 | 0,48 |
| 3,25 | % Turkey Government International Bond (MTN) 2017/2025 ..........................  | EUR | 30 000 000 |  | % | 101,391 | 30 417 300,00 | 0,28 |
| 1,00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 1 500 000 000 | 1 500 000 000 | % | 100,507 | 143 186 028,80 | 1,33 |
| 2,00 | % Norway Government Bond 2012/2023 ..........  | NOK | 1 000 000 000 | 1 750 000 000 750 000 000 | % | 103,975 | 98 751 114,14 | 0,92 |
| 7,60 | % Russian Federal Bond - OFZ (MTN) 2011/2021 ...  | RUB | 5 700 000 000 |  | % | 101,068 | 62 578 972,79 | 0,58 |
| 7,00 | % Russian Federal Bond - OFZ (MTN) 2013/2023 ...  | RUB | 6 000 000 000 |  | % | 105,374 | 68 679 103,80 | 0,64 |
| 2,95 | % AbbVie, Inc. (MTN) 2020/2026 ................  | USD | 21 910 000 | 21 910 000 | % | 110,831 | 19 747 965,55 | 0,18 |
| 3,20 | % AbbVie, Inc. (MTN) 2020/2029 ................  | USD | 56 920 000 | 56 920 000 | % | 112,491 | 52 071 657,33 | 0,49 |

| Dénomination des titres | Unité / actions / devise | Montant nominal ou quantité | Achats / entrées pendant la période | Ventes / sorties sous revue | Devise | Cours | Valeur boursière en EUR | Part en % de l´actif du fonds |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5,125 % Arconic, Inc. (MTN) 2014/2024 ................  | USD | 72 098 000 | 2 098 000 | % | 109,966 | 64 476 340,06 | 0,60 |
| 4,95  % Gazprom OAO Via Gaz Capital SA -Reg- |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 45 000 000 |  | % | 105,653 | 38 664 560,57 | 0,36 |
| 5,875 % Iceland Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 12 600 000 | % | 105,866 | 10 847 902,70 | 0,10 |
| 4,75  % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 13 000 000 | 13 000 000 | % | 100,124 | 10 585 229,43 | 0,10 |
| 5,625 % Oman Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2018/2028 ..........................  | USD | 73 000 000 | 33 000 000 | % | 102,135 | 60 633 995,20 | 0,56 |
| 6,125 % Sberbank of Russia Via SB Capital SA -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 9 000 000 | % | 105,388 | 7 713 516,34 | 0,07 |
| 7,25  % Sprint Corp. (MTN) 2014/2021 ................  | USD | 50 000 000 | % | 104,087 | 42 323 855,94 | 0,39 |
| 7,25  % Stora Enso Oyj -Reg- 2006/2036 * .............  | USD | 5 836 000 | % | 134,279 | 6 372 973,51 | 0,06 |
| 6,25  % Turkey Government International Bond |  |  |  |  |  |  |
| (MTN) 2012/2022 ..........................  | USD | 40 000 000 | % | 104,889 | 34 119 972,14 | 0,32 |
| 5,625 % Turkey Government International Bond 2010/2021 | USD | 40 000 000 | % | 100,927 | 32 831 149,39 | 0,31 |
| 5,125 % Turkey Government International Bond 2045/2022 | USD | 39 000 000 | % | 102,716 | 32 577 776,34 | 0,30 |

Valeurs autorisées ou négociées sur des marchés réglementés	270 729 847,79	2,52 Titres portant intérêt
| USD | 5 600 000 |  |  | % | 116,976 | 5 327 255,49 | 0,05 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 55 000 000 |  |  | % | 97,785 | 43 737 470,30 | 0,41 |
| USD | 10 000 000 |  | 8 000 000 | % | 111,208 | 9 043 879,39 | 0,08 |
| USD | 41 240 000 |  |  | % | 106,495 | 35 716 311,84 | 0,33 |
| USD | 50 000 000 |  |  | % | 100,365 | 40 810 416,30 | 0,38 |
| USD | 30 000 000 |  | 10 000 000 | % | 111,802 | 27 276 557,54 | 0,25 |
| USD | 55 000 000 |  |  | % | 102,288 | 45 751 357,58 | 0,43 |
| USD | 20 000 000 |  |  | % | 113,904 | 18 526 257,79 | 0,17 |
| USD | 50 000 000 |  |  | % | 109,538 | 44 540 341,56 | 0,42 |
|  |  |  |  |  |  | 1 213 731 750,00 | 11,29 |
| Actions | 5 020 000 | 340 000 |  | EUR | 148,63 | 746 122 600,00 | 6,94 |
| Actions | 280 000 | 280 000 |  | EUR | 262,05 | 73 374 000,00 | 0,68 |
| Actions | 875 000 |  |  | EUR | 108,6 | 95 025 000,00 | 0,89 |
| Actions | 500 000 |  | 623 000 | EUR | 118,9 | 59 450 000,00 | 0,55 |
| Actions | 225 000 |  |  | EUR | 106,65 | 23 996 250,00 | 0,22 |
| Actions | 1 510 000 | 350 000 |  | EUR | 142,89 | 215 763 900,00 | 2,01 |
|  |  |  |  |  |  | 7 924 971 713,51 | 73,73 |

8,125 % Commerzbank AG -Reg- (MTN) 2013/2023 ...... 
6,50  % Coty, Inc. -144A- (MTN) 2018/2026 ............ 
4,375 % Netflix, Inc. (MTN) 2016/2026 ................. 
6,00 % Teva Pharmaceutical Finance Netherlands III BV (MTN) 2018/2024 * ......................... 
6,00  % T-Mobile USA, Inc. (MTN) 2014/2023 ........... 
7,375 % Turkey Government International Bond 2005/2025 1,00  % Twitter, Inc. (MTN) 2014/2021 ................ 
5,25  % VeriSign, Inc. (MTN) 2015/2025 ............... 
2,625 % Verizon Communications, Inc. (MTN) 2016/2026 .. 
Parts de fonds
Parts de fonds du groupe
db Physical Gold ETC EUR - (0,250 %) ................. 
DWS Biotech Typ O -LC- EUR - (1,500 %) ............... 
DWS Invest SICAV - DWS Invest Emerging Markets Opportunities -IC100- EUR - (0,200 %) .................. 
DWS Invest SICAV - DWS Invest Euro High Yield Corporates
-RC- EUR - (0,350 %)................................ 
DWS Invest SICAV - DWS Invest Credit Opportunities -FC- EUR - (0,670 %) ................................... 
Parts de fonds investies en dehors du groupe
Gold Bullion Securities Ltd (0,400%) ................... 
Total du portefeuille-titres
Dérivés
(Les positions précédées d’un signe négatif représentent les positions vendeuses)
| Dérivés sur indices boursiers Créances / dettes |  |  |  | -27 025 849,16 | -0,24 |
| --- | --- | --- | --- | --- | --- |
| Contrats à terme sur indices boursiers CAC40 01/2021 (MS)................................  | Unité | -2 500 | 2 500 | -1 331 250,00 | -0,01 |
| Dax Index 03/2021 (MS) .............................  | Unité | -1 300 | 1 300 | -11 925 295,44 | -0,11 |
| MSCI World Index 03/2021 (DB).......................  | Unité | -4 700 | 4 700 | -1 595 650,00 | -0,01 |
| S & P MINI 500 Futures 03/2021 (MS) ..................  | Unité | -3 750 | 3 750 | -12 173 653,72 | -0,11 |
| Dérivés sur taux d’intérêt Créances / dettes |  |  |  | 3 502 192,45 | 0,03 |
| Contrats à terme sur taux d’intérêt US Treasury Notes 10 year Futures 03/2021 (MS) .........  | Unité | -2 500 | 2 500 | 31 767,19 | 0,00 |
| US Treasury Notes 30 year Futures 03/2021 (MS) .........  | Unité | -4 500 | 4 500 | 3 470 425,26 | 0,03 |
| Dérivés sur devises Créances / dettes |  |  |  | 62 075 178,24 | 0,58 |
| Opérations de change à terme |  |  |  |  |  |
| Opérations de change à terme (Achat) |  |  |  |  |  |
| Positions ouvertes AUD / EUR 0,1 million ..............................  |  |  |  | 55,56 | 0,00 |
| CHF / EUR 32,4 millions .............................  |  |  |  | -23 535,41 | 0,00 |
| Positions clôturées AUD / EUR 0,1 million ..............................  |  |  |  | 65,04 | 0,00 |
| CHF / EUR 32,4 millions .............................  |  |  |  | 28 040,85 | 0,00 |

| Dénomination des titres | Unité / actions / devise | Montant nominal ou quantité | Achats / entrées pendant la période | Ventes / sorties sous revue | Devise | Cours | Valeur boursière en EUR | Part en % de l´actif du fonds |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Opérations de change à terme (Vente) |  |  |  |  |  |  |  |  |
| Positions ouvertes EUR / GBP 96,6 millions ............................  |  |  |  |  |  |  | -522 464,51 | 0,00 |
| EUR / USD 2 414,1 millions ..........................  |  |  |  |  |  |  | 43 010 328,21 | 0,40 |
| Positions clôturées EUR/GBP 106,9 millions .............................  |  |  |  |  |  |  | 1 897 760,46 | 0,02 |
| EUR/USD 1 292,5 millions ...........................  |  |  |  |  |  |  | 17 684 928,04 | 0,16 |
| Avoirs bancaires |  |  |  |  |  |  | 2 774 426 671,99 | 25,81 |
| Dépositaire (à échéance quotidienne) Avoirs en euro .....................................  | EUR |  |  |  |  |  | 945 197 851,94 | 8,79 |
| Avoirs en autres devises de l’UE / l’EEE |  |  |  |  |  |  |  |  |
| Livre sterling ......................................  | GBP | 155 419 032 |  |  |  |  | 171 907 096,56 | 1,60 |
| Couronne danoise ..................................  | DKK | 95 619 779 |  |  |  |  | 12 853 726,09 | 0,12 |
| Couronne norvégienne ..............................  | NOK | 602 376 269 |  |  |  |  | 57 211 183,17 | 0,53 |
| Couronne suédoise .................................  | SEK | 210 830 413 |  |  |  |  | 20 978 566,35 | 0,20 |
| Avoirs en devises autres que celles de l’UE / l’EEE |  |  |  |  |  |  |  |  |
| Dollar australien....................................  | AUD | 325 583 |  |  |  |  | 203 256,46 | 0,00 |
| Real brésilien ......................................  | BRL | 984 597 |  |  |  |  | 153 684,88 | 0,00 |
| Renminbi chinois ...................................  | CNY | 1 270 585 |  |  |  |  | 158 213,17 | 0,00 |
| Dollar de Hong Kong ................................  | HKD | 312 279 025 |  |  |  |  | 32 756 490,43 | 0,30 |
| Yen	..........................................  | JPY | 2 407 079 007 |  |  |  |  | 18 996 874,49 | 0,18 |
| Dollar canadien ....................................  | CAD | 604 371 |  |  |  |  | 384 780,03 | 0,00 |
| Peso mexicain .....................................  | MXN | 3 015 435 |  |  |  |  | 122 448,33 | 0,00 |
| Nouveau dollar taïwanais.............................  | TWD | 244 442 103 |  |  |  |  | 7 075 010,08 | 0,07 |
| Rouble russe ......................................  | RUB | 900 000 |  |  |  |  | 9 776,48 | 0,00 |
| Franc suisse ......................................  | CHF | 92 591 102 |  |  |  |  | 85 319 571,41 | 0,79 |
| Dollar de Singapour .................................  | SGD | 47 101 560 |  |  |  |  | 28 938 822,91 | 0,27 |
| Won sud-coréen ...................................  | KRW | 690 890 171 |  |  |  |  | 517 223,16 | 0,00 |
| Livre turque .......................................  | TRY | 329 832 |  |  |  |  | 36 416,20 | 0,00 |
| Dollar américain....................................  | USD | 596 362 304 |  |  |  |  | 484 985 679,84 | 4,51 |
| Dépôts à terme Avoirs en euro (Banco Santander Central, Madrid) .........  | EUR |  |  |  |  |  | 250 000 000,00 | 2,33 |
| Avoirs en euro (Banco Santander Central, Madrid) .........  | EUR |  |  |  |  |  | 250 000 000,00 | 2,33 |
| Avoir en dollar américain (Société Générale, Paris).........  | USD | 2 350 000 |  |  |  |  | 406 620 000,01 | 3,79 |
| Autres éléments d’actif |  |  |  |  |  |  | 37 514 315,42 | 0,35 |
| Droits à dividende / à distribution ......................  |  |  |  |  |  |  | 6 547 798,19 | 0,06 |
| Frais de placement délimités *** ......................  |  |  |  |  |  |  | 2 710 046,23 | 0,03 |
| Intérêts à recevoir ..................................  |  |  |  |  |  |  | 19 648 075,90 | 0,18 |
| Autres actifs ......................................  |  |  |  |  |  |  | 8 608 395,10 | 0,08 |
| À recevoir au titre d’opérations sur actions |  |  |  |  |  |  | 8 052 593,74 | 0,07 |
| Total des éléments d’actif **** |  |  |  |  |  |  | 10 811 088 665,27 | 100,57 |
| Autres engagements |  |  |  |  |  |  | -15 663 128,89 | -0,15 |
| Engagements découlant des coûts.....................  |  |  |  |  |  |  | -13 818 244,23 | -0,13 |
| Autres engagements divers ..........................  |  |  |  |  |  |  | -1 844 884,66 | -0,02 |
| Engagements découlant d’opérations sur actions |  |  |  |  |  |  | -19 007 268,92 | -0,18 |
| Total des engagements |  |  |  |  |  |  | -62 242 246,89 | -0,57 |
| Actif du fonds |  |  |  |  |  |  | 10 748 846 418,38 | 100,00 |

De faibles différences ont pu apparaître car les pourcentages sont arrondis lors du calcul.
Un état des transactions conclues au cours de la période sous revue, dès lors qu’elles n’apparaissent plus dans l’état du portefeuille-titres, est disponible gratuitement sur demande auprès de la société de gestion.
| Valeur liquidative et nombre d’actions en circulation | Unité ou devise | Valeur liquidative dans la devise correspondante |
| --- | --- | --- |
| Valeur liquidative Classe AUD SFDMH ................................  | AUD | 98,14 |
| Classe CHF FCH ...................................  | CHF | 116,88 |
| Classe CHF SFCH ..................................  | CHF | 112,39 |
| Classe FC ........................................  | EUR | 159,77 |
| Classe FD ........................................  | EUR | 107,69 |
| Classe IC .........................................  | EUR | 147,59 |
| Classe IC100 ......................................  | EUR | 101,83 |
| Classe LC ........................................  | EUR | 149,81 |
| Classe LD ........................................  | EUR | 145,95 |
| Classe NC ........................................  | EUR | 140,45 |
| Classe PFC .......................................  | EUR | 101,54 |
| Classe RVC .......................................  | EUR | 110,05 |
| Classe SC ........................................  | EUR | 134,60 |
| Classe SCR .......................................  | EUR | 119,21 |
| Classe SFC .......................................  | EUR | 115,22 |
| Classe SLD .......................................  | EUR | 104,04 |
| Classe TFC .......................................  | EUR | 108,40 |
| Classe TFD .......................................  | EUR | 106,30 |
| Classe VC ........................................  | EUR | 118,08 |
| Classe GBP CH RD .................................  | GBP | 126,38 |
| Classe USD FCH ...................................  | USD | 143,19 |
| Classe USD LCH ...................................  | USD | 137,89 |
| Classe USD SCH ...................................  | USD | 99,90 |
| Classe USD SFDMH ................................  | USD | 99,30 |
| Classe USD TFCH ..................................  | USD | 116,51 |
| Nombre d’actions en circulation Classe AUD SFDMH ................................  | Unité | 162,000 |
| Classe CHF FCH ...................................  | Unité | 264 084,313 |
| Classe CHF SFCH ..................................  | Unité | 12 196,197 |
| Classe FC ........................................  | Unité | 4 119 757,117 |
| Classe FD ........................................  | Unité | 126 519,000 |
| Classe IC .........................................  | Unité | 1 991 531,000 |
| Classe IC100 ......................................  | Unité | 3 983 668,000 |
| Classe LC ........................................  | Unité | 19 520 540,617 |
| Classe LD ........................................  | Unité | 14 769 304,463 |
| Classe NC ........................................  | Unité | 2 160 954,835 |
| Classe PFC .......................................  | Unité | 1 505 358,000 |
| Classe RVC .......................................  | Unité | 287 059,686 |
| Classe SC ........................................  | Unité | 2 936 129,312 |
| Classe SCR .......................................  | Unité | 13 067 128,889 |
| Classe SFC .......................................  | Unité | 386 756,000 |
| Classe SLD .......................................  | Unité | 10 120 193,182 |
| Classe TFC .......................................  | Unité | 1 302 819,882 |
| Classe TFD .......................................  | Unité | 256 788,151 |
| Classe VC ........................................  | Unité | 3 440 287,783 |
| Classe GBP CH RD .................................  | Unité | 27 327,389 |
| Classe USD FCH ...................................  | Unité | 126 401,355 |
| Classe USD LCH ...................................  | Unité | 1 035 075,155 |
| Classe USD SCH ...................................  | Unité | 213 293,000 |
| Classe USD SFDMH ................................  | Unité | 111,000 |
| Classe USD TFCH ..................................  | Unité | 29 883,238 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11/512)
MSCI AC WORLD INDEX Constituents en EUR (70 %) und JP Morgan GBI Global Bond Index en EUR Constituents (30 %)
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11/512)
| Pourcentage minimal du risque potentiel ................  | % | 39,116 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 74,502 |
| Pourcentage moyen du risque potentiel .................  | % | 56,719 |

Les coefficients de risque ont été calculés pour la période du 1
er 
janvier 2020 au 31 décembre 2020 en se basant sur la méthode de la simulation historique fondée sur des paramètres présentant un niveau de fiabilité de 99 %, une durée de détention de 10 jours et une période d’observation historique s’étendant sur douze mois. Le risque d’un portefeuille de référence sans dérivés sert de norme de valorisation. Par risque de marché, on entend le risque encouru par le fonds résultant de l’évolution la plus défavorable des cours du marché. Pour calculer le risque de marché potentiel, la Société applique l’approche Value at Risk relativeconformément à la circulaire CSSF 11/512.
L’effet de levier moyen découlant de l’utilisation de dérivés s’élevait pendant la période sous revue à 0,5, la somme des montants nominaux des dérivés étant mise en relation avec l’actif du fonds (méthode de la valeur nominale) pour le calcul.
L’exposition sous-jacente atteinte au travers des instruments financiers dérivés conformément au point 40 a) des « orientations sur les fonds cotés et autres questions liées aux OPCVM » de l’ESMA (European Securities and Markets Authority ou Autorité européenne des marchés financiers) s’élevait, à la date du rapport et sur la base d’une détermination brute, à 6 042 002 467,78 euros. Sans prendre en compte, le cas échéant, le niveau des classes d’actions à des fins de couverture contre le risque de change des contrats de change à termes conclus.
 Abréviations propres aux marchés	 Marchés à terme
DB = Deutsche Bank AG
MS = Morgan Stanley Bank AG
Parties contractantes des opérations de change à terme
Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Citigroup Global Markets Europe AG, Deutsche Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK) und Société Générale
 Explications sur les prêts de titres	
À la date du rapport, les titres suivants étaient assimilés à des prêts de titres :
| Dénomination des titres | Devise ou nominal par unité | Montant nominal ou quantité | Prêts de titres Valeur boursière en EUR à durée indéterminée | Total |
| --- | --- | --- | --- | --- |
|  | AXA SA ..................................  | Unité | 4 750 000 | 93 660 500,00 |
|  | Royal Dutch Shell PLC.......................  | Unité | 1 829 000 | 27 083 832,00 |
|  | Sanofi ....................................  | Unité | 800 000 | 63 056 000,00 |
|  | Visa, Inc. .................................  | Unité | 330 000 | 58 609 149,72 |
| 10,125 | % Assicurazioni Generali SpA 2012/2042 ** .....  | EUR | 100 000 | 115 810,00 |
| 6,500 | % CMA CGM SA -Reg- (MTN) 2017/2022 .......  | EUR | 16 500 000 | 16 799 640,00 |
| 4,750 | % Coty, Inc. -Reg- (MTN) 2018/2026 ...........  | EUR | 25 000 000 | 23 490 250,00 |
| 3,250 | % Eurofins Scientific Se 2017/2027 **..........  | EUR | 2 300 000 | 2 408 261,00 |
| 5,125 | % Hapag-Lloyd AG -Reg- (MTN) 2017/2024 ......  | EUR | 1 300 000 | 1 347 502,00 |
| 7,250 | % Stora Enso Oyj -Reg- 2006/2036.............  | USD | 500 000 | 546 005,27 |
| 6,000 | % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
|  | (MTN) 2018/2024 ........................  | USD | 4 000 000 | 3 464 239,76 |

Montant total des droits à remboursement issus de prêts de titres	290 581 189,75	290 581 189,75 Parties contractantes des prêts de titres
BNP Paribas S.A., Barclays Bank Ireland PLC EQ, Barclays Bank Ireland PLC FI, Barclays Capital Securities Limited, Crédit Agricole CIB S.A., J.P. Morgan Sec Ltd., J.P. Morgan Securities plc (Fix Income), Société Générale, UBS AG London Branch
| Montant total des garanties accordées par des tiers dans le cadre de prêts de titres | EUR | 307 618 157,56 |
| --- | --- | --- |
| dont : |  |  |
| Obligations | EUR | 47 378 531,00 |
| Actions | EUR | 260 239 626,56 |

 Taux de change (cotation au certain)	
au 30 décembre 2020
| Dollar australien..................  | AUD | 1,601836 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Real brésilien ....................  | BRL | 6,406596 | = | EUR | 1 |
| Dollar canadien ..................  | CAD | 1,570693 | = | EUR | 1 |
| Franc suisse ....................  | CHF | 1,085227 | = | EUR | 1 |
| Renminbi chinois .................  | CNY | 8,030840 | = | EUR | 1 |
| Couronne danoise ................  | DKK | 7,439071 | = | EUR | 1 |
| Livre sterling ....................  | GBP | 0,904087 | = | EUR | 1 |
| Dollar de Hong Kong ..............  | HKD | 9,533348 | = | EUR | 1 |
| Yen ...........................  | JPY | 126,709213 | = | EUR | 1 |
| Won sud-coréen .................  | KRW | 1 335,768039 | = | EUR | 1 |
| Peso mexicain ...................  | MXN | 24,626187 | = | EUR | 1 |
| Couronne norvégienne ............  | NOK | 10,528995 | = | EUR | 1 |
| Rouble russe ....................  | RUB | 92,057695 | = | EUR | 1 |
| Couronne suédoise ...............  | SEK | 10,049801 | = | EUR | 1 |
| Dollar de Singapour ...............  | SGD | 1,627625 | = | EUR | 1 |
| Livre turque .....................  | TRY | 9,057289 | = | EUR | 1 |
| Nouveau dollar taïwanais...........  | TWD | 34,550071 | = | EUR | 1 |
| Dollar américain..................  | USD | 1,229649 | = | EUR | 1 |

 Explications sur l’évaluation	
Le conseil d’administration de la SICAV, par le biais de la société de gestion, détermine les valeurs liquidatives et effectue l’évaluation des actifs du fonds. La fourniture de base des cours ainsi que la validation des cours s’effectuent selon les processus introduits par le conseil d’administration de la SICAV sur la base des principes définis par les prescriptions / dispositions légales, ou figurant dans le prospectus de la SICAV, concernant les méthodes d’évaluation.
En cas d’absence de cours de vente, sont utilisés pour déterminer le cours, des modèles d’évaluation (valeurs marchandes déduites) convenus entre la State Street Bank International GmbH, filiale du Luxembourg, en tant que Price Service Provider et la société de gestion et s’appuyant dans la mesure du possible sur les paramètres du marché. Cette méthode est soumise à un processus de contrôle permanent. Les informations sur les cours fournies par des tiers sont contrôlées quant à leur plausibilité par d‘autres sources sur les prix, par des calculs modèles ou au moyen d’autres procédures adéquates.
Les actifs indiqués dans le présent rapport ne sont pas évalués à des valeurs marchandes déduites.
Les taux de commission de gestion / frais forfaitaires des parts de fonds portefeuille-titres applicables à la date du rapport sont indiqués entre parenthèses. Le signe + veut dire qu’une rémunération supplémentaire liée aux résultats peut le cas échéant être versée. Comme le fonds de placement a, dans la période sous revue, détenu d’autres actions de fonds de placement (« fonds cibles »), d’autres frais, droits et commissions peuvent avoir été imputés au fonds cible.
 Notes	
* Ces valeurs mobilières sont totalement ou partiellement prêtées.
** Taux d’intérêt variable.
*** Les frais de placement reportés sont amortis sur une période 3 ans (conformément à l’article 2 « Frais de placement » du règlement de gestion - Partie Générale du fonds).
**** Ne contient aucune position négative.
 Compte de résultats 
(y compris régularisation des revenus)		De plus, les intérêts produits sur les opérations de prêt et d’emprunt de titres ont permis
de verser une rémunération liée aux résultats s’élevant à :
| pour la période du 1 er  janvier 2020 au 31 décembre 2020 |  |  |  |
| --- | --- | --- | --- |
| I. Revenus |  |  |
| 1. Dividendes (avant retenue à la source) ..............  | EUR | 148 340 496,34 |
| 2. Intérêts sur titres (avant retenue à la source) .........  | EUR | 84 875 554,67 |  |
| 3. Intérêts sur placements liquides |  |  |  |
| (avant retenue à la source) .......................  | EUR | 625 852,79 |  |
| 4. Revenus des prêts de titres ......................  | EUR | 2 621 764,63 |  |
| 5. Déduction de la retenue à la source à l’étranger ......  | EUR | -23 239 794,29 |  |
| Total des revenus ................................  | EUR | 213 223 874,14 |  |
| II. Dépenses |  |  |  |

classe AUD SFDMH 0,009 %
2)
,	classe CHF FCH 0,012 % par an, classe CHF SFCH 0,012 % par an,	classe FC 0,012 % par an, classe FD 0,012 % par an,	classe IC 0,011 % par an,
classe IC100 0,008 % par an,	classe LC 0,011 % par an,
classe LD 0,011 % par an,	classe NC 0,011 % par an,
classe PFC 0,010 % par an,	classe RVC 0,010 % par an,
classe SC 0,011 % par an,	classe SCR 0,011 % par an,
classe SFC 0,012 % par an,	classe SLD 0,011 % par an,
classe TFC 0,011 % par an,	classe TFD 0,011 % par an,
classe VC 0,011 % par an,	classe GBP CH RD 0,009 % par an, classe USD FCH 0,012 % par an,	classe USD LCH 0,011 % par an, classe USD SCH 0,006 %
2)
,	classe USD SFDMH 0,009 %
2)
,
classe USD TFCH 0,010 % par an
1. Intérêts d’emprunts et rendements
| négatifs de placement...........................  | EUR | -8 974 894,87 |
| --- | --- | --- |
| - Commission de gestion.......................... dont :Commission de gestion de base. EUR-138 818 485,47 Commission d’administration .. EUR	-258 894,37
- Rémunération du dépositaire ..................... 
 | EUR EUR | -139 077 379,84 -105 640,70 |
| 4. Frais d’audit, juridiques et de publication ............  | EUR | -190 109,79 |
| 5. Taxe d‘abonnement.............................  | EUR | -4 803 221,44 |
| 6. Autres dépenses ...............................  dont : Rémunération liée aux | EUR | -4 245 525,85 |
| résultats des prêts	EUR Dépenses liées aux frais de placement délimités  1)	 EUR | -873 921,54 -1 965 051,09 |
| autres	EUR | -1 406 553,22 |

Total des dépenses ...............................  EUR	-157 396 772,49
- Revenus ordinaires, nets .......................  EUR	55 827 101,65
- Opérations de ventePlus-values / moins-values réalisées ...................  EUR	-350 685 201,97Résultat des opérations de vente ................... EUR	-350 685 201,97
- Résultat de l’exercice ..........................  EUR	- 294 858 100,321) Vous trouverez à cet égard de plus amples informations en consultant les remarques en annexe.

Total des frais sur encours - TFE (BVI)
Le total des frais sur encours des classes de parts s’élevait à :
classe AUD SFDMH 1,54 %
2)
,	classe CHF FCH 0,81 % par an,
classe CHF SFCH 1,71 % par an,	classe FC 0,78 % par an,
classe FD 0,78 % par an,	classe IC 0,60 % par an,
classe IC100 0,35 % par an,	classe LC 1,53 % par an,
classe LD 1,53 % par an,	classe NC 2,23 % par an,
classe PFC 2,52 % par an,	classe RVC 0,79 % par an,
classe SC 0,54 % par an,	classe SCR 1,53 % par an,
classe SFC 1,83 % par an,	classe SLD 1,53 % par an,
classe TFC 0,79 % par an,	classe TFD 0,79 % par an,
classe VC 1,53 % par an,	classe GBP CH RD 0,82 % par an, classe USD FCH 0,82 % par an,	classe USD LCH 1,57 % par an, classe USD SCH 0,70 %
2)
,	classe USD SFDMH 1,54 %
2)
,
classe USD TFCH 0,82 % par an.
Le total des frais sur encours exprime la totalité des coûts et frais encourus (hors frais de transaction) en pourcentage de l’actif moyen du fonds en fonction de la classe d’actions considérée au cours d’un exercice.
de l’actif moyen du fonds relatif à la classe d’actions concernée.
2) 
Pour les classes d’actions lancées en cours d’année, on se dispense d’une annualisation.
Frais de transaction
Les frais de transaction payés au cours de la période sous revue s’élevaient à 3 806 044,96 euros.
Les frais de transaction prennent en compte tous les frais comptabilisés au compte du fonds ou versés séparément pendant la période sous revue et qui sont en rapport direct avec l’achat ou la vente d’éléments d’actifs. Les éventuelles taxes sur les transactions financières versées sont prises en compte dans le calcul.
Évolution de l’actif du fonds	2020
- Valeur de l’actif du fonds au début de l’exercice....  EUR 10 946 531 494,65
	- Distribution pour l’exercice précédent ..............  EUR	-1 680 866,16
	- Encaissement (net) 
	- 3) 
	- ........................... EUR	64 386 596,39
	- Régularisation des revenus / dépenses .............  EUR	4 046 166,67
	- Revenus ordinaires, nets.........................  EUR	55 827 101,65
	- Plus-values / moins-values réalisées ................  EUR	-350 685 201,97
	- Variation nette des plus-values /moins-values non réalisées .......................  EUR	30 421 127,15

- Valeur de l’actif du fonds en fin d’exercice ........  EUR 10 748 846 418,383) Moins une commission de dilution d’un montant de 313 049,44 euros au profit de l’actif du fonds.

 Précisions concernant l’affectation des résultats	2020 
Plus-values / moins-values réalisées
(y compris régularisation des revenus)............... EUR	-350 685 201,97
| sur : |  |
| --- | --- |
| Opérations sur valeurs mobilières .................  | EUR | 137 238 812,36 |
| Opérations de change (à terme) ..................  | EUR | 131 738 987,78 |
| Dérivés et autres opérations à terme |  |  |
| sur instruments financiers  4)  .....................  | EUR | -619 663 002,11 |

4) 
Cette position peut comprendre des contrats d’option ou des opérations d’échange (swaps) et / ou des opérations sur warrants ou sur dérivés de crédit.
 Précisions concernant l’affectation des résultats *	
Classe AUD SFDMH
Type	au	Devise	Par action
Distribution finale	5 mars 2021	AUD	0,00
Classe CHF FCH
Le résultat de l’exercice est capitalisé.
Classe CHF SFCH
Le résultat de l’exercice est capitalisé.
Classe FC
Le résultat de l’exercice est capitalisé.
Classe FD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	1,15
Classe IC
Le résultat de l’exercice est capitalisé.
Classe IC100
Le résultat de l’exercice est capitalisé.
Classe LC
Le résultat de l’exercice est capitalisé.
Classe LD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	0,56
Classe NC
Le résultat de l’exercice est capitalisé.
Classe PFC
Le résultat de l’exercice est capitalisé.
Classe RVC
Le résultat de l’exercice est capitalisé.
Classe SC
Le résultat de l’exercice est capitalisé.
Classe SCR
Le résultat de l’exercice est capitalisé.
Classe SFC
Le résultat de l’exercice est capitalisé.
Classe SLD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	0,37
Classe TFC
Le résultat de l’exercice est capitalisé.
Classe TFD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	1,17
Classe VC
Le résultat de l’exercice est capitalisé.
Classe GBP CH RD
Le résultat de l’exercice est capitalisé.
Classe USD FCH
Le résultat de l’exercice est capitalisé.
Classe USD LCH
Le résultat de l’exercice est capitalisé.
Classe USD SCH
Das Ergebnis der Geschäftsperiode wird thesauriert.
Classe USD SFDMH
Type	au	Devise	Par action
Distribution finale	5 mars 2021	USD	0,00
Classe USD TFCH
Le résultat de l’exercice est capitalisé.
* De plus amples informations figurent dans le prospectus de vente.
Dans le cas d’une distribution finale, les résultats ordinaires restants éventuellement sont capitalisés.
Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans
| Actif du fonds en fin d’exercice |  |  | 2018 | Classe AUD SFDMH ......................  | AUD | - |
| --- | --- | --- | --- | --- | --- | --- |
| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 10 748 846 418,38 |  | Classe CHF FCH..........................  | CHF | 105,02 |
| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 10 946 531 494,65 |  | Classe CHF SFCH.........................  | CHF | 102,06 |
| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 6 343 183 205,83 |  | Classe FC ...............................  | EUR | 143,17 |
|  |  |  |  | Classe FD ...............................  | EUR | 98,09 |
| Valeur liquidative en fin d’exercice |  |  |  | Classe IC ...............................  | EUR | 131,86 |
| 2020 | Classe AUD SFDMH ......................  | AUD | 98,14 | Classe IC100 ............................  | EUR | - |
|  | Classe CHF FCH..........................  | CHF | 116,88 | Classe LC ...............................  | EUR | 135,96 |
|  | Classe CHF SFCH.........................  | CHF | 112,39 | Classe LD ...............................  | EUR | 133,50 |
|  | Classe FC ...............................  | EUR | 159,77 | Classe NC...............................  | EUR | 129,03 |
|  | Classe FD ...............................  | EUR | 107,69 | Classe PFC ..............................  | EUR | - |
|  | Classe IC ...............................  | EUR | 147,59 | Classe RVC..............................  | EUR | 97,35 |
|  | Classe IC100 ............................  | EUR | 101,83 | Classe SC ...............................  | EUR | 119,95 |
|  | Classe LC ...............................  | EUR | 149,81 | Classe SCR..............................  | EUR | 107,03 |
|  | Classe LD ...............................  | EUR | 145,95 | Classe SFC ..............................  | EUR | 104,06 |
|  | Classe NC...............................  | EUR | 140,45 | Classe SLD ..............................  | EUR | 94,87 |
|  | Classe PFC ..............................  | EUR | 101,54 | Classe TFC ..............................  | EUR | 97,34 |
|  | Classe RVC..............................  | EUR | 110,05 | Classe TFD ..............................  | EUR | 96,78 |
|  | Classe SC ...............................  | EUR | 134,60 | Classe VC ...............................  | EUR | 106,01 |
|  | Classe SCR..............................  | EUR | 119,21 | Classe GBP CH RD .......................  | GBP | 110,17 |
|  | Classe SFC ..............................  | EUR | 115,22 | Classe USD FCH .........................  | USD | 123,12 |
|  | Classe SLD ..............................  | EUR | 104,04 | Classe USD LCH .........................  | USD | 120,11 |
|  | Classe TFC ..............................  | EUR | 108,40 | Classe USD SCH .........................  | USD | - |
|  | Classe TFD ..............................  | EUR | 106,30 | Classe USD SFDMH.......................  | USD | - |
|  | Classe VC ...............................  | EUR | 118,08 | Classe USD TFCH ........................  | USD | 99,94 |
|  | Classe GBP CH RD .......................  | GBP | 126,38 |  |
|  | Classe USD FCH .........................  | USD | 143,19 |
|  | Classe USD LCH .........................  | USD | 137,89 |
|  | Classe USD SCH .........................  | USD | 99,90 |
|  | Classe USD SFDMH.......................  | USD | 99,30 |
|  | Classe USD TFCH ........................  | USD | 116,51 |
| 2019 | Classe AUD SFDMH ......................  | AUD | - |
|  | Classe CHF FCH..........................  | CHF | 118,71 |
|  | Classe CHF SFCH.........................  | CHF | 115,08 |
|  | Classe FC ...............................  | EUR | 161,55 |
|  | Classe FD ...............................  | EUR | 109,25 |
|  | Classe IC ...............................  | EUR | 149,01 |
|  | Classe IC100 ............................  | EUR | 102,55 |
|  | Classe LC ...............................  | EUR | 152,67 |
|  | Classe LD ...............................  | EUR | 148,80 |
|  | Classe NC...............................  | EUR | 144,14 |
|  | Classe PFC ..............................  | EUR | 104,56 |
|  | Classe RVC..............................  | EUR | 111,32 |
|  | Classe SC ...............................  | EUR | 135,84 |
|  | Classe SCR..............................  | EUR | 121,48 |
|  | Classe SFC ..............................  | EUR | 117,76 |
|  | Classe SLD ..............................  | EUR | 106,09 |
|  | Classe TFC ..............................  | EUR | 109,65 |
|  | Classe TFD ..............................  | EUR | 107,80 |
|  | Classe VC ...............................  | EUR | 120,33 |
|  | Classe GBP CH RD .......................  | GBP | 127,39 |
|  | Classe USD FCH .........................  | USD | 142,76 |
|  | Classe USD LCH .........................  | USD | 138,46 |
|  | Classe USD SCH .........................  | USD | - |
|  | Classe USD SFDMH.......................  | USD | - |
|  | Classe USD TFCH ........................  | USD | 116,25 |

Réalisation de transactions pour le compte de l’actif du fonds par le biais d’entreprises étroitement liées (sur la base de participations significatives du groupe Deutsche Bank)
La part des transactions exécutées pendant la période sous revue, pour le compte de l’actif du fonds, par des courtiers qui sont des entreprises et des personnes étroitement liées (part de 5 % et plus) a représenté 3,44 % du total des transactions. Cette part s’est élevée au total à 14 337 295 093,19 euros.
Frais de placement / indemnité de dilution
Au cours de la période sous revue, le fonds a payé des frais de placement à hauteur de 2,9 % de l’actif net du fonds au profit du distributeur. Ceux-ci ont été calculés le jour de la souscription. Les frais de placement indiqués servent notamment d’indemnités de distribution. Le montant brut des frais de placement a été respectivement versé le jour de la souscription et, dans le même temps, activé au sein de l’actif net du fonds sous forme de charges payées d’avance. Celles-ci sont amorties sur une période de 3 ans à partir du jour de la souscription sur une base quotidienne. La position restante des charges payées d’avance par action pour chaque jour d’évaluation est calculée sur une base quotidienne par la multiplication à l’aide d’un facteur de l’actif net du fonds. Le facteur correspondant est déterminé sur une base quotidienne par le biais d’une réduction linéaire des frais de placement en appliquant un pourcentage défini sur 3 ans à partir du jour de la souscription. Pendant les 3 années à partir du jour de la souscription, la position des charges payées d’avance varie puisqu’elle dépend à la fois de l’actif net du fonds et du facteur défini au préalable.
En outre, une indemnité de dilution (supportée par l’actionnaire) a été prélevée au cours de la période sous revue, allant jusqu’à 3 % sur la base du cours de rachat brut au profit de l’actif du fonds.
Vous trouverez de plus amples détails concernant les frais de placement et l’indemnité de dilution dans les sections correspondantes du prospectus du fonds.

#### Objectif d’investissement et résultat de placement pendant la période sous revue
La politique de placement du compartiment DWS Concept Platow consiste à réaliser une plus-value à long terme. À cet effet, le compartiment inves- tit principalement dans des
DWS CONCEPT PLATOW
Performance depuis le lancement
150
140
130
120
110
100
90
80
actions d’entreprises établies
4/12/18*
6/19
12/19
6/20
12/20
en Allemagne ou dont les
DWS Concept Platow (classe d‘actions LC)
* lancée le 4 décembre 2018 = 100 Informations basées sur l’euro
activités sont dans ce pays et
dans les contrats financiers (dérivés) relatifs. La sélection des placements est proposée par le consultant en alloca- tion (pfp Advisory GmbH) et repose, entre autres, sur des ratios financiers reconnus et la position sur le marché. L’allo- cation d’actifs est réalisée prin- cipalement en fonction de ces recommandations. Le compar- timent peut investir dans des petites, moyennes et grandes entreprises, en fonction de la
Performance calculée d’après la méthode de l’Association fédérale des sociétés d’investissement allemandes (BVI), c’est-à-dire sans prise en compte du droit d’entrée. Les performances passées ne préjugent pas des performances futures.	Situation au : 31 décembre 2020
DWS CONCEPT PLATOW
Performance des classes d’actions (en euro)
| Classe d’actions | ISIN | 1 an | depuis le lancement 1) |
| --- | --- | --- | --- |
| Classe LC | LU1865032954 | 14,5 % | 44,2 % |
| Classe IC5 | LU1865032871 | 15,1 % | 45,8 % |
| Classe SIC | LU1865033176 | 14,5 % | 44,3 % |

1) 
Classes IC5, LC et SIC lancées le 4 décembre 2018
Performance calculée d’après la méthode de l’Association fédérale des sociétés d’investissement allemandes (BVI), c’est- à-dire sans prise en compte du droit d’entrée. Les performances passées ne préjugent pas des performances futures.
Situation au : 31 décembre 2020
valeur des actions d’une entre- prise à l’autre. La sélection des actions peut se fonder sur le fait que ces dernières sont considérées comme sous-éva- luées. Le critère de sélection des actions peut être égale- ment l’augmentation de leur valeur générée par la hausse des cours sur les marchés des actions. Le compartiment peut aussi investir dans des entre- prises autres qu’en Allemagne ainsi que dans d’autres fonds communs de placement. Le compartiment envisage de placer au maximum 10 % de son actif (voire plus provisoi- rement) dans des liquidités
et dans des obligations négo- ciables à court terme.
Pendant la période sous revue allant de début janvier à fin décembre 2020, le comparti- ment a enregistré une plus- value de 14,5 % par action (classe d’actions LC, d’après la méthode de la BVI, l’Asso- ciation fédérale des sociétés d’investissement allemandes, en euro).

#### Politique de placement pendant la période sous revue
Le marché allemand des actions, qui est le principal mar- ché pour le compartiment DWS Concept Platow, a enregistré, en fin de compte, des hausses de cours au cours de la période sous revue.
Dans l’ensemble, l’évolution des marchés internationaux des capitaux a été dominée par des fluctuations au cours de l’exercice écoulé. La politique monétaire extrêmement souple des banques centrales des pays industrialisés – compte tenu
de l’affaiblissement de l’éco- nomie mondiale – a soutenu l’évolution des cours sur les marchés financiers. La Banque centrale européenne et la Banque du Japon, par exemple, ont maintenu leur politique de taux zéro. La Réserve fédérale américaine (Fed) a abaissé son taux d’intérêt directeur pen- dant la période sous revue en deux étapes de 1,5 point de pourcentage pour le ramener
dans une fourchette de 0,00 % à 0,25 % par an. Au cours de la période sous revue, la pro- pagation mondiale du nouveau coronavirus qui a éclaté en Chine à la fin de l’année 2019 et ses conséquences sociales et économiques pour la com-
munauté mondiale ont entraîné une incertitude supplémentaire et des pressions sur les cours sur les marchés des capitaux. Les marchés boursiers ont
d’homologation de trois vaccins contre la COVID-19. Alors que, par exemple, les marchés des actions aux États-Unis et dans les pays émergents, surtout
en Chine, ont enregistré des hausses de cours notables pen- dant la période sous revue, le marché allemand des actions, qui est pertinent pour le com- partiment DWS Concept Pla- tow, a clôturé en légère hausse.
d’abord réussi à enregistrer	
des hausses de cours, sur fond de fluctuations, jusqu’à la mi- février 2020. Cette évolution a été favorisée notamment par la politique monétaire très souple des banques centrales. Cepen- dant, dans la seconde moitié de février 2020, les marchés internationaux des actions
ont enregistré une chute des cours, qui a annihilé les plus- values précédentes. La raison en est la maladie à coronavirus (COVID-19)*, qui s’est propa- gée en pandémie et a entraîné des restrictions sociales et économiques notables (confine- ment), dont les conséquences n’étaient pas prévisibles jusqu’à récemment. Compte tenu des efforts et des séries de mesures mis en place par la commu- nauté internationale dans le
but de surmonter les effets économiques de la crise du coronavirus, un fort redresse- ment des cours a commencé sur les marchés des actions dans la seconde moitié du mois de mars 2020, qui s’est pour- suivi – bien que de manière très contrastée – jusqu’à la fin de l’année 2020, soutenu derniè- rement aussi par les demandes
* La crise du coronavirus (COVID-19) a été et demeure également un défi majeur pour l’économie mondiale et donc un événement significatif pendant la période sous revue. La prise en compte des incertitudes liées aux effets du COVID-19 est nécessaire à la bonne compréhension des comptes annuels. Vous trouverez de plus amples informations dans la section intitulée « Informations ».
| État de l’actif au 31 décembre 2020 |  |
| --- | --- |
|  | Montant en EUR | Part en % de l´actif du fonds |
| I. Éléments d’actif |  |  |
| 1. Actions (secteurs) Technologies de l’information | 72 881 959,06 | 30,34 |
| Services de télécommunications | 17 684 917,91 | 7,36 |
| Biens de consommation durables | 12 936 362,60 | 5,38 |
| Énergie | 30 431 221,00 | 12,69 |
| Biens de consommation courante | 25 478 565,10 | 10,62 |
| Secteur financier | 30 476 315,50 | 12,70 |
| Matières premières | 4 387 500,00 | 1,83 |
| Industrie | 32 773 397,80 | 13,63 |
| Total actions | 227 050 238,97 | 94,55 |
| 2. Avoirs bancaires | 12 877 528,05 | 5,36 |
| 3. Autres éléments d’actif | 141 324,74 | 0,06 |
| 4. À recevoir au titre d’opérations sur actions | 590 373,78 | 0,25 |
| II. Engagements |  |  |
| 1. Autres engagements | -406 213,38 | - 0,17 |
| 2. Engagements découlant d’opérations sur actions | -122 335,60 | - 0,05 |
| III. Actif du fonds | 240 130 916,56 | 100,00 |
| De faibles différences ont pu apparaître car les pourcentages sont arrondis lors du calcul. |  |  |

État du portefeuille-titres au 31 décembre 2020
| Dénomination des titres | Unité / actions / devise | Montant nominal ou quantité | Achats / entrées pendant la période | Ventes / sorties sous revue | Devise | Cours | Valeur boursière en EUR | Part en % de l´actif du fonds |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 216 770 078,97 | 90,27 |
| Actions 2G Energy AG ....................................  | Unité | 77 168 | 38 957 | 18 821 | EUR | 89,8 | 6 929 686,40 | 2,89 |
| 7C Solarparken AG .................................  | Unité | 494 642 | 317 500 |  | EUR | 4,6 | 2 275 353,20 | 0,95 |
| ABO Wind AG ....................................  | Unité | 13 950 | 13 950 |  | EUR | 45,6 | 636 120,00 | 0,27 |
| Adesso AG .......................................  | Unité | 67 270 | 41 004 |  | EUR | 97 | 6 525 190,00 | 2,72 |
| Allgeier SE .......................................  | Unité | 164 148 | 164 148 |  | EUR | 18,65 | 3 061 360,20 | 1,27 |
| Allianz SE.........................................  | Unité | 32 900 | 5 000 | 15 600 | EUR | 200,7 | 6 603 030,00 | 2,75 |
| Bechtle AG .......................................  | Unité | 79 809 |  | 54 505 | EUR | 178,4 | 14 237 925,60 | 5,93 |
| CANCOM SE ......................................  | Unité | 143 126 |  | 147 974 | EUR | 45,36 | 6 492 195,36 | 2,70 |
| Cewe Stiftung & Co., KgaA...........................  | Unité | 83 010 |  | 6 864 | EUR | 92,5 | 7 678 425,00 | 3,20 |
| CPU Softwarehouse AG .............................  | Unité | 70 000 | 70 000 |  | EUR | 2,38 | 166 600,00 | 0,07 |
| CropEnergies AG ..................................  | Unité | 407 250 | 407 250 |  | EUR | 11,9 | 4 846 275,00 | 2,02 |
| Datagroup SE .....................................  | Unité | 74 417 |  | 110 536 | EUR | 50,1 | 3 728 291,70 | 1,55 |
| DEFAMA AG  .....................................  | Unité | 25 342 | 25 342 |  | EUR | 19,6 | 496 703,20 | 0,21 |
| Deutsche Industrie REIT AG .........................  | Unité | 19 996 |  | 64 965 | EUR | 15 | 299 940,00 | 0,13 |
| Deutsche Telekom AG ..............................  | Unité | 210 000 | 210 000 |  | EUR | 14,955 | 3 140 550,00 | 1,31 |
| DocCheck AG .....................................  | Unité | 72 821 | 72 821 |  | EUR | 23,2 | 1 689 447,20 | 0,70 |
| Draegerwerk AG & Co. KGaA -Pref- ....................  | Unité | 60 861 | 60 861 |  | EUR | 62,8 | 3 822 070,80 | 1,59 |
| Einhell Germany AG -Pref- ...........................  | Unité | 53 561 |  | 6 911 | EUR | 101,5 | 5 436 441,50 | 2,26 |
| Envitec Biogas AG .................................  | Unité | 41 103 | 41 103 |  | EUR | 22 | 904 266,00 | 0,38 |
| Fresenius Medical Care AG & Co., KgaA ................  | Unité | 20 000 | 20 000 |  | EUR | 68,2 | 1 364 000,00 | 0,57 |
| Funkwerk AG .....................................  | Unité | 56 081 |  |  | EUR | 21,1 | 1 183 309,10 | 0,49 |
| Gerresheimer AG ..................................  | Unité | 72 293 | 69 793 | 36 500 | EUR | 87,75 | 6 343 710,75 | 2,64 |
| Hannover Rueck SE.................................  | Unité | 29 016 | 4 000 | 33 784 | EUR | 130,3 | 3 780 784,80 | 1,57 |
| Hawesko Holding AG ...............................  | Unité | 9 995 | 9 995 |  | EUR | 44,2 | 441 779,00 | 0,18 |
| HELMA Eigenheimbau AG ...........................  | Unité | 60 821 | 47 127 | 44 885 | EUR | 41,4 | 2 517 989,40 | 1,05 |
| Hornbach Baumarkt AG .............................  | Unité | 150 531 | 150 531 |  | EUR | 35,8 | 5 389 009,80 | 2,24 |
| Hornbach Holding AG & Co., KGaA ....................  | Unité | 55 996 | 55 996 |  | EUR | 78,7 | 4 406 885,20 | 1,84 |
| KWS Saat SE ......................................  | Unité | 67 500 | 67 500 |  | EUR | 65 | 4 387 500,00 | 1,83 |
| Lang & Schwarz AG ................................  | Unité | 30 656 | 30 656 |  | EUR | 60,8 | 1 863 884,80 | 0,78 |
| Leifheit AG .......................................  | Unité | 18 199 | 18 199 |  | EUR | 43,5 | 791 656,50 | 0,33 |
| LPKF Laser & Electronics AG .........................  | Unité | 172 365 | 77 203 |  | EUR | 29,45 | 5 076 149,25 | 2,11 |
| Medios AG .......................................  | Unité | 186 372 | 186 372 |  | EUR | 37,4 | 6 970 312,80 | 2,90 |
| MLP SE .........................................  | Unité | 641 948 | 426 238 |  | EUR | 5,4 | 3 466 519,20 | 1,44 |
| Muehlhan AG .....................................  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ......................................  | Unité Unité | 76 850 27 150 | 4 000 | 226 632 13 650 | EUR EUR | 2,64 242,8 | 202 884,00 6 592 020,00 | 0,08 2,75 |
| Nagarro SE .......................................  | Unité | 164 148 | 164 148 |  | EUR | 91 | 14 937 468,00 | 6,22 |
| Noratis AG .......................................  | Unité | 29 574 | 9 383 | 17 341 | EUR | 18 | 532 332,00 | 0,22 |
| Nordwest Handel AG ...............................  | Unité | 35 288 |  |  | EUR | 20,8 | 733 990,40 | 0,31 |
| Paul Hartmann AG .................................  | Unité | 950 | 950 |  | EUR | 356 | 338 200,00 | 0,14 |
| PSI Software AG ..................................  | Unité | 213 642 | 26 693 | 53 005 | EUR | 24,4 | 5 212 864,80 | 2,17 |
| Puma SE .........................................  | Unité | 38 650 | 12 500 | 195 000 | EUR | 92,28 | 3 566 622,00 | 1,49 |
| S&T AG ..........................................  | Unité | 426 938 | 86 742 | 117 742 | EUR | 19,3 | 8 239 903,40 | 3,43 |
| Steico SE ........................................  | Unité | 244 628 |  | 22 584 | EUR | 59,4 | 14 530 903,20 | 6,05 |
| Surteco Group SE ..................................  | Unité | 16 348 | 16 348 |  | EUR | 24,1 | 393 986,80 | 0,16 |
| TAG Immobilien AG.................................  | Unité | 91 221 | 14 000 | 155 000 | EUR | 25,9 | 2 362 623,90 | 0,98 |
| Talanx AG ........................................  | Unité | 141 010 | 12 000 | 107 215 | EUR | 31,76 | 4 478 477,60 | 1,87 |
| Traffic Systems SE .................................  | Unité | 160 939 | 160 939 |  | EUR | 33,3 | 5 359 268,70 | 2,23 |
| United Internet AG .................................  | Unité | 217 707 | 217 707 |  | EUR | 34,43 | 7 495 652,01 | 3,12 |
| VERBIO Vereinigte BioEnergie AG .....................  | Unité | 483 372 | 483 372 |  | EUR | 30,7 | 14 839 520,40 | 6,18 |
| Valeurs autorisées ou négociées sur des marchés réglementés |  |  |  |  | 10 280 160,00 | 4,28 |
| Actions Mensch und Maschine Software	Unité | 171 336 | 65 355 | EUR | 60 | 10 280 160,00 | 4,28 |
| Total du portefeuille-titres |  |  |  |  | 227 050 238,97 | 94,55 |
| Avoirs bancaires |  |  |  |  | 12 877 528,05 | 5,36 |
| Dépositaire (à échéance quotidienne) Avoirs en euro	EUR |  |  |  |  | 12 877 528,05 | 5,36 |
| Autres éléments d’actif |  |  |  |  | 141 324,74 | 0,06 |
| Droits à dividende / à distribution ......................  |  |  |  |  | 141 324,74 | 0,06 |
| À recevoir au titre d’opérations sur actions |  |  |  |  | 590 373,78 | 0,25 |
| Total des éléments d’actif |  |  |  |  | 240 659 465,54 | 100,22 |

| DWS Concept Platow |  |
| --- | --- |
|  | Unité / | Montant | Achats / | Ventes / |  |  | Valeur | Part en % |
| Dénomination des titres | actions / | nominal | entrées | sorties | Devise | Cours | boursière en | de l´actif |
|  | devise | ou quantité | pendant la période | sous revue |  |  | EUR | du fonds |
| Autres engagements | -406 213,38 | -0,17 |
| Engagements découlant des coûts.....................  | -339 799,75 | -0,14 |
| Autres engagements divers ..........................  | -66 413,63 | -0,03 |
| Engagements découlant d’opérations sur actions | -122 335,60 | -0,05 |
| Total des engagements | -528 548,98 | -0,22 |
| Actif du fonds | 240 130 916,56 | 100,00 |
| De faibles différences ont pu apparaître car les pourcentages sont arrondis lors du calcul. |  |  |

Un état des transactions conclues au cours de la période sous revue, dès lors qu’elles n’apparaissent plus dans l’état du portefeuille-titres, est disponible gratuitement sur demande auprès de la société de gestion.
| Valeur liquidative et nombre d’actions en circulation | Unité ou devise | Valeur liquidative dans la devise correspondante |
| --- | --- | --- |
| Valeur liquidative Classe IC5 ........................................  | EUR | 123,85 |
| Classe LC ........................................  | EUR | 371,67 |
| Classe SIC ........................................  | EUR | 4 921,32 |
| Nombre d’actions en circulation Classe IC5 ........................................  | Unité | 391 767,320 |
| Classe LC ........................................  | Unité | 420 227,424 |
| Classe SIC ........................................  | Unité | 7 198,327 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11/512) CDAX Index
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11/512)
| Pourcentage minimal du risque potentiel ................  | % | 83,959 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 121,414 |
| Pourcentage moyen du risque potentiel .................  | % | 90,384 |

Les coefficients de risque ont été calculés pour la période du 1
er 
janvier 2020 au 31 décembre 2020 en se basant sur la méthode de la simulation historique fondée sur des paramètres présentant un niveau de fiabilité de 99 %, une durée de détention de 10 jours et une période d’observation historique s’étendant sur douze mois. Le risque d’un portefeuille de référence sans dérivés sert de norme de valorisation. Par risque de marché, on entend le risque encouru par le fonds résultant de l’évolution la plus défavorable des cours du marché. Pour calculer le risque de marché potentiel, la Société applique l’approche Value at Risk relativeconformément à la circulaire CSSF 11/512.
L’effet de levier moyen découlant de l’utilisation de dérivés s’élevait pendant la période sous revue à 0,0, la somme des montants nominaux des dérivés étant mise en relation avec l’actif du fonds (méthode de la valeur nominale) pour le calcul.
L’exposition sous-jacente atteinte au travers des instruments financiers dérivés conformément au point 40 a) des « orientations sur les fonds cotés et autres questions liées aux OPCVM » de l’ESMA (European Securities and Markets Authority ou Autorité européenne des marchés financiers) s’élevait, à la date du rapport et sur la base d’une détermination brute, à 0,00 euro.
 Explications sur l’évaluation	
Le conseil d’administration de la SICAV, par le biais de la société de gestion, détermine les valeurs liquidatives et effectue l’évaluation des actifs du fonds. La fourniture de base des cours ainsi que la validation des cours s’effectuent selon les processus introduits par le conseil d’administration de la SICAV sur la base des principes définis par les prescriptions / dispositions légales, ou figurant dans le prospectus de la SICAV, concernant les méthodes d’évaluation.
En cas d’absence de cours de vente, sont utilisés pour déterminer le cours, des modèles d’évaluation (valeurs marchandes déduites) convenus entre la State Street Bank International GmbH, filiale du Luxembourg, en tant que Price Service Provider et la société de gestion et s’appuyant dans la mesure du possible sur les paramètres du marché. Cette méthode est soumise à un processus de contrôle permanent. Les informations sur les cours fournies par des tiers sont contrôlées quant à leur plausibilité par d‘autres sources sur les prix, par des calculs modèles ou au moyen d’autres procédures adéquates.
Les actifs indiqués dans le présent rapport ne sont pas évalués à des valeurs marchandes déduites.
Évolution de l’actif du fonds	2020
 Compte de résultats 
(y compris régularisation des revenus)	
pour la période du 1
er 
janvier 2020 au 31 décembre 2020
- Revenus
	- Dividendes (avant retenue à la source) ..............  EUR	3 512 326,27
	- Déduction de la retenue à la source à l’étranger ......  EUR	-448 054,65Total des revenus ................................  EUR	3 064 271,62

- Dépenses
	- Intérêts d’emprunts et rendementsnégatifs de placement........................... EUR	-79 663,08

- Commission de gestion..........................  EUR	-2 866 129,25dont :

| Commission de gestion de base. EUR  -2 860 564,98 Commission d’administration .. EUR	-5 564,27 3. Rémunération du dépositaire .....................  | EUR | -1 858,42 |
| --- | --- | --- |
| 4. Frais d’audit, juridiques et de publication ............  | EUR | -10 359,63 |
| 5. Taxe d‘abonnement.............................  | EUR | -74 421,45 |
| 6. Autres dépenses ...............................  | EUR | -42 258,46 |
| Total des dépenses ...............................  | EUR | -3 074 690,29 |
| III. Revenus ordinaires, nets .......................  | EUR | -10 418,67 |
| IV. Opérations de vente ...........................  Plus-values / moins-values réalisées ...................  | EUR | 17 642 155,29 |
| Résultat des opérations de vente ...................  | EUR | 17 642 155,29 |
| V. Résultat de l’exercice ..........................  | EUR | 17 631 736,62 |

Total des frais sur encours –TFE (BVI)
Le total des frais sur encours des classes d’actions s’élevait à :
classe IC5 1,04 % par an,	classe LC 1,58 % par an, classe SIC 1,55 % par an.
Le total des frais sur encours exprime la totalité des coûts et frais encourus (hors frais de transaction) en pourcentage de l’actif moyen du fonds en fonction de la classe de parts considérée au cours d’un exercice.
Frais de transaction
Les frais de transaction payés au cours de la période sous revue s’élevaient à 67 684,34 euros.
Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans
Les frais de transaction prennent en compte tous les frais comptabilisés au compte du fonds ou versés séparément pendant la période sous revue et qui sont en rapport direct avec l’achat ou la vente d’éléments d’actifs. Les éventuelles taxes sur les transactions financières versées sont prises en compte dans le calcul.
- Valeur de l’actif du fonds au début de l’exercice....  EUR	225 764 792,99
	- Décaissement (net) ............................. EUR	-15 838 200,32
	- Régularisation des revenus / dépenses .............  EUR	-328 934,19
	- Revenus ordinaires, nets.........................  EUR	-10 418,67
	- Plus-values / moins-values réalisées ................  EUR	17 642 155,29
	- Variation nette des plus-values /moins-values non réalisées .......................  EUR	12 901 521,46

- Valeur de l’actif du fonds en fin d’exercice ........  EUR	240 130 916,56 Composition des plus-values / moins-values	2020 

| Plus-values / moins-values réalisées (y compris régularisation des revenus)	EUR | 17 642 155,29 |
| --- | --- |
| sur : Opérations sur valeurs mobilières	EUR | 17 642 160,23 |
| Opérations de change (à terme)	EUR | -4,94 |

 Précisions concernant l’affectation des résultats *	
Classe IC5
Le résultat de l’exercice est capitalisé.
Classe LC
Le résultat de l’exercice est capitalisé.
Classe SIC
Le résultat de l’exercice est capitalisé.
* De plus amples informations figurent dans le prospectus de vente.
Actif du fonds en fin d’exercice
| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 240 130 916,56 |
| --- | --- | --- |
| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 225 764 792,99 |
| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 142 432 583,46 |
| Valeur liquidative en fin d’exercice 2020	Classe IC5 ..............................  | EUR | 123,85 |
| Classe LC ...............................  | EUR | 371,67 |
| Classe SIC ..............................  | EUR | 4 921,32 |
| 2019 | Classe IC5 ..............................  | EUR | 107,61 |
|  | Classe LC ...............................  | EUR | 324,66 |
|  | Classe SIC ..............................  | EUR | 4 297,12 |
| 2018 | Classe IC5 ..............................  | EUR | 75,79 |
|  | Classe LC ...............................  | EUR | 229,92 |
|  | Classe SIC ..............................  | EUR | 3 041,87 |

 Réalisation de transactions pour le compte de l’actif du fonds par le biais d’entreprises étroitement liées (sur la base de participations significatives du groupe Deutsche Bank) 
La part des transactions exécutées pendant la période sous revue, pour le compte de l’actif du fonds, par des courtiers qui sont des entreprises et des personnes étroitement liées (part de 5 % et plus) a représenté 0,00 % du total des transactions. Cette part s’est élevée au total à 0,00 euro.

## DWS Concept Kaldemorgen – 31 décembre 2020
 Annexe : Frais de placement	
| Dépenses liées aux frais de placement délimités | DWS Concept Kaldemorgen EUR - 1 965 051,09 |
| --- | --- |
| dont : |  |
| Ajustements liés à la dilution en raison des transactions sur certificats d‘actions | - 313 049,44 |
| Amortissement des frais de placement | - 1 390 473,74 |
| Ajustements liés à des variations de l‘actif net du fonds | - 129 119,19 |
| Régularisation des revenus | - 132 408,72 |

 Composition de l’actif consolidé du fonds au 31 décembre 2020	
| Actifs | DWS Concept SICAV EUR * ** consolidé	Part en % de l´actif du fonds | DWS Concept Institutional Fixed Income * USD | DWS Concept Kaldemorgen EUR |
| --- | --- | --- | --- |
| Total du portefeuille-titres | 8 152 021 952,48 | 68,80 | 0,00 | 7 924 971 713,51 |
| Dérivés sur taux d‘intérêt | 3 502 192,45 | 0,03 | 0,00 | 3 502 192,45 |
| Dérivés sur devises | 62 075 178,24 | 0,52 | 0,00 | 62 075 178,24 |
| Swaps | 860 564 998,69 | 7,26 | 860 564 998,69 | 0,00 |
| Avoirs bancaires | 2 787 693 565,83 | 23,53 | 389 365,79 | 2 774 426 671,99 |
| Autres éléments d‘actif | 37 655 640,16 | 0,32 | 0,00 | 37 514 315,42 |
| À recevoir au titre d‘opérations sur actions | 8 642 967,52 | 0,07 | 0,00 | 8 052 593,74 |
| Total des éléments d‘actif *** | 11 912 156 495,37 | 100,53 | 860 954 364,48 | 10 810 542 665,35 |
|  |  |  |  |
| Engagements |  |  |  |
| Dérivés sur indices boursiers | -27 025 849,16 | -0,23 | 0,00 | -27 025 849,16 |
| Engagements à court terme | -3 889,14 | 0,00 | -3 889,14 | 0,00 |
| Autres engagements | -16 397 177,30 | -0,14 | -327 835,03 | -15 663 128,89 |
| Engagements découlant d’opérations sur actions | -19 129 604,52 | -0,16 | 0,00 | -19 007 268,92 |
| Total des engagements *** | -62 556 520,12 | -0,53 | -331 724,17 | -61 696 246,97 |
|  |  |  |  |
| Actif du fonds | 11 849 599 975,25 | 100,00 | 860 622 640,31 | 10 748 846 418,38 |

*La composition des actifs du fonds, les revenus, les dépenses et l‘évolution des actifs des compartiments libellés en devises ont été convertis en euro au taux de change mentionné. Les états financiers ci-joints présentent l’actif et le passif de chaque compartiment et du fonds dans son ensemble. Les états financiers de chaque compar- timent sont préparés dans la devise indiquée dans le prospectus et les états financiers du fonds sont préparés dans sa devise de base. Si la devise d’un compartiment diffère de la devise de référence du fonds, la consolidation des devises des différents compartiments dans la devise de référence du fonds entraînera la différence entre l’actif net du compartiment au début de la période sous revue, converti aux taux de change en vigueur au début de la période sous revue, et sa valeur, convertie aux taux de change en vigueur à la fin de la période sous revue, qui apparaîtra comme « différence de change sur l’actif du fonds au début de la période sous revue » dans l’état consolidé de l´évolution comparée de l’actif du fonds.
Fin de l‘exercice 2020	USD 1,229649 = EUR 1
Fin de l‘exercice 2019	USD 1,120600 = EUR 1
**L’actif du fonds consolidé, le compte de résultats consolidé ainsi que l’évolution de l’actif du fonds consolidé correspondent à la somme des résultats de chaque com- partiment. En cas de placement au sein des compartiments (pour lesquels un compartiment investit dans un autre compartiment du même fonds à compartiments), les comptes respectifs du fonds n’ont pas fait l’objet d’une élimination à des fins de représentation consolidée des résultats.
***En cas de dérivés ou d’opérations à terme, le montant inscrit sous « Total des éléments d’actif » prend en compte le surdimensionnement net positif des positions soldées au sein de la même catégorie de produits, alors que les surdimensionnements négatifs sont consignés sous « Total des éléments de passif ».
|  |
| --- |
| DWS Concept Platow EUR |
| 227 050 238,97 |
| 0,00 |
| 0,00 |
| 0,00 |
| 12 877 528,05 |
| 141 324,74 |
| 590 373,78 |
| 240 659 465,54 |
|  |
|  |
| 0,00 |
| 0,00 |
| -406 213,38 |
| -122 335,60 |
| -528 548,98 |
|  |
| 240 130 916,56 |

 Comptes de résultats consolidés pour la période du 1
er 
janvier 2020 au 31 décembre 2020 (y compris régularisation des revenus) 
| Dépenses | DWS Concept SICAV EUR * ** consolidé | DWS Concept Dividend Equity Risk Control (en liquidation)  1) EUR | DWS Concept Institutional Fixed Income * USD |
| --- | --- | --- | --- |
| Dividendes (avant retenue à la source) | 151 852 822,61 | - | 0,00 |
| Intérêts sur titres (avant retenue à la source) | 84 875 554,67 | - | 0,00 |
| Intérêts sur placements liquides (avant retenue à la source) | 625 852,79 | - | 0,00 |
| Revenus des prêts de titres | 2 621 764,63 | - | 0,00 |
| Déduction de la retenue à la source à l’étranger | -23 687 848,94 | - | 0,00 |
| Total des revenus | 216 288 145,76 | - | 0,00 |
|  |  |  |  |
| Dépenses |  | - |  |
| Intérêts d’emprunts et rendements négatifs de placement | -9 056 683,05 | - | -2 125,10 |
| Commission de gestion | -142 166 429,83 | - | -222 920,74 |
| Rémunération du dépositaire | -107 499,12 | - | 0,00 |
| Frais d‘audit, juridiques et de publication | -200 469,42 | - | 0,00 |
| Taxe d‘abonnement | -4 877 642,89 | - | 0,00 |
| Autres dépenses | -4 734 080,83 | - | -446 296,52 |
| Total des dépenses | -161 142 805,14 | - | -671 342,36 |
|  |  |  |  |
| Revenus ordinaires, nets | 55 145 340,62 | - | -671 342,36 |
|  |  |  |  |
| Opérations de vente |  |  |  |
| Plus-values / moins-values réalisées | 371 851 628,59 | - | 704 894 675,27 |
| Résultat des opérations de vente | 371 851 628,59 | - | 704 894 675,27 |
| Résultat de l’exercice | 426 996 969,21 | - | 704 223 332,91 |

* La composition des actifs du fonds, les revenus, les dépenses et l‘évolution des actifs des compartiments libellés en devises ont été convertis en euro au taux de change mentionné. Les états financiers ci-joints présentent l’actif et le passif de chaque compartiment et du fonds dans son ensemble. Les états financiers de chaque comparti- ment sont préparés dans la devise indiquée dans le prospectus et les états financiers du fonds sont préparés dans sa devise de base. Si la devise d’un compartiment diffère de la devise de référence du fonds, la consolidation des devises des différents compartiments dans la devise de référence du fonds entraînera la différence entre l’actif net du compartiment au début de la période sous revue, converti aux taux de change en vigueur au début de la période sous revue, et sa valeur, convertie aux taux de change en vigueur à la fin de la période sous revue, qui apparaîtra comme « différence de change sur l’actif du fonds au début de la période sous revue » dans l’état consolidé de l´évolution comparée de l’actif du fonds.
Fin de l‘exercice 2020	USD 1,229649 = EUR 1
Fin de l‘exercice 2019	USD 1,120600 = EUR 1
** L’actif du fonds consolidé, le compte de résultats consolidé ainsi que l’évolution de l’actif du fonds consolidé correspondent à la somme des résultats de chaque com- partiment. En cas de placement au sein des compartiments (pour lesquels un compartiment investit dans un autre compartiment du même fonds à compartiments), les comptes respectifs du fonds n’ont pas fait l’objet d’une élimination à des fins de représentation consolidée des résultats.
Afin de consolider les compartiments liquidés, l’inscription des montants du compte de résultats de chacun des postes du compte de résultats a été modifiée à des fins de comparaison, contrairement à la représentation séparée du compte de résultats sous la forme d’une inscription séparée du montant total, en faveur d’une affectation des composants correspondants du compte de résultats au niveau des postes correspondants du compte de résultats.
1) 
Le compartiment a été liquidé le 9 décembre 2020.
|  |
| --- |
| DWS Concept Kaldemorgen EUR | DWS Concept Platow EUR |
| 148 340 496,34 | 3 512 326,27 |
| 84 875 554,67 | 0,00 |
| 625 852,79 | 0,00 |
| 2 621 764,63 | 0,00 |
| -23 239 794,29 | -448 054,65 |
| 213 223 874,14 | 3 064 271,62 |
|  |  |
|  |  |
| -8 974 894,87 | -79 663,08 |
| -139 077 379,84 | -2 866 129,25 |
| -105 640,70 | -1 858,42 |
| -190 109,79 | -10 359,63 |
| -4 803 221,44 | -74 421,45 |
| -4 245 525,85 | -42 258,46 |
| -157 396 772,49 | -3 074 690,29 |
|  |  |
| 55 827 101,65 | -10 418,67 |
|  |  |
|  |  |
| -350 685 201,97 | 17 642 155,29 |
| -350 685 201,97 | 17 642 155,29 |
| -294 858 100,32 | 17 631 736,62 |

 Évolution consolidée de l’actif du fonds pour la période du 1
er 
janvier 2020 au 31 décembre 2020	
| Valeur de l’actif du fonds au début de l’exercice | DWS Concept SICAV EUR * ** consolidé 12 090 490 521,57 | DWS Concept Dividend Equity Risk Control (en liquidation)  1) EUR 47 442 908,94 | DWS Concept Institutional Fixed Income * USD 870 751 324,99 |
| --- | --- | --- | --- |
| Différence de change sur l’actif du fonds au début de la période sous revue * | -77 220 792,99 | 0,00 | -77 220 792,99 |
| Distribution pour l’exercice précédent / Distribution intermédiaire | -2 394 358,20 | -713 492,04 | 0,00 |
| Encaissement / décaissement (net) | -119 394 640,99 | -38 329 243,73 | -129 613 793,33 |
| Régularisation des revenus / dépenses | 128 575 160,15 | -4 790 661,60 | 129 648 589,27 |
| Revenus ordinaires, nets | 55 145 340,62 | 0,00 | -671 342,36 |
| Plus-values / moins-values réalisées | 371 851 628,59 | 0,00 | 704 894 675,27 |
| Variation nette des plus-values / moins-values non réalisées | -597 452 883,50 | -3 609 511,57 | -637 166 020,54 |
|  |  |  |  |
| Valeur de l’actif du fonds en fin d’exercice | 11 849 599 975,25 | 0,00 | 860 622 640,31 |

* La composition des actifs du fonds, les revenus, les dépenses et l‘évolution des actifs des compartiments libellés en devises ont été convertis en euro au taux de change mentionné. Les états financiers ci-joints présentent l’actif et le passif de chaque compartiment et du fonds dans son ensemble. Les états financiers de chaque comparti- ment sont préparés dans la devise indiquée dans le prospectus et les états financiers du fonds sont préparés dans sa devise de base. Si la devise d’un compartiment diffère de la devise de référence du fonds, la consolidation des devises des différents compartiments dans la devise de référence du fonds entraînera la différence entre l’actif net du compartiment au début de la période sous revue, converti aux taux de change en vigueur au début de la période sous revue, et sa valeur, convertie aux taux de change en vigueur à la fin de la période sous revue, qui apparaîtra comme « différence de change sur l’actif du fonds au début de la période sous revue » dans l’état consolidé de l´évolution comparée de l’actif du fonds.
Fin de l‘exercice 2020	USD 1,229649 = EUR 1
Fin de l‘exercice 2019	USD 1,120600 = EUR 1
** L’actif du fonds consolidé, le compte de résultats consolidé ainsi que l’évolution de l’actif du fonds consolidé correspondent à la somme des résultats de chaque com- partiment. En cas de placement au sein des compartiments (pour lesquels un compartiment investit dans un autre compartiment du même fonds à compartiments), les comptes respectifs du fonds n’ont pas fait l’objet d’une élimination à des fins de représentation consolidée des résultats.
Afin de consolider les compartiments liquidés, l’inscription des montants du compte de résultats de chacun des postes du compte de résultats a été modifiée à des fins de comparaison, contrairement à la représentation séparée du compte de résultats sous la forme d’une inscription séparée du montant total, en faveur d’une affectation des composants correspondants du compte de résultats au niveau des postes correspondants du compte de résultats.
1) 
Le compartiment a été liquidé le 9 décembre 2020.
|  |
| --- |
| DWS Concept Kaldemorgen EUR 10 946 531 494,65 | DWS Concept Platow EUR 225 764 792,99 |
| 0,00 | 0,00 |
| -1 680 866,16 | 0,00 |
| 64 386 596,39 | -15 838 200,32 |
| 4 046 166,67 | -328 934,19 |
| 55 827 101,65 | -10 418,67 |
| -350 685 201,97 | 17 642 155,29 |
| 30 421 127,15 | 12 901 521,46 |
|  |  |
| 10 748 846 418,38 | 240 130 916,56 |